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IT and communications ministry seeks more time to comply with the conditions imposed when the cap on foreign equity in telecom companies was increased to 74 per cent.

October 15, 2006
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The IT and communications ministry has reportedly sought time till February 2, 2007 to comply with the conditions imposed when the cap on foreign equity in telecom companies was increased to 74 per cent. This has been done to resolve inter-ministerial differences on the matter. According to the Department of Telecommunications (DoT), as many as 63 applications for universal service access licence could not be processed due to uncertainty over numerous clauses prescribed in Press Note 5 towards enhancing the FDI cap to 74 per cent. Many national and international long distance licence applications were also put on hold for the same reason. DoT states that reverting to the earlier regime would have no major impact on companies in which the composite foreign holdings were over 49 per cent. This is so because direct holdings in such companies are less than the prescribed 49 per cent.

 
 
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