Special public prosecutor UU Lalit, appearing for the CBI, said that the agency had no objection if they were granted bail by the court. Following the development, the special CBI court fixed for 3rd November its decision on fresh bail petitions moved by DMK MP Kanimozhi and four other accused in the 2G case
New Delhi: A Delhi court today fixed for 3rd November its decision on fresh bail petitions moved by DMK MP Kanimozhi and four other accused in the 2G case after the Central Bureau of Investigation (CBI) did not object to their plea, reports PTI.
Two days after charges were framed against them, special CBI judge OP Saini reserved his order on the bail petitions of Ms Kanimozhi, Kalaignar TV MD Sharad Kumar, directors of Kusegaon Fruits & Vegetables Asif Balwa, Rajiv Agarwal and Bollywood producer Karim Morani.
During arguments, special public prosecutor UU Lalit, appearing for the CBI, said that the agency had no objection if they were granted bail by the court.
“First bail be granted to them subject to the discretion of this court if the court deems it fit,” Mr Lalit said.
The court, however, will hear the arguments on bail pleas of Swan Telecom promoter Shahid Balwa and A Raja’s former private secretary RK Chandolia as the CBI opposed their petitions.
“I would humbly submit and request the court to consider the bail pleas of these five accused,” Mr Lalit said.
“I do not know how much time each accused has spent in custody but they have at least spent 5-6 months. This court might consider their bail pleas.
“Of course, bail should be given to them subject to the court’s discretion. But the court must ensure their presence during hearings by imposing certain conditions,” he said
He, however, opposed grant of bail to Shahid Balwa and Mr Chandolia, saying, “One can make distinction so far as those for whom maximum punishment can be five years and those against whom maximum punishment can be seven years. At this juncture, I am opposing the bail pleas of accused 3 (RK Chandolia) and accused 4 (Shahid Balwa).”
Earlier in the day, pleading for bail, the 43-year-old daughter of DMK chief M Karunanidhi, who has been in jail for the last five months since her arrest on 20th May, said charges against her have now been framed and as per the order of the Supreme Court, she can approach the special court afresh for bail.
“As per the Supreme Court order on 22nd June in the case of Ms Kanimozhi and Sharad Kumar, liberty was given to them to file fresh application for bail before the special court after framing of charges,” her counsel and senior advocate Altaf Ahmed said.
Invoking the special provision of bail to a woman accused, the counsel said Ms Kanimozhi should be released on bail.
Ahmed submitted that the court could impose any condition to ensure that Ms Kanimozhi does not flee from justice and remains present before the judge as and when required.
He said the accused should be released on bail as the trial in the case will take time since it involves 154 witnesses, 17 accused and 790 documents running into more than one lakh pages.
The IPO market has again become a happy hunting ground for manipulators. Out of the seven offerings (most graded with ‘below average’ fundamentals) listed this month, three hit their all-time lows today, while two others hit their all-time highs. When will the powers-that-be step in?
As many as seven Initial Public Offerings (IPOs) have listed this month. Most of these offerings have being rated IPO ‘Grade 2’, signifying ‘Below Average’ fundamentals. Three of these seven hit their all-time lows today, way below their issue price, while two other IPOs hit their all-time high during today’s trading session.
Moneylife was the first publication to recognise the extreme volatility in the IPO market. On 20th October, we had written on three offerings to analyse the amount of volatility in the market by detailing the movement of recent back-to-back IPOs (See: Is IPO price manipulation back? Two recent issues have witnessed extreme gains & losses ).
Again, on 21st October, we exposed how the IPO of M and B Switchgear had been manipulated by five entities controlled by a single director (See: IPO manipulation is back with a bang. Five firms with one director and a profit of nearly Rs9 crore ).
And the rest of the IPOs (a total of four) have also seen erratic fluctuations. RDB Rasayans, a ‘Grade 2’ IPO, was listed on the BSE (Bombay Stock Exchange) at Rs85 on 7th October—8% higher than its issue price of Rs79. During the first day of trading, it hit an all-time high of Rs93.15. However, the stock has fallen considerably from this point since then. It hit its all-month low of Rs13.20 today and finally closed at Rs13.45—83% below its listing price.
