The,great,Indian,circus,the,mu business, insurance The great Indian 2G circus
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As the much discussed 2G scam has brought a big shame toIndian government, to put up a nice show for the AAM JUNTA (or mango people)the UPA organized the great Indian 2G circus, after much pressure from theopposition. With the whip in CBIs hand, UPA government seems to have decidedto execute each and every entity that was ever connected a 2G spectrum license.Dont be surprised if the CBI arrests a common man, who used a cell phone with2G network in it. As Congress has decided to show no mercy and to grill the innocentswith the guilty, in order to protect its political image, almost all thetelecom companies are being pulled in the ruthless mill of accusations andfinger-pointing by the CBI. The first sacrifice on the guillotine was that of the formertelecom minister A Raja. Though it can not be proven in any manner, one canclearly see that A Raja was made into a scapegoat in this whole process. He didnot seem too happy to take the bullet for the sake of cabinet, which couldpossibly have been the key decision maker in allocation of 2G spectrum license.The DMK leader was heard speaking to his lawyers in Tamil on 3rdFebruary 2011 during which, at one point, he said all decisions on 2G weretaken by the cabinet.Government didnt stop after grilling A Raja, but decided topull all the companies that ever acquired the 2G spectrum license in 2008on tothe platform of punishment. Unitech and Swan were made the prime beneficiariesas they sold their stakes to other global firms shortly after getting licenses.According to the FIR filed by CBI, the charges againstUnitech are:1. It appears that certain telecom companies werefavored during the allocation of 2G spectrum by former telecom minister A Raja.During the allocation process, companies like Swan and Unitech seemed to havebeen tipped off, because despite the cut-off date being brought forward, theyhad their payments ready.Well, there is a possibility that the 2G license was sold toUnitech at a low price to mask the detection of favors being done to othertelecom companies. As Unitech was quick enough to arrange for funds withoutbeing tipped off, A Raja had no other option but to give the license toUnitech.2. Unitech was allotted UAS licenses for 22 circlesfor Rs 1658 Crore. It offloaded its 60 per cent of shares to Telenor of Norwayfor Rs 6100 Crore before the roll-out. At the time of the offloading, it was stated by Unitech thatthe proceeds of the stake sale to Telenor would be utilized entirely fortelecom operations. It was also declared that the company would launch theservices in the first half of 2009. Unitech kept its promise and the telecomoperations of Uninor started in the last quarter of 2009. Now, as it was apparently difficult for the CBI to prove thecharges against Unitech, they simply pressed more charges of cheating andforgery against all the companies on Monday 14th February 2011,saying they produced false documents to claim licenses and misled thegovernment.Sanjay Chandra, MD of Unitech Group has declined all of theabove charges and clearly stated that Unitech was not favored in any way duringthe allocation of 2G spectrum license. He also said, Unitech has co-operatedwith all investigating agencies from the very beginning, as we have nothing tohide. Our officers have provided all records for examination and clarified allissues raised by them from time to time. Going forward, we will continue toassist in the same spirit. There is no better explanation to prove innocenceof Unitech than the openness with which Unitech is facing the CBI inquiry. Tohighlight the fact that Unitech is innocent, their partner in Uninor, Telenorgroup shares a strong bond of trust with them. Given that Unitech will come outclean from this scam, Telenor has decided to stay in the Indian markets withUnitech group. The regional head of Telenor Group, Glenn Mandelid recently statedthat company does not have any intentions to make changes in the longterm plans for the Indian markets. He also stated that within 5 years,the company expects to become the cash slow positive and by the year2018 it targets to grab 8% of the total market share. It was also expected thatthe Indian venture will start giving positive results within 3 years.
The,great,Indian,circus,the,mu