In a Public Interest Litigation (PIL) case filed before it, the Supreme Court of India issued today a judgment cancelling all 122 of the 2008 spectrum licenses granted to 8 operators (including Swan) and imposing a fine on all licensees who sold equity to foreign investors after issuance of the licenses. The details of the judgment have not yet been released.
Once a copy of the decision is received, Emirates Telecommunications Corporation, Etisalat, has stated it will work closely with Etisalat DB (EDB's) management and legal counsel to understand the judgment, its ramifications on the operations of EDB, particularly its customers and employees as well as its right to a review of the Supreme Court's decision.
The Supreme Court decision relates to events that occurred in January 2008, well before December 2008 when Etisalat invested in Swan. Etisalat said it has no knowledge of what occurred in the license application process for Swan, far less did it have any involvement. The license applications were entirely conducted by the promoters and their associates who subsequently marketed the Swan investment opportunity to Etisalat through a well known international investment bank.
Etisalat claimed it has an excellent record of abiding by all of the laws and regulations in the 17 countries across Asia, the Middle East and Africa where it operates and continues to move forward with its growth strategy. We remain committed to becoming one of the world's top 10 telecommunications companies.