No criminal culpability of Chidambaram in 2G case: CBI

Highly placed CBI sources said that there was no indication from the papers examined by the CBI that former finance minister P Chidambaram was in knowledge of the alleged criminal conspiracy being hatched by the then telecom minister A Raja

New Delhi: In the midst of a raging controversy over a finance ministry note to the Prime Minister’s Office (PMO), investigation agency Central Bureau of Investigation (CBI) on Thursday said it had examined the role of Union home minister P Chidambaram in connection with the second generation (2G) scam and there was no criminal culpability on his part during his tenure as finance minister, reports PTI.

The agency distanced itself from the controversy after the ‘secret note’ of the finance ministry was obtained through an RTI and also submitted before the Supreme Court which stated that the telecom ministry could have gone in for auction of 2G spectrum licenses if Mr Chidambaram had insisted on it during his tenure as finance minister.

Highly-placed CBI sources said that all these documents were examined and finance ministry had been opposing the policy of Department of Telecom (DoT) of first-come-first serve.

“....in view of the financial implications, the ministry of finance should have been consulted in the matter before you (DoT) had finalised the decision. I request you to kindly review the matter and revert to us as early as possible with responses to the above issue. Meanwhile, all further action to implement the above licences may please be stayed,” the then finance secretary D Subbarao had said in his letter to then telecom secretary DS Mathur dated 22 November 2007.

The sources said that there was no indication from the papers examined by the CBI that Mr Chidambaram was in knowledge of the alleged criminal conspiracy being hatched by the then telecom minister A Raja.

They said as per records available, a Group of Ministers (GoM) was to meet on 15 January 2008 but Mr Raja, in pursuance of his alleged conspiracy, issued the Letter of Intent on 10th January itself setting in motion the issuance of 2G licenses embedded with 4.4 Mhz spectrum.

User

COMMENTS

a v moorthi besides TIHAR

5 years ago

As of now it is seen that inspite of officials in FM suggesting to go for auction route PC as FM has not acted upon and not insisted, this is an act of omission, because nobody can deny that by continuing sale of spectrum general public is able to have mobile call charges as low as 50 paise per minute and mobile phone usage has increased beyond imagination and penetrated all over the country and if seen the revenue earned by Govt is almost as much as what it would have earned by auctioning as then call charges would not have not like what is available today. We should not have any doubt once competition is killed old players like Airtel will no show no hesitation in going after high end users only . this is seen by arbitrary raising of call charges by over 20% because as on date they enjoy the largest foot print in mobile network and they have the largest users.

Now coming to Raja and Kanimozhi are enjoying in TIHAR resort because they abused their constitutional positions. Raja is in because he arbitrarily preponed the last date of submission of application money for spectrum by giving a few hours of notice and leaking this information with a selected few who were able to organise Drafts worth over Rs 1000 crores. Kani is in TIHAR because she had disguised bribe of Rs 200 crore as loan for her TV channel when it was clear that TV channel had no plans as to how to put to use the loan amount and also actual business performance of the TV channel did not warrant such huge borrowing and would not have been even able to service the debt.

So PC should be treated on a different footing from that of Raja and Kani. Of course PC should resign his ministership for omissions like Shashi Tharoor was made to resign for his dubious role in Kochi franchise of IPL



TDSAT sets aside DoT demand on Idea for not rolling out services

As per Unified Access Service Licence conditions, the telecom companies are required to roll out their networks within a year from the date of allocation of spectrum. In case new licensees fail to roll out services within the stipulated period, DoT shall be entitled to recover liquidation damages

New Delhi: The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) on Thursday quashed the direction of the Department of Telecom (DoT) that imposed penalty on the Aditya Birla group firm Idea Cellular for failing to roll out the services on time, reports PTI.

Allowing Idea’s petition, TDSAT set aside the demand notice issued by DoT.

In January, TDSAT had directed Idea to pay 60% of the penalty imposed by DoT.

DoT had sent notices to several firms that got new second generation (2G) licences bundled with start-up spectrum in 2008, but they have not started offering services in various circles.

As per the conditions of the Unified Access Service Licence (UASL), the telecom companies are required to roll out their networks within a year from the date of allocation of spectrum.

According to the agreement, in case new licensees fail to roll out services within the stipulated period, DoT shall be entitled to recover liquidation damages.

This was challenged by Idea in the TDSAT.

Idea Cellular had approached TDSAT for one circle of West Bengal.

User

RBI tightens return filing format for NBFCs

As per the new regulation, deposit taking NBFCs would have to submit reports on deposits and prudential norms to the RBI on quarterly basis while non-deposit taking NBFCs to file statements on capital funds, risk weighted assets, risk asset ratio, among others on quarterly basis

Mumbai: The Reserve Bank of India (RBI) on Thursday tightened the return filing format for non-banking financial companies (NBFCs) under which they will have to make disclosures about their deposit and lending activities to the central bank more frequently, reports PTI.

As per the new regulation, deposit taking NBFCs would have to submit reports on deposits and prudential norms to the RBI on quarterly basis, as against annual and half-yearly basis respectively earlier.

Similarly, the apex bank asked non-deposit taking NBFCs to file statements on capital funds, risk weighted assets, risk asset ratio, among others on quarterly basis.

The regulations relating to reporting about liquid asset, exposure to capital markets, among others have been retained.

The deposit taking NBFCs will have to file quarterly returns on liquid assets to the RBI. Also, NBFCs with a total assets of Rs100 crore and above will file monthly returns on exposure to capital market, the notification said.

Non-deposit taking NBFCs would continue to file monthly returns on important financial parameters.

RBI said the returns, under the new norms, concerning deposits, prudential norms for deposit taking NBFCs and statement of capital funds, risk weighted assets, risk asset ratio for non-deposit taking NBFCs should be submitted for the July-September quarter.

All these filings will have to be done by NBFCs to the central bank in the revised formats notified by the apex bank, the RBI said.

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)