World Cup win has created Carnival Climax as Economic Reforms being Pushed Harder and Polcy Formulation is under unprecedented Pressure from Zionist Corporate Imperialism Supported by Global Brahaminical Hindutva!Team India's brand equity set to scale new levels post WC win.The US has expressed concern over 2G spectrum scam involving alleged corruption at the government level and delays in policy formulations, saying it has caused "uncertainty" for foreign and domestic companies alike. The CBI has given the PM a clean chit in its 63-page chargesheet but inadvertently used language that could embarrass the PM in the PAC , JPC investigations and Parliament. Promoters of Unitech Wirless , the company which benefited the most in the 2G spectrum allocation scam, gained Rs 2,342 crores, the CBI told a special court in its charge sheet against former Telecom Minister A Raja , besides eight others and three telecom companies.ADAG fully owned Swan, says agency! Using a novel methodology, the CBI has estimated the loss on account of the 2G spectrum scam at Rs 30,984.55 crore, effectively quashing telecom minister Kapil Sibal's theory of zero loss which was later supported by Planning Commission deputy chairman Montek Singh Ahluwalia .
Indian Holocaust My Father`s Life and Time - SIX HUNDRED ELEVEN
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
Team India's brand equity set to scale new levels post WC win!
Indian Holocaust My Father`s Life and Time - SIX HUNDRED ELEVEN
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
Team India's brand equity set to scale new levels post WC win!
Prime Minister Manmohan Singh today spoke to cricket captain M S Dhoni and congratulated him on the Indian team's World Cup triumph, calling the victory brilliant.
The prime minister told Dhoni that the country was proud of the cricket team and also of his leadership, a PMO official said tonight.
World Cup win has created Carnival Climax as Economic Reforms being Pushed Harder and Polcy Formulation is under unprecedented Pressure from Zionist Corporate Imperialism Supported by Global Brahaminical Hindutva!The US has expressed concern over 2G spectrum scam involving alleged corruption at the government level and delays in policy formulations, saying it has caused "uncertainty" for foreign and domestic companies alike. The CBI has given the PM a clean chit in its 63-page chargesheet but inadvertently used language that could embarrass the PM in the PAC , JPC investigations and Parliament. Promoters of Unitech Wirless , the company which benefited the most in the 2G spectrum allocation scam, gained Rs 2,342 crores, the CBI told a special court in its charge sheet against former Telecom Minister A Raja , besides eight others and three telecom companies. ADAG fully owned Swan, says agency!Using a novel methodology, the CBI has estimated the loss on account of the 2G spectrum scam at Rs 30,984.55 crore, effectively quashing telecom minister Kapil Sibal's theory of zero loss which was later supported by Planning Commission deputy chairman Montek Singh Ahluwalia .
The prime minister told Dhoni that the country was proud of the cricket team and also of his leadership, a PMO official said tonight.
World Cup win has created Carnival Climax as Economic Reforms being Pushed Harder and Polcy Formulation is under unprecedented Pressure from Zionist Corporate Imperialism Supported by Global Brahaminical Hindutva!The US has expressed concern over 2G spectrum scam involving alleged corruption at the government level and delays in policy formulations, saying it has caused "uncertainty" for foreign and domestic companies alike. The CBI has given the PM a clean chit in its 63-page chargesheet but inadvertently used language that could embarrass the PM in the PAC , JPC investigations and Parliament. Promoters of Unitech Wirless , the company which benefited the most in the 2G spectrum allocation scam, gained Rs 2,342 crores, the CBI told a special court in its charge sheet against former Telecom Minister A Raja , besides eight others and three telecom companies. ADAG fully owned Swan, says agency!Using a novel methodology, the CBI has estimated the loss on account of the 2G spectrum scam at Rs 30,984.55 crore, effectively quashing telecom minister Kapil Sibal's theory of zero loss which was later supported by Planning Commission deputy chairman Montek Singh Ahluwalia .
UN staff were hunted down and slaughtered in Afghanistan
Telegraph.co.uk - - 2 hours ago
United Nations staff were hunted down in a hidden bunker and slaughtered by a Muslim mob that stormed their compound last Friday, it emerged over the weekend.
Video: Quran Protests Spread to Turbulent Afghan East
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Answers.com - What is Scandal of 2G Spectrum
Mobile Phones question: What is Scandal of 2G Spectrum? THE SPECTRUM SCAM2G licenses issued to private telecom players at throwaway prices in 2008CAG: ...
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The government has called a Foreign Investment Promotion Board (FIPB) meeting on April 20, the first one after it announced major changes in FDI norms , to approve proposals for foreign direct investment.
While the agenda of the 165th FIPB meeting was being finalised, sources said the Board may also consider those cases on which decisions were deferred in the past.
In the last meeting the Board had approved 14 FDI proposals, including that of Mauritius based Ghir Investments, totalling Rs 1,289.85 crore. The meeting was held on March 11.
Meanwhile, Japan Brake Industrial Co, Japan has sought FIPB approval to manufacture components of automobiles and other two-wheeler vehicles.
As per the FIPB in the Finance Ministry, Mumbai-based Pruksa-Luxora has also sought the government's nod for FDI in construction of residential buildings and alterations in the existing ones.
In the March meeting, the FIPB had deferred decisions on 27 proposals, including that of Essar Capital Holdings and Forbo Holding AG, Lindenstrasse, Switzerland.
During the 11-month (April-February) period this fiscal, FDI inflows into India declined by 25 per cent to USD 18.3 billion.
With an aim to attract more and more FDI in the country, the government has been taking several steps, including simplification and rationalisation of the policy.
On March 31, the Department of Industrial Policy and Promotion, the nodal agency on FDI policy, had affected several major changes in the norms.
Besides, allowing greater flexibility to Indian firms to raise overseas capital, the government also scrapped norms that required a foreign company to obtain its domestic JV partner's approval for making investments in same field outside the joint venture.
The new norms also allow Indian companies to issue equity against import of capital goods.
The policy regarding foreign investment for production and development of agriculture seeds and planting material has also been liberalised.
Also the facility of conversion of capital goods import into equity was earlier available only to companies raising external commercial borrowings (ECBs).
While the agenda of the 165th FIPB meeting was being finalised, sources said the Board may also consider those cases on which decisions were deferred in the past.
In the last meeting the Board had approved 14 FDI proposals, including that of Mauritius based Ghir Investments, totalling Rs 1,289.85 crore. The meeting was held on March 11.
Meanwhile, Japan Brake Industrial Co, Japan has sought FIPB approval to manufacture components of automobiles and other two-wheeler vehicles.
As per the FIPB in the Finance Ministry, Mumbai-based Pruksa-Luxora has also sought the government's nod for FDI in construction of residential buildings and alterations in the existing ones.
In the March meeting, the FIPB had deferred decisions on 27 proposals, including that of Essar Capital Holdings and Forbo Holding AG, Lindenstrasse, Switzerland.
During the 11-month (April-February) period this fiscal, FDI inflows into India declined by 25 per cent to USD 18.3 billion.
With an aim to attract more and more FDI in the country, the government has been taking several steps, including simplification and rationalisation of the policy.
