2g scam first post ebook judgement day ebook 20120203060816

7/31/2019 2G Scam First Post eBook Judgement Day eBook 20120203060816

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2G Scam:Big Trial, Big Verdict


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News Break:

Supreme Court cancels telecom licenses of 122 companies04

Chidambaram gets brief reprieve from Supreme Court07

UPA humbled: 9 implications of SC judgement on 2G licences

09SC verdict on Swamys 2G plea is a slap on the wrists for PM12

Uninor shocked by court ruling on 2G case14

Banks in trouble after cancellation of 2G licences15

2G licences: Why Bharti Airtel is the biggest gainer17

2G licences: Videocon, Uninor, Tata Tele and Loop clear losers19

The Reactions:

The 2G judgement is an indictment of NDA policies: Sibal22

2G Trial: Industry reacts, says new entrants andforeign investment will be hit

24Govts credibility under question after SC order on 2G: BJP

25

Judgement will make spectrum allocation transparent: Expert27

Fighting the good fight:

Activism: Why Swamy gets it right and Team Anna wrong29

Its a historic judgement: Prashant Bhushan31

2Gs Dabangg manPrashant Bhushan

32

The Chidu connection:

Clash of the Titans: Will this be Chidambarams day out?35

2G: PM, Chidu notings show they knew what Raja was upto37

The first victim:

Rajas jail anniversary: After year in Tihar, cool facade withers41

Anniversary: Raja completes one year in Tihar44
http://www.firstpost.com/


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News Break:


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Supreme Court

cancels telecomlicenses of 122 companies

Among the telecom rms 11 companies have been

severly affected. Nine licenses of Idea, three of Tata

Tele, 21 licenses of Videocon, 22 of Uninor, 13 of Swap

and 21 of Loop have been cancelled.

FP Staff, Feb 2, 2012


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In a judgement that immediately sentsome telecoms stocks tumbling and couldfurther darken the business climate in

India, the Supreme Court today, has cancelled122 2G telecom licences granted post 2008 . Itholds that 122 licences for 2G spectrum weregranted in arbitrary and unconstitutional man-ner and has asked telecom rms to deposit bankguarantees.

Among the telecom rms 11 companies havebeen severely affected. Nine licences of Idea,three of Tata Tele, 21 licenses of Videocon, 22of Uninor, 13 of Swap and 21 of Loop have beencancelled. However, despite the cancellations,there may not be a huge disruption in telecomservices as the number of licences granted post2008 make up only 5 percent of the active sub-

scriber base in India.

In addition the supreme court has askedUnitech,S-TEL and Swan to pay Rs 5 crore aspenalty, whereas Loop, S-Tel, Allianz and Sis-tema Shyam have been directed to par Rs 50lakh as penalty for violating norms. Those whocomplied with the policy terms at the start, havenot been penalised but it has gone against thoserms that went against the eligibility criteria or

those that violated licence norms.

According to the verdict, telecom regulatorTRAI will make fresh recommendations onthe grant of licences. The government will takedecision on licences one month post TRAI rec-ommendation.Moreover, the telecom rms can

operate the cancelled licences for another fourmonths on a market rate payment.

The Supreme Court judgement immediately

sent telecom stocks down. Uninior and Videconare two stocks that are likely to be impacted themost, whereas a large player like Bharti Airtelmay gain from this move. DB Realty, whichpartnered with Etisalat to roll out telecomservices, tanked over 7 percent after the judge-ment. 13 licences of Swan have been scrapped

by the SC. Unitech plunged over 8 percent afterthe order as 22 of Uninor licenses have beenscrapped.

However, post the judgement it seems unclear ifthe telecom rms will go in for a fresh round ofauctions. Analysts say that the worst apprehen-sion of foreign companies like Norways Tel-enor, UAEs Etisalat and Russias Sistema havecome true with this judgement. These compa-nies had partnered with Indian rms and ob-

tained licences by violating norms and will nowhave to pay a stiff price.

Reacting to the judgement, Norways Telenorsaid it has been unfairly treated and wasshocked with the Supreme Courts verdict toscrap telecom licences. We will study the orderin detail and exercise all options available to en-sure that Uninor continues to operate in India,Uninor, a joint venture between Telenor and

Indias Unitech , said in a statement.

Meanwhile, RCom claried that the companywill not be impacted by the Supreme Courtsverdict as all licences have been obtained by orbefore 2001.Even Videocon said that most of itslicenses had been granted before 2008 and willnot affected much by the SC judgement.

