Besides 15 loan transactions to the Siva group of companies, the former directors also used unique methods to ensure the group did not get into the default list.
The Central Bureau of Investigation on Wednesday summoned 2G scam accused Shahid Balwa for questioning with regards to audio recordings of purported conversation between its prosecutor A K Singh and another accused Unitech Managing Director Sanjay Chandra on the case
Against the backdrop of a CBI prosecutor in 2G case allegedly being caught on tape sharing legal strategy with an accused, members of a Parliamentary panel on Wednesday raised questions on the credibility of the investigation agency and its probe in the case.
CBI has removed a public prosecutor from the 2G spectrum case after he was allegedly caught in a taped conversation discussing prosecution strategy with one of the high-profile accused Sanjay Chandra, Managing Director of Unitech.
Shapoorji, Kalpataru, Godrej pursuing Rs 60,000 crore opportunity in the region
The high court's order came on a plea by acquitted individual and Kusegaon Fruits and Vegetables Pvt Ltd director Asif Balwa that the CBI has not placed on record the mandatory authority under the provisions of the CrPC.
During its probe, the CBI has not found any evidence which indicates receipt of any illegal gratification by Singh and believes it was a case of indiscreet talk by him for which departmental action could be recommended, CBI sources said.
Trial in the 2G spectrum case, involving former Telecom Minister A Raja and 16 others, on Monday resumed in a Delhi court after nearly a month with the special judge asking everyone not to discuss the matter outside the courtroom.
Unitech denies wrongdoing, calls taped voice fabricated.
According to sources in the agency, the counsel had been briefed about its stand which includes informing the apex court about 'certain moles' in the probe agency who were providing documents to people outside.
The Supreme Court has asked the CBI to place before it the "files and notings" which purportedly suggest that its Director Ranjit Sinha wants stopping of whole trial against Reliance Telecom Ltd (RTL) and three top executives of the Reliance ADAG, who are accused in the 2G spectrum scam case.
Developers could not find the model of affordable housing viable as they used same resources for premium projects and due to rise in cement and steel prices.
Former Telecom Minister A Raja had "misled" then Prime Minister Manmohan Singh regarding policy of first-come-first-served which was to be followed for allocation of 2G spectrum, Central Bureau of Investigation on Monday told a special court.
These builders had collected the taxes from prospective buyers but had failed to deposit them.
Shift to new business model to help companies cut capital cost, increase margins.
Telenor of Norway and Sistema of Russia - on Friday asserted that they would take legal measures.
Idea takes the matter back to Supreme Court as cancellation-hit telcos make decisive moves.
The Supreme Court on Wednesday took exception to Union Law Minister Salman Khurshid's reported statement that putting businessmen behind bars will hamper investments in the country, saying if true it is "disturbing".
But analysts advise against dumping, say these could recover if market conditions improve.
A joint team of the Enforcement Directorate and the CBI will travel to the tax haven nation of British Virgin Islands in connection with its probe against various entities in the 2G spectrum allocation case.
The real estate sector has underperformed the Sensex in the past 2 years.
There's an undercurrent of fear in business circles these days
A special court on Thursday acquitted all accused in the 2G spectrum allocation scam cases. The scam relates to the granting of 2G spectrum licence allocations in 2007-08 which caused, according to a report by the Comptroller and Auditor General of India, a loss of Rs 1.76 lakh crore. Here is a detailed timeline of how the case came to light and how it has progressed over the years:
Here are some of the top executives and politicians who have been linked to the 2G spectrum scam in India.
The Supreme Court has granted bail to five corporate executives in 2G spectrum case.
One of several jokes doing the rounds these days is about the launch of a new political party, called the Tihar Munnetra Kazhagam.
The corporate honchos who are behind bars for their alleged involvement in the 2G scam will have to celebrate Diwali in jail as the Supreme Court on Friday deferred the hearing on their bail pleas to Octocer 31.
Creating a new image for the client concerned, while making him disappear from the public domain for some time, are among the strategies that often work.
With equity market down and liquidity drying; listed realty companies are sell landing or trying refinance, while unlisted ones are biting their nails.
Uninor and Etisalat DB were given preferential treatment by A Raja, says CBI
A key 2G case witness and ex-aide of A Raja on Monday told a Delhi court that the former telecom minister was in touch with Swan Telecom promoters, Shahid Usman Balwa and Vinod Goenka and Unitech MD Sanjay Chandra and had cleared their projects during his stint with ministry of environment and forests in 2004-07.
Telecom tribunal TDSAT on Thursday reserved judgement on new operator Uninor's petition challenging Telecom Ministry's drive to impose penalty on telcos that did not roll out services within the stipulated period.
Gautam Doshi, Surendra Pipara and Hari Nair, senior executives of the Reliance ADA Group who were granted bail on Wednesday by the Supreme Court in the 2G spectrum scam case, will provide major relief to their high-profile boss Anil Ambani.
In contrast to their lavish lifestyle, all the five spent their night in a 90 square feet Tihar prison cell.
The five were not arrested during the probe into the case.
It wants subscribers who are 'active' on its network.
Trai has recommended cancellation of 74 licences, including Unitech Wireless's 8, Aircel/Dishnet's 7, Etisalat DB's 2, Videocon's 4, Spice's 3, Vodafone's 1, among others.
Summons have been issued to some new telecom firms asking for financial records and documents, according to official sources. However, the names of the companies could not be ascertained.
'In many parts of the country, the empty nest-and-empty-nest egg story is a painful boom-to-bust saga.' 'Among the old and young, it is hitting pockets hard, in a linked chain of debt-laden banks, corrupt politicians and builder mafias and disastrous government policies,' says Sunil Sethi.
The CBI on Wednesday called Loop Telecom, CEO Sandeep Basu, Chairman of Shyam group Rajiv Mehrotra, former telecom minister A Raja's brother A K Perumal and close aide Sadiq Batcha, for questioning in relation with the 2G spectrum scam.
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