Loop Telecom Owe Rs. 808 Crore to Government: DoT

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The government has estimated that Khaitan Group’s telecom companies Loop Mobile and Loop Telecom owe about Rs. 808 crore in spectrum and other charges to the DoT, which is likely to start recovery proceedings soon.”Over Rs. 75.67 crore spectrum usage charge (SUC), one-time spectrum charge of Rs. 606.72 crore are outstanding against Loop Mobile. Over Rs. 2.04 crore SUC and additional Rs. 124.18 crore as reserve price have to be paid by Loop Telecom under a Supreme Court direction,” an official source said.

Khaitan Group sold assets of Loop Mobile, which operated in Mumbai, to Bharti Group in February. Loop Telecom shut operations in April, 2012 after the Supreme Court cancelled its permits in February 2012.

“All the matters are sub-judice, hence we will not be able to comment,” a spokesperson for both Loop Mobile and Loop Telecom said when sought comments on the development.The Department of Telecom (DoT) has directed its officers to take action against both the companies, including cancellation of licence of Loop Mobile which is valid till November this year, for recovery of outstanding dues, sources said.

Loop Telecom’s investor Khaitan Holdings (Mauritius) Limited (KHML) has filed international arbitration against Indian government seeking damages of over $1 billion for 2G licences in which it had invested and were cancelled by Supreme Court on February 2, 2012.

Filed in: Business, News, Technology News, Telecom News

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