Not to be affected by SC judgement: Reliance Communications

Last Updated: Thu, Feb 02, 2012 07:07 hrs

Reliance Communications today said that licences to the company were issued in 2001 or prior to that and will not be affected by the Supreme Court judgement pronounced squashing all 122 licences alloted in January 2008.

"RCom's licences are not affected by the Supreme Court judgement pronounced today," the telecom service provider said in a statement to the BSE.

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"RCom's licences were all issued in 2001 or prior," the company added.

Earlier during the day, the Supreme Court canceled grant of all 122 2G licences issued in January 2008, stating that they were granted in arbitrary and unconstitutional manner.

The court asked telecom regulator Trai to make fresh recommendation on grant of 2G licences and allocation of spectrum will be done through auction within 4 months.

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Reliance Communications is a group company of Anil Ambani led Reliance. The group currently has a net worth excess of Rs 89,000 crore, cash flow of Rs 10,900 crore, net profit of Rs 3,600 crore.

Shares of Reliance Communications were trading at Rs 95.20 on the BSE, down 5.18 per cent from the yesterday close.

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