Loop Telecom faces cancellation of 21 licences as per the Supreme Court?s verdict on the 2G spectrum case.
In response, the operator has issued a statement saying, ?Loop was not involved with, and did not benefit from the impugned changes in government policy. We did not sell any equity nor did we profit from grant of license.?
?We look forward to orderly implementation of the judgment by the Department of Telecommunications (DoT) and the Telecom Regulatory Authority of India (TRAI) in a manner which is fair to the industry and consumers. We had submitted to Supreme Court (during the course of the hearing of the PILs) on 9 March 2011, that we were not interested in profiteering from mispriced allocation of spectrum and had offered to give back the licenses issued so as to establish a fair market price for the spectrum. The Supreme Court?s judgment is broadly in line with the offer previously made by Loop Telecom to resolve this entire controversy.?
?Loop Telecom was not in any manner involved with, and did not benefit from the changes which were made to the first come first serve policy, including the notification of a cut off date for applications and the changes in the terms of the LoIs issued in 2008. Loop?s applications for new licenses were made in pursuance to the policy announced by the Government in August 2007 and with the intent of expanding its presence from a single circle to a pan India operation.?
?Loop Telecom did not sell any of its shareholding after having received such license. We shall await the implementation of the judgment by the Government authorities.?
