Prime Minister Manmohan Singh is likely to hold a meeting with his key ministers to discuss the Supreme Court order of cancelling 122 2G spectrum licences.
The ministers who are likely to be at the meeting include the United Progressive Alliance's key trouble shooter Finance Minister Pranab Mukherjee, along with Law Minister Salman Khurshid and Communications Minister Kapil Sibal.
The Prime Minister is expected to discuss the fallout of the cancellation of 2G licences and its impact on the telecom sector. Sources have hinted that formulating of new guidelines for the sector will also be discussed.
Sources said a section of the government wanted the Supreme Court judgement to be reviewed.
The development comes after the Prime Minister sought the advice of Attorney General Goolam E. Vahanvati on the court order. The Prime Minister is also said to have asked the Attorney General whether the existing telecom policy for allotting spectrum should continue till a new one is framed.
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The Supreme Court order last week has sparked speculation that foreign investor sentiments may be hurt.
On Wednesday, the court verdict claimed its first casualty as Bahrain-based Batelco announced its exit from India, selling its stake in mobile firm STel.
Telenor, Uninor's parent company, is another telecom operator which has hinted at exiting the Indian market. However, it is still considering to 'fight for its rights'.
Uninor's case has been taken up at a diplomatic level by Norway. The country's IT minister met Kapil Sibal on Tuesday.
Even Russia's Communications Minister Igor Shchyogolev is reportedly to visit India to express the country's concern over its investments in the Indian firm Sistema Shyam Teleservices (SSTL).
SSTL, a joint venture between Russia's Sistema and India's Shyam Group, which provides its services under the MTS brand name, has also said that it reserves the right to protect its interests by using all available judicial remedies and was mulling the option of filing a review petition in the apex court.
Sistema holds a 56.68 per cent stake in the venture, while the Russian government holds 17.14 per cent and the Shyam Group of India has another 23.98 per cent. The remaining 2.2 is publicly owned.
- with inputs from IANS