|  |  |  |  | 

Business Exclusive Headlines News

Rs 3800 crores loss in 2G spectrum: CAG

New Delhi, July 30 (): CAG draft report on the recent spectrum has given three telecom companies a benefit of Rs 3800 crores, reports Mint.

SSTL (Sistema Shyam Telesrvices), Videocon and Idea were the gainers. It lays the blame on DOT to allow these three companies to use the money deposited for January spectrum sale in 2008 to be adjusted in the bids against auction in November and March.

The highest beneficiary was SSTL (Rs 1,626 crore), Videocon (Rs 1506 crore)and Idea (Rs 684 crore). DOT has sent the CAG report as an internal memo.

All 122 licenses given in January 2008 were quashed by SC in February 2012. Rs 1,658 crore was then fixed in January 2001 as fee for licence across nine circles. In the auction held in November, Idea got spectrum in eight circles for Rs 2031 crore.

Videocon paid Rs 2,224 crore for six circles. The auction saw only one-fourth of the auction it held. Prices were lower by one-third of the revenue expected to be Rs.30,000 crore.

In March,the only bidder SSTL paid Rs 3639 crore for eight circles. CAG is preparing a detailed report on how the Government failed to get Rs 85,0114 crores from the second auction of 453 MHZ. It also earlier pointed out the three telecom companies formed a cartel to get spectrum at prices below market rate.

DOT has been trying to get out of the CAG accusations. It has taken offence at allegations that the regulator was helpless to stop the three telecom operators deprive the exchequer.

The 2G spectrum case is reaching the final hearing in CBI court. At this juncture, the CBI sprung a surprise by wanting to question the Ambanis. Anil Ambani was wanted to question about Swan Telecom getting spectrum in 2008 since CBI has termed Swan as a shell company of Reliance.

Anil in a written reply had denied it and said that Swan licence fee was paid by Tata. Anil’s wife and ex-actor Tina who presided over 2G spectrum issue in company meetings is also cited as witness.