Sistema Shyam TeleServices Limited (SSTL) is continuing its efforts to remain operational in the Indian telecom space.

The company, as per news reports, is in the process of finalising its course of action in this context. It is believed that the operator will opt for legal remedies to safeguard its interests in the country.

Prior to this, the operators? parent company, Sistema, had said that it will attempt to resolve the issue via conciliation.

To this end, it had sent a communication to the Ministry of External Affairs, Ministry of Finance and the Ministry of Communications and IT, stating that inter-country disputes could be solved amicably, as per the UN Commission on International Trade.

In so far, the company had pulled out all stops to safeguard its interests in India. In fact, it was reported that the government may consider giving leeway to the operator, on grounds that it is a pure-play CDMA player.

So, in this context, SSTL may be considered an exception to the other operators lobbying for spectrum, as it was the only company that required CDMA spectrum.

Meanwhile, Elvira Nabiullina, the Russian Minister of Economic Development reportedly met with Anand Sharma, Minister of Commerce, Industry and Textiles to discuss the issue. At the meeting, Sharma reportedly informed Nabiullina that the government had taken cognisance of the issue and had filed a review petition of the 2G case as well.

As per the Court?s verdict, Sistema stands to lose 21 telecom licences. Also, Sistema sent a formal notice to The Republic of India notifying it of a dispute under the Bilateral Investment Treaty (BIT) between the Government of the Russian Federation and the Government of the Republic of India.

The company opined that the cancellation of SSTL’s licenses following its investment into the Indian cellular sector is contrary to India?s obligations under the BIT, including obligations to provide investments with full protection and security and obligations not to expropriate investments.

The formal notice requests The Republic of India to settle the dispute relating to the revocation of SSTL’s 21 telecom licenses in an amicable way within six months.

Further, the notice states that if the dispute is not amicably resolved by August 28, 2012 Sistema reserves the right to commence proceedings against The Republic of India as provided in the BIT.