Loop front of Essar, MCA, DoT chose not to probe it, says CBI

CBI seeks prosecution of Essar, Loop promoters on the charges of cheating, criminal conspiracy under the IPC

PTI | December 19, 2011



CBI, in its third charge sheet in 2G spectrum case, has said Loop Telecom Ltd was a Essar Group company "under a corporate veil" and even Ministry of Corporate Affairs (MCA) and Department of Telecommunications (DoT) "chose not to investigate" and allowed it "to rest".

The "vague" MCA report on the DoT's plea to examine the allegations against accused firm Loop Telecom was mentioned in the 105-page charge sheet filed before Special CBI Judge O P Saini who has fixed the case on December 21 for orders on taking cognizance against the eight accused.

The charge sheet said despite the report of a Deputy Director (inspection) of MCA that the Clause 8 of the Unified Access Services Licences (UASL) guidelines of 2005 was violated, the Ministry, "instead of conveying such a definite opinion to the DoT, chose to send a non-committal vague report" elaborating control of Essar Group over Loop Telecom.

The report had come on a complaint referred to the MCA by the DoT to probe whether Loop was a front of Essar Group.

The agency seeks prosecution of Essar group promoters Anshuman and Ravi Ruia, Loop Telecom promoters Kiran Khaitan, her husband I P Khaitan and Essar Group director (Strategy and Planning) Vikash Saraf on the charges of cheating and criminal conspiracy under the IPC.

Comments

 

Other News

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Indian Railways celebrates 171 years of its pioneering journey

The Indian Railways is celebrating 171 glorious years of its existence. Going back in time, the first train in India (and Asia) ran between Mumbai and Thane on April 16, 1853. It was flagged off from Boribunder (where CSMT stands today). As the years passed, the Great Indian Peninsula Railway which ran the

Vasudhaiva Kutumbakam: How to connect businesses with people

7 Chakras of Management: Wisdom from Indic Scriptures By Ashutosh Garg Rupa Publications, 282 pages, Rs 595

ECI walks extra mile to reach out to elderly, PwD voters

In a path-breaking initiative, the Election Commission of India (ECI), for the first time in a Lok Sabha Election, has provided the facility of home voting for the elderly and Persons with Disabilities in the 2024 Lok Sabha elections. Voters above 85 years of age and Persons with Disabilities (PwDs) with 4

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter