The Telecom group of Videocon Company is set to drop a compensation claim for Rs 10,000 crores against government of India in the Supreme Court. Read on to know why?
Back in 2012, Videocon Telecom lost over 15 licenses in 2G spectrum allocation after the CBI court’s judgement on former Telecom minister A Raja in 2G scam case. Finally, after 5 years, the apex court gave clean Chit to all of them who are accused including Mr. Raja. Later, the company has sold the spectrum to Bharti Airtel after suffering huge losses.
Although Videocon Telecom has not involved in any wrongdoing, it face losses and so, demanded between 5500-10,000 Crore financial losses from government, as compensation. Now that the court has given clean chit, Videocon is planning to intensify its legal fight and planning to file a compensation of Rs 10,000 Crore. The company took a business loan of 25,000 Cr and later sold to Airtel because of cost growth in auction.