MOSCOW, April 24 - RIA Novosti. The Indian Supreme Court extended Shyam TeleServices Limited's (SSTL) mobile communications licenses until September 7. The licenses were revoked from AFK Sistema subsidiary in February.

The court also ordered new tenders to be held no later than August 31.

According to Sistema, the decisions only concern SSTL's licenses.

In late February, the Indian Supreme Court submitted an appeal on the reconsideration of a court decision to nullify the licenses. Additionally, the company asked to suspend the revocation of the licenses while the application to review the court's decision was being considered.

Sistema believes the decision to revoke the licenses contradicts an agreement between Russia and India to stimulate and protect investments.

Sistema owns 56.68 percent of SSTL's shares and has invested millions of dollars in the Indian mobile communications sector. The company believes revoking the licenses contradicts an agreement in which India committed to protect investments rather than seize them.

According to the Indian Supreme Court, the SSTL licenses were granted in the wrong order, thus violating the Indian Telecommunications Ministry's procedures and requirements.