Raja threatened staff to favour Swan, Unitech: CBI

CBI director AP Singh who gave a detailed presentation on various aspects of spectrum allocation scam told the panel that two officers who did not put the file, giving preference to Swan Telecom over Tata Teleservices, were transferred by Siddarth Behura 'in league with' Mr Raja's private secretary RK Chandolia

New Delhi: Former telecom minister A Raja and his staff had threatened and coerced officials in giving preference to Swan Telecom and Unitech over Tata group in the award of telecom licences, Central Bureau of Investigation (CBI), India's premier investigation agency has informed the Joint Parliamentary Committee (JPC) probing the second generation (2G) spectrum allocation scam, reports PTI.

CBI director AP Singh who gave a detailed presentation on various aspects of spectrum allocation scam on 7th June told the panel that two officers who did not put the file, giving preference to Swan Telecom over Tata Teleservices (TTSL), were transferred by secretary (telecom) Siddarth Behura 'in league with' Mr Raja's private secretary RK Chandolia.

He told the JPC that the then wireless advisor RP Aggarwal was given "credible threat of consequences" and was forced to put up a note for allocating spectrum to Swan in the Delhi circle, which was approved by Mr Behura and Mr Raja.

Giving details of the conspiracy at the Sanchar Bhavan (Department of Telecom- DoT),  Mr Singh told the JPC that TTSL got in principle approval for use of dual technology in 20 circles along with letters of intent given to new licensees on 10 January 2008.

The company complied with the conditions and applied to Wireless Planning and Co-ordination for spectrum.

The applications filed by TTSL went missing from the DoT and the company was asked to file fresh applications on 5 March 2008 whereas the licences were signed for new applicants Swan and Unitech, the director told the JPC.

He also described the relationship between Reliance Telecom and Swan Telecom saying the Anil Ambani-headed company structured in a manner that their association would remain under wraps.

Reliance Infocomm spokesperson refused to comment on the issue.

User

Hiring activities improve in May: Monster.Com

Oil, gas, petroleum, power and retail were the sectors that led the annual growth. Overall online job demand in the oil/gas/petroleum and power sectors rose 30% in May, the Monster Employment Index noted

New Delhi: Recruitment trends improved last month, primarily driven by increased hiring activities in sectors such as oil, gas, petroleum, power and retail, reports PTI quoting job portal Monster.Com.

Indicating better hiring trends, the Monster Employment Index—a monthly gauge of online job demand—climbed 12% in May 2011 as compared to the year-ago period.

“The index continues to record a positive year-over-year trend, with strong pockets of demand for professionals within the IT, oil/gas and automotive sectors," Monster.Com’s managing director (India/West Asia/South East Asia) Sanjay Modi said in a statement today.

Oil, gas, petroleum, power and retail were the sectors that led the annual growth. Overall online job demand in the oil/gas/petroleum and power sectors rose 30% in May.

“Sales and business development occupations recorded notable expansion in online demand, while opportunities in finance and accounts declined,” the statement said.

As per Monster.Com, Coimbatore saw the highest annual growth among cities in terms of job opportunities.

“All cities monitored by the index have registered positive annual growth indicating substantial opportunities for workers in these key markets,” Mr Modi noted.

User

Share prices in no-man’s land: Thursday Closing Report

If Nifty falls below 5,480, the market will head lower

The market opened flat ahead of the weekly food inflation figures, with the Sensex just one point over its previous close of 18,395 while the Nifty shed three points to resume trade at 5,524. Concerns about the slowdown across the world also kept investors guarded. The Sensex touched its intra-day high in the first hour of trade at 18,450 and the Nifty climbed to 5,540 in noon trade.

The gauges were range-bound, when the announcement of a nearly one percentage hike in food inflation numbers put some pressure on the market, pushing the indices to intra-day lows in noon trade. At the day's low the Sensex was down 67 points at 18,327 and the Nifty had lost 25 points to 5,502.

Subsequently, some buying in select stocks along with a positive opening on key European bourses enabled the domestic indices inch into the green, even as volatility continued through the session. The market closed near the opening levels with the Sensex shedding nine points to 18,385 and the Nifty losing six points at 5,521.

Today the Nifty was not able to touch the first resistance of 5,550, signalling a pause in the uptrend. However, we can still expect the current upmove to continue if the Nifty can manage to stay above 5,480.

The advance-decline ratio on the National Stock Exchange was 607:780.

Among the broader markets, the BSE Mid-cap index was down 0.12%, while the BSE Small-cap index added 0.08%.

BSE Consumer Durables (up 1.44%), BSE Capital Goods (up 0.92%) and BSE Power (up 0.30%) were the noteworthy gainers in the sectoral space. The losers were led by BSE Auto (down 0.57%), BSE Healthcare (down 0.32%) and BSE IT (down 0.15%).

NTPC (up 1.74%), Larsen & Toubro (up 1.27%), BHEL (up 0.91%), Reliance Industries (up 0.71%) and TCS (up 0.59%) were the top performers on the Sensex. The laggards were Jaiprakash Associates (down 1.85%), ONGC (down 1.80%), State Bank of India (down 1.31%), Hero Honda (down 1.29%) and Reliance Communications (down 1.27%).

The top Nifty gainers were SAIL (up 1.94%), L&T (up 1.66%), NTPC (up 1.51%), Axis Bank (up 1.43%) and BHEL (up 1.25%). The major losers were Ambuja Cement (down 2.13%), Jaiprakash Associates (down 2.09%), BPCL (down 2.02%), ONGC (down 1.87%) and Kotak Bank (down 1.57%).

Economic concerns continued to roil the Asian markets for yet another day. Adding to the disappointing jobs data from last week, Australia created only 7,800 jobs in May, after a fall of 29,000 in April, government data showed. Hong Kong shares fell for a sixth straight session, mainly on a sell-off in banking stocks. The Chinese benchmark index closed at its lowest in four-and-half months on concerns about further rate-tightening steps by the country's central bank.

The Shanghai Composite tumbled 1.71%, the Hang Seng fell 0.23%, the Jakarta Composite declined 0.51%, the KLSE Composite shed 0.06%, the Straits Times was 0.17% down, the Seoul Composite ended 0.57% lower and the Taiwan Weighted fell 0.07%. Bucking the trend, the Nikkei 225 gained 0.19%.

Back home, participation by institutional investors was meagre on Wednesday. Foreign institutional investors were net buyers of stocks worth Rs50.43 crore and domestic institutional investors were net buyers of equities worth Rs85.47 crore.

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)