NEW DELHI: The Supreme Court has given a go-ahead to the government to announce the outcome of the spectrum auction, which ended yesterday after 19 days of fierce bidding.
Attorney General Mukul Rohatgi told the court that the auction had garnered Rs 1.09 lakh crore and the government is aiming to narrow its fiscal deficit with that.
The court, therefore, allowed the government to announce the winners. The government will fetch a minimum of Rs 28,000 crore as earnest money immediately.
Bharti Airtel, Idea and other telcos had moved different courts against higher prices and conditions mentioned in the notice inviting application, which is a legal framework for spectrum auction. A move which could have stalled the auctions but the apex court ruled the continuation of the auction process.
The next hearing for this tender condition is now slated for April 16.