Part 3 In depth 2G scam story Facts 2G case CBI vs A Raja and others
Part 3 In depth 2G scam story Facts 2G case CBI vs A Raja and others
2G SPECTRUM CASE - O. P. SAINI: SPL. JUDGE, CBI NEW DELHI
Sanjay Chandra –
It is alleged that Sanjay Chandra, Managing Director, M/s Unitech Limited, who was in charge of, and was responsible to, the company for the conduct of its business
especially in the telecom area, also joined the conspiracy with accused A. Raja and R K Chandolia to cheat DOT for grant of licence in fraudulent manner, and in pursuance to the same M/s Unitech group companies filed applications for UAS Licences in all the 22 circles. As a result, the applications of Unitech group companies were included in the consideration zone for award of licences despite inadequate spectrum in FCFS
licencing regime.
It is alleged that the said Unitech group companies, having object clauses of realty, did not even have their object clauses under Memorandum & Articles of Association amended before applying to enter into business of telecom. M/s Unitech group companies fraudulently concealed critical information in this regard to avoid rejection for being ineligible. It is alleged that M/s Unitech group companies acquired eligibility after the grant of UAS Licences
It is alleged that several other companies like M/s Swan Capital, M/s Cheetah Corporate Services Pvt. Ltd. And M/s Parshwanath Developers had been rejected on these very
grounds of not being eligible for want of Object Clause regarding telecom as business on the date of application. The criminal conspiracy resulted in cheating of the DoT in
fraudulent allotment of UAS Licence/ spectrum to ineligible companies through abuse of official position and undue gain passed on to the companies
It is alleged that both the applicant companies viz. M/s Swan Telecom Pvt. Ltd. and M/s Unitech Wireless (Tamilnadu) Pvt. Ltd. (representing all the 8 Unitech group
companies later merged into it), unduly favoured, were ineligible as on date of application.
In the year 200708, when the dual technology spectrum was allotted by A Raja to few
companies and also new UAS licences were issued to as many as 122 applicants, the circumstances had entirely changed since the year 2001.
In such changed circumstances, elaborated in the Ministry of Finance strongly recommended the revision of spectrum fee for the dual technology entry fee, vide a letter dated 22.11.2007, which was pegged at the same prices as for the entry fee for new licences. The Finance Secretary mentioned “it is not clear how the rate of Rs. 1600 crore, determined as far back as in 2001, has been applied for a licence given in 2007 without any indexation, let alone current valuation. Moreover, in view of the financial implications, the Ministry of Finance should have been consulted in the matter before you had finalized the decision. I request you to kindly review the matter and revert to us as early as possible with responses On the issue of LOIs for grant of new UAS licences, Ms. Manju Madhavan, then Member (Finance) also put up a note dated 30.11.2007 for consideration of the MOC&IT as under:
“We are in receipt of communication dated on 22/11/2007(PUC17/C) from the Department of Economic Affairs wherein they have expressed concern that we are
offering the rates obtained in 2001 as entry fee even in 2007, without any indexation/current valuation. They want to be consulted in the matter. Though the
communication is in the context of crossover license and a reply has been sent it is equally applicable in the present context. …Since the rates have not been revised and theto the above issue. Meanwhile, all further action to implement the above licences may please be stayed.” Finance Secretary has raised the issue, I am of the view
that this issue should be examined in depth before any further steps are taken in this matter. Para 3 of the PUC (17/C) may also be considered.”
Letter of Hon'ble PM –
Hon’ble Prime Minister sent a letter dated 02112007 to MOC&IT and mentioned that “A number of issues relating to allocation of spectrum have been raised by
telecom sector companies as well as in sections of the media. Broadly, the issues relate to enhancement of subscriber linked spectrum allocation criteria, permission
to CDMA service providers to also provide services on the GSM standard and be eligible for spectrum in the GSM service band, and the processing of a large number of
applications received for fresh licences against the backdrop of inadequate spectrum to cater to overall demand…… The key issues are summarized in the annexed note. I would request you to give urgent consideration to the issues being raised with a view to
ensuring fairness and transparency and let me know of the position before you take any further action in this regard”. In the Annexure to said letter one of the issues raised was – “In order that spectrum use efficiency gets directly linked with correct pricing of spectrum, consider (i) introduction of a transparent methodology of auction,
wherever legally and technically feasible, and (ii) revision of entry fee, which is currently benchmarked on old spectrum auction figures.”
