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Trai suggestion in 2-3 weeks on promoters lock-in issue

Trai suggestion in 2-3 weeks on promoters lock-in issue
PTI
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First Published: Fri, Feb 06 2009. 05 17 PM IST
Updated: Fri, Feb 06 2009. 05 17 PM IST
Kolkata: Telecom watchdog Telecom Regulatory Authority of India (Trai) on Friday said it would submit its recommendation to the government on lock-in period for promoters equity for Unified Access Service (UAS) licensees in the next two to three weeks.
“The government had asked us to give our view on the promoters lock-in issue. We have completed the consultation process and will submit our recommendations in the next two to three weeks,” Trai chairman Nripendra Misra told reporters in Kolkata.
The Department of Telecom (DoT) had sought Trai’s recommendations to introduce a regulation that promoters, who have 10% or more stake in a firm and whose net worth has been considered to determine the eligibility for grant of UAS licence, should not sell their equity in the UAS licencee firm for three years from the effective date of the licence.
DoT had recommended that the existing telecom licensing norms should be amended and a three to five year lock-in period be imposed on the UAS licencee firm on the sale of promoters equity in start-up companies which were given licences in early 2008.
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First Published: Fri, Feb 06 2009. 05 17 PM IST