It’s unlikely “Swan” and “Loop Telecom” would ever be “penalized heavily”. Tata and Ambani, even though being summoned by PAC, would be asked to “pay up the damages”; some crores dealt here and there, permanent stock holdings to some prominent members and post retirement lollies as directors.
It transpires that Swan was a front for Reliance and Loop for Essar. Indeed, the idea was to bid for scarce spectrum, their holdings held in off shore accounts and laundered.
It is a dirty world indeed.
- You: Top Indian businessmen to face Parliament panel in telecoms probe (earthtimes.org)
- A Raja sent to Tihar Jail in 2G scam (speakindia.wordpress.com)
- UPDATE 1-India Essar CEO quizzed by police on 2G scam (reuters.com)
- India tycoons to face probe panel (bbc.co.uk)
- India tycoons to appear before parliamentary panel over 2G probe (reuters.com)
- UPDATE 1-India tycoons to face parliamentary panel over 2G probe (reuters.com)
- India’s Essar Oil to defer refinery shutdown-source (reuters.com)
- Essar Group drawn into Indian telecoms investigation (telegraph.co.uk)
- Kalaignar TVDares, CBI Bares! (ramanan50.wordpress.com)
- Anil Ambani appears before CBI (hindu.com)