Updated on
Summary Telenor plans to fight an order by the Supreme Court of India to cancel 22 telecoms licences.
Norways Telenor plans to fight an order by the Supreme Court of India to cancel 22 telecoms licences held by its Indian joint venture.Sigve Brekke, the head of the companys Asian operations made the comments on in New Delhi, stating his dismay over the decision.I am upset and the reason for that is that we have not done anything wrong. What happened before 2008 and in January 2008 was way before we came in. The Supreme Court has now said that the government policy was wrong and its absolutely nothing that we have anything to do with, said Brekke.Brekke added that the Courts orders were likely to hit potential foreign investors from opening up shop in India.Now, the 14,000 crores, we have been asked to just forget it, because India in hind sight has changed its mind, is that fair? I dont think so. Is it fair that we have been asked to lose all the 14,000 crores and go home because someone has changed their mind? I dont think that is fair. And this is going to impact foreign investment, not only ourselves.Think of what foreigners will think when they will invest in Indian business, if you cannot trust the rules and the conditions for your investment, added Brekke.Last week, the court ordered all 122 licences issued under a scandal-tainted 2008 sale be revoked in four months and asked the telecom regulator to propose rules for grant of licence and spectrum through an auction.