It is claimed that Ministry of Finance deliberated the matter regarding revision of entry fee and spectrum pricing with Department of Telecommunications in various meetings during 20072008. It is alleged that later accused A. Raja, went ahead to allocate new licences at an entry fee discovered through auction in 2001, despite the suggestions of Ministry of Finance to the contrary. Later, the Ministry of Finance raised the issue of
revising spectrum charges for excess allocation of 2G spectrum, as DOT contested that it was now contractually obliged to issue contracted amount of spectrum to new LOI holders. At this stage the price of spectrum suggested by Ministry of Finance,
and agreed to inprinciple by the Department of Telecommunications, was a price indexed from the entry fee discovered in 2001 on the basis of change in Adjusted Gross
Revenue (AGR) per MHz per year during the years 200203 to 2007. The change in the Adjusted Gross Revenue (AGR) per MHz per year during the years 200203 to 2007 was pegged at around 3.5 times by the Department of Telecommunications during this time, and is an appropriate & preferred parameter for indexation, as suggested by TRAI also later in its It is alleged that based on growth in Adjusted Gross Revenue (AGR) per MHz per year during the years 200203 to 2007, which grew by 3.5 times during this time, additional revenue of around Rs. 22,535.6 Crore in respect of entry fee of
new UAS licences granted by accused A. Raja to various applicants and Rs. 8,448.95 Crore in respect of fee paid by Dual Technology users, totaling to Rs. 30,984.55 Crore could have accrued to the Government exchequer recommendations dated 11.05.2010
Payment of Illegal Gratification of 200 Crore –
It is alleged that in furtherance to the said conspiracy, M/s Dynamix Realty, a partnership firm of M/s DB Realty Ltd. and other DB Group companies, paid Rs 200 crore to M/s Kalaignar TV Pvt. Ltd. during December 2008 to August 2009, following a circuitous route through M/s Kusegaon Fruits & Vegetables Pvt. Ltd. (a DB Group company) and M/s Cineyug Films Pvt. Ltd. (DB group holds 49 % equity in it).
Role of M/s Green House Promoters (P) Limited
It is alleged that one M/s Green House Promoters Pvt. Ltd. was registered with Registrar of Companies, Chennai in the year 2004 and initial directors of the company were Sh a M Saadhick Batcha and his wife Ms. S Reha Banu. Later other people also joined the company as directors as per details mentioned below: ¬
1. A M Sadhick Batcha 23.08.04 onwards
2. A M Jamal Ahmed 31.01.2006 to 19.09.09
3. M Subramaniyam 20.07.2006 to 31.03.09
4. David Karthikeyan 22.07.2006 to 31.03.09
5. Ramachandran Ramaganesh 02.07.2007 to 10.03.10
6. M. A Parameshwari 12.02.07 to 02.02.2008
7. M S Malarvizhi Ram 02.02.08 to till date
8. Ms Reha Banu Sadhick Batcha 23.08.04 to 31.03.09
9. A Kaliya Perumal 12.02.07 to till date
10.R P Paramesh Kumar 12.02.07 to till date
Ms. M. A Parameshwari, worked as Director (Legal) in the company and is the wife of accused A. Raja.
Sh. A Kaliya Perumal, Director of the company is brother of accused A. Raja. Sh. Ramachandran Ramaganesh and Sh. R P Paramesh Kumar are nephews of accused A. Raja.
It is alleged that M/s Protiviti Consulting Pvt. Ltd., a consulting firm, was appointed by M/s Green House Promoters Pvt. Ltd to assist them in strengthening their accounting
compliance and Management Information System (MIS) by preparing Standard Operating Procedure (S.O.P) vide a job arrangement letter dtd July 30, 2008 signed by Mr A. M. Sadhick Batcha (since expired) on behalf of M/s Green House Promoters and Sh Mrityunjay Kapur on behalf of M/s Protiviti Consulting Private Limited for a fee of Rs. 12 Lacs. At the same time M/s DB Realty Ltd., belonging to the Dynamix Balwa group of companies which also controls M/s Swan Telecom Pvt. Ltd. (now, M/s Etisalat DB Telecom Pvt. Ltd.) also entered into an agreement with M/s Protiviti Consulting Pvt. Ltd. asking it to conduct due diligence of M/s Green House Promoters Pvt. Ltd.
