Sistema Shyam Teleservices (SSTL), the joint venture between Russia’s Sistema and India-based Shyam Group, Friday filed a petition in the Supreme Court seeking a review of its order that quashed the firm’s 21 licences issued in 2008.
“SSTL believes that the Supreme Court in its judgment has not considered several relevant submissions made by SSTL which were specific and unique to its case,” the company said in a statement.
The company said it was being “unfairly penalized for acting in good faith and in reliance on the appropriateness of the procedures established by India’s telecommunications authorities.”
SSTL said being a CDMA operator its case was different, compared to other affected mobile operators.
The Russian conglomerate, which holds 56.68 percent stake in SSTL, has invested $3.1 billion in the India venture. It has threatened to launch international arbitration proceedings if the Indian government failed to resolve the issue of revocation of its licences within six months.
According to Sistema, under the bilateral investment treaty, the Indian government is obliged to promote and protect foreign investments, including treating the investments in a fair and equitable way.
Last month Supreme Court ordered cancellation of 122 licences issued by former telecom minister A. Raja in 2008, including that of SSTL.
The firm which offers voice and data services under brand MTS has over 15 million customers across the country and employs over 3,500 people.