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Effect of 2G scam on Unitech projects

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Effect of 2G scam on Unitech projects

Last updated: November 20 2010
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  • Effect of 2G scam on Unitech projects

    unitech is one of the major beneficiary of 2G telecom scam in news right now. it got licenses for 1600 crores and sold 60 % of new telecom company in 6000 crores to telenor . almost all the rules were flouted to give unitech telecom license. now looks like these licenses are bout to be canceled resulting in major loses to company. so how's this gonna effect already stalled projects of company. my thinking is expect more delays in all of them, what do other members think? . more info at

    http://timesofindia.indiatimes.com/i...ow/6948657.cms
    http://timesofindia.indiatimes.com/i...ow/6940321.cms
  • #2

    #2

    Re : Effect of 2G scam on Unitech projects

    this spells more trouble for unitech
    MM

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    • #3

      #3

      Re : Effect of 2G scam on Unitech projects

      Telenor will drag them to court.... but I dont expect the Sindhis to give up that easily.... But if they need to pay a penalty of 6000 cr or return the license-

      Either way it will break their back and those of who invested in their projects

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      • #4

        #4

        Re : Effect of 2G scam on Unitech projects

        if you read the news carefully, the regulator has recommended cancellation of only 8 of their 22 licenses.

        Also, as per the latest news, a JPC will only be constituted by congress if cases from 1998 are investigated....i.e. they want to corner the BJP govt. too.

        This will be a huge mess and my gut feel is that most of these companies will come out clean by hook or crook.

        Revocation of licenses will ruin India's image globally too.

        So guys dont call Unitech's end this early.....

        Comment

        • #5

          #5

          Re : Effect of 2G scam on Unitech projects

          Looks like this is imminent -

          "Another One Bites the Dust".

          Looks like Queen is going to be remembered a lot in RE in the next few months or so .


          Originally posted by vikky55 View Post
          Telenor will drag them to court.... but I dont expect the Sindhis to give up that easily.... But if they need to pay a penalty of 6000 cr or return the license-

          Either way it will break their back and those of who invested in their projects
          Last edited November 18 2010, 11:03 PM. Reason: typo
          Please read IREF rules | FAQ's

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          • #6

            #6

            Re : Effect of 2G scam on Unitech projects

            my feeling is this scam like adarsh society scam has become too big to be swept under rug. a minister has already resigned. now maybe licenses will not be canceled for India's global image. but I am thinking govt will demand more money from existing licensees. and if bribes are proved, then anything is possible.
            Originally posted by vshinde98 View Post
            if you read the news carefully, the regulator has recommended cancellation of only 8 of their 22 licenses.

            Also, as per the latest news, a JPC will only be constituted by congress if cases from 1998 are investigated....i.e. they want to corner the BJP govt. too.

            This will be a huge mess and my gut feel is that most of these companies will come out clean by hook or crook.

            Revocation of licenses will ruin India's image globally too.

            So guys dont call Unitech's end this early.....

            Comment

            • #7

              #7

              Re : Effect of 2G scam on Unitech projects

              I know of several major investors who have exited from Unitech projects, in the build up of this story in the last few weeks/months .
              Please read IREF rules | FAQ's

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              • #8

                #8

                Re : Effect of 2G scam on Unitech projects

                Originally posted by alokgarg View Post
                my feeling is this scam like adarsh society scam has become too big to be swept under rug. a minister has already resigned. now maybe licenses will not be canceled for India's global image. but I am thinking govt will demand more money from existing licensees. and if bribes are proved, then anything is possible.

                I spent whole days going through various news, blogs (which have inside details).

                I was shocked to know that the 2G scam is much wider than what is actually reported. There is whole nexus of PR firms (Nira Radia), few top media persons (watch NDTV disclaimer tonight), politicians, present & ex-bureaucrats, top corporates etc. God only knows the trails goes where. Skaletons are tumbling out every day. There are many whispers in blogs.

                Since so many biggies are involved and the quantum is mind boggling, the logic says that all will work togther to ensure that nothing comes out of it. History is also in their side.

                Let us wait & watch......

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                • #9

                  #9

                  Re : Effect of 2G scam on Unitech projects

                  Well- yes. If one goes by the past track-record, nothing will come out of it...

                  [QUOTE=VKinNCR;126747]I spent whole days going through various news, blogs (which have inside details).

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                  • #10

                    #10

                    Re : Effect of 2G scam on Unitech projects

                    actually if a lot of big people are involved , it can go both ways. as those people have a lot of enemies and they will keep this scandal alive. chances are more towards heavy fine on licensees or outright cancellation.
                    Originally posted by VKinNCR View Post
                    I spent whole days going through various news, blogs (which have inside details).

                    I was shocked to know that the 2G scam is much wider than what is actually reported. There is whole nexus of PR firms (Nira Radia), few top media persons (watch NDTV disclaimer tonight), politicians, present & ex-bureaucrats, top corporates etc. God only knows the trails goes where. Skaletons are tumbling out every day. There are many whispers in blogs.

                    Since so many biggies are involved and the quantum is mind boggling, the logic says that all will work togther to ensure that nothing comes out of it. History is also in their side.

                    Let us wait & watch......

                    Comment

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