On March 31, the Department of Industrial Policy and Promotion, the nodal agency on FDI policy, had affected several major changes in the norms.
Besides, allowing greater flexibility to Indian firms to raise overseas capital, the government also scrapped norms that required a foreign company to obtain its domestic JV partner's approval for making investments in same field outside the joint venture.
The new norms also allow Indian companies to issue equity against import of capital goods.
The policy regarding foreign investment for production and development of agriculture seeds and planting material has also been liberalised.
Also the facility of conversion of capital goods import into equity was earlier available only to companies raising external commercial borrowings (ECBs).
he full Planning Commission, headed by Prime Minister Manmohan Singh , will meet on April 21 to finalise the Approach Paper to the 12th Five Year Plan (2012-17), which seeks to raise the economic growth rate to 10 per cent from 8.1 per cent estimated in the current Plan.
The Paper will set broad framework for the 12th Plan. "The Commission will hold a full Plan panel meeting on April 21 to clear the Approach Paper to the 12th Five Year Plan," an official said.
Once approved by the full Plan panel and the Union Cabinet, the Paper will be placed before the country's apex policy making body National Development Council (NDC), headed by the Prime Minister and all chief ministers and union ministers on its board, for final approval.
Presided over by the Prime Minister, the full Planning Commission comprises key cabinet ministers, including Finance Minister Pranab Mukherjee and Agriculture and Food Minister Sharad Pawar, Deputy Chairman Montek Singh Ahluwalia and all its full-time and part-time members.
The Commission had set an average annual growth target of 9 per cent for the Eleventh Plan -- beginning with 8.5 per cent in the first year and closing with 10 per cent in the last year of the Plan period (2007-12).
In March last year, the full Commission meeting had scaled down the growth rate for the Eleventh Plan ending FY'12 to 8.1 per cent from 9 per cent in the wake of the global financial crisis that slowed the pace of economic expansion.
The growth target for the 12th Plan, as indicated by Singh on earlier occasions, is likely to be pegged at 10 per cent. The investment target for infrastructure sector sector is expected to be doubled to USD 1 trillion during 2012-17.
With the world under their feet after lifting the World Cup, Dhoni's daredevils are also set to stamp their authority in the endorsement market with their brand equity set to touch to new highs.
The Paper will set broad framework for the 12th Plan. "The Commission will hold a full Plan panel meeting on April 21 to clear the Approach Paper to the 12th Five Year Plan," an official said.
Once approved by the full Plan panel and the Union Cabinet, the Paper will be placed before the country's apex policy making body National Development Council (NDC), headed by the Prime Minister and all chief ministers and union ministers on its board, for final approval.
Presided over by the Prime Minister, the full Planning Commission comprises key cabinet ministers, including Finance Minister Pranab Mukherjee and Agriculture and Food Minister Sharad Pawar, Deputy Chairman Montek Singh Ahluwalia and all its full-time and part-time members.
The Commission had set an average annual growth target of 9 per cent for the Eleventh Plan -- beginning with 8.5 per cent in the first year and closing with 10 per cent in the last year of the Plan period (2007-12).
In March last year, the full Commission meeting had scaled down the growth rate for the Eleventh Plan ending FY'12 to 8.1 per cent from 9 per cent in the wake of the global financial crisis that slowed the pace of economic expansion.
The growth target for the 12th Plan, as indicated by Singh on earlier occasions, is likely to be pegged at 10 per cent. The investment target for infrastructure sector sector is expected to be doubled to USD 1 trillion during 2012-17.
With the world under their feet after lifting the World Cup, Dhoni's daredevils are also set to stamp their authority in the endorsement market with their brand equity set to touch to new highs.
Finance Ministry will soon come out with a discussion paper on service tax to increase its contribution to the overall tax kitty and align it with the proposed Goods and Services Tax (GST).
"The Finance Ministry is working on a discussion paper on taxation of services to get opinion and feedback before moving to GST," a source told PTI.
The source further said, based on the feedback, the ministry would decide on the need to prepare negative list of services, adding, "The services sector contribute more than 50 per cent of the GDP but its representation in revenue is relatively low."
Finance Minister Pranab Mukherjee in his Budget 2011-12 speech had said that many experts have argued that it will be desirable to tax services based on a small negative list, so that many untapped sectors are brought into the tax net.
"Such an approach will be very conducive for a nationwide GST. I propose to initiate an informed public debate on the subject to help us finalise the approach to GST," Mukherjee had said.
Currently, few services come under the tax net. But after GST is implemented, taxes would be levied on most of the services.
In the Budget Session, the Government had introduced the Constitution Amendment Bill in the Lok Sabha which seeks to pave the way for the Goods and Services Tax.
The new GST regime would subsume most of the indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides local levies.
GST, which is considered to be a major tax reform, has been pending for the past few years due to differences between the Centre and some states over the new structure.
The Bill was the fourth draft prepared by the Centre after the first three drafts were rejected by the states, citing autonomy issues.
However, a few states, mainly those ruled by the BJP , continue to oppose the existing GST structure.
After missing the original April, 2010, deadline for GST rollout, the government had proposed to introduce it in April, 2011.
"The Finance Ministry is working on a discussion paper on taxation of services to get opinion and feedback before moving to GST," a source told PTI.
The source further said, based on the feedback, the ministry would decide on the need to prepare negative list of services, adding, "The services sector contribute more than 50 per cent of the GDP but its representation in revenue is relatively low."
Finance Minister Pranab Mukherjee in his Budget 2011-12 speech had said that many experts have argued that it will be desirable to tax services based on a small negative list, so that many untapped sectors are brought into the tax net.
"Such an approach will be very conducive for a nationwide GST. I propose to initiate an informed public debate on the subject to help us finalise the approach to GST," Mukherjee had said.
Currently, few services come under the tax net. But after GST is implemented, taxes would be levied on most of the services.
In the Budget Session, the Government had introduced the Constitution Amendment Bill in the Lok Sabha which seeks to pave the way for the Goods and Services Tax.
The new GST regime would subsume most of the indirect taxes like excise duty and service tax at the central level and VAT on the state front, besides local levies.
GST, which is considered to be a major tax reform, has been pending for the past few years due to differences between the Centre and some states over the new structure.
The Bill was the fourth draft prepared by the Centre after the first three drafts were rejected by the states, citing autonomy issues.
However, a few states, mainly those ruled by the BJP , continue to oppose the existing GST structure.
After missing the original April, 2010, deadline for GST rollout, the government had proposed to introduce it in April, 2011.
Govt will review revival plans of sick PSUs
NEW DELHI: The government will review the revival plans of all sick enterprises before formulating a policy for divestment in around 45 loss-making state run companies.
The department is in favour of exiting completely from companies that do not have a viable turnaround plan. A final decision will taken only after consultation with the Prime Minister's Office, a senior official of the department of heavy industries told ET.
"We will apprise the Prime Minister of the current financial situation of sick enterprises and after getting a clearance the process of strategic sale will be initiated," the official said.
The ministry is of view that companies such as Scooters India and HMT Bearings that do not seem to have a strategic plan for revival should be put on the block. Other likely candidates for strategic sales are Hindustan Photofilms , Eastern Coalfields , Hindustan Shipyard , and Madras Fertilizers .
