S Tel
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S Tel Private Limited was a GSM based cellular operator in India. It was owned jointly by Chinnakannan Sivasankaran. (51%) and Bahrain Telecommunications (49%).[1] On 2 February 2012 Supreme Court of India cancelled all 122 spectrum licences granted during the tenure of former communications minister A Raja. Six licences of S Tel were cancelled, and Batelco sold its stake in S Tel. The sale was completed in late 2012.[2]
Controversy
License cancelled by Supreme Court
On 2 February 2012, The Supreme Court of India cancelled all 122 spectrum licences granted during the tenure of former communications minister A Raja, including the 6 licenses granted to S Tel.[3][4] The Supreme Court of India also imposed a fine of Template:INR 50 lakh on S Tel.[5][6]
Batelco sells stake
On 8 February 2012, a few days after The Supreme Court ruling, Batelco sold its 42.7% share of S Tel to Sky City Foundation Ltd of India for 65.8 million Bahraini dinar (US$174.5 million).[7][8] Batelco's Group Chief Executive Shaikh Mohamed bin Isa Al Khalifa said in a statement, "BMIC Limited, a 100 per cent Batelco-owned subsidiary company, entered into an agreement, in the fourth quarter of 2011 to sell its 42.7 per cent stake in S Tel for USD 174.5 million to its Indian partner, Sky City Foundation Limited".[3] The sale was to be completed by the end of October 2012.[9]
Current status
S Tel services is no longer available in India following the cancellation of its six UAS licenses on 17 February 2012. On 29 February 2012 it was reported that S Tel boss Sivasankaran wrote to Manmohan Singh, former Prime Minister of India, demanding Rs. 1700 Crore investment while offering to surrender its licenses.[10]
References
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External links
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- Telecommunications companies of India
- Mobile phone companies of India
- Companies based in Gurgaon
- Defunct brands
- Telecommunications companies established in 2008
- Telecommunications companies disestablished in 2012
- Indian companies established in 2008
- Indian companies disestablished in 2012
- 2008 establishments in Haryana