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2G Verdict: Videocon To Sue Centre For Rs 10000 cr!
By: Tupaki Desk | 25 Dec 2017 4:15 AM GMT
Videocon Telecommunications is contemplating to seek a compensation of over Rs 10,000 crore from the Centre after the Special CBI Court acquitted all the accused in the 2G Spectrum Case.
A Source close to the Company say, Videocon incurred a loss of around Rs 10,000 crore due to the 2G Spectrum Case. Now, The Firm is calculating the total damage to claim it from the Government.
In 2012, The Supreme Court had cancelled 122 Telecom Licences in 2G Spectrum Allocation by former Telecom Minister A Raja. This include 15 licences obtained by Videocon by shelling out Rs 1,500 crore. Videocon received loans to the tune of Rs 25,000 crore for Telecom Services Business. Cancellation of 2G Spectrum License resulted in huge financial loss.
After the SC verdict, Videocon took part in the spectrum auction and obtained license in 1800 MHZ band across six circles (Bihar, UP - East & West, Gujarat, Madhya Pradesh and Haryana) for Rs 2,221.44 crore.
A Source close to the Company say, Videocon incurred a loss of around Rs 10,000 crore due to the 2G Spectrum Case. Now, The Firm is calculating the total damage to claim it from the Government.
In 2012, The Supreme Court had cancelled 122 Telecom Licences in 2G Spectrum Allocation by former Telecom Minister A Raja. This include 15 licences obtained by Videocon by shelling out Rs 1,500 crore. Videocon received loans to the tune of Rs 25,000 crore for Telecom Services Business. Cancellation of 2G Spectrum License resulted in huge financial loss.
After the SC verdict, Videocon took part in the spectrum auction and obtained license in 1800 MHZ band across six circles (Bihar, UP - East & West, Gujarat, Madhya Pradesh and Haryana) for Rs 2,221.44 crore.
