CBI places TRAI report on 2G spectrum valuation before SC

The TRAI report said ‘retrospectively estimating annual value of spectrum in the 1800 MHz band for eight years between 2001 and 2008 is a tricky exercise at the best of times

New Delhi: The Central Bureau of Investigation (CBI) yesterday placed before the Supreme Court the report of the Telecom Regulatory Authority of India (TRAI) which said it was not possible to predict with certainty the precise value of second generation (2G) spectrum that would have emerged in auction between 2001 and 2008, reports PTI.

The report, which was placed before a bench comprising justices GS Singhvi and HL Dattu, said it was a ‘tricky’ exercise to estimate the annual value of spectrum for eight years.

The bench, which was hearing the bail pleas of two of the accused in the 2G spectrum scam, had on Monday said that it would like to go through the TRAI report after senior advocate Ram Jethmalani had submitted that telecom regulator in its report had given a finding that there was no loss in the allocation of spectrum.

The report said ‘retrospectively estimating annual value of spectrum in the 1800 MHz band for eight years between 2001 and 2008 is a tricky exercise at the best of times. Access to data is crucially important, but equally, if not more important is access to business plans and forecasts of service providers who invest in the market.

“We do not have access to the latter information and even the data that we have is inadequate, as documented in our report. We, therefore conduct the exercise of estimating market value of spectrum under severe data constraints and a changing technological environment.”

Asked whether CBI’s case becoming weak due to TRAI’s report that there was no loss to the government due to spectrum allocation in 2008, TRAI chairman JS Sarma said that “the experts have given the range of values but they could not arrive at any definitive figure”.

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Privilege issue: Kiran Bedi seeks particulars of her allegedly derogatory statements from Rajya Sabha secretariat

The former IPS officer has received a privilege notice after she accused politicians of wearing “several masks” 

New Delhi: Kiran Bedi today became the second Team Anna member after Arvind Kejriwal to seek "exact particulars" about her remarks that members of parliament have said they found "derogatory", so that she could effectively respond to the breach of privilege notice moved by them in the Rajya Sabha.

In a letter to Rajya Sabha secretariat director Mukul Pande, the former IPS officer said she had received the letter alleging that she has used derogatory words which were telecast by a news channel. "...it is requested that in order to effectively furnish comments, the exact particulars in relation to the utterances may kindly be furnished. I hope you would appreciate that I would be able to clarify my position once I receive the specific comments that I am being alleged for," she said.

Later in a tweet, Ms Bedi said, "Reply sent to privilege notice asking them to tell me what was exactly derogatory which amounts to breach of privilege?"

The privilege notice against Ms Bedi came as she accused politicians of wearing "several masks" at the same time. She is said to have pulled a scarf from the neck of an activist during Anna Hazare's fast, wrapped her head with it and proceeded to mock MPs, PTI reports.

Yesterday, Mr Kejriwal asked the Rajya Sabha secretariat to provide him with tapes of his speeches and transcripts which MPs found derogatory, so he could provide them a detailed reply.

Reacting to the notice, Ms Bedi had earlier said that she will not "apologise" for her remarks against politicians, but intends to show a "bigger mirror" to the House on the conduct of lawmakers.

"If I get a notice, I would say I am sorry I will not be able to say sorry. If I get an opportunity I will go before the committee and will show a bigger mirror to parliament," she had said.

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Share prices may continue to rally if Nifty holds above 5,020: Tuesday Closing Report

The Nifty’s short-term range is between 4,943 and 5,100

The Indian market opened in the negative in line with its Asian counterparts. The Asian markets were down on persistent selling pressure due to worries about the US recession and the worsening euro zone debt crisis. The Sensex and Nifty opened at 16,664 and 4,993 respectively.

Singapore's finance minister said on Tuesday that a global recession looked more likely than not and a Chinese official acknowledged that China's growth may slow to a 10-year low, highlighting Asia's rising concern over its exposure to US and European risks.

During the pre-noon session, the market slipped to its intraday low. However, soon afterwards, the positive opening of the European bourses helped the indices to recover. The Sensex moved up sharply from 16,488 to 16,895, while the Nifty moved from 4,943 to 5,073.

In yesterday's closing report we had mentioned that due to the negative global issues the Nifty may fall to the level of 4,965. It took support below that level and rallied sharply. The Sensex closed at the day's high at 16,863, up 149 points, and the Nifty at 5,064, up 47 points. If the Nifty holds on to 5,020, we can expect the index to reach the level of 5,100 and climb further up to 5,200. The NSE saw a huge volume of 71.16 crore shares traded today.

Among the Asian indices, Jakarta Composite gained 0.62%, Hang Seng gained 0.48%, Straits Times gained 0.04% while Taiwan Weighted lost 2.44% and Nikkei 225 lost the most 2.21%

The European Central Bank is expected to keep its key interest rate unchanged at 1.5% at its monthly policy meeting on Thursday. On the same day, the Bank of England's monetary policy committee is also expected to maintain its key benchmark rate at 0.5%, the thirty-first consecutive month at such a rate.

Along with this, some positive news on the domestic front also helped the Indian market.

The government says that it will try to restrict its expenditure to the budgeted levels in the current fiscal year to March 2012. In February, the government had budgeted Rs12.60 trillion ($273.10 billion) expenditure for the current fiscal. Any increase in certain components is proposed to be made from savings in other components of expenditure.

On the other hand, the minimum mandatory amount of deposits that banks need to set aside to invest in government bonds needs to come down gradually, Reserve Bank of India (RBI) governor Duvvuri Subbarao said today, sparking concerns of excess supply of gilts in the secondary market.

The RBI governor also said that the central bank is looking to re-launch inflation-indexed bonds. These are floating rate bonds linked to the inflation rate and such bonds help investors to shield their investments from mark-to-market volatility.

The major gainers on the Sensex were Reliance Industries (up 4.05%), Mahindra & Mahindra (up 3.31%), Jaiprakash Associates (up 2.79%), whereas DLF was the major loser (down 4.43%). Other losers were Sun Pharmaceutical (down 2.40%), Bharti Airtel (down 1.81%). As many as 19 stocks in the Sensex ended in the green. The Nifty had 31 stocks in the positive and 19 stocks in the negative.

Meanwhile, BP Plc, which is buying a 30% stake in 21 oil and gas blocks of Reliance Industries, today said that it is confident of raising output from the key gas fields in about two years.

Among the BSE sectoral indices, BSE Oil & Gas was the major gainer (up 2.78%), followed by BSE IT (up 1.16%), BSE Capital Goods (up 1.09%). The major loser was BSE Realty which dropped by 2.04%.

On Monday, the Union Cabinet approved the Land Acquisition Bill, which seeks to lay down norms for increased compensation to land owners. The Bill, which will be introduced in parliament on Wednesday, would replace a 117-year old law. The proposed legislation integrates land acquisition, rehabilitation and resettlement, defines public purpose clearly, has a clause for retrospective effect and draws timelines for compensation.

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