A blow struck for justice
The most perverse reaction to the Supreme Court order, cancelling all the 122 telecom licenses and 2G spectrum allocations made in January 2008 on a so-called first-come-first-served basis, is that it would dent investor confidence in India. Coming after the Apex Court's Vodafone judgement delivered last month — which was hailed for upholding the letter of the law and not giving any room for creative reading by the revenue authorities — this is a most bizarre and cynical interpretation.
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