Govt submits sealed recorded tapes before SC

New Delhi: The government today placed before the Supreme Court (SC) in sealed cover recorded tapes containing the conversations between corporate lobbyist Nira Radia and others relating to the second generation (2G) spectrum allocation case, reports PTI.

While placing the recorded conversations before the bench comprising justices GS Singhvi and AK Ganguly, Solicitor General Gopal Subramanium said that it is a hard disc drive directly downloaded from the server which contains the conversations.

However, advocate Prashant Bhushan appearing for the non-government organisation (NGO) Centre for Public Interest Litigation (CPIL) said though Central Bureau of Investigation (CBI) maintains that there were 5,800 conversations, it has prepared the transcript of only 3,000 such conversations.

The Supreme Court had yesterday directed that the original tapes containing the conversations between Ms Radia and others pertaining to the 2G spectrum allocation case be handed over to it in a sealed cover.

“We direct that the original records and tapes/CDs be submitted in a sealed cover after preparing the copies. It will be kept in the lockers of the Supreme Court registry and if required, will be considered for its use,” the court had said.

The direction from the bench had come after the government had submitted that it has no objection in handing over the complete set of tapes in the wake of apprehensions that the tapes may be destroyed.

Mr Subramanium had said that he has got instructions that there was no objection in handing over the tapes and the court can give direction for preserving them in whatever way it thinks best.

The apex court had earlier asked the government to respond to the plea for preserving the tapes containing conversation between Radia and others relating to the case.

The bench had asked the Solicitor General to take instructions from the authorities on the plea made by the NGO CPIL.

While hearing the issue earlier, the apex court had described the “pollution” as “mind-boggling”.


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India Inc raised Rs1,07,177 cr through debt in H1FY11

Mumbai: Corporate India raised around Rs1,07,177 crore through debt (bonds) on a private placement basis in the first-half of the current fiscal, which is a 23% jump over the amount collected in the corresponding period last year, according to Prime Database. A report from Prime Database said the figure for the first half of the last fiscal stood at around Rs86,796 crore, PTI reports.

The amount was mobilised by only a handful of 127 institutions and corporates, said Prime Database, the country's first and only database dedicated to the capital markets.

This year’s figure is the highest for a six-month period in the past decade, Prime Database chairman Prithvi Haldea said. The mobilisation each year was as follows: In 2001-02 Rs45,427 crore, in 2002-03 Rs48,424 crore, in 2003-04 Rs48,428 crore, in 2004-05 Rs55,409 crore, in 2005-06 Rs81,847 crore, in 2006-07 Rs93,855 crore, in 2007-08 Rs1,15,423 crore, in 2008-09 Rs 1,74,327 crore and in 2009-10 it was Rs1,89,478 crore.

The report said financial institutions and banks made the biggest mobilisation. They amount raised was 33% higher at Rs68,314 crore compared to Rs51,488 crore in the corresponding period of the previous year.

There was also a marginal increase of 14% in the mobilisation by the private sector at Rs30,912 crore compared to Rs27,210 crore in the year-ago period. However, the mobilisation by public sector firms this year slumped by 7% to Rs7,355 crore compared to Rs7,887 crore in the year-ago period.

The sector which saw the most significant growth was state financial institutions whose mobilisations went up by 395% from Rs 20 crore to Rs 99 crore, and state level undertakings whose mobilisation went up by 159% from Rs192 crore to Rs496 crore, Prime Database said.

The highest mobilisation through debt private placements during the period was by PFC (Rs10,293 crore), followed by IDFC (Rs8,038 crore), LIC Housing (Rs7,230 crore), HDFC (Rs6,825 crore), Export-Import Bank (Rs3,970 crore), NHB (Rs3,675 crore), IRFC (Rs3,455 crore), REC (RS3,250 crore) and NABARD (Rs3,100 crore).

Industry-wise, the financial services sector continued to dominate the market, collectively raising Rs80,749 crore or 76% of the total amount, followed by the power sector at 8% or Rs8,185 crore.


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