The apex court had asked the CBI to bring under its scanner corporate houses that were beneficiaries of the 2G spectrum scam without being influenced by their status-whether they are millionaires or on the Forbes rich list
New Delhi: A Supreme Court bench hearing the second generation (2G) spectrum scam today told GSM lobby group, Cellular Operators Association of India (COAI) to obtain permission from the Chief Justice of India to transfer their plea challenging the dual technology spectrum allocation policy of the government, reports PTI.
A bench comprising Justice GS Singhvi and AK Ganguly told COAI that it could hear their plea only after the CJI permits them.
"Unless order of CJI is on that, we would not take up the case," the bench said.
COAI's plea is being heard by a separate bench comprising Justices Altamas Kabir and Cyriac Joseph. However, the lobby has asked for its petition to be transferred before the bench of Justices G S Singhvi and A K Ganguly.
The bench of Justices Singhvi and Ganguly has ordered a court-monitored probe by the Central Bureau of Investigation (CBI) and Enforcement Directorate into the alleged scam involving former telecom minister A Raja, who, according to the Comptroller and Auditor General (CAG) report, has caused a presumptive loss of Rs1.76 lakh crore to the exchequer.
During the last hearing on 10th February, the bench had asked the CBI to bring under its scanner corporate houses that were beneficiaries of the 2G spectrum scam without being influenced by their status-whether they are millionaires or on the Forbes rich list.
The COAI had approached the Supreme Court in 2009 challenging the judgement of Telecom Disputes and Appellate Tribunal (TDSAT), which upheld the Department of Telecom's (DoT) dual technology spectrum allocation policy.
It had made DoT, TRAI, RCom, Tata Tele, HFCL Infotel and others as parties to its plea.
TDSAT, on 31 March 2009, upheld DoT's dual spectrum allocation policy allowing Anil Ambani group company RCom and Tata Tele-who operated CDMA based cellular services-to get GSM spectrum for operating services.
The petition filed by COAI, Bharti Airtel, Idea Cellular, Spice Communications and Vodafone Essar said TDSAT wrongly upheld DoT's decision to enhance the criteria for allocation of additional spectrum, besides upholding the dual spectrum allocation policy.
The plea charged that TDSAT failed to appreciate that cellular operators had a vested and accrued right to receive spectrum up to 15 MHz.
COAI said the National Telecom Policy of 1999, which was the basis of a contractual settlement between cellular operators and the DoT, promised optimal and adequate spectrum to every operator and they were to get GSM spectrum up to 15 MHz at specified rates on a revenue-sharing basis.
The DoT, on 18 October 2007, amended the telecom rules, allowing CDMA players to enter the GSM mobile space.
TDSAT stated that there was nothing irregular in granting 4.4 MHz as start-up spectrum to RCom and rejected the GSM lobby group's contention that they have the right to hold spectrum up to 15 MHz.
On stand-alone basis, Religare has posted a net profit of Rs35.7 lakh for the December quarter compared to net loss of Rs4.41 crore in the year-ago period
Religare Enterprises has posted a net loss of Rs98.46 crore for the quarter ended 31 December 2010 compared to net profit of Rs21.67 crore for the quarter ended 31 December 2009, the company informed the stock exchanges today.
Total income has increased from Rs 413.37 crore for the quarter ended 31 December 2009 to Rs 718.23 crore for the last quarter, representing a rise of 73.75%.
On stand-alone basis, the company has posted a net profit of Rs35.7 lakh for the quarter ended December 2010 quarter compared to net loss of Rs4.41 crore in the year-ago period.
Total income on a stand-alone basis has increased from Rs18.43 crore for the quarter ended 31 December 2009 to Rs41.50 crore for the quarter in review.
"While in the quarter gone by we saw some softness in the India business owing to pressure points in the financial markets, the structural story remains intact," Religare Enterprises group CEO Shachindra Nath said.
In a separate filing to the BSE, Religare said the company's board has approved fund raising of up to Rs2,500 crore through issue of capital.
Shares of Religare Enterprises were trading 0.93% down at Rs499 apiece in the post-noon session today.
The new tool-Data Warehousing and Business Intelligence System (DWBIS)-will significantly enhance SEBI's investigation and surveillance functions
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) on Monday said it has implemented a new tool for speedy analysis of data and identification of possible violations like insider trading, reports PTI.
The new tool-Data Warehousing and Business Intelligence System (DWBIS)-will significantly enhance SEBI's investigation and surveillance functions, the regulator said in a statement.
"The Data Warehousing tool will allow SEBI to exploit the power of modern technology in terms of computation and speed of data analysis," it added.
DWBIS will also allow SEBI, along with the similar tools available with the exchanges and depositories, to expedite the investigation and completion of its quasi judicial orders arising from cases of violations pertaining to the securities market.
SEBI said the new tool in next one year will host "pattern recognition algorithms" to monitor the trade and order data received by the market regulator in order to identify networked clients who possibly collectively indulge in violations of securities laws.
The tool has software functions aimed at addressing "crimes like insider trading, front running, etc," SEBI said.
The existing databases across departments of SEBI will get linked with this new tool in a way to enable the efficient utilisation of the stored data for SEBI's investor protection and regulatory roles, the regulator said.
SEBI has signed a contract for this project designed and to be delivered by TCS, as the system integrator. The rollout of the project took place yesterday with chairman CB Bhave receiving the first set of reports from the system.
The new tool is expected to be used extensively by SEBI in its various investigations into possible irregularities in the market dealings.