in context of proposed investment by M/s D B Realty in M/s Green House Promoters Pvt. Ltd. for advising the SOPs for M/s Green House Promoters Pvt. Ltd., the experts of the Protiviti, as representatives of M/s DB Realty, also took interviews of various
employees of M/s Green House Promoters Pvt. Ltd. And afterwards certain unskilled staff of the said company was removed in preparation of such proposed investment by M/s D B Realty Ltd. For this purpose, M/s Protiviti Consulting Pvt. Ltd. also looked at land acquisition process, Sales process, purchase process, Marketing process, liaison process, construction process, Human resource process, Cash in Bank, Conceptualization, Capital Expenditure Monitoring process, etc. and suggested standard procedures for the same. M/s Protiviti Consulting Pvt. Ltd. submitted its draft financial due diligence report dated August 2008 upon M/s Green House Promoters Pvt Ltd and the same was made available by it to M/s DB Realty Ltd., Mumbai
It is alleged that M/s DB Realty Ltd., through its subsidiary M/s Eterna Developers Pvt. Ltd., also transferred an amount of Rs. 1.25 Crore to M/s Green House Promoters Pvt.
Ltd. on 29.09.2008, in connection with advance for a land purchase, which was however, returned on 29.11.2008, prior to the registration of FIR of this case. It is also alleged that such proposed investment in M/s Green House Promoters Pvt. Ltd. or
procurement of landbank of M/s Green House Promoters Pvt. Ltd. was not further taken up by M/s DB Realty.
It is alleged that M/s Swan Telecom Pvt. Ltd. received additional share money of Rs. 3228 Crore from M/s Etisalat Mauritius Ltd. and Rs. 381 Crore from M/s Genex Exim
Ventures Pvt. Ltd. on 17.12.2008. It is alleged that immediately thereafter, with effect from 23.12.2008 to 11.08.2009, M/s Dynamix Realty, a partnership firm of M/s DB Realty Ltd. (now a company listed on stock exchanges), M/s Eversmile Construction Company Pvt. Ltd. and M/s Conwood Construction Developers Pvt. Ltd., both DB Group companies, transferred a total amount of Rs. 209.25 crore to M/s Kusegaon Fruits & Vegetables Pvt. Ltd. through banking channels
It is alleged that no agreement executed between M/s Dynamix Realty and M/s Kusegaon Fruits & Vegetables Pvt. Ltd. has come on record, in respect of the above referred transactions. Accused Asif Balwa (A13) and Rajiv B. Agarwal (A14), both Directors in M/s Kusegaon Fruits & Vegetables Pvt. Ltd., have taken a plea that M/s Dynamix Realty extended this amount as unsecured loan of Rs. 206 crore (approx) bearing interest @ 7.5% per annum to M/s Kusegaon Fruits & Vegetables Pvt. Ltd
It is alleged that M/s Kusegaon Fruits & Vegetables Pvt. Ltd transferred a total amount of Rs. 200 crore in the accounts of M/s Cineyug films Pvt. Ltd.
It is alleged that M/s Kusegaon Fruits & Vegetables
Pvt. Ltd, also transferred a total sum of Rs. 6,24,75,000 in M/s
Cineyug Films Pvt. Ltd., during January, 2009 to July 2009. It is
alleged that later on, vide an agreement titled as ‘subscription
and shareholders agreement’ executed between M/s Cineyug
Films Pvt. Ltd. (Company), its four promoters and M/s
Kusegaon Fruits & Vegetables Pvt. Ltd on 27.01.2010, this
amount was post facto shown as a transfer towards acquisition
of 49% equity shares of M/s Cineyug Films Pvt. Ltd. by M/s
Kusegaon Fruits & Vegetables Pvt. Ltd. As per the said
agreement, M/s Kusegaon Fruits & Vegetables Pvt. Ltd
(investor) would subscribe to 1,22,500 equity shares @ Rs
510/ each aggregating to Rs. 6,24,75,000/ and Rs. 200 Crore
8% Optionally Convertible Redeemable Debentures of the
company. The subscription shares would be entitled to voting
rights equivalent to 49% of the share capital of M/s Cineyug
Films Pvt. Ltd (company). This agreement was signed by
accused Karim Morani (A15), other directors on behalf of M/s
Cineyug Films Pvt. Ltd. and accused Asif Balwa & accused Rajiv
B. Agarwal, both directors of M/s Kusegaon /Fruits & Vegetables
Pvt. Ltd
It is alleged that in order to facilitate the payment of illegal gratification of Rs. 200 Crore from DB Group companies to M/s Kalaignar TV Pvt. Ltd., accused Karim Morani further
caused to pay this amount of Rs. 200 Crore received by him in accounts of M/s Cineyug Films Pvt. Ltd to M/s Kalaignar TV Pvt. Ltd.
