New Delhi - Russian conglomerate Sistema Friday said it will seek legal remedies to safeguard its interests in India and the telecom operations under the joint venture with Shyam Telecom in the country will continue.
"To safeguard its interests, Sistema and Sistema Shyam TeleServices Ltd (SSTL) will contest this order by pursuing all available legal remedies. In the meantime, Indian operations will remain business as usual for the company," Sistema said in a statement.
Sistema-Shyam offers pan-India telecom services under the MTS brand.
The Supreme Court Thursday had cancelled 21 of the 22 licences held by its Indian arm Sistema Shyam TeleServices Ltd (SSTL).
"Sistema and SSTL are being penalized for acting in good faith and in reliance on the appropriateness of the procedures established by India's telecommunications authorities. Sistema therefore looks forward to a clear, transparent and equitable policy decision on these matters by the Indian government," it added.
According to the operator, it has invested over $2.5 billion in the Indian market and has over 3500 employees.
Sistema holds a 56.68 percent stake in the venture, while the Russian government holds 17.14 percent and the Shyam Group of India has another 23.98 percent. The remaining 2.2 is publicly owned.
The Supreme Court cancelled all 122 licences issued to telecom firms in 2008. However, the apex court has given four months' time to the country's telecom regulator to look into the matter and make recommendations for the fresh auctions.
| Other Articles: |
 |
Push key reforms: Industry's budget wish list (4th Feb, 2012) |
|
Apple starts China online sale of iPhone 4S (4th Feb, 2012) |
|
Facebook IPO boosts growth of Chinese sites (4th Feb, 2012) |
|
Maruti plans to roll out SUVs and MPVs (4th Feb, 2012) |
|
Rupee climbs to 3-month high of 48.68 against dollar (4th Feb, 2012) |
|
TRAI seeks initial response on 2G spectrum auction by Feb 15 (4th Feb, 2012) |
|
Shanghai to raise sea burial subsidy (3rd Feb, 2012) |
|
Infosys swaps global business heads (3rd Feb, 2012) |
|
Telenor won't quit India, Norway monitoring situation (3rd Feb, 2012) |
|
Sensex soars past 17,600 points; registers 5th weekly gain (3rd Feb, 2012) |
|
Air India enquiry into charges against Patel ruled out (3rd Feb, 2012) |
|
Gold gained by Rs. 110 to Rs 28,640 per 10 grams. (3rd Feb, 2012) |
|
Networks hope to acquire more users, spectrum (3rd Feb, 2012) |
|
Fiat profit more than doubled in fourth quarter (3rd Feb, 2012) |
|
Facebook under pressure to sell users' data, adverts to meet IPO profitability expectations (3rd Feb, 2012) |
|
Facebook graffiti artist in line for $200m payday as stock option payout following IPO (3rd Feb, 2012) |
|
Manmohan Singh expects financial growth at 7 to 7.5 percent (3rd Feb, 2012) |
|
Japan's Panasonic projects wider loss for current fiscal (3rd Feb, 2012) |
|
Sensex witnesses choppy trade, Bharti Airtel rises (3rd Feb, 2012) |
|
New Iran sanctions not to disrupt oil markets: US (3rd Feb, 2012) |
|
Kerala coir products gain market share in Africa, Latin America (3rd Feb, 2012) |
|
Guard against crisis contagion, IMF tells Latin America (3rd Feb, 2012) |
|
Indian economy will grow 7-7.5 percent in 2011-12: PM (3rd Feb, 2012) |
|
Italy's wine tourism generates $6.5 bn a year (3rd Feb, 2012) |
|
China's industrial profit goes up in 2011 (3rd Feb, 2012) |
Today : Thursday - May 24, 2012, 02:20pm (GMT+5.5)
