13 December 2011

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2G scam – CBI charged Ruias Khaitans, Essar group Vikas Saraf loop Telecom Ltd Shippingstop Dot Com loop mobile

2G scam – CBI charged Ruias Khaitans, Essar group Vikas Saraf loop Telecom Ltd
Shippingstop Dot Com loop mobile

Monday – CBI filed third chargesheet in 2G scam.
Central Bureau of Investigation on Monday charged
Essar Group promoters Ravi and Anshuman Ruia ,
Loop Telecom promoters, NRI businessman I.P. Khaitan and his wife Kiran, as well as Essar group director Vikas Saraf in the 2G case with criminal conspiracy to cheat the exchequer by using Loop Telecom as a front to secure telecom licences.

Following 3 companies are also named as accused in the 2G scam.
1. Loop Telecom Pvt Ltd,
2. Loop Mobile India Ltd
3. Essar Teleholdings Ltd, the investment arm of Essar Group

Media reported that Ravi Ruia, Anshuman Ruia, Vikas Saraf, I.P. Khaitan and his wife Kiran have been charged with criminal conspiracy to cheat the department of telecom.

If convicted, they would face a maximum sentence of seven years.

Essar group promoters Ravikant Ruia and Anshuman Ruia, part of the $17-billion Essar empire that runs companies in more than 25 countries.

Ruia’s sister, Kiran Khaitan, and her husband, IP Khaitan, promoter of Loop and of the Dubai-based Khaitan group of companies, have also been charged.

Anshuman Ruia is Essar group chairman Shashi Ruia’s son and Ravikant’s nephew.

The Clause 8 of Unified Access Service Licence (UASL guidelines prohibits any company from owning more than 10% stake in two telecom operators.

As per telecom rules one telecom firm cannot hold more than 9.9 per cent in another within the same circle while applying for a licence.

In this case Essar misrepresented facts and hatched a criminal conspiracy to cheat the government that is the all citizens of India

In January 2008 A Raja was Minister and Loop Telecom, which got the licences was the front company of the Essar group.

Essar held a “substantial” stake in Loop Telecom when the latter applied for the licences. “Loop was the front company of Essar but they did not disclose it to the department of telecom.

Special 2G court judge .P. Saini said the chargesheet would be “taken for further consideration on December 17”.

The chargesheet runs into 105 pages and contains 398 files and documents.

The documents were brought to the court in five steel trunks.

Reality views by sm –

Tuesday, December 13, 2011

Tags – 2G scam


Renu December 13, 2011  

looks like.politicians and Indian Inc,.all are tainted..

Kirtivasan Ganesan December 13, 2011  

I cannot understand it. How can one do business like this?
If you have stake in one telecom company then you cannot have stake in another company more than 9.9%. How did people arrive at this 9.9%?

sm,  December 13, 2011  

The rule is for the benefit of consumers and control monopoly in advance countries rules are more strict this rule is nothing its useless.
Renu,thanks. yes majority are corrupted