Skip to main content

CBI failed to challenge 2015 excess spectrum order: Public prosecutor

By
CBI failed to challenge 2015 excess spectrum order: Public prosecutor
The public prosecutor in the 2G spectrum case, Anand Grover, told the Supreme Court that the Central Bureau of Investigation (CBI) had not followed his recommendation to challenge a 2015 special court order acquitting all the accused in the excess spectrum case.
Grover made the complaint even as the top court bench monitoring telecom cases demanded a status report from the CBI and the Enforcement Directorate on their investigations into alleged irregularities related to the Aircel-Maxis deal.The public prosecutor had faced the special court's flak last month when it acquitted all the accused, including former telecom minister and DMK leader A Raja and his party colleague and MP Kanimozhi, in the 2G case.
An appeal against the December 22, 2017, judgement is expected to be filed in the Delhi High Court, challenging the acquittal and also seeking expunging of the adverse remarks the special court made against the public prosecutor.But in the excess spectrum case dating back to 2002, where the same court acquitted former telecom secretary Shyamal Ghosh and telecom firms Bharti AirtelBSE 1.36 % and Vodafone India, the CBI has done nothing despite its officials agreeing with his opinion to challenge it, Grover said.

Additional Solicitor General Tushar Mehta claimed that a revision had not been filed in that case because the attorney general had given an opinion against it. He, however, sought more time to take a call on the issue. "Please grant us 10 days or two weeks to deal with it," he said.
Grover asked how the government could interfere on the basis of AG's opinion when the top court was monitoring a caseIn that case, the CBI had argued that the exchequer had suffered a loss of more than ?800 crore after excess spectrum was allotted to these companies at a lower price. But the special judge discharged all without framing charges citing lack of evidence.
In the Aircel-Maxis case, the Maran brothers — Dayanidhi and Kalanithi — were discharged early last year by the same court, saying that they had been charged on a misreading of official documents.
The  Economic Times, New Delhi, 5th January 2018

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more