Videocon Telecom to push case seeking Rs 10,000 cr damages from govt after 2G order
ET Bureau|
Updated: Dec 23, 2017, 12.45 PM IST
Videocon Telecom will put on fast track its case filed against the government in the telecom tribunal in 2015, where it had sought damages worth going up to Rs 10,000 crore due to loss of business as a fallout of the Supreme Court canceling 2G licenses of the company among eight others, on the back of the CBI Court's judgement that acquitted all accused in the 2G scam case.
A senior executive who did not want to be named said that the case was filed just before the three year period of pleading against the SC decision, and the demand at that time was between Rs 5,500 crore and Rs 10,000 crore, taking into account financial losses, loss of business and compensation.
"We've taken a loss of Rs 25,000 crore to the business even when there was no fault of ours, so the 2G judgement will strengthen our case to seek relief from the government," he said.
As the next step towards speeding up its relief process, the company will stress upon the Supreme Court's ruling where it made clear that Videocon did not benefit from the first-come first-served policy or that it was involved in any wrongdoing and hence was not penalized.
It however cancelled 21 licenses belonging to the company in its judgement of February 2, 2012.
In the months that followed, the company suffered additional losses even though it bought back spectrum in a few circles. Finally, in May 2016, the company sold its spectrum to Bharti Airtel for Rs 4,428 crore and exited from telecom.
A senior executive who did not want to be named said that the case was filed just before the three year period of pleading against the SC decision, and the demand at that time was between Rs 5,500 crore and Rs 10,000 crore, taking into account financial losses, loss of business and compensation.
"We've taken a loss of Rs 25,000 crore to the business even when there was no fault of ours, so the 2G judgement will strengthen our case to seek relief from the government," he said.
As the next step towards speeding up its relief process, the company will stress upon the Supreme Court's ruling where it made clear that Videocon did not benefit from the first-come first-served policy or that it was involved in any wrongdoing and hence was not penalized.
It however cancelled 21 licenses belonging to the company in its judgement of February 2, 2012.
In the months that followed, the company suffered additional losses even though it bought back spectrum in a few circles. Finally, in May 2016, the company sold its spectrum to Bharti Airtel for Rs 4,428 crore and exited from telecom.
