TRAI to abide by SC verdict on 2G scam

New Delhi, Feb 2 (ANI): Chairman of Telecom Regulatory Authority of India (TRAI), J. S. Sharma said that the Supreme Court verdict on the controversial 2G-spectrum scam is final, and it will abide by the apex court's ruling.

Sharma, while interacting with reporters in New Delhi today, said that the court's judgment would be carefully read to apprehend it's true meaning and the next course of action would be decided only then.

"It is the judgment of the Supreme Court and therefore, it is final. We are yet see what the judgment actually says and only then we will be able to state what steps we need to take," said Sharma.

He also added that the Supreme Court judgment would not disrupt the facilities and services of telecom customers.

Supreme Court today revoked all 122-telecom licenses issued in 2008.

The ruling came as a setback for Prime Minister Dr. Manmohan Singh's government, which oversaw the sale of the licenses at below-market prices, costing the exchequer up to 36 billion dollars in lost revenues.

The licences affected by Thursday's ruling include all of those held by Unitech Wireless, the Indian joint venture of Norway's Telenor and Unitech.

Meanwhile, Telecom Secretary, R. Chandrasekhar met the Telecom Minister, Kapil Sibal, at a high-level meeting in New Delhi today.

India is the second-largest cellular market in the world by subscribers, with 894 million at the end of December, although the market is crowded with more than a dozen operators, making call rates among the lowest in the world and squeezing margins.

Investors and operators have long been calling for consolidation in the crowded industry, and Thursday's ruling stands to benefit the country's biggest operators, including Bharti Airtel and Vodafone. (ANI)