HC rejects bail pleas of five corporate executives in 2G case

The Supreme Court-appointed CBI prosecutor had opposed the bail pleas, saying the corporate bodies and individuals were direct beneficiaries of the spectrum deal and they were involved in a conspiracy along with former telecom minister A Raja to obtain benefits

New Delhi: The bail pleas of five corporate executives, including Unitech group MD Sanjay Chandra and Group MD of Reliance ADAG Gautam Doshi, in the second generation (2G) spectrum allocation scam case were Monday dismissed by the Delhi High Court, reports PTI.

The other corporate accused whose bail pleas were rejected included DB Realty promoter Vinod Goenka and Reliance officials Hari Nair and Surendra Pipara, who are in jail since 20th April.

“All the five bail applications are baseless,” justice Ajit Bharihoke said in his terse oral order.

The judge did not read out the operative portions of his order.

All the corporate accused had challenged the special Central Bureau of Investigation (CBI) court’s order declining their bail pleas and directing their arrest on 20th April.

Senior advocate UU Lalit, the Supreme Court-appointed CBI prosecutor had opposed the bail pleas, saying the corporate bodies and individuals were direct beneficiaries of the spectrum deal and they were involved in a conspiracy along with former telecom minister A Raja to obtain benefits.

Besides the five corporate leaders, CBI has named nine persons including Mr Raja and DMK MP Ms Kanimozhi and three companies as accused in the case.

Other accused in the case are Swan Telecom promoter Shahid Usman Balwa, former telecom secretary Siddhartha Behura, Mr Raja’s personal secretary RK Chandolia, directors of Kusegaon Fruits and Vegetables Pvt Ltd Asif Balwa and Rajeev Agarwal.

Director of Cineyug Films Pvt Ltd Karim Morani and Kalaignar TV Pvt Ltd MD Sharad Kumar are also accused in the case.

The companies, which have been named as accused in the case, are Reliance Communications, Swan Telecom and Unitech Wireless.

User

Govt to soon finalise disinvestment roadmap: Department of Disinvestment

Currently, the total receipts stand at Rs99,738.92 crore from the government’s various disinvestment programmes, ever since they begun in the financial year 1991-92, as per the data available with the DoD

New Delhi: The government will soon finalise the roadmap to raise a whopping Rs40,000 crore through disinvestment during the current fiscal. It will include sale of equity in blue chip companies like SAIL and ONGC, reports PTI.

“The Cabinet has so far given approval for the disinvestment of four state-run firms—PFC, SAIL, ONGC and HCL. We are in talks with various ministries and working on a roadmap that should be finalised by June-end,” Department of Disinvestment (DoD) additional secretary Siddharth Pradhan told PTI.

Exuding confidence that the DoD would be able to achieve the Rs40,000 crore target for the current fiscal, he said by way of share sales of the identified four PSUs through follow-on offers, a little over Rs15,000 crore was expected to be garnered.

The government has already raised Rs1,162 crore by divesting 5% stake in Power Finance Corporation in May. The follow-on public offer of SAIL is likely to hit the market next month and ONGC in July. Share sale programme of Hindustan Copper (HCL) is yet to take a concrete shape.

When asked about the potential PSUs that could hit the market this fiscal, Mr Pradhan while refusing to divulge details, maintained that his department was in touch with steel, mines, heavy industries and petroleum & natural gas ministries for identifying the companies.

The government, according to sources, have already identified RINL, MMTC and NBCC for stake sale and would be required to add more companies to the list to achieve Rs40,000 crore target during 2011-12.

The government had proposed a disinvestment target of Rs95,000 crore from sale of shares in public sector companies over the next three fiscals, including Rs40,000 crore in the current fiscal.

Against the same Rs40,000 crore target set for the last fiscal, the government is estimated to have raised only Rs22,400 crore by way of disinvestment in PSU companies. The gap could have been bridged a little more had the movement of the market not been topsy-turvy towards the end of the last fiscal.

Currently, the total receipts stand at Rs99,738.92 crore from the government’s various disinvestment programmes, ever since they begun in the financial year 1991-92, as per the data available with the DoD.

The Centre’s disinvestment policy states that the government has to retain majority shareholding of at least 51% and management control of the PSUs.

The policy also calls for listing of unlisted CPSEs with no accumulated losses and having earned net profit in three preceding consecutive years.

User

RBI allows FIIs to hedge investments under ASBA route

The initiative is likely to facilitate FII investments under the ASBA route into equity market

The Reserve Bank on India (RBI) on 21st May has allowed foreign institutional investors (FIIs) to hedge foreign currency risks arising out of investment in IPOs made through ASBA route.

“Initial public offers (IPO) related transient capital flows under the application supported by blocked amount (ASBA) mechanism, foreign currency-rupee swaps may be permitted to the FIIs,” the RBI said.

Foreign currency rupee swaps for hedging flows under ASBA, RBI said, will be available for 30 days only.

The initiative is likely to facilitate FII investments under the ASBA route into equity market.

Under the ASBA facility, the application money of investors remains blocked in his bank account until the process of allotment of shares is completed.

The Securities and Exchange Board of India (Sebi) had introduced ASBA facility for public offers first in September 2008 when retail investors were allowed to use it.

The facility eliminates any delays related to refunds for the unallocated shares. Initially, it was offered to retail investors only and was given to other investors in 2009.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)