He said the scam was a "collective failure" of the government, which "overlooked" warnings given by the CAG and the CVC on the issue.

"Everyone had warned including the CAG and the CVC but the government overlooked it," Swamy said soon after the Supreme Court cancelled the 122 spectrum licences and left it to the trial court to decide on whether to probe P Chidambaram.

Swamy said "it is a collective failure" of the government that 2G licences were issued in an "illegal and corrupt" manner and that nobody felt the Cabinet should be called and the licences scrapped.

On Chidambaram's prosecution, he said, "I am very happy... the trial court is perfectly competent to decide on the matter whether the Home Minister should be proceeded against or not."

"It is being made clear that the trial court is fully seized of the matter. Now the CBI can not add anything by way of an investigation.

"It is the best possible judgement that could be possible for the three judges. The country can be justifiably proud of Supreme Court," he told reporters.

Verdict strong message to corrupt

Terming the Supreme Court order as "historic", lawyer Prashant Bhushan today said it will send a strong signal to corporates and corrupt public officials who retain the benefits of illegal acts. "It is a historic judgement... this judgement will send a strong signal to the entire country and in particular the corporate world that this country is no longer willing to allow these corrupt corporates and the corrupt public officials to retain the benefits of illegal and corrupt acts," he told reporters outside Supreme Court after the judgement.

Bhushan, who was one of the petitioners in the 2G case, said the judgement will also help change the nature the way corruption is dealt with.

He also said the judgement will help the public exchequer to recover losses caused to the grant of 2G licences by then Telecom minister A Raja in January 2008 and thereafter.