Minister for heavy industries Praful Patel has already said that the government will have to take a 'fundamental call' about those companies which cannot be turned around. "No private sector company is interested in setting up a joint venture or work on a lease-operate and rehabilitate model with these sick enterprise," said the official.
"Money raised through strategic sale can be ploughed back into the companies where recovery is possible," the official said. The ministry will also consult the state governments where the sick enterprises are located, if required, for a smooth strategic sale in these companies. "Some companies are located on leasehold land provided by the state governments. We will resolve any such issues before kick-starting the process," the official said.
The government had recently come out with stricter guidelines for identifying turn around companies. "There have been cases, where companies have posted profits for a year or two after a capitalisation package but have slipped into red after that," the official said, adding that administrative ministries will also be taken into confidence.
The government has so far provided Rs 15,253 crore for the loss-making central public sector companies. A pay revision committee report had earlier recommended that government should exit any public sector enterprise with less than 50 crore turnover.
The losses of sick central public sector enterprises increased 40% in 2008-09 to Rs 14,424 crore from Rs 10,257 crore in the year before. Out of the total 213 operating central state-run companies, 54 incurred losses during 2008-09.
Govt liberalises FDI policy to boost inflows
NEW DELHI: Relaxing the rules for foreign direct investment (FDI) in the country, the government today decided to permit the issuance of equity to overseas firms against imported capital goods and machinery.
Furthermore, the norms for overseas investment in production and developments of seeds have been liberalised.
"After stakeholder consultations, the government has now decided to permit issue of equity, under the government route, in... import of capital goods/ machinery/ equipment (including second-hand machinery)," an official statement said.
This measure, which liberalises the conditions for conversion of non-cash items into equity, is expected to significantly boost the prospects for foreign companies doing business in India, it said.
In the agriculture sector, it said that FDI will now be permitted in the development and production of seeds and planting material without the stipulation of having to do so under 'controlled conditions'.
The government made these changes in the third edition of the Consolidated FDI Policy Circular, a ready reckoner on foreign investment-related regulations that was released here today.
"Circular 1 of 2011 third edition of the Consolidated FDI Policy is a part of ongoing efforts of procedure simplification and FDI rationalisation, which will go a long way in inspiring investor confidence," Commerce and Industry Minister Anand Sharma said.
The government has further decided to abolish the condition of prior approval in case of existing joint ventures and technical collaborations in the 'same field'.
"It is expected that this measure will promote the competitiveness of India as an investment destination and be instrumental in attracting higher levels of FDI and technology inflows into the country," it added.
It also said that companies have now been classified into only two categories -- 'companies owned or controlled by foreign investors' and 'companies owned and controlled by Indian residents'.
The earlier categorisation of 'investing companies', 'operating companies' and 'investing-cum-operating companies' has been done away with, it added.
During the 11-month April-February period this fiscal, FDI inflows into India declined by 25 per cent to $18.3 billion.
Furthermore, the norms for overseas investment in production and developments of seeds have been liberalised.
"After stakeholder consultations, the government has now decided to permit issue of equity, under the government route, in... import of capital goods/ machinery/ equipment (including second-hand machinery)," an official statement said.
This measure, which liberalises the conditions for conversion of non-cash items into equity, is expected to significantly boost the prospects for foreign companies doing business in India, it said.
In the agriculture sector, it said that FDI will now be permitted in the development and production of seeds and planting material without the stipulation of having to do so under 'controlled conditions'.
The government made these changes in the third edition of the Consolidated FDI Policy Circular, a ready reckoner on foreign investment-related regulations that was released here today.
"Circular 1 of 2011 third edition of the Consolidated FDI Policy is a part of ongoing efforts of procedure simplification and FDI rationalisation, which will go a long way in inspiring investor confidence," Commerce and Industry Minister Anand Sharma said.
The government has further decided to abolish the condition of prior approval in case of existing joint ventures and technical collaborations in the 'same field'.
"It is expected that this measure will promote the competitiveness of India as an investment destination and be instrumental in attracting higher levels of FDI and technology inflows into the country," it added.
It also said that companies have now been classified into only two categories -- 'companies owned or controlled by foreign investors' and 'companies owned and controlled by Indian residents'.
The earlier categorisation of 'investing companies', 'operating companies' and 'investing-cum-operating companies' has been done away with, it added.
During the 11-month April-February period this fiscal, FDI inflows into India declined by 25 per cent to $18.3 billion.
शीर्ष कहानियां
"Many pro-competition recommendations of the independent telecommunication's regulatory agency (TRAI) have been delayed or rejected by the Department of Telecom ( DoT )) without adequate explanation," says United States Trade Representative (USTR) in its trade policy document.
Despite India's positive steps towards liberalising and introducing private investment and competition in its telecommunications services market, concerns remain regarding India's limited multilateral commitment in basic and value added telecom services, it said.
A major scandal surrounding the allocation of 2G spectrum erupted in November 2010, based on allegations of extensive government corruption at the Telecom Ministry and caused uncertainty for both global and local companies, it said.
The comments come in the wake of irregularities pointed out by the government auditor CAG and CBI in the recent allocation of spectrum in January 2008 by former telecom minister A Raja, who has been arrested on charges of corruption.
A number of companies, which got licences in 2008, have been named in the scandal including those who had roped in foreign companies as their partners to roll telecom networks.
Indian telecom sector is the fastest growing in the world as it is adding on average more than 15 million mobile subscribers every month. With 12 or more operators existing in each circle, tariffs in India are considered among the lowest.
Despite 2G scandal, Indian government garnered a whopping $ 23 billion revenue by auctioning 3G spectrum last year.
The USTR , however, pointed out that India struggled for over a year to formalise its policies for the allocation of wireless spectrum to serve its rapidly expanding and lucrative wireless telecommunications industry.
Only after several postponements, it (India) could conduct long awaited 3G spectrum and broadband wireless access auctions last year amid intense competition and generated $ 23 billion, which is nearly double the government's initial expectations.
The USTR, however, attributed high 3G prices to uncertainty over 2G spectrum policy, the availability of fewer slots per circle and the limited spectrum available for auction.
This, the trade body said, could result in higher prices of 3G services for the consumers, which is contrary to the government's objective of providing affordable broadband services to rural India.
CBI has used adjusted gross revenue (AGR) to index the losses, which is neither based on the methodologies adopted by the CAG nor is it in consonance with recommendations of the telecom regulator, which had initially equated the value of 2G spectrum with 3G. This, prima facie, appears to be an attempt to bring CAG's Rs 1.76 lakh crore revenue loss estimate down to a more manageable size.
CBI has cited some letters between finance ministry and DoT which say: "At this stage the price of spectrum suggested by the finance ministry and agreed to in-principle by DoT was a price indexed from the entry fee discovered in 2001 on basis of change in AGR per MHz per year during the years 2002-3 to 2007. The change in AGR during the years 2002-03 to 2007 was pegged at around 3.5 times by the DoT." Using this new parameter, CAG has brought down losses to Rs 22,535.6 crore on account of new UASL licences and Rs 8,448.95 crore on account of 35 dual technology licences.
