Delhi court says Swan Telecom indirectly funded by ADAG

Special CBI judge rejects bail applications by Swan promoter Shahid Balwa and former telecom minister A Raja’s personal secretary RK Chandolia

New Delhi: A Delhi court has said that Reliance Telecom, a company of the ADAG group, had already been granted 2G spectrum licence in some circles and, as such, Swan Telecom, its associate company, was not eligible for the same.

“M/s Reliance Telecom Limited of ADAG group of companies had already been granted licence in some circles and, as such, M/s Swan Telecom Pvt Ltd, its associate company, was not eligible for license,” Special CBI Judge OP Saini said yesterday, while rejecting the bail plea of Shahid Usman Balwa, a promoter of Swan Telecom, and RK Chandolia, former personal secretary of former telecom minister A Raja. Both Mr Balwa and Mr Raja are in custody in connection with the 2G spectrum allocation scam.

Dismissing their bail applications, the court considered the fact that Swan Telecom was ineligible for 2G licences, as the holding firm of the company that was indirectly funded by the Anil Dhirubhai Ambani Group (ADAG).

The court said Swam Telecom should not have applied for licences in the first place as it was incorporated by M/s Reliance group of companies and thus was ineligible. Rejecting the bail pleas, the court said the accused are “high-ranking public servants” and “influential” who may interfere with the probe.
 

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Kotak Mahindra Mutual Fund to launch Kotak Gold Fund

Kotak Gold Fund will be open for subscription from 4th March to 18th March

Kotak Mahindra Asset Management Company, has said that they would be launching their latest fund-of-fund named ‘Kotak Gold Fund’. This open ended fund would be providing investors to take exposure to gold without having a demat account. Kotak AMC will offer investors the option to invest Rs1,000 per month through the SIP route.

The Kotak Gold Fund will be open for subscription from 4th March to 18th March and its performance will be benchmarked against the prices of physical gold.
 

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Axis Bank launches income-tax payment facility at ATMs

Axis Bank is the first private sector bank to make income-tax payment facility available for its large tax-paying customer base

Axis Bank has launched the facility to pay income-tax at ATMs. This facility, initially, will be available at select ATMs in the major centres and will shortly be made available at all 5,600 plus ATMs across the country. Axis Bank customers holding ATM/debit cards can use this facility to pay income-tax/other direct taxes using Axis Bank ATMs.

The Central Board of Direct Taxes (CBDT), as a part of its e-governance initiative to provide more convenience to the taxpayers had advised authorised banks to roll out the facility to pay tax using ATMs. Axis Bank is the first private sector bank to make this facility available for its large tax-paying customer base.
The facility will provide individual tax payers the convenience of making the payment 24 hours a day and 365 days a year.

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