New Delhi: After the acquittal of all the accused in the Videocon Telecommunication 2G spectrum allocation case, the company is planning to claim compensation of Rs 10 thousand crore rupees against the government. The sources associated with the company informed this matter.
A source stated, “Videocon Telecoms is planning to claim a compensation of at least 10 thousand crore rupees against the government. The loss is estimated to be over 10 billion rupees, the company is calculating it.”
It added that the company had to borrow a loan of about Rs 25 thousand crore for the telecom service business. The cancellation of the telecom license had to suffer huge financial losses.
It may be mentioned that special court, hearing the 2G case, acquitted all the accused, including Telecom Minister A. Raja, on December 21, 2017, in the case related to the 2G mobile phone service licenses and spectrum allocation.
In the Supreme Court in 2012, the Supreme Court had canceled 122 telecom licenses allotted during Raja’s tenure. Of them, 15 were Videocon licenses. He paid Rs 15 crores for them.
After that decision, Videocon participated in the auction and in November 2012, he bought a license in Bihar, Uttar Pradesh (East), Uttar Pradesh (West), Haryana, Madhya Pradesh and Gujarat in the 1800 MHz category for 2221.44 crore rupees.
However, due to the rising expenditure of spectrum, the company could not stay in the business and sold its spectrum last year to Airtel.