2G license cancellation: Videocon to file review petition

The list of review petitions against the Supreme Court's 2G license cancellation order is getting longer. Tata Tele has filed its petition challenging the cancellation of its licenses in three circles, meanwhile Videocon is set to file a review petition in the Supreme Court for the same, reports CNBC-TV18's Kritika Saxena.

Venugopal Dhoot of Videocon has confirmed to CNBC TV18 that they will be filing a review petition in the Supreme Court by tomorrow. It is learnt that Harish Salve will be taking up the case. Videocon seems to be fairly confident despite the fact that their network hasn't really grown.

He seemed fairly confident in terms of their expansion plans and indicated that currently they have enough of capital at the group level for the same. If there is any kind of liquidity crunch in Videocon Mobile Services, then they will ingest the amount from the group arm.

He remained slightly non committal on when he expects things to resolve and is any possibility of a shut down. He said that as of now the company is on track with the plan and are confident about their consumer plans.

"By tomorrow, we are filing a review petition in the Supreme Court. We are innocent. Even CBI has given a clean chit to us. We are not guilty of anything and no penalty has been levied on us by Supreme Court," he said.

Currently, Videocon has around 8 million subscribers across 21 circles. TRAI had also put a penalty on them owing to the fact that they hadn't rolled out in 10 circles.

There are couple of circles where they haven't rolled out, which will be happening depending upon capital expansion. In the next 15 days there should be some kind of a clarity on that.