While the historic win will push captain Dhoni to a new trajectory in the branding business, others like Yuvraj Singh will also see a rejuvenation, while even youngsters such as Virat Kohli and Suresh Raina are tipped to benefit immensely. As for the master blaster Sachin Tendulkar , the win will re-enforce his already strong brand equity.
"The brand value of team India will grow multi-fold. A lot of brands and companies would want to get associated with the cricket players. The victory has not only benefited the top most popular players, but also the other young cricketers who earlier did not get enough attention," Madison World's Sports Management Company, PMG Chief Operation Officer Melroy D'Souza told PTI.
The endorsement fee charged by players will definitely increase by about 20 per cent or so, but yes the number of brands currently being endorsed by each cricketer will increase, he added.
Expressing similar sentiments, Rhiti Sports Management Promoter Arun Pandey, who manages MS Dhoni's account, said: "The positive thing about the World Cup victory is that it will give an opportunity to other players also to create their brand value in the market."
The people's reaction and the celebrations after the victory have proven once again that cricket is the biggest religion in India. Indians are emotional people and corporates know how to benefit from that, he added.
The man to benefit the most is Dhoni, who has now been hailed as the greatest Indian captain after leading the team to number one position in all the three formats of the game.
"Dhoni was already a brand before the world Cup with around 23 brands in his portfolio. But now we want to take the market of brand endorsement to the next level," Pandey said.
The firm is considering different models of partnership with companies, moving beyond a simple fee-based tie-ups for Dhoni.
"This win has made our task very easy. Now we can demand and negotiate better deals from companies," he added.
According to industry sources, Dhoni's value is estimated at around Rs 10 crore per year per brand.
Besides Dhoni, Rhiti Sports Management handles accounts for other cricketers including Harbhajan Singh, RP Singh and Suresh Raina.
"We will have to focus on managing the four cricketers that we currently have with us," Pandey said.
Foreign funds pumped in over $1.5 bn in March
Foreign funds were a key to the March rally of key benchmark indices at Indian equities markets as they lapped up stocks worth over $1.5 billion during the month, compared to a paltry $18.97 mn in February.
According to the data available with the Securities Exchange Board of India ( SEBI )), foreign institutional investors (FIIs) were net buyers of equities to the tune of $1,540.36 mn (Rs.6,897.80 crore), fuelling an over 9 percent increase in the benchmark index of the Bombay Stock Exchange, the 30-scrip sensitive index (Sensex).
The Sensex closed March at 19,445.22 points, up 9.09 percent or 1,621.82 points from the February end's close of 17,823.4 points. Its peer, the Nifty of the National Stock Exchange too soared 500.5 points or 9.38 percent to close March 31 at 5,833.75 points.
Broader indices too rose handsomely. The BSE midcap index gained 7.84 percent during the month under review, while the BSE smallcap index moved up 4.58 percent.
FIIs had sold stocks worth $1.05 billion in January.
Domestic funds on the other hand seemed to have booked profits in March, with net buys at the end of the month totalling only a meagre Rs.28.3 crore.
"Internals of markets are quite encouraging to stick to positive biasness amidst global concerns. FIIs since sub-5400 levels (of the Nifty) have been significant buyers in cash market and aggressive long builders in index futures," said a note from leading brokerage firm Angel Broking.
Economic Times reports:
Describing the three letters exchanged between Raja and the PM on Nov 2, 2007, the CBI states, "In furtherance of the conspiracy, accused A Raja, later on the same day, ie, November 2, 2007 itself, wrote a letter to the PM misrepresenting the facts and fraudulently justifying his decision regarding the cutoff date of Sept 25, 2007 on the ground that on this date the announcement of cutoff date appeared in the newspaper. He also misled the PM and incorrectly stated the opinion of the ministry of law and justice to refer the matter to eGoM to be out of context."
The CBI says Raja was already in a criminal conspiracy with Sanjay Chandra of Unitech, Shahid Balwa and Vinod Goenka of Swan before the publication of cutoff date in newspapers. The agency concludes that Raja knowingly misrepresented the facts and misled the PM.
The CBI refers to the PM's letter on the same day to Raja that "since spectrum is very limited even in the next several years, all the licences may never be able to get spectrum", to show that the PM cautioned Raja but Raja brushed aside his advice. Interestingly, the CBI concludes, "adherence to these directions would have foiled (Raja's) designs to unduly favor applicant companies he was in conspiracy with".
This CBI comment carries serious implications since the government's PR machinery has claimed that the PM had merely forwarded suggestions received by several companies and stakeholders to Raja. The CBI clearly doesn't think so, insisting that the PM's missives were directions. Implicit in this finding is the CBI's belief that had the PM's directions been enforced, the 2G spectrum scam could have been prevented.
CBI highlights that Raja wrote the second letter on the same day in collaboration with R K Chandolia without either referring it to the DoT or dealing with it in the files, yet assuring the PM "...there was and is no single deviation or departure in the rules and procedures".
http://economictimes.indiatimes.com/news/news-by-industry/telecom/2g-scam-cbi-clean-chit-to-pm-but-he-may-still-have-to-worry/articleshow/7854671.cms
The investigating agency said a subscription agreement on October 28, 2008 between various Unitech group companies and others had decided to infuse extra equity in the companies for 66.5 per cent stake.
Unitech Group in joint venture with Norway's telecom major Telenor had started its service in telecom business under the name of Uninor.
"Investigation has also revealed that a subscription agreement dated October 28, 2008 between various Unitech group of companies, their holding companies and M/s Telenor Asia Pte. Ltd and Telenor Mobile Communications AS, Telenor agreed to infuse extra equity into the companies for 66.5 per cent stake.
"The pre-money enterprise values of the company was pegged at Rs 4,400 crores of which Rs 1146.7 crores was external debt and Rs 773 crore as shareholders loans. Net pre-money equity value of the promoters was treated as Rs 2,480 crores. Accordingly, the investment consideration of Telenor was kept at Rs 5,093 crores.
"Actual investment of promoters in equity was Rs 138 crores, which was valued at Rs 2,480 crores, indicating a gain of Rs 2,342 crores to promoters of M/s Unitech Wireless," the CBI said in its charge sheet filed yesterday.
The CBI further said that M/s Telenor Asia Pte. Ltd subscribed to over 34 crore shares of the company (Unitech) between March 20, 2009 to February 22, 2010. These shares were alloted at Rs 6,135 crores.
"The total number of shares held by Unitech group in eight group companies of Unitech Wirless, prior to the agreement with Telenor was 13.80 crores. At a premium of Rs 169.731, the total premium amount/ gain to the Unitech Group as such comes at Rs 2,342 crores, which is the same amount as arrived at according to the agreement," the charge sheet said.
The eight group companies of Unitech Wireless were -- Aska Project Ltd, Nahan Properties Pvt Ltd, Unitech Builders and Estates Pvt Ltd, Unitech Infrastructure Pvt Ltd, Azare Properties Ltd, Adonis Projects Pvt Ltd, Hudson Properties Ltd and Volga Properties Pvt Ltd.
These companies were renamed after these got UAS licences from DoT as Unitech Wireless group companies, CBI said, adding that the eight companies were merged into Unitech Wireless (Tamil Nadu) Pvt Ltd.