It is alleged that M/s Dynamix Realty, which is a partnership firm of Dynamix Balwa Group companies, which also owns M/s Swan Telecom Pvt. Ltd., paid Rs. 200 crore as
illegal gratification to M/s Kalaignar TV Pvt Ltd. which is also controlled by affiliates of Dravid Munetra Kadgam to which accused A. Raja belongs and such fund transfer was facilitated by Karim Morani, Sharad Kumar and Kanimozhi Karunanithi through their companies M/s Kusegaon Fruits & Vegetables Pvt. Ltd. and M/s Cineyug Films Pvt. Ltd
It is alleged that accused persons have taken the plea that M/s Cineyug Films Pvt. Ltd. transferred the said funds to M/s Kalaignar TV Pvt. Ltd. in order that M/s Cineyug Films Pvt. Ltd. could acquire the equity shares of M/s Kalaignar TV Pvt. Ltd. to the tune of 3235% of total equity. It is alleged that this plea is false, as no valid agreement to this effect was entered into by the said companies. It is alleged that after registration of the instant case, this amount was shown as loan, having an interest @ 10% per annum, on the pretext of clause 2.2 of a Share Subscription and Shareholders’ Agreement dated
19.12.2008 claimed by accused persons to have been signed between M/s Cineyug Films Pvt. Ltd., M/s Kalaignar TV Pvt. Ltd. and promoters. Accused Sharad Kumar signed the same on behalf of M/s Kalaignar TV Pvt. Ltd. and its promoters. It is alleged that accused Karim Morani, Asif Balwa and Rajiv B. Aggarwal arranged these funds from M/s Dynamix Realty, a partnership firm of DB group companies managed and
controlled by Shahid Balwa and Vinod Goenka, and facilitated the transfer of these funds in a dubious manner to M/s Kalaignar TV Pvt. Ltd.
It is alleged that for all the aforesaid transactions of more than Rs. 200 Crore between M/s Dynamix Realty, M/s Kusegaon Fruits & Vegetables Pvt. Ltd., M/s Cineyug Films Pvt. Ltd. and M/s Kalaignar TV Pvt. Ltd., claimed to be in nature of loan, no valid agreement was signed between any of the parties and no collaterals/ securities were ensured to secure the alleged loan amounts. It is alleged that after registration of the instant case on 21.10.2009 by CBI, and on its taking various steps in investigation of the case, M/s Cineyug Films Pvt. Ltd offered the securities to M/s Kusegaon Fruits & Vegetables Pvt. Ltd against the above referred unsecured loan of Rs. 200 crore :
It is alleged that in terms of the Share Subscription and Shareholders’ Agreement dated 19.12.2008, claimed by accused persons to have been signed between M/s Cineyug
Films Pvt. Ltd., M/s Kalaignar TV Pvt. Ltd. and promoters, it was required that the funds transferred till 31.03.2009 be treated as loan if no agreement could be entered regarding the price of equity of M/s Kalaignar TV Pvt. Ltd. However, it is
alleged that though no such agreement could admittedly be reached between M/s Cineyug Films Pvt. Ltd. and M/s Kalaignar TV Pvt. Ltd., still the additional amounts of Rs. 175 crore were paid by M/s Cineyug Films Pvt. Ltd. to M/s Kalaignar TV Pvt. Ltd. It is alleged that following agreements for Inter Corporate Deposit were purportedly signed by M/s Cineyug Films Pvt. Ltd. and M/s Kalaignar TV Pvt. Ltd., to conceal actual
nature of the transactions
It is further alleged that accused persons belonging to M/s Kalaignar TV Pvt. Ltd. have claimed that they got their company valued in June, 2009 by a consultant and it was
valued at around Rs. 846 crore. Since, by this valuation the proposed stake to be given to M/s Cineyug Films Pvt. Ltd. In lieu of Rs. 200 Crore fell below 20%, M/s Cineyug Films Pvt. Ltd purportedly decided to call back their investment in M/s Kalaignar TV Pvt. Ltd. It is also claimed by the accused persons and the companies concerned that till such time of repayment, an interest @ 10% per annum was decided to be charged on the
amount paid so far. However, it is alleged that before this valuation was purportedly done in June, 2009, and any agreement regarding valuation of equity could be reached
between the two parties, as claimed, an amount of Rs.50 Crore had already been transferred to M/s Kalaignar TV Pvt. Ltd. Contrary to the claim of the accused persons that no agreement could be reached about the valuation of equity of M/s Kalaignar
TV Pvt. Ltd. to be subscribed by M/s Cineyug Films Pvt. Ltd., additional amount of Rs. 150 Crore was transferred in JulyAugust, 2009, after such purported agreement failed. The aforesaid transactions related to purported investment by M/s Cineyug Films Pvt. Ltd. in M/s Kalaignar TV Pvt. Ltd., without any due diligence, or provision of any collateral, defies common sense and normal business practices.