Citigroup in a report has said that the biggest

losers will be new entrants like Swan, Uninor,Sistema. They added that BhartiAirtel will bethe biggest gainer as there has been no cancel-lation of licences for them. Moreover, with thecancellation of licences a fresh auction willtake place and those prices for spectrum will betaken as base for the excess spectrum.

Jahannadhan Thunuguntla, head of research,SMS Investment and Advisors, Mumbai feelsBharti Aietel and Idea Cellular will emerge as

popular brands and their strong balance sheetswill be clear beneciaries because they can takeadvantage of this situation and increase marketshare.


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As far as the customers are concerned, they willhave to port out to other service providers andhere to large players like Bharti Airtel and Vo-dafone are likely to gain.

Speaking to reporters, on the judgement de-livered by the Supreme Court, Subramanian

Swamy said that the affected telcos have theoption of paying the licence fee at market rate,adding that the verdict is the collective failure ofthe government of India.

Meanwhile, SC has dismissed petition to probeChidambrams role in the 2G scam.

Watch video: Customers wont be affected: TRAI on 2G order

Click here to see list of 122 Licences Issued on 10 January 2008
http://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://av.firstpost.com/2012/02/jssharma_trai_reax.mp4http://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/


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Chidambaram getsbrief reprieve from

Supreme CourtThe Supreme Court has said that the Trial

court must decide on whether Chidambaram was

involved in the allocation of 2G spectrum in 2008


The Supreme Court which deliveredthree landmark judgements pertainingto the 2G spectrum allocation case, has

said that the trial court is perfectly competent todecide on the extent of then Finance Minister P.Chidambarams involvement in the scam. It hasalso given the trial court two weeks in which todeliver its verdict.

The judgement was delivered in response toa petition led by Subramanian Swamy. Thecase against Chidambaram, as made out bySwamy, relates to the claim that the decisionon pricing of 2G spectrum was taken jointely byChidambaram and Telecom Minister A Raja.

Swamy has argued that Chidambaram shouldbe made an accused in the case for his alleged

role in allowing two telecom rms Swan Tel-ecom and Unitech Wireless to earn windfallprots by loading their shares to foreign rms.

Swamys case is that Chidambaram is just asculpable as Raja, who completes one year inTihar jail today, and that the two were partyto the decision not to revise the entry fees fortelecom players that was set in 2001.

Speaking after the verdict was delivered Swamysaid, I am perfectly satised with the decisionof the court. I would have been dissatised onlyif they had said that I had no case. This verdictmeans that the CBI is perfectly free to investi-gate Chidambarams role in 2G spectrum alloca-tion if they so choose.

Watch more in the CNN-IBN video below:
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The fallout:
http://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/


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UPA humbled:

9 implications of SC

judgement on 2G licences

The SC judgment calling for the cancellation of all

122 licences issued by Raja in 2008 will have hugeimplications for the UPA and the telecom sector.

R Jagannathan, Feb 2, 2012
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The Supreme Courts decision to can-cel all the 122 telecom licences issued by

jailed former Communications MinisterAndimuthu Raja on 10 January 2008 will havewide ramications. However, the affected li-censees have been given a four-month windowin which to negotiate with the government onrenewing the licences by paying market-basedprices for spectrum. The government will haveto work out the modalities for this repurchase ofspectrum.

This decision, which will affect every major li-censee from Reliance to Tata Teleservices, Idea,Bharti, Videocon, Aircel, Loop, Vodafone, S Teland many others, including the controversialSwan Telecom and Unitech Wireless, has majorpolitical and economic implications.

First, since the cancellation amounts to anindictment of the way Raja and the UPA gov-ernment issued those licences, it is not only asetback for the former who is accused No 1 inthe 2G scandal but a huge embarrassment forthe government.

The judgment, delivered by Justices AK Gan-guly and GS Singhvi, is a stinging indictment of

the UPAs governance record since the licenceissuance process was a government decision even if Raja was the one to hijack it. Both PMManmohan Singh and former Finance MinisterP Chidambaram come off looking like weakplayers, unable to stop Rajas excesses.

Second, two major companies Swan Telecomand Unitech Wireless, whose promoters arenow being tried in the 2G scam have been sin-

gled out for punitive penalties of Rs 5 crore eachin this case apart from losing their licences. Thismeans their chances of continuing in business

will be an uphill task.

A third implication of the judgment is thatmany of the licensees may now seek a legalrecourse raising the possibility of a prolongedpolicy paralysis caused by court cases.

The fourth implication is that the licences that

are cancelled will now have to be rebid for athigher market-based prices. This could auto-matically cause a reduction in the number ofplayers in each telecom circle, since the less

serious players may now opt out.

Fifth, since the short-term impact of the cancel-lation of licences is that the older licensees willhave greater freedom of action in their estab-lished circles, telecom operators may be able topush prices up faster. So expect a hike in yourmobile bills.

Sixth, since the list of licences cancelled in-volves more players than the ones the CentralBureau of Investigation (CBI) has proceededagainst, it means more companies may have to

be probed by the CBI.

Seventh, given the judgment, it seems improb-able that future spectrum licences will be givenonly at market-determined prices or through

auctions. This comes as a vindication for theComptroller and Auditor Generals claim of aRs 1,76,000 crore presumptive loss in the 2Gscandal. It also rubbishes Kapil Sibals zero-lossclaim in Rajas 2G licences.

The cancellations, while they have no directimplications for the current trials underwayagainst Raja, his cohorts, and various businessexecutives from Reliance ADAG, Swan Telecom

and Unitech group, raises the issue of the moralculpability of Rajas actions in January 2008.

Eighth, since the then Finance Minister PChidambaram and the Prime Minister were infavour of auctions of spectrum, but were still

browbeaten by Raja to go with 2001 prices, itspeaks poorly of their ability to defend the ex-chequers interests.

Ninth, since the judgment will cause a rethinkof the entire telecom policy, one can expect ahuge slowdown in fresh investments in thissector. Foreign investment, particularly, will becautious till the policy framework is claried.

The judgment means the new telecom policyannounced by Communications Minister Ka-pil Sibal will have to be redrawn based on thecourts judgment.

It is back to square one.
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o-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://www.firstpost.com/


11/45

Watch video:SC cancels all 122 2G licences given by A Raja
http://www.firstpost.com/business/sc-quashes-122-2g-licences-uninor-videocon-to-pay-stiff-price-201080.htmlhttp://av.firstpost.com/2012/02/2g_licences_cancelled.mp4http://www.firstpost.com/


12/45

SC verdict on Swamys 2Gplea is a slap onthe wrists

for PM

The SC order that sanctions for prosecution against the

corrupt should happen within 3 months is anindictment of the PMs 16-month inaction in the 2G

scam petition of Subramanian Swamy.

R Jagannathan, Jan 31, 2012
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13/45

On Tuesday, the Supreme Court de-livered a verdict that empowers theordinary Indian citizen to take on the

corrupt. Among other things, the courts verdict,delivered by Justice AK Ganguly, said that anycitizen of India can seek an enquiry or prosecu-tion against people suspected of corrupt prac-tices.

When sanction had to be sought for a prosecu-tion from government authorities, there hasto be a timeframe within which this has to begiven. The court deemed three months to beadequate for sanctioning prosecution of publicservants or ministers.Swamy

Politically, the judgment comes as a slap in the

face of the UPA government, and especiallyPrime Minister Manmohan Singh, for the ver-dict is really a moral indictment of his inactionin the 2G scam.

The case was brought by maverick Janata Partychief Subramanian Swamy seeking a directionto the PM to allow the prosecution of Andi-muthu Raja in the 2G spectrum scam.

The PM sat and sat on the prosecution andthis is why the courts verdict on setting a nitetimeframe for sanctions is direct indictment ofhis conduct in this issue.

Consider what happened.

On 29 November 2008, Swamy wrote to the PMseeking sanction to prosecute Raja for the 2Gspectrum scandal.

The PM did not reply till 19 March 2010 thats16 months of sitting on his hands and whenhe replied he claimed that any sanction wouldstill be premature since the Central Bureau ofInvestigation (CBI) was investigating the mat-ter.

The PM has not publicly stated the reasons forhis silence or his inability to sanction the prose-cution of Raja, but his arrest which happened

a year later in February 2011 suggests thatManmohan Singhs failure to accord sanctiongave the former communications minister moretime to cover his tracks.

The judgment also means that governmentscannot use the CBI as an argument to delaysanctions. This is the reason the PM gave todeny Swamy his right to prosecute Raja.

