The Central Bureau of Investigation (CBI) plans to approach the Attorney General of India, G.E. Vahanvati, for a revised opinion, after its legal wing, the Department of Prosecution (DoP), differed with its findings pertaining to the cross-holding of shares of the Essar Group in Loop Telecom.
DoP has said that there is no ground for a case against the operator. It is believed that DoP?s opinion is similar to the one given by the Ministry of Corporate Affairs.
The CBI had submitted its findings on this subject to DoP for its opinion, after differences arose with the Ministry of Corporate Affairs, which said that the Essar Group held only 2.15 per cent stake in Loop Telecom and not over 10 per cent, as alleged, when the firm obtained a 2G licence.
In so far, the CBI has claimed that the cross-holding of shares of the Essar Group in Loop Telecom was higher than the prescribed 10 per cent, a charge denied by both the companies.
Meanwhile, the Registrar of Companies (Mumbai) had said, ?The Essar Group, directly or indirectly, held only 2.15 per cent of Loop Telecom as on September 03, 2007, the date on which the application was made to DoT for a UAS licence”. RoC also said that the documents of the company did not substantiate an associate relationship between the Essar Group and the Khaitan Group, as alleged.
