Centre approved sale of equities to foreign firms: Balwahttps://indianexpress.com/article/india/latest-news/centre-approved-sale-of-equities-to-foreign-firms-balwa/

Centre approved sale of equities to foreign firms: Balwa

The Union of India has itself said that 1996 onwards various companies have used share dilution.

Swan Telecom promoter Shahid Usman Balwa today told a Delhi court that the Centre since 1996 has been approving sale of equities to foreign firms as they brought foreign direct investments.

“The Union of India has itself said that 1996 onwards various companies have used share dilution. Then,why am I (Swan) being questioned and slapped with serious charges.”

“Etisalat is a foreign government-owned company. If we expand our business with the aid of such a company,far from being rewarded,we are being put in jail. What message are we sending to foreign investors?,” Majeed Memon,appearing for Balwa,told Special CBI Judge O P Saini.

CBI has alleged Swan Telecom,within days of getting the 2G licenses,off-loaded its shares to Dubai-based Etisalat and earned huge profits.

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He also said corporate lobbyist Niira Radia was only made a witness and not only that,Datacom,the single largest beneficiary of alleged scam,was not even questioned.

Without naming the present Telecom Minister,Balwa said the “actual loss due to licence distribution in 2008 was nil.”

“CBI has ignored the statement of current Communication Mminister and even that of the Prime Minister who had said on the floor of the House as late as February 24,2011,that there is no loss”.

“CBI thought of statistics but forgot that certain policies are welfare-driven. It is the stand of the government that if spectrum is auctioned to the highest bidder,he would pass on the burden to consumers,” he said.