Thursday, December 3, 2009

CAG to probe the cheap spectrum sale.

  • The CVC, CBI are investigating the alleged revenue loss of Rs 50,000 crores to the government in the cheap spectrum sale effected by DOT. The CAG has entered into the probe now.
  • The CVC had received complaints that the DOT is giving away the spectrums worth around         Rs 60,000 crores at Rs 9,000 crores on a first xome first served basis.
  • The estimated loss of Rs 50,000 crores is based on the values of deals struck by Unitech and Swan with Telenor and Etisalat.
  • The valuations of Rs 11,600 crores and Rs 9,400  crores have been struck within months of these xompanies being awarded the spectrum at Rs 11,600 crores.
  • The Delhi High Court has held that arbitrary cut of dates are illegal. This raises a quwstion mark on the licences issued through FCFS.
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