Companies & Sectors
Maharashtra seeks CBI probe in Rashtriya Bima Swasthya Yojana scam

The labour minister conceded that the RBSY scheme was tailor-made for insurance companies to earn profit. In Maharashtra alone, Rs215 crore were paid as premium and claims of Rs134 crore were not settled

Nagpur: Maharashtra Government had sought a probe by the Central Bureau of Investigation (CBI) into non-settlement of claims by insurance companies under Rashtriya Bima Swasthya Yojana (RBSY), Labour Minister Hassan Mushrif told the Legislative Council, reports PTI.

 

Congress MLC Mohan Joshi had raised the issue during the Question Hour, alleging that insurance companies had syphoned off public money.

 

Under the scheme, the Centre provides 75% of the money while state provides the rest. The scheme targets labourers to ensure that they get medical treatment at hospitals.

 

The Minister conceded that the scheme was tailor-made for insurance companies to earn profit. In Maharashtra alone, Rs215 crore were paid as premium and claims of Rs134 crore were not settled, he said.

 

Mushrif said he has written to Union Labour Minister Mallikarjun Kharge asking for a CBI inquiry.

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MCX-SX gets commencement certificate from SEBI

The much-talked about trading launch of MCX-SX, the third equity exchange in the country, is likely to begin in January

Mumbai: Moving closure to the launch of the country's newest stock exchange platform, MCX Stock Exchange (MCX-SX) said it got the 'commencement certificate' from market regulator Securities and Exchange Board of India (SEBI) to go live with its trading operations as a full-fledged bourse, reports PTI.

 

The 'commencement certificate' is the final go-ahead from the SEBI for MCX-SX to go live in new product segments such as equity, wholesale debt (bonds) and interest rate derivatives, the exchange said in a statement.

 

The much-talked about trading launch of MCX-SX, the third equity exchange in the country, is likely to begin in January, exchange sources said.

 

MCX-SX is currently providing trading platform for only currency derivatives segment and would become a full-fledged stock exchange after launch of other segments like equity, equity derivatives, bonds and interest rate derivatives.

 

After going live, MCX-SX would compete with other full-fledged nationwide stock exchanges like the NSE and BSE.

 

The exchange said that SEBI has already cleared the first lot of registration of 100 members and the balance applications are expected to be cleared shortly.

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Chargesheet filed in spectrum allocation case in NDA regime

The CBI in its charge sheet named Bharti Airtel, Vodafone India, Hutchison Max, Sterling Cellular, and former Telecom Secretary Shyamal Ghosh as accused for alleged irregularities in grant of additional spectrum during the NDA regime

New Delhi: The Central Bureau of Investigation (CBI) on Friday filed a charge sheet in connection with alleged irregularities in spectrum allocation during the National Democratic Alliance (NDA) regime involving three telecom companies, including Bharti Airtel and Vodafone India, while pegging the loss at Rs846 crore, reports PTI.

 

The CBI in its charge sheet filed before Special CBI Judge OP Saini named as accused Bharti Airtel Ltd, Vodafone India Ltd and Hutchison Max and Sterling Cellular, retired IAS (Indian Administrative Service) and former Telecom Secretary Shyamal Ghosh for alleged irregularities in grant of additional spectrum.

 

JR Gupta, former Deputy Director General (VAS) cell of Department of Telecommunications (DoT) and former Director of BSNL (state-owned telecommunications company), who was named in the First Information Report as one of the accused, has been made as one of the 73 witnesses in the case, the CBI told the court.

 

The agency said no action has been taken against former telecom minister Pramod Mahajan and no charges have been found against the promoters of Airtel and Vodafone.

 

The court has fixed 14th January for consideration of the charge sheet. .

 

The agency alleged in the charge sheet that the DoT had increased the base spectrum for telecom companies from 4.4 MHz to 6.2 MHz during Mahajan's tenure and also allocated extra spectrum on subscriber-based criteria.

 

It alleged that Mahajan had allotted addition spectrum to these companies in a hurried manner and in contravention with the then telecom policy.

 

The accused have been charge sheeted under section 120-B (criminal conspiracy) of the Indian Penal Code and various provisions of the Prevention of Corruption Act relating to misconduct by public servant by accepting illegal gratification by abusing his official position.

 

"Investigation has revealed that Shyamal Ghosh, then chairman of Telecom Commission and Secretary DoT, in conspiracy with late Pramod Mahajan, then telecom minister and the accused beneficiary companies i.e Hutchison Max and Sterling Cellular and Bharti Airtel Ltd through their representatives, abused his official position as public person and showed undue favour which caused loss of Rs 846.44 crores to the government exchequer and corresponding undue gain to the aforesaid telecom companies," it said.

 

The agency said this included incidental gains to other telecom companies by charging additional one per cent of AGR instead of charging the required additional two per cent of AGR for allocation of additional spectrum from 6.2 MHz upto 10 MHz."

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