2G spectrum case: DB Realty, Reliance, Essar ‘vindicated’ after acquittal

The 2G spectrum telecom scandal had led cancellation of 122 licenses by the Supreme Court on February 2, 2012.

Written by Khushboo Narayan | Mumbai | Updated: December 22, 2017 11:58:19 am
Sunil Bharti Mittal, Chairman and Managing Director, Bharti Airtel, with Norwegian firm Telenor’s CEO Jon Fredrik Baksaas, address the media outside the Finance Ministry after a 2012 meeting of the Finance Minister with chiefs of top telecom firms. (Express Archive)

The chairman and managing director of DB Realty, Vinod Goenka on Thursday said that the stance of the realty firm has been “vindicated” after a Delhi court acquitted all the accused in the 2G telecom spectrum scam including former telecom minister A Raja and DMK leader Kanimozhi.

The special CBI judge OP Saini earlier in the day said that prosecution has miserably failed to prove any of the charges against any of the accused in the alleged 2G telecom spectrum scam.

The Reliance Anil Dhirubhai Ambani Group (ADAG) too welcomed the judgement of the special court acquitting its three top executives — Gautam Doshi, Surendra Pipara and Hari Nair and Reliance Telecom Ltd in the 2G spectrum allocation scam case.

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“Reliance Group welcomes the court verdict,” a statement issued by the company said.

Essar spokesperson said: “We are thankful to the Hon’ble Court for the judgement since it vindicates our stated position, and the Hon’ble Court has accepted it.”

Goenka, who was listed as one of the key accused in the 2014 chargesheet of the Enforcement Directorate (ED) said that the court verdict will have a positive impact on DB Realty as it will now have better access to funds. “There was no case in the first place. There was no reason for such a case and now the judgment is out. It is a 1500 page well reasoned judgment that has addressed all the points raised by the CBI,” Goenka told The Indian Express.

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“This judgment will put our realty project back on track as we will have better access to banking… This will have a positive impact on the company,” Goenka said. He also said that the firm will contest the case till the end.

The CBI has accused the promoters of DB Realty — Shahid Balwa and Goenka of bribing in return of 2G licenses granted to Swan Telecom, a company allegedly promoted by them. DB Realty currently has 30-35 parcels of land in Mumbai and is developing at least 11 projects in the city.


The 2G spectrum telecom scandal had led cancellation of 122 licenses by the Supreme Court on February 2, 2012. These licenses were sold to companies, including the local joint ventures of Norway’s Telenor ASA, UAE’s Etisalat and Russia’s AFK Sistema. In its charge sheet filed in April 2011 against Raja and others, the CBI had alleged that there was a loss of Rs 30,984 crore to the exchequer in allocation of these licenses for 2G spectrum.

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