THE RULING: India’s top court orders the government to cancel 122 licenses granted to companies during an irregular sale of cellphone spectrum that has been branded one of the largest scandals in the country’s history.
WHAT HAPPENED: Second-generation, or 2G, cellphone spectrum was sold in 2008 at cut-rate prices in a bewildering “first-come, first-served” process. It netted the government only $2.7 billion. Government auditors say the sale might have cost the treasury as much as $36 billion in potential revenue.
STARTING OVER: The court says a fresh auction for licenses must be held in the next four months.
