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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.
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