Special CBI judge feels hearing of Subramanian Swamy’s petition should be put on hold after the arrest of A Raja
New Delhi: A Delhi court today issued notice to the Central Bureau of Investigation (CBI), asking it to file a detailed report on whether its probe in the 2G spectrum case covers the aspect of national security, as raised by Janata Party chief Subramanian Swamy in his private complaint seeking the prosecution of former telecom minister A Raja.
"Issue notice to the CBI to file its detailed report of the investigation being carried out by it and whether it covers the aspect of national security as raised by Subramanian Swamy in the present case," Special CBI judge Pradeep Chaddah said.
The court also asked whether it could yet proceed in the case after the arrest of Mr Raja by the CBI. "I am of the opinion that this court should not proceed for the time being with this matter," the judge said. The judge has sought the response of the CBI in the matter and posted the next hearing on 23rd February, reports PTI.
Mr Swamy, meanwhile, submitted to the court that he is intending to petition the court to implead some other persons in this matter, including Tamil Nadu chief minister M Karunanidhi, as other accused in this complaint.
The Comptroller and Auditor General, Vinod Rai, who was summoned by the court to appear as witness on Swamy's complaint, has filed a certified copy of his entire report on the matter through advocate Sandeep Sethi.
On 22nd January, the special CBI judge had sought the presence of Mr Rai and CAG director RP Singh in court today, to depose as witnesses on the complaint by Swamy, seeking registration of a criminal case against Mr Raja for his alleged role in the scam. According to the CAG the preferential allotement of 2G licences and spectrum to telecom companies had caused a presumptive loss of Rs1.76 lakh crore to the public exchequer.
The court had on 7th January held Mr Swamy's private complaint as "maintainable". In his three-point prayer, Mr Swamy asked that his complaint be taken cognizance of and that Mr Raja be summoned to take the case to its logical conclusion. As per the second prayer, Mr Swamy wanted the court to appoint him "as a deemed public prosecutor under the provisions of the Prevention of Corruption Act."
Mr Swamy also asked the court to direct agencies like the CBI and the Enforcement Directorate (ED) to assist him in conducting the prosecution and in the further investigations into the scam. Quoting from the CAG report, Mr Swamy had alleged that Mr Raja committed fraud by adopting a first-come-first-served basis for allocating spectrum to ineligible companies.
New ULIPs have a big ticket size. But Bajaj Allianz has come out with a small ticket plan with high charges
Money Secure is a regular premium ULIP that provides security for your investment with guaranteed maturity benefits. The selling proposition is a minimum annual premium of Rs7,000, which is low compared to premiums for new ULIPs that are commonly high.
The maturity guarantee of net cash flow (premium paid, less all charges) accumulated at 3% per annum is pathetic and will result in investments mostly in the debt market. The equity allocation of 0% to 50% means there will be times when nothing will be in equity and hence the returns will be average.
Pension ULIPs like LIC's Pension Plus offer 4.5% per annum guarantee on gross premium (not net of charges) and are a far better option for conservative investors than the Money Secure plan. Most insurers have avoided pension ULIP products since the new regulations, even though the 4.5% per annum guarantee does not seem much, because of the uncertainty of interest rates over the long term of such plans.
Money Secure has premium payment term (PPT) flexibility. For a policy term of 10 years, it is 5 to 10 years. For a policy term of 15 years, it is 10 to 15 years. According to Rituraj Bhattacharya, head - product development, Bajaj Allianz Life Insurance, "The policyholder has to make an informed decision about how long s/he wants to pay the premium. If the premium payment term chosen is 12 years for a 15 years policy term in Money Secure plan, then the premium payment obligation on the part of the policyholder ceases on payment of the 12th year's premium and the policy will remain in force for 15 years." PPT flexibility will help to continue the insurance cover and remain invested without paying premium after the period of PPT till the end of policy term.
The premium allocation charge is 10% for years one and two, 7% for year three through year five and 2% thereafter. The policy administration charge is nil for the first five years of the policy and Rs25 per month thereafter, inflating at 5% per annum annually. There is also a guarantee charge of 2% of premium when received by the company. All top-up premiums have an allocation charge of 2%.
The plan also has seven optional riders. There is an option to decrease the sum assured to the level of 115% of the regular premium paid, subject to the minimum allowed under the product; such reduction shall be allowed at policy anniversaries only.
The minimum sum assured for age less than 45 years is 10 times the annualised premium and seven times the annualised premium for others. The maximum sum assured is 10 times of the annualised regular premium for policyholders who opt for riders such as critical illness, hospital cash benefit or family income benefit and 20 times of the annualised regular premium for others.
Quoting the report, telecom minister Kapil Sibal said the committee found that original spectrum allocation was "bad" and procedures were not followed both during the NDA government till 2004 and the UPA government up to 2008
New Delhi: All decisions on spectrum allocation since 2003 by successive governments, including the United Progressive Alliance (UPA), were procedurally wrong, concluded the one-man committee, which probed into the procedural lapses following the telecom scam, reports PTI.
Unveiling the report of the Shivraj V Patil committee, telecom minister Kapil Sibal said here today that the findings on procedural lapses are being sent to the Central Bureau of Investigation (CBI), which is looking into the criminal culpability in the scam.
Addressing a press conference a day after the arrest of former telecom minister A Raja, Mr Sibal said his predecessor had said that he was "not deviating from the previous policies (the National Democratic Alliance government) but the problem was that the previous policies were wrong."
Quoting the report, Mr Sibal said the committee found that original spectrum allocation was "bad" and procedures were not followed both during the NDA government till 2004 and the UPA government up to 2008.
It also said the Department of Telecommunications (DoT) did not follow the advice of the law ministry or the views of the finance ministry over pricing of spectrum.
The committee has also recommended reforms in allocation of spectrum and penalty on hoarding of the scarce natural resource.
The UPA government is battling, among others, a telecom scam with presumptive losses of over Rs1.76 lakh crore.
The former telecom minister has been arrested by CBI, which is investigating the case under the supervision of the Supreme Court.