The Supreme Court order essentially says thatthe PM (or any government authority that hasto accord sanction for enquiry or prosecution)has to give a decision within three months, withan additional month given in case it requires theopinion of the attorney general.

Thus, four months is the maximum time agovernment will have to delay corruption cases

brought up by the public.

In fact, the verdict is not just a vindication forSwamy, but the entire citizenry, since it empow-

ers anyone to chase the corrupt.

The Supreme Court order sets aside an earlierverdict of the Delhi High Court which declinedto direct the PM to take a decision on prosecut-ing Raja. In overturning the high court, theSupreme Court said that the right to complainagainst a public servant under the Prevention ofCorruption Act is a right under the Constitution.

However, to make the right a reality, Parliamentwill still have to legislate it: what happens if thegovernment does not sanction a prosecution

within four months?

The logical answer is that a new law will haveto make it explicit that on the lapse of fourmonths, sanction will automatically be deemedto have been given.

But this law will have to be drafted and passed,and till Parliament acts citizens will still have tomove the courts for action in corruption cases.

Perhaps, this is the right comeback situation forTeam Anna.

Watch video of the Supreme Court acceptingSwamys plea against PMO
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14/45

Uninor shockedby court ruling

on 2G case

Mumbai: The Indian joint venture ofNorways Telenor said it has beenunfairly treated and was shocked

after the Supreme Courts verdict to scrap tel-ecom licences.

The court revoked 122 telecoms licences issued

under a scandal-tainted 2008 sale in a judge-ment on Thursday that could further darken the

business climate in Asias third-largest econo-my.

We will study the order in detail and exer-cise all options available to ensure that Uninorcontinues to operate in India, Uninor, a joint

venture between Telenor and Indias Unitech ,said in a statement.

Uninor has about 36 million subscribers inIndia.

Earlier, RCom had claried that the company

will not be impacted by the Supreme Courtsverdict as all its licences were obtained by orbefore 2001. Even Videocon said that most ofits licenses had been granted before 2008 andthe company will not affected much by the SC

judgement.

The Indian joint venture of Norways Telenor said it has

been unfairly treated and was shocked after the

Supreme Courts verdict to scrap telecom licences.

Reuters, Feb 2, 2012
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15/45

Banks in troubleafter cancellation of2G licences

With 122 licenses cancelled, the banks which have

leant extensively to the telecom sector could be in

deep trouble.

Rajanya Bose, Feb 2, 2012


16/45

Telecom sector loans form 3 percentof the total banking portfolio. It makesup for 19 percent of infrastructure loans

as well. The telecom sector has been under theradar for quite sometime. But with 122 licencescancelled, the banks which have leant extensive-ly could be in deep trouble.

A closer look at individual exposure Yes Bankhas the maximum exposure in terms of per-centage of loan book. Its exposure stands at 5percent. Canara Bank, PNB, Axis Bank, Bankof Baroda, Oriental bank of Commerce, SBI,Corporation Bank and HDFC Bank have morethan 1 percent of their loan book exposed to thesector.

The lenders give money against the guarantee

of the licence. When licences are cancelled theunderlying asset is no more and the loan will inall probability will turn into a bad asset.

The percentage of loan book exposure to the

sector however does not necessarily signal acorresponding percentage threat to the bank.

For example, Yes Bank could have its exposureto an incumbent telecom company and there-fore might face no threat to its portfolio. In thatcase, bank exposures have to be examined at anindividual basis to understand the real threat.

Moreover, banks which have exposure to theequipment suppliers in the telecom space willalso suffer as their loan repayment will be in

jeopardy now.

Punjab National Bank, CNBC Tv 18 reports hasexposure to all the companies whose licenceshave been cancelled. The stock is down 3 per-

cent.

SBI which also has signicant exposure to thesector has said they have lent to strong com-panies and will now work out how costs can berecouped with individual companies.

For now, some other bank stocks have reactednegatively to the judgement. Yes Bank is down1 percent, SBI is down 3 percent, Axis Bank is

down 1.7 percent.
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17/45

2G licences:

Why Bharti Airtel isthe biggest gainer

With licences of small players being cancelled, Bharti

Airtel can take advantage of excess spectrum and

increase market share.



18/45

Bharti Airtel seems to have come outclean and is likely to be the biggest ben-eciary from the judgement announced

by the Supreme Court.

As a result of the judgement, 4.4 Mhz of 2Gspectrum per circle has been freed which resultsin freeing up of almost 55 Mhz of spectrum.One has to wait and see how these licences areauctioned and at what price.

