In its bid to resolve issues relating to the 2G license with Sistema, the government has set up a high-powered team, which has been tasked with developing the broad framework for negotiating with the Russian major.
The team will comprise of legal professionals picked by the Ministry of External Affairs. This move has come in the wake of the Russian conglomerate Sistema JSFC sending two letters to the Government seeking prompt resolution of the 2G issue.
The Government appears to be in favour of an out-of-court settlement with Sistema on the 2G licence issue.
The Russian company, owning 56 per cent in Sistema Shyam, has said that the Indian government is bound under a bilateral treaty to protect its investments. In fact, Sistema has invoked the bilateral investment treaty signed between India and Russia and set a deadline of August 28 to resolve the dispute over 3G licence.
Reacting to Sistema?s move, the External Affairs Ministry expressed concerns about the deadlock on the issue continuing and affecting Indian investments in Russia.
However, the Department of Telecom was of the view that the Sistema cannot invoke the bilateral treaty because even Indian companies have been impacted by the Supreme Court’s verdict in the 2G spectrum case.
