Friday 14 September 2012

Sistema says its stand on participation in spectrum auction will be taken its plea is heard by Supreme Court

Russia's Sistema said its decision on the participation in the upcoming 2G spectrum auction will be taken after Supreme Court has heard its petition about being exempted from the cancellation of 122 telecom licences. Out of those 122 licenses, 21 belong to Sistema Shyam. 
"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," Sistema's President and Chief Executive Officer Mikhail Shamolin said in a statement. 

Sistema Shyam TeleServices Ltd (SSTL) is a venture, where the equities are held by Sistema Joint Stock Financial Corporation of Russia, the Russian Federation and the Shyam Group of India. Sistema JSFC is the majority shareholder in SSTL. 
The Supreme Court had decided in February this year that the allocation of granting 122 2G licences, including 21 to SSTL, was 'arbitrary' and 'unconstitutional'. Hence those licenses were cancelled.

Source:
http://cablequest.org/news/telecom-news/item/967-sistema-says-its-stand-on-participation-in-spectrum-auction-will-be-taken-its-plea-is-heard-by-supreme-court.htmlSource: http://cablequest.org/news/telecom-news/item/967-sistema-says-its-stand-on-participation-in-spectrum-auction-will-be-taken-its-plea-is-heard-by-supreme-court.html

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