Sc Issues Notice Over Reliance Infocomm

[abhay 0]

SC issues notice over Reliance Infocomm

The Supreme Court on Monday issued notices to the centre, CBI and CVC on a PIL seeking investigation for allowing Reliance Infocomm Ltd to launch its WLL services as full mobility services without paying the requisite licence fee for entry int o fully mobile services during the tenure of Mr Pramod Mahajan as communication and IT minister.

The notice was issued by a Bench comprising Chief Justice, Mr Y K Sabharwal, Justice Mr C K Thakker and Justice Mr R V Ravindeeran on a petition filed by an NGO Citizens Forum against corruption.

The petitioner also alleged that it had come to light that Reliance Infocomm allotted one crore shares to three front companies at Re 1 each as against the Rs 55 each paid by Reliance Industries Limited itself for the same share at the same time.

The circumstances surrounding the allotment of these shares raise a strong suspicion that the real beneficiary of these shares was Mr Mahajan and his family members, petitioner's counsel Mr Prashant Bhushan alleged. - PTI

http://www.thehindubusinessline.com/blnus/28021306.htm

http://sify.com/finance/fullstory.php?id=14111950

http://inhome.rediff.com/money/2006/jan/02ril1.htm

http://www.chennaionline.com/colnews/newsi...RYNAME=National

[supernova 47]

india mein sab chalta hein .............

[abhay 0]

Caught In A Local Loop

The ghost of the wireless in local loop (WLL) controversy is raising its head again. Even as Reliance Infocomm is wooing consumers by lucrative offers, its WLL service is itself under a cloud due to the recent Supreme Court stand. Acting on a PIL, the apex court issued a notice to the Centre last week based on the charges that former Union minister for communications Pramod Mahajan had favoured Reliance to launch its WLL service four years ago.

Filed by an NGO, the PIL had charged Mahajan with allowing Reliance Infocomm to go ahead with its WLL service and also offer full mobility (WLL was supposed to be a limited mobility service) without paying the requisite licence fee as was applicable to other mobile service operators. This move by the then minister Mahajan, stated the PIL, led to a loss of Rs 1,100 crore to the exchequer. It added that this was done despite the fact that the telecom regulator, trai, had specifically disallowed the use of the technology—mobile switching centres—which allowed the WLL players to expand their services to connect different circles.

In return for the favour, Reliance Infocomm allotted one crore of its shares to Mahajan's family friend, Ashish Deora, through three front companies—Fairever Traders and Consultants, Softnet Traders and Consultants and Prerna Auto at Re 1 per share. In comparison, Reliance Industries, which owned a substantial chunk of Infocomm at that time, paid Rs 55 per share. The PIL also claimed that the shares were taken back from Deora only after the issue was exposed by the media during the fight between the two Ambani brothers.

It has been alleged that Mahajan was the real beneficiary of the Deora shares as IOL Broadband—where Deora was a director—bailed out Integral Production which is owned by Mahajan's wife and son. Mahajan has denied doling out any favours to Reliance and has said that all the relevant files and documents were available with the dot to investigate the matter.

http://www.outlookindia.com/full.asp?fodna...lecom+(F)&sid=2

a wired news from infocomm again! man Anil bhai has taken over a cursed company hehehe but one of the best companies in india

http://www.financialexpress.com/fe_full_st...ntent_id=113882

http://www.outlookindia.com/pti_news.asp?id=347211

Edited January 8, 2006 by abhay