It is alleged that when accused A. Raja was contacted by CBI for his examination scheduled on 24.12.2010, M/s Kalaignar TV Pvt. Ltd started refunding the amount of Rs
200 crore to M/s Dynamix Realty, through M/s Cineyug Films Pvt. Ltd. and M/s Kusegaon Fruits & Vegetables Pvt. Ltd. A substantial part of the amount was refunded by it just before and after 02.02.2011, when accused A. Raja was arrested by CBI in this case
It is alleged that that, in order to conceal the dubious nature of the amount transferred, M/s Kalaignar TV Pvt. Ltd. paid back the aforesaid amount with interest to M/s
Cineyug Films Pvt. Ltd
It is alleged that M/s Cineyug Media & Entertainment Pvt. Ltd, also, in furtherance of the design to facilitate concealing the dubious nature of entire transactions, paid back the amount of Rs 200 crore to M/s Kusegaon Realty Pvt. Ltd
It is alleged that, in order to conceal the dubious nature of the amounts transferred, M/s Cineyug Films Pvt. Ltd. also paid back the aforesaid amount to M/s Kusegaon Realty
Pvt. Ltd. with interest
It is alleged that M/s Kusegaon Fruits & Vegetables Pvt. Ltd, in turn, paid back Rs. 200 crore, with interest @ 7.5% per annum to M/s Dynamix Realty.
It is alleged the nature of transactions between M/s Dynamix Realty, M/s Kusegaon Fruits & Vegetables Pvt. Ltd., M/s Cineyug Films Pvt. Ltd. and M/s Kalaignar TV Pvt. Ltd. Has also revealed that M/s Cineyug Films Pvt. Ltd, in its Balance sheet as on 31st March, 2009, showed an amount of Rs 28,50,00,000/ as “other liabilities” from M/s Kusegaon Fruits & Vegetables Pvt. Ltd. Likewise on the asset side it is shown
under “Sundry Loans & Advances” to the tune of Rs. 29,21,56,969/ (including the purported loan of Rs 25 crore given to M/s Kalaignar TV Pvt. Ltd).
It is alleged that as per Balance sheet of M/s Cineyug Films Pvt. Ltd as on 31st March 2010, a liability of Rs 212,00,89,041/ on account of loan from M/s Kusegaon Fruits
& Vegetables Pvt. Ltd (8% OCRD with interest) has been shown. Likewise on the asset side it is shown as other advances paid to M/s Kalaignar TV Pvt. Ltd to the tune of Rs. 214,86,54,109/ (with interest). It is alleged that M/s Kusegaon Fruits & Vegetables Pvt. Ltd. paid the amounts of Rs. 200 Crore to M/s Cineyug Films Pvt. Ltd during 200809, purportedly towards subscription of debentures. However, the subscription
agreement to this effect was admittedly entered much later on 27.01.2010 and collaterals against these payments from M/s Cineyug Films Pvt. Ltd. were taken thereafter on record, which also defies common sense and normal business practices.
