TRAI asks Govt. to cancel 62 licenses of five telecom companies

NEW DELHI - The Telecom Regulatory Authority of India (TRAI) has asked the government to cancel 62 licenses given to five telecom companies including Etisalat (Swan), Uninor and Videocon.

It has been reported that the recommendation for this action was made to the Telecom Ministry on Thursday.

The action comes in wake of the Comptroller and Auditor General (CAG) of India slamming the Telecom Ministry for irregularity and impropriety in giving licenses to new players in 2008, which caused huge losses to the exchequer. (ANI)