The Department of Telecom will stop accepting applications for telecom licences from today. Meanwhile CNBC-TV18 has learnt that India's biggest real estate developer DLF, has applied for a licence but has not notified the stock exchanges.
Unitech, Indiabulls, and now DLF. After the Ministry of Telecom set a deadline of October 01 for new telecom applications, there has been a rush of real estate companies applying for telecom licenses. CNBC-TV18 has learnt that the biggest among these, DLF has also sent its application to the Department of Telecom.
However, the company has not informed the stock exchanges of its plans to diversify into the telecom business. When contacted, DLF officials said the company is not bound to inform the exchanges just now, and that they will do so, after they get the necessary approvals.
In 1998, though Sebi had tightened disclosure norms to enhance a company's accountability to the stock exchange and investors. Amongst others, it required a company to disclose any material information that would change the general character or nature of business.
When we contacted the National Stock Exchange, it said that though it is not mandatory for a company to notify them of such a move, applying for a license to start a new business still remains a grey area. It also said that it is the company's call to decide if the move is price sensitive and whether to intimate the stock exchanges of the same.
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