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Friday, July 8, 2011

2G Spectrum Scam: Essar holding less than 10% in Loop: Deora!

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PTI / The Hindu / NEW DELHI, July 8, 2011.

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Amid raging controversy over Essar’s holding in Loop Telecom, Corporate Affairs Minister Murli Deora on Friday asserted that the holding of Ruias is less than 10 per cent in the Loop and the Ministry stands by its reports.
“We stand by what we have given (to CBI)... Essar holding in Loop Telecommunication is below 10 per cent,” he told reporters pointing out that the Ministry had given two reports to the Central Bureau of Investigation.
The clarification comes in wake of CBI claims that the Essar Group had over 10 per cent stake in Loop Telecom at the time of award of the 2G spectrum licence. It was alleged that Essar used Loop as a front company to corner spectrum in violation of the guidelines.

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