Chidambaram allowed Telcos to earn illegal gain, Swamy

Chidambaram, as FM, allowed accused Swan, Unitech Wireless to earn windfall profits by offloading their shares to Etisalat, Telenor

PTI | December 19, 2011



Janata Party chief Subramanian Swamy on Saturday urged a Delhi court to make P Chidambaram an accused in the 2G case for his alleged role in allowing two telecom firms to earn windfall profits by offloading their shares to foreign firms.

Deposing as a witness in support of his private complaint, he told Special CBI Judge O P Saini that the then Finance Minister was also culpable like A Raja, then Telecom Minister, as they were party to the decision of non-revision of entry fees of Rs 1658 crore, decided in 2001 during NDA regime.

Chidambaram, as Finance Minister, had allowed accused Swan Telecom and Unitech Wireless to earn windfall profits by offloading their shares to UAE-based Etisalat and Norway-based Telenor respectively after getting the Unified Access Services Licenses (UASL).

"As far as charge against A Raja is concerned it is that Swan and Unitech were allowed to offload their shares to Etisalat and Telenor respectively," Swamy testified.

The Janata Party leader also referred to a document of November 5, 2008 on a meeting between Raja and Chidambaram, that the Finance Minister had clarified that the dilution of shares by the two firms did not amount to sale of UASL and was permissible under corporate law.

"Ministry of Home Affairs had then raised objections regarding Etisalat (the company to which Swan Telecom allegedly off loaded its shares) in India," he said.

"Mr P Chidambaram was aware at least on January 9, 2008 of what Mr Raja was planning to do on January 10, 2008 (the day four counters were made in DoT to grant Letters of Intent by allegedly flouting first-come-serve policy)," he said.

Comments

 

Other News

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Cabinet approves viability gap funding to develop grid-scale energy storage systems

The Union Cabinet, chaired by PM Narendra Modi, has approved the Viability Gap Funding (VGF) Scheme for Development of Grid-Scale Energy Storage Systems, with a total financial support of Rs.14,500 crore for the period FY 2026-27 to FY 2030-31. The scheme aims to support the development o

Cabinet creates a pathway to absorb Agniveers in Defence Forces

An objective assessment in terms of organisational requirements and operational efficiency has brought out the outstanding performance of Agniveers in terms of skills, motivation levels, physical fitness and technological prowess. As envisaged earlier, based on merit, 25% of Agniveers will be offered reg

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter