The Department of Telecom (DoT) has reportedly requested the finance ministry to get approval for banning the promoters of new telcos from pledging their shares to raise capital during the three-year lock-in period.
The communications ministry has also asked the finance ministrys view if this ban can be imposed retrospectively in the event of some of the promoters already having pledged their shares.
The ministry of corporate affairs has cleared DoTs plan to impose a three-year ban on equity sales by owners of nine companies which were given licences to offer various types of telecom services early last year, the report stated.
The lock-in clause, endorsed by telecom regulator the Telecom Regulatory Authority of India, will not apply if telecom companies were to issue fresh share capital to investors and foreign telcos.
If the ban is imposed by the communications ministry, it will impact the likes of Swan Telecom, Shyam-Sistema, Unitech, Loop Telecom, S Tel and Datacom, which were all given licences in early 2008.
Any ban on pledging shares will also apply to the new licences obtained by Vodafone Essar, Idea Cellular and Aircel. The report added that these three existing telcos were given additional licences to operate in new service areas or telecom circles last year, enabling them to become pan-India operators.
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