SSTL holds off on auction until SC hears case

14 Sep 2012

Russia’s Sistema group has announced that it will not make its decision on whether or not to participate in the upcoming spectrum auction in India until the Supreme Court has heard its petition to be exempted from the mass cancellation of licences earlier this year. Zee News India quotes the company’s CEO Mikhail Shamolin as saying: ‘Auction prices announced by the regulator are unjustifiably high and no decision on auction participation will be taken until our case is heard in our Curative Petition to the Supreme Court.’ As previously reported by CommsUpdate, Sistema, which holds a 56.68% stake in Indian cellco Sistema Shyam TeleServices (SSTL), is also prepared to launch legal proceedings against the Indian government for the withdrawal of its operating licences citing the Bilateral Investment Protection Agreement (BIPA) signed between Russia and India.