CVC forwards fresh 2G spectrum related complaints to CBI

The CVC, which has received complaints recently against former telecom minister A Raja and certain serving and retired telecom ministry officials for alleged violation of government norms, has forwarded them to the CBI to cross check their authenticity and take necessary action

New Delhi: The Central Vigilance Commission (CVC) has received fresh complaints related to the second generation (2G) spectrum scam in which new names of bureaucrats, both serving and retired, have cropped up and the anti-corruption watchdog has forwarded them to the Central Bureau of Investigation (CBI) for further investigation, reports PTI.

Highly placed sources said the CVC has received complaints recently against former telecom minister A Raja and certain serving and retired telecom ministry officials for alleged violation of government norms in spectrum allocation during their tenure.

They said the complaints were forwarded to CBI to cross check their authenticity and take necessary action.

"We have got some complaints related to 2G. They are being sent to CBI for further investigation," a senior CVC official said requesting anonymity.

He said the fresh complaints have objected to the role of certain bureaucrats who were serving in the ministry of telecommunications then.

The officer refused to divulge more information on the content and nature of complaints saying the matter was sub-judice.

The sources, however, clarified that commission has filed its report on 2G spectrum to the CBI and is not investigating any matter related to it.

The CVC has found gross irregularities and procedural lapses while giving licenses on first-come-first-serve to telecom companies who did not comply with eligibility criteria.

It has also found instances of criminal conspiracy in distribution of the 2G spectrum in its report.

"In our report shared with the CBI and other agencies, we have already said that there were procedural irregularities.

The CBI is looking into the matter," the official said.

The Comptroller and Auditor General (CAG) has in its report calculated a presumptive loss of Rs1.76 lakh crore and the CBI has projected a loss of Rs22,000 crore due to wrong practises adopted in giving the second generation spectrum in 2008.

The distribution of telecom spectrum is being probed by the CBI which has arrested Mr Raja and two of his aides RK Chandolia and Siddharta Behura.

Besides DMK MP Kanimozhi, DMK-run Kalaignar TV's MD Sharad Kumar, Bollywood filmmaker Karim Morani and Reliance ADAG executives Gautam Doshi, Hari Nair and Surendra Pipara are accused in the multi-crore scam.

The other accused include Unitech's MD Sanjay Chandra, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka and directors of Kusegaon Fruits and Vegetables Asif Balwa and Rajeev Agarwal.


ICICI Securities, Oppenheimer sign MoU for business in US & India

ICICI Securities and Oppenheimer will provide a wide range of securities activities

ICICI Securities Ltd and Oppenheimer & Co Inc said that they have signed a memorandum of understanding (MoU) to form a strategic alliance to cooperate on business opportunities in the United States and India.

The alliance covers a wide range of securities activities, including equity and debt capital markets services, advisory services, private equity transactions, and wealth management.

The opportunities to be explored jointly through the alliance include the introduction of Indian companies into the US securities market; the US distribution of Indian offerings and placements; cross border advisory and offering the private clients of Oppenheimer and ICICI Securities, equity and wealth management products in India and the US.

Recently ICICI Securities announced an alliance with Collins Stewart Hawkpoint, one of the leading independent financial advisory groups based in the UK, to promote core markets.


Lupin forays into US oral contraceptive market

Lupin Pharmaceuticals Inc has received the nod from USFDA to market generic norethindrone tablets

Drug maker Lupin said it had received the final approval from the US health regulator to market generic version of Watson's Nor-QD tablets, an oral contraceptive, in the American market.

The company's US-based subsidiary, Lupin Pharmaceuticals Inc, has received the nod from US Food and Drug Administration (USFDA) to market generic norethindrone tablets in the strength of 0.35mg, Lupin said in a statement.

Lupin group president and executive director Nilesh Gupta said: "This ANDA approval from the USFDA marks Lupin's foray into the US oral contraceptive market. We look forward to several more approvals and launches in the quarters and years to come.

NOR-QD (norethindrone tablets, USP 0.35mg) is a progestin-only oral contraceptive indicated for the prevention of pregnancy, the company said. "Lupin will commence shipping its norethindrone tablets, USP 0.35 mg shortly," it added.

According to IMS Health sales data for 12 months ended June 2011, the combined annual sales for NOR-QD and its generic equivalents were around $52 million.

On Wednesday, Lupin ended 0.80% up at Rs486.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.2% to 17,065.15.


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