Software company in Nepal

Indian court acquits all accused in 2G telecoms case

968 Views Thursday, December 21st, 2017 at 2:51 pm   (4 years ago)   Internet, news

NEW DELHI (Reuters) – An Indian court on Thursday acquitted a former telecoms minister, politicians and business executives of graft and money laundering charges in the grant of telecoms licenses due to lack of evidence in one of the country’s biggest corruption scandals.

India’s former telecommunications minister Andimuthu Raja gestures as he leaves a court after a hearing in New Delhi, India, December 21, 2017. REUTERS/Adnan Abidi

The case relates to alleged below-market-price sale of lucrative telecoms permits bundled with airwaves in 2008, which a federal auditor said may have cost the government as much as $28 billion in lost revenue.

A special court convened by the federal investigator was called to give its verdict on the accused, including former telecoms minister A. Raja.

 “The prosecution has miserably failed to prove its charge,” defense lawyer Vijay Aggarwal told reporters, citing the judge’s ruling.
Shares of companies affected by the case rose after the verdict, with Reliance Communications Ltd gaining as much as 13.3 percent, DB Realty jumping nearly 20 percent and SUN TV Networks Ltd rising as much as 6.8 percent.

The scandal dented the fortunes of then Prime Minister Manmohan Singh and his government, which oversaw the sale of the licenses at below-market prices, and triggered street protests.

It was one of the several scandals that emerged during Singh’s second term, hobbling policymaking and diverting the government’s attention away from pushing forward crucial economic reforms.

 The uncertainty hurt business sentiment in Asia’s third-biggest economy and led to questions about the government’s efforts to crack down on corruption.

In 2012, the Supreme Court ordered 122 licenses held by eight operators to be revoked, declaring the licenses illegal and the process “wholly arbitrary, capricious and contrary to public interest”.

Related Posts


Deprecated: WP_Query was called with an argument that is deprecated since version 3.1.0! caller_get_posts is deprecated. Use ignore_sticky_posts instead. in /home/asiapravidhi/public_html/wp-includes/functions.php on line 5607
  • Election Commission

    May 10th, 2022 0responses

    Use of Webcams in Polling Stations On Upcoming Election निर्वाचनको मतगणना स्थलको दृश्य अवलोकन...

Recent News