DoT tells investors that the Govt is committed to resolving all disputes

The UPA government is of the view that the foreign investors should be wooed back into the country and the Dot statement follows the same line. The Department of Telecommunications (DoT) has told the foreign investors that the Indian government is committed to resolving any dispute due to the cancellation of the 122 mobile phone service licences by the Supreme Court. 

Recently, the Finance Minister P Chidambaram also said he would review the General Anti Avoidance Rules (GAAR), to soothe the foreign investor sentiments. Talking about the Vodafone tax case, he also said there would be no rash action. 

In letters to Telenor, the Norwegian joint venture partner of Unitech Wireless in Uninor; Mauritius-based Capital Global and Kaif Investment - investors in Loop Telecom; and Malaysia's Axiata - investor in Idea Cellular, DoT has said, "Government of India confirms its committment to engage in negotiations to amicably resolve any alleged dispute between the investor and the government of India." 

The DoT letters to the foreign investors add, however, that "government of India fully reserves all its rights and contentions in connection with the alleged dispute" and that nothing contained in this letter will be considered as acceptance of applicability of the agreement.

Source: http://cablequest.org/news/telecom-news/item/972-dot-tells-investors-that-the-govt-is-committed-to-resolving-all-disputes.htmlSource: http://cablequest.org/news/telecom-news/item/972-dot-tells-investors-that-the-govt-is-committed-to-resolving-all-disputes.html