Smaller telecom companies were making in-roads in the market share of bigger companies

by aggressively pricing their services. Most ofthe smaller companies are making operatinglosses as a result of this pricing strategy. Thishas resulted in a reduction in margin and lowerclient addition for most of the players in the sec-

tor.

Though the smaller companies can operate foranother four months, it is likely that Bharti andIdea might opt for raising tariffs for its servicesas the threat of competition would no longerexist.

Bharti already has the highest number of sub-scribers in the country. The company as onDecember 2011 had 175.65 million subscribersin its fold, however, its monthly addition wasslowing down. Take the case in December, whileBharti Airtel added 0.96 million subscribers,Uninor added 2.12 million. With licences ofUninor being cancelled, both Idea and Bhartiare expected to benet from the judgement asnumber portability can help clients to switcheasily.

Citigroup in a report has said that the biggestlosers will be new entrants like Swan, Uninor,Sistema. They added that BhartiAirtel will bethe biggest gainer as there has been no cancel-lation of licences for them. Moreover, with thecancellation of licences a fresh auction will

take place and those prices for spectrum will betaken as base for the excess spectrum.

Jagannadhan Thunuguntla, head of research,SMC Investment and Advisors, Mumbai feelsBharti Airtel and Idea Cellular will emerge aspopular brands and their strong balance sheets

will be clear beneciaries because they can takeadvantage of this situation and increase marketshare.

The stock gained around 7 percent at Rs 386on likely allocation of spectrum. The sharestouched an intraday high of Rs 392.95 and anintraday low of Rs 358.30. It was trading with

volumes of 959,155 shares.
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19/45

2G licences:Videocon, Uninor, Tata Tele

and Loopclear losers

The judgement impacts a series of smaller and new

telecom companies which were eating into the market

share of the bigger companies.

FP Editors, Feb 2, 2012
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20/45

Reacting to the Supreme Courts de-cision of cancelling 122 licences issuedto 11 companies post January 2008,

shares of Bharti Airtel trade 7.7 percent higherat Rs 386.8. The Supreme Court s decision notonly frees the much needed spectrum but alsoreduces the competition in the sector.

Bharti Airtel trades 7.7 percent higher at Rs386.8 as a result of this judgement.

The judgement impacts a series of smaller andnew telecom companies which were eatinginto the market share of the bigger companies.Smaller and newer players were adopting an ag-gressive policy to grow, which were affecting themargins of players like Bharti .

Among the companies that have been affectedare Idea Cellular (9 licences), Tata Tele (3licences), Videocon (21 licences), Uninor (22licences), Swan (13 licences) and Loop (21 li-cences).

Idea Cellular is trading 4 percent down at Rs89 reacting a bit late to the news It was trading4 percent higher at Rs 96.65 after the judge-ment came in; while Unitech, the shareholder in

Uninor, is down 7 percent at Rs 25.05. RelianceCommunication trades 4 percent lower at Rs96.25 and DB Realty trades 5.5 percent lower atRs 59.20. Videocon Industries is down 1 percentat Rs 171.35.

The companies whose licence have been can-celled have been given a four-month period to

work out an arrangement with TRAI (TelecomRegulatory Authority of India).

As a result of the judgement, 4.4 Mhz of 2Gspectrum per circle has been freed which re-sults in freeing of almost 55 Mhz of spectrum.One has to wait and see how these licenses areauctioned and at what price. The Supreme court

judgement also makes it clear that the policy ofgranting license at rst come rst served basiscould be wrong and now the auhtorities couldafter some other companies whose name had

bnot been mentioned till now.

The Chinese and European operators who hadleased out equipments to the telecom compa-

nies will also suffer. The worst in the gropu arethe telecom companies who were granted alllicenses after 2008, which means companieslike Swan, Loop, Uninor. The incumbents likeBharti are slated to gain by reduced competi-tion.

Finally, the bankers who had lent to some ofthese names might also face problems. StateBank of India is already down 4 percent, PNB is

down 1.8 percent, Central Bank of India is down1.2 percent, IDBI is down 3 percent.
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21/45

The Reactions:
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22/45

The 2G judgement is anindictment of

NDA policies: Sibal

The Congress said that the judgement canceling 122

licenses was a judgement of the telecom policy and not

the government.