According to the data available with the Securities Exchange Board of India ( SEBI )), foreign institutional investors (FIIs) were net buyers of equities to the tune of $1,540.36 mn (Rs.6,897.80 crore), fuelling an over 9 percent increase in the benchmark index of the Bombay Stock Exchange, the 30-scrip sensitive index (Sensex).
The Sensex closed March at 19,445.22 points, up 9.09 percent or 1,621.82 points from the February end's close of 17,823.4 points. Its peer, the Nifty of the National Stock Exchange too soared 500.5 points or 9.38 percent to close March 31 at 5,833.75 points.
Broader indices too rose handsomely. The BSE midcap index gained 7.84 percent during the month under review, while the BSE smallcap index moved up 4.58 percent.
FIIs had sold stocks worth $1.05 billion in January.
Domestic funds on the other hand seemed to have booked profits in March, with net buys at the end of the month totalling only a meagre Rs.28.3 crore.
"Internals of markets are quite encouraging to stick to positive biasness amidst global concerns. FIIs since sub-5400 levels (of the Nifty) have been significant buyers in cash market and aggressive long builders in index futures," said a note from leading brokerage firm Angel Broking.
Economic Times reports:
Describing the three letters exchanged between Raja and the PM on Nov 2, 2007, the CBI states, "In furtherance of the conspiracy, accused A Raja, later on the same day, ie, November 2, 2007 itself, wrote a letter to the PM misrepresenting the facts and fraudulently justifying his decision regarding the cutoff date of Sept 25, 2007 on the ground that on this date the announcement of cutoff date appeared in the newspaper. He also misled the PM and incorrectly stated the opinion of the ministry of law and justice to refer the matter to eGoM to be out of context."
The CBI says Raja was already in a criminal conspiracy with Sanjay Chandra of Unitech, Shahid Balwa and Vinod Goenka of Swan before the publication of cutoff date in newspapers. The agency concludes that Raja knowingly misrepresented the facts and misled the PM.
The CBI refers to the PM's letter on the same day to Raja that "since spectrum is very limited even in the next several years, all the licences may never be able to get spectrum", to show that the PM cautioned Raja but Raja brushed aside his advice. Interestingly, the CBI concludes, "adherence to these directions would have foiled (Raja's) designs to unduly favor applicant companies he was in conspiracy with".
This CBI comment carries serious implications since the government's PR machinery has claimed that the PM had merely forwarded suggestions received by several companies and stakeholders to Raja. The CBI clearly doesn't think so, insisting that the PM's missives were directions. Implicit in this finding is the CBI's belief that had the PM's directions been enforced, the 2G spectrum scam could have been prevented.
CBI highlights that Raja wrote the second letter on the same day in collaboration with R K Chandolia without either referring it to the DoT or dealing with it in the files, yet assuring the PM "...there was and is no single deviation or departure in the rules and procedures".
http://economictimes.indiatimes.com/news/news-by-industry/telecom/2g-scam-cbi-clean-chit-to-pm-but-he-may-still-have-to-worry/articleshow/7854671.cms
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Unitech Group in joint venture with Norway's telecom major Telenor had started its service in telecom business under the name of Uninor.
"Investigation has also revealed that a subscription agreement dated October 28, 2008 between various Unitech group of companies, their holding companies and M/s Telenor Asia Pte. Ltd and Telenor Mobile Communications AS, Telenor agreed to infuse extra equity into the companies for 66.5 per cent stake.
"The pre-money enterprise values of the company was pegged at Rs 4,400 crores of which Rs 1146.7 crores was external debt and Rs 773 crore as shareholders loans. Net pre-money equity value of the promoters was treated as Rs 2,480 crores. Accordingly, the investment consideration of Telenor was kept at Rs 5,093 crores.
"Actual investment of promoters in equity was Rs 138 crores, which was valued at Rs 2,480 crores, indicating a gain of Rs 2,342 crores to promoters of M/s Unitech Wireless," the CBI said in its charge sheet filed yesterday.
The CBI further said that M/s Telenor Asia Pte. Ltd subscribed to over 34 crore shares of the company (Unitech) between March 20, 2009 to February 22, 2010. These shares were alloted at Rs 6,135 crores.
"The total number of shares held by Unitech group in eight group companies of Unitech Wirless, prior to the agreement with Telenor was 13.80 crores. At a premium of Rs 169.731, the total premium amount/ gain to the Unitech Group as such comes at Rs 2,342 crores, which is the same amount as arrived at according to the agreement," the charge sheet said.
The eight group companies of Unitech Wireless were -- Aska Project Ltd, Nahan Properties Pvt Ltd, Unitech Builders and Estates Pvt Ltd, Unitech Infrastructure Pvt Ltd, Azare Properties Ltd, Adonis Projects Pvt Ltd, Hudson Properties Ltd and Volga Properties Pvt Ltd.
These companies were renamed after these got UAS licences from DoT as Unitech Wireless group companies, CBI said, adding that the eight companies were merged into Unitech Wireless (Tamil Nadu) Pvt Ltd.
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3 APR, 2011, 05.13AM IST, MANOJ MITTA,TNN
ADAG fully owned Swan, says agency
NEW DELHI: The CBI's chargesheet of Saturday corroborated the CAG's finding that when the 2G scam-tainted Swan Telecom had filed its application in March 2007, the Anil Ambani Dhirubhai Group (ADAG) had violated the 10% cap on equity held in more than one applicant.
But there is a huge difference in the two agencies' findings on the extent to which ADAG is alleged to have owned Swan Telecom. The comptroller and auditor general rather controversially clubbed preference shares with equity shares to conclude that ADAG held 10.7% of the voting stake in Swan, still above the mandated cap. The CBI, on the basis of evidence available with the Registrar of Companies, alleged that ADAG had a 100% stake in Swan Telecom.
This is because Tiger Traders, which held 90.1% equity in Swan Telecom at the time of its application for dual technology spectrum, was found to be as much an ADAG company as Reliance Telecom , which held 9.9% of Swan equity at the time.
It was this discovery about Swan Telecom that led the CBI to implicate three ADAG executives - group managing director Gautam Doshi, senior vice president Hari Nair and group president Surendra Pipara.
Huntsman acquires Laffans Petrochemicals
The American chemicals major Huntsman Corporation today said it has taken over Gujarat-based chemicals producer Laffans Petrochemicals , and has also taken the ownership of the company's 60 kilo tonne ethylene oxide derivatives facility at Ankleshwar.
Though Laffans is a BSE-listed company, and the acquirer Huntsman is traded on the NYSE, both the parties did not reveal the financial details of the deal.
The $ 9-billion Woodlands, Texas-based Huntsman is a global manufacturer and marketer of differentiated chemicals to industries such as chemicals, plastics, automotive, aviation among others.
Huntsman India has its facilities at Navi Mumbai and has been having a technical collaboration with Laffans for the past two years. India contributes to a little over 3 percent of its global revenue of $ 9.2 billion in 2010.
Laffans set up in 1994 to manufacture ethylene oxide derivatives had revenues in excess of $ 50 mn in 2010.