Tijaria Polypipes, which got listed on 14th October, mirrors the behaviour of Rasayans. With an issue price of Rs60, it got listed at Rs62. It barely reached its all-time high of Rs67.80 on listing day, when its downfall began. Tijaria hit its all-time low of Rs14.75 today before finally closing at Rs15—75% below its listing price.
Onelife Capital Advisors is another IPO that has surprised us. It was rated ‘Grade 1’ indicating ‘Poor Fundamentals’. However, it was not only listed at Rs115 from an issue price of Rs110, its all-time low has just been Rs114 which was hit on the first day of trading. The stock hit an all-time high of Rs204.70 today before finally closing at Rs197.80—80% above the issue price. Now considering the fact that this IPO had a ‘Poor Fundamentals’ rating, its behaviour is indeed surprising.
Out of the others that listed this month, Prakash Constrowell (listed on 4th October), carried an issue price of Rs138, but listed on the BSE at Rs145. On listing day itself, it hit a high of Rs245 and a low of Rs112.5 till date. It is currently trading on the BSE at Rs190—a premium of 38% of its issue price.
Out of the other IPOs we analysed earlier, Taksheel Solutions hit an all-time low of Rs32.25 today, which was its closing price as well—79% below its issue price of Rs150.
But the scrip which throws up a number of questions is M and B Switchgears. Despite Moneylife exposing the fact that there was clear manipulation in this stock on 21st October, the market—and the regulator—seem to have happily ignored the details in the report.
M and B hit an all-time high of Rs390 before closing at Rs368.10—98% higher than the issue price of Rs186. Despite the huge quantum of bulk deals which we had exposed (and the profit-booking of nearly Rs9 crore), M and B continues on its upward trajectory, defying all logic.
Seeing the volatility in the above-mentioned IPOs, price manipulation cannot be ruled out. The worst part is that this is taking place in broad daylight and right under the nose of the market regulator & the exchanges, but nobody seems to be interested in investigating the issue.
Challenging the trial court’s order charging it with criminal conspiracy, cheating and forgery, the Anil Dhirubhai Ambani Group-led company pleaded that it did not indulge in any wrongdoing and charges framed against it were ‘wrong’
New Delhi: Reliance Telecom (RTL) on Monday moved the Delhi High Court for quashing of charges framed against it by a Central Bureau of Investigation (CBI) court in second generation (2G) spectrum case, saying there is no material to prosecute it, reports PTI.
Challenging the trial court’s order charging it with criminal conspiracy, cheating and forgery, the Anil Dhirubhai Ambani Group (ADAG)-led company pleaded that it did not indulge in any wrongdoing and charges framed against it were ‘wrong’.
“No incriminating material has been indicated in the charge-sheet or by the prosecution in its submission on the charges,” the petition filed by RTL said.
“The charges framed against the petitioner (RTL) had no basis in law. In fact, there is no act or omission attributable to the petitioner that has been indicated in the charges that justify the continuation of criminal proceedings against the petitioner,” it said.
“The charges framed as against the accused indicates that there are charges for multiple conspiracies and it is unclear as to how and when the multiple conspiracies took place and also as to how they form a cohesive single conspiracy,” it contended.
The trial court in its order had earlier dismissed the contention of RTL that Swan Telecom was not its ‘associate’, saying it was, directly or indirectly, holding 100% shares in STPL.
“Its (STPL) source of fund was RCL/RTL (Reliance Communication /Reliance Telecom). Directly or indirectly it was holding 100% shares of STPL as on the date of application.
“The source of funding of STPL was RCL/RTL... As such, STPL was not only an ‘associate’ but a front, or a facade, for RCL/RTL. In a sense, STPL was RCL/RTL itself and STPL was just a mask for it,” the special CBI judge OP Saini had said.