New Delhi, Feb 11 (IANS): Prime Minister Manmohan Singh Saturday met union ministers Pranab Mukherjee, Kapil Sibal and Salman Khurshid to discuss the fallout of the apex court verdict cancelling 122 2G licences granted by former communications minister A. Raja in 2007 and 2008.

The meeting, held at the prime minister's official residence at 7, Race Course Road, was still underway, sources said.

The meeting was expected to discuss new guidelines for the allocation of 2G licences in the wake of the Supreme Court observing that first-come-first-serve policy was flawed and instead favouring auctioning.

The meeting assumes significance with Norway and Russia pushing for government's intervention to safeguard investments by their state-owned companies Telenor and Sistema, respectively. Norway has already activated diplomatic channels with India on the issue.

Russian Communications Minister Igor Shchyogolev is expected to visit India shortly to take up the issue with Sibal over safeguarding Sistema's investment in the Indian telecom sector. Sistema has invested in a joint venture firm, Sistema Shyam Teleservices (SSTL).