Somasundram Subramaniam, head of the erstwhile BPL Mobile, has told the Central Bureau of Investigation (CBI) that the company was controlled by the Essar Group.
Subramaniam said that Loop Mobile?s board had passed a resolution in July 2007 to apply for pan-India mobile permits. He added that all directors on the board of Loop were employees of the Essar Group when this resolution was passed.
His statement adds that the CEO of Essar Telecom Business Group, Vikash Saraf had informed him that all of Loop?s financial activity would be carried out by a team from Essar Group.
Subramaniam also told the CBI that all strategic decisions were taken after consultations with Saraf, who was in charge of Essar’s telecom ventures. “Saraf reported to the promoter directors of the Essar Group, namely Shashi Ruia, Ravi Ruia, Prashanth Ruia, Anshuman Ruia, Rewant Ruia and Smiti Ruia. From the above, it seems to me prima facie that BPL and Loop were controlled by Essar Group,? his statement adds.
