Videocon to sue government for ₹10,000 crore post 2G verdict

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Srinagar  25 Dec :

Videocon Telecommunications is planning to file a compensation claim of more than Rs 10,000 crore against the government after a CBI court gave a clean chit to all accused in 2G spectrum allocation case, a company source said.

“Videocon Telecommunications is planning to file a compensation suit against the government for at least Rs 10,000 crore. The damage is estimated to be more than Rs 10,000 crore and the company is working on final amount that is to be claimed,” a source close to senior management said.

“Videocon Telecommunications had to take business loans of around Rs 25,000 crore for telecom services business. The cancellation of telecom licence caused huge financial losses to the company,” the source said.

The Supreme Court judgment in 2012 had cancelled 122 telecom licences in 2G spectrum allocation done under the regime of Mr Raja, which included 15 licences of Videocon. The company had paid about Rs1,500 crore for procuring telecom permits.

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