Reliance Telecom moves HC against charges in 2G case

Challenging the trial court’s order charging it with criminal conspiracy, cheating and forgery, the Anil Dhirubhai Ambani Group-led company pleaded that it did not indulge in any wrongdoing and charges framed against it were ‘wrong’

New Delhi: Reliance Telecom (RTL) on Monday moved the Delhi High Court for quashing of charges framed against it by a Central Bureau of Investigation (CBI) court in second generation (2G) spectrum case, saying there is no material to prosecute it, reports PTI.

Challenging the trial court’s order charging it with criminal conspiracy, cheating and forgery, the Anil Dhirubhai Ambani Group (ADAG)-led company pleaded that it did not indulge in any wrongdoing and charges framed against it were ‘wrong’.

“No incriminating material has been indicated in the charge-sheet or by the prosecution in its submission on the charges,” the petition filed by RTL said.

“The charges framed against the petitioner (RTL) had no basis in law. In fact, there is no act or omission attributable to the petitioner that has been indicated in the charges that justify the continuation of criminal proceedings against the petitioner,” it said.

“The charges framed as against the accused indicates that there are charges for multiple conspiracies and it is unclear as to how and when the multiple conspiracies took place and also as to how they form a cohesive single conspiracy,” it contended.

The trial court in its order had earlier dismissed the contention of RTL that Swan Telecom was not its ‘associate’, saying it was, directly or indirectly, holding 100% shares in STPL.

“Its (STPL) source of fund was RCL/RTL (Reliance Communication /Reliance Telecom). Directly or indirectly it was holding 100% shares of STPL as on the date of application.

“The source of funding of STPL was RCL/RTL... As such, STPL was not only an ‘associate’ but a front, or a facade, for RCL/RTL. In a sense, STPL was RCL/RTL itself and STPL was just a mask for it,” the special CBI judge OP Saini had said.

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3i Infotech Q2 net profit plunges 61% to Rs25.24 crore

The earnings per share of 3i Infotech for the quarter ended 30 September 2011 was at Rs2.52, against Rs3.24 in the same period last fiscal

3i Infotech Ltd said that its net profit declined by 60.54% to Rs25.24 crore for the quarter ended 30 September 2011. The company had reported a net profit of Rs63.97 crore for the quarter ended 30 September 2010, 3i Infotech Ltd said in a statement.

During the same period, the total income of the company stood at Rs497.70 crore, against Rs643.38 crore in the same period last fiscal. The earnings per share of the company for the quarter ended 30 September 2011 was at Rs2.52, against Rs3.24 in the same period last fiscal.

V Srinivasan, managing director & global CEO, 3i Infotech said, “The environment is challenging arising out of the uncertainties being experienced by the global markets. However, we continue to put in all our efforts to ensure that we meet these challenges and at the same time achieve business growth.”

In the late afternoon, 3i Infotech was trading at around Rs24.85 per share on the Bombay Stock Exchange, 2.36% down from the previous close.

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Godrej Properties Q2 net profit dips 41% to Rs19.5 crore

Godrej Properties has signed a similar agreement with Universal Builders, wherein GPL will act as the development manager, to develop 0.4 million sq ft premium residential villas at Electronic City, Bangalore

Godrej Properties (GPL), the real estate arm of the Godrej Group, reported a 40.72% dip in the net profit to Rs19.5 crore for the second quarter, despite a healthy 70% growth in sales. The net profits for the September period last fiscal stood at Rs32.9 crore. GPL reported a healthy 69.53% rise in the sales to Rs141.9 crore during the reporting period compared to Rs83.7 crore in Q2 of FY11.

"Though profit has declined, we achieved a robust revenue growth over Q2 of FY11. Our margins depend on how much private equity we bring in during a quarter. There was a considerable amount of PE money in Q2 of last fiscal compared to this year. Therefore, we see a huge difference in the profit margin," GPL executive director Pirojsha Godrej said. He said the sales were quite encouraging and the trend will continue over the next two quarters.

"We expect the profits to increase substantially, mainly on the back of increase in sales and bookings. Second half is generally a stronger, therefore we expect to see a much more increase in sales in the coming quarters," he said.

During the quarter, GPL signed an agreement Godrej & Boyce to act as development manager for future development on its entire Vikhroli land parcel.
Meanwhile, GPL on Friday signed a similar agreement with Universal Builders, wherein GPL will act as the development manager, to develop 0.4 million sq ft premium residential villas at Electronic City, Bangalore.

In the late afternoon, GPL was trading at around Rs664.95 per share on the Bombay Stock Exchange, 0.81% down from the previous close.

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