In a statement, the Team Anna member said the Prime Minister and the then Finance Minister is not justified in allowing a huge loss being caused to the country for saving the government and continuing in offices
Noted lawyer and Team Anna member, Shanti Bhushan has said that after the recent judgement by the Supreme Court, neither Prime Minister Dr Manmohan Singh nor Home Minister P Chidambaram should be allowed to continue to be in the office.
In a statement, Mr Bhushan, who is also former Minister of Law, said, "The Special Judge has held that Chidambaram agree with the then Telecom Minister A Raja to sell spectrum in 2008 at the prices determined in 2001 even though the market value of spectrum in 2008 was bound to be many times higher owing to the stupendous growth in the telecom sector between 2001 and 2008."
Last week, the Supreme Court, in its order on cancellation of 122 2G telecom licenses has asked the government to seek fresh recommendations from TRAI on allocation of licences and spectrum by way of auction. The apex court has given the government a time-frame of four months to complete the process.
"He (the Judge) also held that the then Finance Minister's act of granting permission to licensees to transfer its equity in favour of other companies at a very high price, even if contrary to the terms of the license also did not, per se, make him (Mr Chidambaram) a party to a criminal conspiracy with Raja," the statement said.
The special judge further pointed out that while there was clear evidence against Raja and others facing trial about their involvement in the criminal conspiracy, similar evidence was lacking against Chidambaram. “In the absence of any other evidence so far, the special judge may be right in his order rejecting Swamy’s (Dr Subramanian Swamy) plea for making Chidambaram a co-accused,” the statement added.
In every case of conspiracy, actionable evidence emerges only after an investigation by an empowered and independent investigation agency. “It may be noted here that the CBI cannot independently investigate against Chidambaram as the Home Ministry controls the transfers, postings, promotions, suspensions and disciplinary proceedings of the IPS cadre members of the CBI,” the lawyer said.
Talking about the Dr Singh's role in the episode, Mr Bhushan said, "It is clear that the Prime Minister came to know of the facts and could have prevented the grant of licenses at 2001 prices. He could have dropped Raja from the government. His defense that the constraints of coalition politics did not permit him to intervene is no defense at all. This only implies that if he had intervened, his government might have fallen.”
Here is the statement issued by Mr Bhushan...
The Janata Party President, speaking at Moneylife Foundation’s second anniversary program,...
Watch if Nifty goes below today’s lows
The Asian market opened positive, on the back of a strong close in the US on Friday (thanks to solid US jobs growth data), and so did the domestic indices. Each of the five weeks since the start of the year the Sensex and the Nifty have made weekly positive gains. Today is the fifth consecutive day when the indices have ended in positive. However, as we mentioned in our weekly closing report, the upmove may pause for a day or two. We had also mentioned that the Nifty may be seen moving in the range of 5,220 and 5,395. The Nifty almost reached the upper level today. The benchmark has to hold above today’s close to reach the level of 5,445 else we may see it tumbling to the level of 5,255. The National Stock Exchange recorded had a volume of 98.37 crore shares traded today
The Sensex and the Nifty opened at 17,742 and 5,379 respectively. In the morning session itself the indices hit their intra-day highs at 17,830 and 5,390. However after the opening of the European market, the indices lost their strength to hit their intra-day low at 17,595 and 5,327. The Sensex closed at 17,707, 102 points up (0.58%) while Nifty closed at 5,362, 36 points up (0.67%). The highest closing for Nifty since 3 August 2011.
European stocks fell as the deadline neared for Greece to reach a deal with its creditors. Greek Prime Minister Lucas Papademos struck a tentative deal with party leaders to extend spending cuts after euro-area finance chiefs told them an increase in the 130 billion-euro ($170 billion) aid package wasn't forthcoming. Greece's leaders will meet today to complete an accord as international creditors imposed deadline in Athens for a final deal today.
Asian stocks pared gains after the International Monetary Fund said China’s economic expansion would be cut almost in half if Europe’s debt crisis worsens. That scenario would warrant “significant” fiscal stimulus from the nation’s government, the IMF said.
India is facing some challenges on its stable rating outlook and the balance of risk factors for its rating may be shifting slightly toward the negative, said Standard & Poor's Ratings Services today. In 2012. S&P does not expect to downgrade or revise the outlook on India's long-term rating in the near future, it said in the report.
India's fiscal deficit during April to December was 3.81 trillion rupees, or 92.3 percent of the full-year target. It is widely expected to breach the 4.6 percent deficit budgeted for the fiscal year ending in March.
The European indices were mostly in red, and so were the US Futures indices. Shanghai Composite, KLSE Composite, Nikkei 225, Straits Times, Seoul Composite ended in positive while Hang Seng, Jakarta Composite, NZSE 50, Taiwan Weighted ended in negative