A certified copy of the balance sheet filed by M/s Kalaignar TV Pvt. Ltd before Registrar of Companies, Chennai, as on 31.03.2009 and 31.03.2010 has also been obtained. These
balance sheets reveal that a sum of Rs. 31,82,21,171/ has been shown as ‘Sundry Creditors for others’ as on 31.03.2009. It purportedly included Rs. 25 crore received from M/s Cineyug Films Pvt. Ltd. However, on the contrary, in order to conceal the
actual nature of these amounts / transactions, as per balance sheet filed as on 31.03.2010, this amount has been reduced by Rs. 25 crore and mentioned as Rs. 6,82,21,171/ and this amount of Rs. 25 crore has been enhanced under the head
‘unsecured loans’ to the tune of Rs. 83,69,35,057/. On the other hand as per balance sheet filed as on 31.03.2009, unsecured loan has been shown as Rs. 58,69,35,057/ and as on 31.03.2010 the total unsecured loan has been shown as 214,86,54,109/ including Rs. 25 crore + further Rs. 175 crore received from M/s Cineyug Films Pvt. Ltd. This regrouping of schedules has been done by accused promoters / directors of
M/s Kalaignar TV Pvt. Ltd. in the balance sheet filed as on 31.03.2010, in order to conceal the actual dubious nature of transaction, after registration of the instant case on 21.10.2009 and related investigation
It is alleged that accused persons, viz. Shahid Balwa and Vinod Goenka, were the promoters / directors of M/s Swan Telecom Pvt. Ltd., which is a DB group company. M/s Dynamix Realty is a partnership firm of three DB Group companies in which Shahid Balwa, Vinod Goenka, Asif Balwa and Rajiv B. Agarwal were directors / stakeholders / authorized signatories.
Accused Asif Balwa and Rajiv B. Agarwal were also the directors / stakeholders of M/s Kusegaon Fruits & Vegetables Pvt. Ltd. and were also the authorized signatories of the said company. They signed all the bank instruments regarding transfer of aforesaid amount on behalf of said company. Accused Karim Morani was a director / promoter of M/s Cineyug Films Pvt. Ltd. and was a signatory to all the agreements / bank instruments in respect of aforesaid transactions on behalf of M/s Cineyug Films Pvt. Ltd. Other directors / promoters of M/s Cineyug Films Pvt. Ltd. have stated that accused Karim Morani was responsible for financial decisions / transactions on behalf
of the company, and they were looking after other functions of the company. Accused Asif Balwa and Rajiv B. Agarwal also represented M/s Kusegaon Fruits & Vegetables Pvt. Ltd. for its 49% stake in M/s Cineyug Films Pvt. Ltd.
It is alleged that in the June 2007, accused Sharad Kumar, along with other promoters, incorporated M/s Kalaignar TV Pvt. Ltd. after they left Sun TV network. Accused Sharad
Kumar was a promoter & director of M/s Kalaignar TV Pvt. Ltd. and is a stakeholder of the company to the tune of 20%. He is a director and CEO of the company. He has attended / chaired all the board meetings of the company wherein the decisions
regarding the aforesaid transactions were taken by the company. He has also signed all the agreements purportedly signed with M/s Cineyug Films Pvt. Ltd., and other relevant documents in this regard, not only on behalf of the company but also on behalf of himself and other directors / shareholders of the company. He had also been visiting accused A. Raja in connection with pursuing various pending works relating to M/s
Kalaignar TV Pvt. Ltd.
It is alleged that in the June 2007, accused Ms. Kanimozhi Karunanithi (A17), along with other promoters, incorporated M/s Kalaignar TV Pvt. Ltd. after they left Sun TV
network. She had also been in regular touch with accused A. Raja regarding launching of Kalaignar TV channels and other pending works of M/s Kalaignar TV Pvt. Ltd. Accused Ms. Kanimozhi Karunanithi was also an initial director of the company and resigned only for the reason that her clearance from MHA was pending and could take time and delay the matter of launching the Kalaignar TV channels. Accused A. Raja was further pursuing the cause of M/s Kalaignar TV Pvt. Ltd. not only for getting registration of the company from Ministry of Information & Broadcasting but also for getting it in the Tata
Sky bouquet. It is alleged that accused Ms. Kanimozhi Karunanithi was a stakeholder of M/s Kalaignar TV Pvt. Ltd. To the tune of 20% equity and was an active brain behind its
operations. She was also widely covered by the Kalaignar Seithigal (News) channel. She also actively pursued with the intermediaries and DMK Hqrs. the matter regarding
reappointment of accused A. Raja as Minister of Communications & Information Technology in 2009, which clearly establishes the strong association of accused Ms.
Kanimozhi Karunanithi and accused A. Raja in the official / political matters.
The original share subscription and shareholder’s agreement between M/s Cineyug Films Pvt. Ltd., M/s Kalaignar T.V. Pvt. Ltd. and its promoters has not been produced by any of the concerned parties. The photocopy made available is not on a stamp paper & is not enforceable in law, and has been prepared only to mislead the law and to create a false justification for said payments
As regards the money paid by M/s Dynamix Realty to M/s Kusegaon Fruits & Vegetables Pvt. Ltd., the said company (M/s Kusegao n Fruits & Vegetables Pvt. Ltd.) has communicated that there was no formal agreement between them for a loan of Rs.
