The Presidential Reference on the 2G judgment has created serious uncertainty for investors, customers and banks by placing 102 additional licences either directly or indirectly, under a dark legal shadow. The Supreme Court had cancelled 122 licences awarded by ex-Telecom Minister A. Raja in 2008 on February 2, 2012. The Presidential Reference has stirred up more grief by seeking clarity from the Supreme Court on the legality of the original 8 (now 7 – after an M&A in the Chennai circle) cellular mobile licences allocated in 1994 since they were not granted through an auction process.