2G: Court issues notice to Essar-Loop promoters on CBI plea
New Delhi, April 20: The Delhi High Court on Friday issued notice to the Essar-Loop promoters on a CBI plea challenging a trial court judgment that acquitted them in the 2G spectrum allocation case.
Justice S.P. Garg issued notice to Essar promoters Anshuman Ruia and Ravi Ruia, Essar Group Director Vikash Saraf, Loop Telecom promoters Kiran Khaitan and her husband I.P. Khaitan and three companies and listed the matter for further hearing on May 25.
The Central Bureau of Investigation told the court that the trial court had failed to appreciate the evidence on record which proved that the accused had hatched a conspiracy to cheat the Department of Telecom (DoT) for obtaining spectrum licence.
The agency also said that the special judge -- dealing exclusively with the 2G cases -- failed to appreciate law in proper perspective.
"The evidence on record clearly establishes the offence committed by the accused persons," the plea said.
"The falsity of representation was known not only to (Essar Group Director - Strategy and Planning) Saraf but to all accused persons and it was made with a dishonest intention to deliberately conceal the true ownership and control of the applicant company (Loop Telecom Ltd) and to induce the DoT to issue letters of intent, enter into licence agreements and eventually allocate spectrum to the company," the plea said.
The various adverse observations made by the judge were "highly unwarranted", unjustified and in any case, deserved to be expunged, it said.
On December 21, 2017, the special judge acquitted Essar promoters Anshuman Ruia and Ravi Ruia, Saraf, Khaitan and her husband I.P. Khaitan. The court also let off three companies -- Loop Telecom Pvt Ltd, Loop Mobile India Ltd and Essar Tele Holding.
The CBI filed its third charge sheet on December 12, 2011, including the names of Essar promoters, Loop promoters and Saraf, and companies -- Loop Telecom Pvt Ltd, Loop Mobile India Ltd and Essar Tele Holding -- and recognised them as accused.
The investigating agency had alleged that they had cheated the DoT by using Loop Telecom as a "front" to secure 2G licences in 2008 in violation of Clause 8 of the Unified Access Service License (UASL) Guidelines.
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New application filed in SC against Adani group over US indictment
New Delhi: A fresh application has been submitted to the Supreme Court of India, seeking the inclusion of key documents related to the recent US indictment of the Adani Group. Filed by advocate Vishal Tiwari, the petition aims to introduce two critical pieces of evidence into an ongoing case related to the Adani Group's financial practices.
The first document is a formal US court indictment accusing Gautam Adani, his relative Sagar Adani, and other company executives of orchestrating a massive bribery scheme to secure solar energy contracts worth billions of dollars in India. The indictment alleges that over $250 million in bribes were paid to Indian government officials to obtain these lucrative contracts.
The second document is a complaint from the US Securities and Exchange Commission (SEC), which accuses the Adani Group of securities fraud. The SEC alleges that Adani executives misled investors to raise funds for these solar projects, despite knowing that part of the capital was linked to corrupt activities.
This development follows the US Attorney's Office's recent charges against the Adani executives, who are accused of masterminding a bribery scheme to secure power supply contracts with state-run utilities in India. The contracts were expected to yield up to $2 billion in profits over two decades.
These charges come amid an ongoing investigation by India's Securities and Exchange Board (SEBI) into the Adani Group, after allegations of stock manipulation and market irregularities surfaced, particularly following the release of the Hindenburg Report in early 2023. The new US legal documents could play a crucial role in strengthening the investigation into the Adani Group's business operations.
