Citizens' Issues
2G scam: All accused get bail in money laundering case

ED had chargesheeted 19 accused in the case saying that the transaction of Rs200 crore, which was allegedly paid to DMK-run Kalaignar TV, was 'not genuine' and was a bribe for grant of telecom licences to DB Group companies


A special court of Central Bureau of Investigation (CBI) on Wednesday granted bail to former minister of telecom A Raja, DMK MP Kanimozhi and seven others, chargesheeted by the Enforcement Directorate (ED) in a 2G scam-related money laundering case.


"All the bail applications are allowed," Special CBI Judge OP Saini said and asked them to furnish a personal bond of Rs5 lakh each and a surety of like amount.


Earlier today, the court granted bail to DMK supremo M Karunanidhi's wife Dayalu Ammal, who was also chargesheeted in the case. 83-year-old Ammal was given bail on a personal bond of Rs5 lakh with two sureties of the like amount.


The Court, however, dismissed the plea of Ammal seeking discharge in the case on the ground that she was not well and was suffering from unsoundness of mind.


ED had chargesheeted 19 accused -- 10 individuals and nine companies -- in the case saying that the transaction of Rs200 crore, which was allegedly paid to DMK-run Kalaignar TV, was 'not genuine' and it was a 'bribe for grant of telecom licences to DB Group companies'.


Ammal was holding 60% stake in Kalaignar TV while Kanimozhi and Sharad Kumar were holding 20% stake each, the agency had said.


It had also claimed that its probe into the case emanates from 2G spectrum allocation scam and the accused had allegedly conspired and committed offences under provisions of the Prevention of Money Laundering Act (PMLA).


Besides Raja and Kanimozhi, ED had named Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Directors of Kusegaon Fruits and Vegetables Pvt Ltd Asif Balwa and Rajiv Agarwal, Kalaignar TV MD Sharad Kumar, Bollywood producer Karim Morani, Ammal and P Amirtham as accused in the case.


They all had moved bail applications which were allowed by the court.


SEBI seeks clarification on Future Retail's rights issue

SEBI said it might issue observations on Future Retail's document within 30 days after receiving satisfactory reply from the company's lead merchant bankers


Market regulator Securities and Exchange Board of India (SEBI) has sought clarification from Kishore Biyani-promoted Future Retail regarding the company's proposed Rs1,600 crore rights issue.


Without disclosing the details of the clarifications sought, SEBI has said that "clarifications (are) awaited from lead manager" for the proposed rights issue.


In a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.


As per the latest weekly update to the processing status of draft offer documents filed with SEBI, the regulator has said clarifications were awaited on the proposed rights issue of Future Retail as on August 15 this year.


The status is updated on a weekly basis by the regulator and the next update of the status as on 22nd August, this year, would be uploaded on SEBI Website on the next working day.


Market regulator said that it might issue observations on Future Retail document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.


The regulator had received the draft offer documents on 22nd July, this year through its lead manager Axis Capital. The company's proposed rights issue is estimated to raise up to Rs1,600 crore.


Future Retail is the flagship company of the Future Group and is into organised multi-format retail business in India.


The company has retail stores in various formats including food, fashion apparels, accessories and footwear, general merchandise, consumer durables and electronics.


The company has pan-India presence with 321 stores in 98 cities as on 31 March 2014.



Raul Raj Verma

2 years ago

Can someone from the moneylife team advise on whether one should or should not subscribe to this issue?

BKS Iyengar, the Yoga guru, passes away

The 96-year-old yoga guru had been ailing since some time and was admitted to a private hospital in Pune


World-renowned yoga guru and founder of the Iyengar School of Yoga, BKS Iyengar passed away early this morning in Pune following illness.


The 96-year-old yoga guru had been ailing since some time and was admitted to a private hospital a week ago. He was put on dialysis after his condition worsened two days back. He breathed his last at 3.15am.


Iyengar, honoured with Padma Vibhushan, is survived by a son and daughter.


The legendary yoga guru was admitted to a city hospital on 12th August following complaints of acute breathlessness and palpitation, Dr Deepali Mande, who attended on him said.


“He did not want to be admitted to hospital even though he was unwell at home for almost three weeks. Iyengar had a cardiac (ailment) history. His condition subsequently worsened leading to renal failure after which he was put on dialysis,” she said.


During the last phase, Iyengar was feeling drowsy, and he was not keen on having any food, the doctor added.


Iyengar was considered one of the foremost yoga teachers in the world and had written many books on yoga practice and philosophy including ‘Light on Yoga’, ‘Light on Pranayama’, and ‘Light on the Yoga Sutras of Patanjali’.


Iyengar was born on 14 December 1918 at Bellur in Kolar District of Karnataka.


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