The Ankleshwar plant was set up under technical assistance from Reliance Industries and is in proximity to the Hazira plant of Reliance. The unit operates the largest loop reactor in the country and its glycol ethers and acetates unit has a capacity of 30,000 tonne per annum.
The Ankleshwar plant of Laffans produces speciality intermediates for use in agrochemicals, household and personal care products, oil and gas applications and automotive lubricants and brake fluids.
Post-deal, the chemicals business of Laffans becomes an integral part of Huntsman Performance Products, giving the division its first dedicated production plant in the country, Huntsman said in a release.
The American chemicals major Huntsman Corporation today said it has taken over Gujarat-based chemicals producer Laffans Petrochemicals , and has also taken the ownership of the company's 60 kilo tonne ethylene oxide derivatives facility at Ankleshwar.
Though Laffans is a BSE-listed company, and the acquirer Huntsman is traded on the NYSE, both the parties did not reveal the financial details of the deal.
The $ 9-billion Woodlands, Texas-based Huntsman is a global manufacturer and marketer of differentiated chemicals to industries such as chemicals, plastics, automotive, aviation among others.
Huntsman India has its facilities at Navi Mumbai and has been having a technical collaboration with Laffans for the past two years. India contributes to a little over 3 percent of its global revenue of $ 9.2 billion in 2010.
Laffans set up in 1994 to manufacture ethylene oxide derivatives had revenues in excess of $ 50 mn in 2010.
The Ankleshwar plant was set up under technical assistance from Reliance Industries and is in proximity to the Hazira plant of Reliance. The unit operates the largest loop reactor in the country and its glycol ethers and acetates unit has a capacity of 30,000 tonne per annum.
The Ankleshwar plant of Laffans produces speciality intermediates for use in agrochemicals, household and personal care products, oil and gas applications and automotive lubricants and brake fluids.
Post-deal, the chemicals business of Laffans becomes an integral part of Huntsman Performance Products, giving the division its first dedicated production plant in the country, Huntsman said in a release.
Tata Steel makes TCIL its subsidiary, raises stake to 59.45 pc
Tata Steel today said it has made the Tinplate Company of India Limited (TCIL) its subsidiary by increasing its stake in the company by 16.57 per cent to 59.45 per cent, following which the TCIL shares went up by over 15 per cent on the bourses in the late afternoon trade.
"...TCIL has become a subsidiary of the company with effect from April 1, 2011, consequent to increase in the company's shareholding in TCIL from 42.88 per cent to 59.45 per cent," Tata Steel said in a filing to the Bombay Stock Exchange.
This increase is due to automatic and compulsory conversion of three per cent fully convertible debentures of Rs 100 each into equity, the filing added.
According to a TCIL filing to the stock exchanges, it has alloted 3,27,04,209 equity shares of Rs 10 each at a premium of Rs 45, following the conversion of the debentures.
"The takeover code is not applicable here. We are not making any Open Offer. Our share in TCIL has gone up due to conversion of convertible debentures as per the terms of the instrument," a Tata Steel spokesperson said.
Following the news, the scrip of TCIL had gone up by 15.28 per cent at 1400 hours on the Bombay Stock Exchange and were trading at Rs 74.30 apiece.
Similarly, the Tata Steel shares were also in green on the BSE and was up by 1.03 per cent at Rs 626.90 apiece.
Established in 1920, TCIL currently is the largest domestic producer of tin coated and tin free steel sheets and is expanding its capacity to 3,79,000 tonnes per annum.
In 1982, the Tata Steel has taken over the management control of the company by acquiring shares of Burmah Oil - then majority shareholder. However, TCIL has not been made a subsidiary till date.
TCIL also exports about 20-25 per cent of its production to the markets of South-east Asia, Middle East and some developed countries in Europe, according to its website.
The company had posted a net profit of Rs 7.91 crore for the quarter ended December 31, 2010 and had a net sales of Rs 158.95 crore.
"...TCIL has become a subsidiary of the company with effect from April 1, 2011, consequent to increase in the company's shareholding in TCIL from 42.88 per cent to 59.45 per cent," Tata Steel said in a filing to the Bombay Stock Exchange.
This increase is due to automatic and compulsory conversion of three per cent fully convertible debentures of Rs 100 each into equity, the filing added.
According to a TCIL filing to the stock exchanges, it has alloted 3,27,04,209 equity shares of Rs 10 each at a premium of Rs 45, following the conversion of the debentures.
"The takeover code is not applicable here. We are not making any Open Offer. Our share in TCIL has gone up due to conversion of convertible debentures as per the terms of the instrument," a Tata Steel spokesperson said.
Following the news, the scrip of TCIL had gone up by 15.28 per cent at 1400 hours on the Bombay Stock Exchange and were trading at Rs 74.30 apiece.
Similarly, the Tata Steel shares were also in green on the BSE and was up by 1.03 per cent at Rs 626.90 apiece.
Established in 1920, TCIL currently is the largest domestic producer of tin coated and tin free steel sheets and is expanding its capacity to 3,79,000 tonnes per annum.
In 1982, the Tata Steel has taken over the management control of the company by acquiring shares of Burmah Oil - then majority shareholder. However, TCIL has not been made a subsidiary till date.
TCIL also exports about 20-25 per cent of its production to the markets of South-east Asia, Middle East and some developed countries in Europe, according to its website.
The company had posted a net profit of Rs 7.91 crore for the quarter ended December 31, 2010 and had a net sales of Rs 158.95 crore.
Census 2011
The consistently declining child sex ratio is a testimony to the failure of the fairly stringent laws against sex determination tests in India.
3 APR, 2011, 05.33AM IST,TNN
2G scam: Goenka, Balwa & Swan charged
NEW DELHI: Vinod Goenka and Shahid Balwa along with their group firm Swan Telecom were charged by CBI on Saturday of criminal conspiracy, cheating, forgery and bribery. In addition, the agency told the court that it is investigating payments of Rs 200 crore by companies linked to the DB Group to Kalaignar TV, which is controlled by the Karunanidhi clan.
Dynamix Realty , a partnership firm of DB Realty Ltd and other DB Group companies, paid Rs 200 crore to Kalaignar TV during December 2008 to August 2009, following a circuitous route through Kusegaon Fruits and Vegetables and Cineyug Films (DB Group holds 49% equity in it). However, the chain of this, and other suspected quid pro quo (related to Green House Promoters) needs to be consolidated and further evidence needs to be collected to prove the allegations, the chargesheet said.
The CBI chargesheet mentioned that former telecom minister A Raja was familiar with Balwa and Goenka from his days as environment minister. Besides, DB Realty, where the Mumbai duo are promoters, had taken a house belonging to RK Chandolia, Raja's private secretary, on rent.
In the communications & IT ministry, Raja entered into a conspiracy with others, including Swan, by manipulating the sequence order for award of licences and spectrum. In fact, priority list was shuffled in a way that Swan got preference in Mumbai and Delhi, which had sufficient spectrum only for one telecom operator. CBI also said that Swan seemed to have advance knowledge of the changes in award of licence and spectrum by CBI and had kept the bank draft ready as early as November 2007, two months before licences were handed out.
