Price Impact - 2G Verdict - India Telecom

Price Impact - 2G Verdict - India Telecom

2G Verdict, Marico, Prestige Estates

2G Verdict, Marico, Prestige Estates

India Telecommunications - 2G Impact

India Telecommunications - 2G Impact

2G scam...Five corporate honchos get bail

Five India Inc. executives, who are accused in the 2G scam, have been granted bail by the Supreme Court, sending shares of RCOM, Unitech and DB Realty higher in a weak market. The five persons in question are: Sanjay Chandra of Unitech, Swan Telecom director Vinod Goenka and three Reliance-ADAG executives, Gautam Doshi, Hari Nair and Surendra Pipara. A bench comprising Justice GS Singhvi and Justice HL Dattu delivered the order on the bail pleas of five corporate honchos in the 2G case. They are presently lodged in Tihar Jail. The Delhi high court had denied them bail in the 2G case after the CBI opposed it saying that the accused were likely to tamper with the evidence and influence witnesses. The apex court directed the five accused to furnish two sureties of Rs. 5 lakh each. The bail to the five corporate officials has given hope to the other accused in the 2G case, including disgraced former Telecom Minister A. Raja and DMK MP Kanimozhi. On December 1, the Delhi High Court will hear the bail plea of Kanimozhi and four other accused, including Kalaignar TV Managing Director, Sharad Kumar, Director of Cineyug Media & Entertainment, Karim Morani, and Directors of Kusegaon Fruits & Vegetables, Asif Balwa and Rajiv Agarwal. Raja has not filed any application for bail so far. All the 2G accused are facing charges of criminal conspiracy, cheating, forgery and some provisions under the Prevention of Corruption Act, including abatement of offenses. The charges also include criminal breach of trust, which is punishable with imprisonment for life, or imprisonment for a term extending up to 10 years and fine.

2G scam...SC asks Govt to file affidavit on PM's behalf

The Supreme Court asked the UPA government to file an affidavit by Saturday on behalf of the Prime Minister explaining why Dr. Manmohan Singh he took close to a year to respond to a request for the prosecution of former Telecom Minister A Raja for allegedly committing various impropriety in the allocation of new 2G spectrum licences in early 2008. A bench comprising Justices G S Singhvi and A K Ganguly granted time to the Centre to file the affidavit after Solicitor General Gopal Subramanium said that he was in a position to place before it the entire record on the issue.

CAG pegs 2G spectrum loss at Rs 1.8 lakh crores

The Comptroller and Auditor General Vinod Rai submitted its report on the 2G spectrum matter, saying that non-auction of 2G spectrum in 2008 may have cost the exchequer up to Rs 1.40 lakh crores besides. An additional loss of over Rs 360bn was caused after the award of additional spectrum to the existing telecom players, says the CAG report. But, the Union Telecommunications Ministry moved the Supreme Court, disputing the CAG claim that Telecom Minister A. Raja caused massive losses to the Centre by awarding 2G licences at throw-away prices to new and existing operators in 2008.