Special Central Bureau of Investigation judge OP Saini today ordered framing of charges against all 17 accused in the 2G case including former telecom minister A Raja, DMK MP Kanimozhi and corporate honchos. He also ordered that trial will commence from 11th November with all the accused refusing to plead guilty to various offences
New Delhi: The second generation (2G) spectrum allocation case today reached an important milestone with a Delhi court framing charges against all the 17 accused including former telecom minister A Raja, DMK MP Kanimozhi and corporate honchos, reports PTI.
Special Central Bureau of Investigation (CBI) judge OP Saini also ordered that trial in the case will commence from 11th November with all the accused refusing to plead guilty to various offences.
“....Thereby, you all committed an offence punishable under Sections 120-B (criminal conspiracy) read with 409 (criminal breach of trust), 420 (cheating) 468 and 471 (forgery) of the Indian Penal Code and Section 7 or in alternative Section 11 read with Section 12 and 13(2) read with 13 (1b) of the Prevention of Corruption Act and within my cognisance,” the judge said in his 700-page order.
While framing charges, the judge observed that there is evidence against Mr Raja, his former private secretary RK Chandolia and former telecom secretary Siddhartha Behura.
With today’s development, accused can now move for bail as observed by the Supreme Court during the hearing of bail petition by Ms Kanimozhi earlier.
The judge said evidence is there for framing of charges against telecom firms Reliance Telecom, Swan Telecom and Unitech (Tamil Nadu) Wireless.
He also said the CBI has also brought evidence to frame charges against corporate executives of Reliance Anil Dhirubhai Ambani Group’s managing director Gautam Doshi, Surendra Pipara, group president and Hari Nair, senior vice president.
Others against whom charges have been framed are Swan Telecom promoter Shahid Usman Balwa, his cousin Asif Balwa, their colleague Rajeev Agarwal, Unitech’s MD Sanjay Chandra and DB Realty MD Vinod Goenka.
The judge said there was prima facie evidence for framing charges also against Kalaignar TV’s MD Sharad Kumar and Bollywood filmmaker Karim Morani.
“You accused A Raja and Siddharth Behura dishonestly in pursuance of the conspiracy disposed of/allocated valuable spectrum, over which you were having dominion which was entrusted to you in the capacity of public servant to M/s Swan Telecom Pvt Ltd and M/s Unitech Wireless (Tamil Nadu) in violation of law with a view to cause wrongful gain to these companies thereby you committed an offence punishable under Section 2409 read with 120-B and within my cognisance,” the judge said.
The court found prima facie evidence to frame various penal charges including cheating, forgery, abetment and criminal conspiracy against the accused.
It also found prima facie evidence of abuse of official position by Mr Raja, Mr Chandolia and Mr Behura.
The court had reserved its order on 14th October after hearing day-to-day arguments on behalf of accused and the CBI for nearly two months.
The trial of the accused would begin after the court pronounces its order on framing of charges in the case.
The CBI, in its first charge-sheet filed on 2nd April, had charged Mr Raja and others with causing a huge loss of Rs30,984 crore to the exchequer by allocating spectrum to ineligible operators as per a criminal conspiracy among themselves.
Special CBI prosecutor UU Lalit had argued that there was ‘sufficient prima facie’ evidence against all the accused to proceed with the trial as everyone of them was part of the conspiracy and the intent to commit offence “may be inferred from their knowledge”.
On the other hand, all the accused including Mr Raja had vehemently opposed the framing of charges and the plea of CBI that they caused a loss to the state in the grant of spectrum licenses.
The bias at this moment remains up and the Nifty is expected to be very volatile during this week
S&P Nifty close: 5,049.95
Short Term: Sideways Medium Term: Down Long Term: Sideways
The Nifty opened marginally better and gave a kneejerk reaction in the first half of the week as envisaged in the last week’s piece. A recovery ensued but failed to cross the tops of the 5,169 level, thus resulting in profit-booking on the last day of the week. The Nifty finally closed 83 points (-1.60%) lower. The sectoral indices which outperformed the market were BSE Health (+0.47%), BSE Bankex (+0.27%) and BSE CDS (+0.03%) while the ones which underperformed were BSE IT (-3.04%), BSE REALITY (-2.96%), BSE POWER (-2.78%), BSE Oil & Gas (-2.37%) and BSE METAL (-2.00%).
The Histogram MACD remained above the median line, implying that the short term trend is on the verge of turning up which could result in this corrective rise lasting for the next 4-6 weeks.
Here are some key levels to watch out for this week.
The bulls have put the ball back in the bears’ court and needn’t get worried as long as the “gap area” between 4,827-4,861 holds in any correction.
1. Support in declines will be provided by the “gap area” between 4,827-4,861 points.
2. The 5,169 level is the crucial resistance area to watch out for this week.
3. If the Nifty fails to cross this resistance level then we could see it correct down to 4,983; 4,934 or 4,886 points, which will act as support.
4. If the Nifty succeeds in crossing the above-mentioned resistance, it will face a stiff hurdle in the downside “gap area” of 5,229-5,323 points.
It is now becoming imperative that the Nifty has to cross 5,169 points on high volumes for further upsides. On a broader scale, the Nifty has been oscillating between 4,720-5,170 for the past 7 weeks. A breakout from this range should result in a trending move materialising. The bias at this moment remains up and the Nifty is expected to be very volatile during this week. If the bulls succeed in taking it above 5,169 points then expect a small top during the weekend in the “gap area” between 5,229-5,323 points.
(Vidur Pendharkar works as a Consultant Technical Analyst & Chief Strategist, www.trend4casting.com).
Moneylife Foundation continues its successful series of seminars on financial literacy. On Saturday, 22nd October, the audience at a well-attended workshop was informed on how to avoid investments like chain-marketing schemes and how to invest money in a manner that would give maximum returns
On Saturday, 22nd October, Moneylife Foundation conducted yet another successful, informative and highly interactive seminar on ‘How to be safe and smart with your money’. The event, which again witnessed a packed audience, was held at the Moneylife Knowledge Centre at Dadar, Mumbai.
Sucheta Dalal, Managing Editor of Moneylife, told the audience to stay away from schemes that promise extraordinary returns. Ms Dalal explained the various schemes that keep mushrooming all across the country, which are floated only to loot the innocent and gullible investing public. She elaborated on the various types of schemes like pyramid schemes, multi-level-marketing (MLM) schemes and Ponzi schemes.
Despite these fraudulent activities cropping up again and again, the regulators have done little to curb these schemes. However, police authorities in a few southern states are now taking action against such frauds. Ms Dalal explained that these schemes are targeted at almost all strata of society, and often, even professionals like doctors and senior bank officials fall for such bogus ‘investment’ plans. Moneylife magazine has been constantly highlighting and reporting on such frauds, so that they can be nipped in the bud before they go on to loot thousands of people.
Debashis Basu, Editor, Moneylife, spelt out the various ways in which one can be smart with money—and presented to the audience the best ways in which one can multiply returns. Many people keep their money idle in a bank savings account because they do not take out the time to invest in platforms that would give them handsome returns. Mr Basu also explained the power of compounding, which helps to deliver maximum returns to an investor.
The seminar was followed by a lively Q&A session.
This seminar on ‘How to be safe and smart with your money’ has been conducted by Moneylife Foundation in various locations across the country. If you have not become a member of the Foundation yet, please visit www.mlfoundation.in for more details. Membership is free of cost, and Moneylife Foundation members also get access to such informative seminars and can utilise the state-of-the-art facilities at the Moneylife Knowledge Centre.