Raja also got inter-service area roaming arrangements changed to benefit Swan despite telecom regulator advising against it.
2G spectrum scam: Raja conspired with bureaucrats, industrialists in 2G scam: CBI
NEW DELHI: A Raja conspired with top bureaucrats, including a retired IAS officer, and corporate honchos to cause a loss of Rs 30,984 crore in the allocation of 2G spectrum, the CBI said in its indictment of the former Telecom Minister who has been chargesheeted along with eight others and three telecom companies .
The agency, which filed its first chargesheet before a special court, alleged that former Telecom Secretary Siddharth Behura, Raja's personal secretary R K Chandolia and Swan Telecom promoter Shahid Usman Balwa and Sanjay Chandra, MD of Unitech wireless, entered into a conspiracy for manipulating the procedure for allocation of spectrum with the aim of favouring companies like Swan Telecom and Unitech Group.
The chargesheet, running into about 80,000 pages and brought in seven steel trunks, was filed before CBI judge O P Saini in the special court constituted exclusively to try the case that is being monitored by the Supreme Court.
Attorney General G E Vahanvati and corporate lobbyist Niira Radia have been named among 125 witnesses in the case. This will be the first time the topmost law officer of the government will be appearing as a witness in a corruption case.
CBI will file the supplementary chargesheet by April 25 and is likely to complete its probe by May 31 in the case that has dented the UPA government's image in less than two years of its return to power.
Others named in the chargesheet include Vinod Goenka, a Director of Mumbai-based DB Realty, which was also the promoter of Etisalat DB, Sanjay Chandra, Managing Director of Gurgaon-based real estate company Unitech and Unitech Wireless(Tamil Nadu) Pvt Ltd and Gautam Doshi, Hari Nair and Surendra Pipara, Group Managing Director and two Senior Vice Presidents of Mumbai-based Reliance Telecom Company.
The 47-year-old DMK leader, who is at present in jail, has been charged with cheating, forgery and abuse of official position under the provisions of Indian Penal Code and Prevention of Corruption Act.
Raja has been charged with "manipulating" procedures like advancing the cut-off date in conspiracy with officials and industrialists by privately conveying to them the resheduled date and grant of licences to ineligible applicants.
In the chargsheet, CBI said Swan Telecom, which was acting as a front company for Reliance ADAG, and Unitech Wireless (Tamil Nadu) were ineligible for getting the licences.
CBI said the gamut of offences were five-fold including the advancing of cut-off date for receiving applications for new Unified Access Services Licenses to help accused companies Swan Telecom and Unitech.
2G scam: Goenka, Balwa & Swan charged
NEW DELHI: Vinod Goenka and Shahid Balwa along with their group firm Swan Telecom were charged by CBI on Saturday of criminal conspiracy, cheating, forgery and bribery. In addition, the agency told the court that it is investigating payments of Rs 200 crore by companies linked to the DB Group to Kalaignar TV, which is controlled by the Karunanidhi clan.
Dynamix Realty , a partnership firm of DB Realty Ltd and other DB Group companies, paid Rs 200 crore to Kalaignar TV during December 2008 to August 2009, following a circuitous route through Kusegaon Fruits and Vegetables and Cineyug Films (DB Group holds 49% equity in it). However, the chain of this, and other suspected quid pro quo (related to Green House Promoters) needs to be consolidated and further evidence needs to be collected to prove the allegations, the chargesheet said.
The CBI chargesheet mentioned that former telecom minister A Raja was familiar with Balwa and Goenka from his days as environment minister. Besides, DB Realty, where the Mumbai duo are promoters, had taken a house belonging to RK Chandolia, Raja's private secretary, on rent.
In the communications & IT ministry, Raja entered into a conspiracy with others, including Swan, by manipulating the sequence order for award of licences and spectrum. In fact, priority list was shuffled in a way that Swan got preference in Mumbai and Delhi, which had sufficient spectrum only for one telecom operator. CBI also said that Swan seemed to have advance knowledge of the changes in award of licence and spectrum by CBI and had kept the bank draft ready as early as November 2007, two months before licences were handed out.
Raja also got inter-service area roaming arrangements changed to benefit Swan despite telecom regulator advising against it.
2G spectrum scam: Raja conspired with bureaucrats, industrialists in 2G scam: CBI
NEW DELHI: A Raja conspired with top bureaucrats, including a retired IAS officer, and corporate honchos to cause a loss of Rs 30,984 crore in the allocation of 2G spectrum, the CBI said in its indictment of the former Telecom Minister who has been chargesheeted along with eight others and three telecom companies .
The agency, which filed its first chargesheet before a special court, alleged that former Telecom Secretary Siddharth Behura, Raja's personal secretary R K Chandolia and Swan Telecom promoter Shahid Usman Balwa and Sanjay Chandra, MD of Unitech wireless, entered into a conspiracy for manipulating the procedure for allocation of spectrum with the aim of favouring companies like Swan Telecom and Unitech Group.
The chargesheet, running into about 80,000 pages and brought in seven steel trunks, was filed before CBI judge O P Saini in the special court constituted exclusively to try the case that is being monitored by the Supreme Court.
Attorney General G E Vahanvati and corporate lobbyist Niira Radia have been named among 125 witnesses in the case. This will be the first time the topmost law officer of the government will be appearing as a witness in a corruption case.
CBI will file the supplementary chargesheet by April 25 and is likely to complete its probe by May 31 in the case that has dented the UPA government's image in less than two years of its return to power.
Others named in the chargesheet include Vinod Goenka, a Director of Mumbai-based DB Realty, which was also the promoter of Etisalat DB, Sanjay Chandra, Managing Director of Gurgaon-based real estate company Unitech and Unitech Wireless(Tamil Nadu) Pvt Ltd and Gautam Doshi, Hari Nair and Surendra Pipara, Group Managing Director and two Senior Vice Presidents of Mumbai-based Reliance Telecom Company.
The 47-year-old DMK leader, who is at present in jail, has been charged with cheating, forgery and abuse of official position under the provisions of Indian Penal Code and Prevention of Corruption Act.
Raja has been charged with "manipulating" procedures like advancing the cut-off date in conspiracy with officials and industrialists by privately conveying to them the resheduled date and grant of licences to ineligible applicants.
In the chargsheet, CBI said Swan Telecom, which was acting as a front company for Reliance ADAG, and Unitech Wireless (Tamil Nadu) were ineligible for getting the licences.
CBI said the gamut of offences were five-fold including the advancing of cut-off date for receiving applications for new Unified Access Services Licenses to help accused companies Swan Telecom and Unitech.
2G scam: Fitness of Telecom firms officials deciding factor in spectrum allocation: CBI
NEW DELHI: Physical fitness of the representatives of telecom companies became the deciding factor for submission of Letter of Intent and entry fees for allocation of spectrum making a mockery of first come first serve basis, the CBI said in its charge sheet against former Telecom Minister A Raja and eight others.
The CBI, which has divided the charge sheet into five sections -- probe into cut-off dates, probe into first come first serve basis, dual technology approvals and spectrum allocation, eligibility of companies and cheating government exchequer -- attempted to present the picture of events that took place during 2007-08.