FP Staff Feb, 2, 2012


23/45

The Congress on Thursday welcomedthe Supreme Court judgement cancelling122 telecom licences, and justied its

stand on the 2G spectrum row by saying, un-certainty that shrouded that telecom sector hasnally been lifted by the supreme courts judge-ment today.

Addressing a press conference after the BJPattacked the Prime Minister and the FinanceMinister in their role in 2G spectrum alloca-tion, Telecom Minister, Kapil Sibal came out indefence of the government and said, The Su-preme Court judgement has indicted the policy,it hasnt indicted the nance minister or theprime minister.

The government will abide by the judgement

that spectrum should be auctioned which, hesaid, the ministry has done by delinking spec-trum from the licence in 2011 after he took over.

Sibal maintained that the government followedthe policies framed by the NDA government,

which the UPA succeeded, while defending hiszero-loss theory.

If the policy was right there was no loss, if the

policy was awed then theres been revenueloss since 2003, he said, The SC decision saysthat the policy was per-se discriminatory, whichmeans the rst-come rst-serve policy wasawed. These policies were framed during theNDA regime.

Sibal challenged the BJP to come forward andaccept its part in the present crisis saying, UPAonly followed the policy of the NDA governmentof FCFS, which has been declared discrimina-tory by the apex court. The BJP, therefore, mustapologise to the nation from the nation for caus-ing huge loss to the government.

While blaming the NDA for the 2003 policywhich the UPA implemented, he sought to shiftblame on irregularities in the manner in whichit was implemented on the then telecom minis-ter A Raja.

The Supreme Court has clearly said that thethen minister (Raja) did not heed to the goodadvise of both Prime Minister Manmohan Singhand the Finance Ministry, Sibal said.

The BJP-NDA should apologize for their rheto-ric against Chidambaram even after SCs ver-dict, he said.

He added, The judgement will ensure that nopolicy aberration happens in the future.
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24/45

2G Trial: Industry reacts,

says new entrants and

foreign investment

will be hit

Mumbai: India Inc and analysts in thetelecom industry see the cancellationof 122 telecom licences by the Su-

preme Courts as a huge setback for the sectorand for foreign investment in the country.

Indias Supreme Court today revoked 122 tel-ecoms licences issued under a scandal-tainted2008 sale in a judgement that could furtherdarken the business climate in Asias third-larg-est economy.

Even as RCom said that the company will not beimpacted by the Supreme Courts verdict sinceall its licences were obtained by or before 2001and Videocon too was of a similar view, Uninor the Indian joint venture of Norways Tel-enor with Unitech said it has been unfairlytreated and was shocked after the SupremeCourts verdict to scrap telecom licences.

Rishai Sahai, director at consultancy rm Co-gence Advisors in New Delhi said this was ter-rible news for foreign investors. It is very badnews. What mistake did they do? he said ofoverseas investors like Telenor, adding, Theypartnered with Indian companies, invested lotsof money and followed the process of that time.

Sahai said that the natural consolidation onewould have expected to happen in the sector,

which would have weeded out the weak players,is out of the way now. This creates very bad im-pression about the government in the overseasmarkets, he said.

Head of research at Mumbais SMC Investmentsand Advisors Ltd, Jagannadham Thunguntla,agreed with Sahai.

Foreign players like Systema and Etisalat,which are government controlled companiesthose governments will start feeling apprehen-sive about doing business in India and hence,drawing foreign direct investment would belittle more challenging for the country, Thun-guntla said.

However he was of the view that big playerslike Bharti Airtel and Idea Cellular, which hadstrong balance sheets would be the beneciariesof this verdict.

Citigroup too in a report has said that while thebiggest losers will be new entrants like Swan,Uninor and Sistema, players like Bharti Airtel

will be the biggest gainers, expecially since there

has been no cancellation of licences for them.

Speaking to Firstpost, Prashant Bhushan, mem-ber of Team Anna, said the judgement would seta huge precedence in time to come. It is a very

very good salutary judgement and this judg-ment establishes a huge precedent for time tocome It establishes that no corporate groupor any private entity cant be beneted out ofillegal deal or act, he said.

In the case of Unitech and Swan, the SupremeCourt has asked them to pay Rs 5 crore each asne in this case.

India Inc and analysts in the telecom industry see the

cancellation of 122 telecom licences by the Supreme

Courts as a huge setback for the sector and for foreign

investment in the country.

Rajanya Bose, Feb 2, 2012
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