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DoT will issue a notice inviting applications from potential bidders by the end of this week and all pending issues have been resolved, the telecom minister has said
The government is all set to start the process of auctioning of spectrum for 3G mobile services as all issues with the law and the finance ministries have been resolved, telecom minister A Raja said on Monday, reports PTI.
"The Department of Telecom (DoT) will issue Notice Inviting Applications (NIA) from the potential bidders by the end of this week. All pending issues have been resolved," Mr Raja said at the sidelines of a function in New Delhi.
Asked about the date for auction of spectrum, he said, "You can take 40-45 days from the date of issuing NIA."
Going by this, the auction cannot be completed within the current financial year with only 36 days remaining.
The law ministry had earlier objected to a clause in the draft NIA that successful bidders may ask for compensation in case they were not allotted spectrum within the stipulated time period. On the issue of the number of slots to be auctioned, sources said that three slots would be auctioned across the nation, but in some states the government may decide to allow four private players.
The government had earmarked Rs35,000 crore of proceeds from the sale of spectrum in the current financial year, but due to uncertainty over the number of slots and compensation clause, which has been resolved now, the auction is likely to be delayed.
Interlink Petroleum Limited (IPL) is a small company engaged in exploration of oil and gas. It has signed two production-sharing contracts with the government, one for the Baola gas field and the other for the Modhera oil field in Gujarat. In 2008, Jit Sun Investments of Singapore acquired a controlling stake in it. A lot of market punters are betting on this stock but it is just too risky,...
The Sensex may correct between 3,250-6,500 points over 3-6 months
The Sensex (and the Nifty) has rallied by around 120% from a low of 8,047 (2,520) on 6 March 2009 to a high of 17,790 (5,330) in January 2010. This has happened without any real correction. Sometime soon, a ‘secondary correction’ within the overall primary bull market is bound to happen which would retrace around...