"Investigations has revealed that as per the ill-conceived design of distribution of Letter of Intent and receipt of LOI compliance and entry fee, applicant company representative were required to rush to the reception area of the Sanchar Bhavan...," the charge sheet filed in the special court of O P Saini against Raja and others said.
"...as a result of the conspiracy, M/s Swan Telecom (also chargesheeted) were the first to submit the compliance for Delhi circle and M/s Unitech Wireless (Tamil Nadu) Pvt Ltd were able to get priority in all circles over many other applicants which had applied much before it.
"This desperate race to the reception area led to a lot of chaos which also resulted in a situation that physical fitness of the representatives became the main deciding factor for priority in submission of compliance of LoI and entry fee making a mockery of the first come first served policy," it said.
Besides Raja, others named in the charge sheet were Managing Director of Gurgaon-based real estate company Unitech Sanjay Chandra, former Telecom Secretary Sidaratha Behura, Raja's close aide R K Chandolia, ADAG's Reliance Telecom's Group Managing Director Gautam Doshi and senior Vice Presidents Hari Nair and Surendra Pipara and former Managing Director of D B Realty Shahid Balwa and Vivek Goenka.
Swan Telecom, Reliance Telecommunication, a subsidiary of Reliance Communication , and Unitech Wireless (Tamil Nadu) were also named in the charge sheet.
Raja arbitrarily changed cut-off date for applications
FE BUREAU
Posted: Monday, Apr 04, 2011 at 0222 hrs IST
New Delhi: The CBI chargesheet has said that investigations have confirmed that the tainted, former telecom minister, A Raja arbitrarily changed the cut-off date for receiving application for telecom licences, especially to favour Unitech Wireless and Swan Telecom. The CBI has said that it was Raja's PS, RK Chandolia who asked the concerned officer to discontinue accepting applications once Unitech Wireless' application came in.
"A Raja took over as telecom minister in May 2007 and at this time he entered into conspiracy with other accused persons and companies with a purpose to issue UAS licences to Swan Telecom, which had already applied and companies promoted by Unitech Ltd, which were yet to apply for UASL, by manipulating the priority list on the basis of the letter of intent (LOI) compliances instead of existing guidelines on the basis of date of applications as per availability of spectrum", the CBI has noted in its chargesheet.
The...
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Raja arbitrarily changed cut-off date for applications
FE BUREAU
Posted: Monday, Apr 04, 2011 at 0222 hrs IST
"A Raja took over as telecom minister in May 2007 and at this time he entered into conspiracy with other accused persons and companies with a purpose to issue UAS licences to Swan Telecom, which had already applied and companies promoted by Unitech Ltd, which were yet to apply for UASL, by manipulating the priority list on the basis of the letter of intent (LOI) compliances instead of existing guidelines on the basis of date of applications as per availability of spectrum", the CBI has noted in its chargesheet.
The...
- FDI in services sector dips 23%
- Tata Steel tops corporate reputation list
- Top-10 firms' m-cap up by Rs 1.08 lakh cr
- Markets may see consolidation this week
- IPOs, rights mop up jump two-folds
- Govt changes norms to protect directors
- Financial sectors rules set for overhaul?
- 'Capital inflows to ease in last quarter'
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http://www.financialexpress.com/news/Raja-arbitrarily-changed-cut-off-date-for-applications/771027/
Was finance minister both times India won World Cup: Pranab
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One of the wings on which Indian cricket took a concerted flight
The HinduA MATCH-WINNING PERFORMANCE: The Sri Lankans could only watch in despair as Gautam Gambhir went about repairing the early damage of losing Virender Sehwag and Sachin Tendulkar. Photo: K.R. Deepak
The Cup was won with Gambhir as an integral part of the triumph
There are many in this team who can thrill people. Sachin Tendulkar, Virender Sehwag, Yuvraj Singh, Mahendra Singh Dhoni...But Gautam Gambhir thrills them differently.
He loves a fight. He could have been a good boxer. He is mentally tuned to indulge in a combat at the shortest notice. So what if he is short in stature? "Height does not matter," he asserts. His mantra is simple: "Adaptability and adjustment make you ready for any battle." This is what he has been reminding himself from the time he slammed a century, as a 12-year-old, or maybe 13, in a local tournament.
Gambhir can be really explosive — the strokes from his bat matching his temper, hurting the bowler, embarrassing the fielders. They often watch in exasperation, as did the Sri Lankans the other night when the left-hander went about repairing the early damage of losing Sehwag and Tendulkar.
As the crowd roars and the bowlers wilt, he makes his moves. Not that he waits for such an opening. If the first ball he faces deserves punishment, it will be dealt with appropriately. "Learnt it from Viru (Sehwag)," he confessed once.
Gambhir grew in Sehwag's shadow, aping him, idolising him, and sometimes matching him, but always admiring his range of shots.
Blessed with talent, and a strong mind, why does he lose temper then? It is put on, to push himself, to set up a fight. Nothing can put him down; nothing. The state of the pitch and the character of the opposition do not matter to him.
Call it arrogance. Or confidence.
He remembers his strong points when the fight begins. Nothing has changed in his game. He wants to dominate, dictate, and, essentially, perform. He loves to create a situation and then tackle it like a champion. He has grown to back himself and has often succeeded.
Champions love to be part of a weak outfit and take on the formidable. Gambhir belongs to that league.
A DIFFICULT PERIOD
Imagine, he had chucked away his bat in 2007 on being ignored for the World Cup. It was a difficult period. He knew nothing other than cricket. And cricket suddenly appeared to be slipping from his grasp. Close to quitting, he reminded himself of the days when he pursued the dream of winning the World Cup for India.
So, he went back to local competitions, domestic circuit, and lit up the contests with his fireworks, sometimes verbal, but mostly cricketing.
Guiding him right through was Sehwag, one explosive batsman challenging the other. Sehwag would tease him, saying, "you can come in only if you displace me. Try!" And Gambhir tried, not to displace Sehwag, but take a leaf out of his philosophy. By fighting for his space in Indian cricket.
To get the best out of his bat, he needed to live with the willow. He did just that, backed by coach Sanjay Bhardwaj.
A few saw Gambhir toil in blistering heat, hone his skills, and prepare to conquer, which he did with a match-winning performance. He was denied a century by three runs — his own making — but then he had done his job.
He had dreamt of this occasion. He lost the man of the match award but won the match!
A MAN OF FEW WORDS
Gambhir, 29, is a man of few words. But he loves to speak through his cricket, his bat doing the talking. You may not need a stump mike to hear his outbursts against the opposition, especially Shahid Afridi, but you would have to strain your ears during one-on-one close conversations with him.
He can be polite to a fault but tough to argue with when he decides to take on the opponent to make a point.
He was learning to walk when India won the World Cup in 1983. On Saturday night, he was one of the wings on which Indian cricket took a concerted flight. The Cup was won with Gambhir as an integral part of the triumph.
A dream was realised at the Wankhede Stadium. And Gambhir, as is his wont, controlled his emotions. Fighters don't shed tears when they win. Gambhir,the street fighter, perhaps, has saved the tears of joy for another day.
Keywords: 2011 ICC Cricket World Cup triumph, Gautam Gambhir
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