209.25 Crore.
Material collected has not disclosed any collateral / securities taken by M/s Cineyug Films Pvt. Ltd. from M/s Kalaignar TV Pvt. Ltd., M/s Kusegaon from M/s Cineyug or M/s Dynamix Realty from M/s Kusegaon for a loan of such huge amount of
Rs. 200 Crore.
At this time, the entire paidup equity of M/s Kalaignar TV Pvt. Ltd. was Rs. 10.01 Crore and its entire income (turnover) for the year ending on 31.03.2009 was only Rs. 47.54 Crore.
The paidup equity of M/s Cineyug Films Pvt. Ltd. as on 31.03.2009 was only Rs. 1 lakh.
The paidup equity of M/s Kusegaon Fruits & Vegetables Pvt. Ltd. as on 31.03.2009 was only Rs. 1 lakh. M/s Kusegaon Fruits & Vegetables Pvt. Ltd. has shown, in its balance sheet dated 31.03.2009, an amount of Rs. 31.5 crore as receipt of loan from M/s Dynamix Realty (shown as sister concern). It has also shown to have given an amount of Rs. 28.5 crore to M/s Cineyug Films Pvt. Ltd. As share application money. On the other hand M/s Cineyug Films Pvt. Ltd., in its balance sheet dated 31.03.2009, has shown an
amount of Rs. 29.21 crore in scheduleF ‘current assets loans and advances’ under the head ‘sundry loans and advances’. It has not shown any amount received under share capital account or as share application money.
M/s Dynamix Realty was a partnership firm and a partnership was entered into by M/s D.B. Realty Ltd., M/s Eversmile Construction Company Pvt. Ltd. and M/s Conwood Construction Developers Pvt. Ltd. and the partnership deed was entered specifically in order to develop a Slum Rehabilitation Project at Mumbai. The partnership deed did not provide for any other related project or a project relating to farm and agriculture
business or cinematography work.
It is alleged that none of the companies, firms involved into the entire transactions, purportedly claimed as loan of an amount of Rs. 200 crore, had the main objective of lending money. The companies could lend money only for the purposes incidental to
the main objects and lending money could not be the main object of the company. The amount of interest purportedly earned out of these moneys is a large proportion of the entire revenue of M/s Kalaignar TV Pvt. Ltd., and M/s Cineyug Films Pvt. Ltd. As regards M/s Kusegaoon Fruits & Vegetables Pvt. Ltd., the almost entire earnings of the company are out of these transactions only. It is alleged that none of these companies was holding status of non banking finance company
It is alleged that the aforesaid facts and circumstances constitute commission of offences, during 200709, punishable u/s 120B, 420, 468, 471 of IPC and also
punishable u/s 13 (2) r/w 13 (1) (d) of Prevention of Corruption Act 1988 against accused persons
A. Raja, then MOC&IT the offences punishable u/s 420, 468, 471 IPC & 13 (2) r/w 13 (1) (d) PC Act 1988.
Siddhartha Behura, then Secretary, Department of Telecom the offences punishable u/s 420 IPC &13 (2) r/w 13 (1) (d) PC Act 1988
R. K. Chandolia, then PS to MOC&IT the offences punishable u/s 420 IPC & 13 (2) r/w 13 (1) (d) PC Act 1988.
Shahid Usman Balwa, Director, M/s Swan Telecom Pvt. Ltd.; Vinod Goenka, Director, M/s Swan Telecom Pvt. Ltd. and M/s Swan Telecom Pvt. Ltd. through its Director offences punishable u/s 420/ 468/ 471 IPC
Sanjay Chandra, Managing Director, M/s Unitech Ltd. And M/s Unitech Wireless (Tamil Nadu) Private Ltd through its Director offence punishable u/s 420 IPC.
Gautam Doshi, Group Managing Director, Reliance ADA Group; Hari Nair, Senior Vice President of Reliance ADA Group & Surendra Pipara, Senior Vice President of Reliance
ADA Group & M/s Reliance Telecom Ltd. through its Director offence punishable under section 109 r/w 420 of IPC
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Wednesday, December 27, 2017
Tags – 2g scam facts story history judgement
