The Central Bureau of Investigation (CBI) has completed its report on Loop Telecom?s alleged alliance with the Essar Group. The agency plans to submit it before the Supreme Court.
Prior to this, senior advocate K.K. Venugopal, while arguing on behalf of the CBI, had informed a Supreme Court bench that its investigation of the 2G issue was over and the investigating officer’s report was being scrutinised within the agency.
Besides, the CBI had told the court that the Essar Group and Loop Telecom were guilty of cheating, by applying for spectrum and concealing the link between their companies, despite being cleared by the Ministry of Corporate Affairs.
The CBI had maintained that applicant company Loop Telecom was more than a subsidiary of the main company (the Essar Group). As the Essar Group was an existing telecom player, its subsidiary Loop was not eligible to apply even under the prevailing norms. The CBI had said, “The applicant company was a subsidiary of the main company operating under the corporate veil of the main company and was nothing but an alter ego of the main group. Hence, the declaration made by the applicant company was false and an offence under section 420 is made out.?
