Category Archives: Mumbai

2G Scam: Bharti, Vodafone May Come Out Clean, Says Expert

It seems like the long-running mystery over the 2G spectrum scan is not going to unfold anytime soon. In the latest progression in 2G probe, the Central Bureau of Investigation (CBI) rummaged around Vodafone’s Indian unit and Bharti Airtel’s office on Saturday.

As per reports, the search was focused on soliciting details related to spectrum allocation to operators by the Government during 2001-02.

While expressing his deep astonishment over FIR registered by CBI against Bharti and Vodafone, HP Ranina, the Corporate Tax lawyer said that as per his expectations, both Bharti and Vodafone will come out clean against all the allegations placed by the CBI.

On the other hand, Ranina does not really believe that a noteworthy impact will be enforced on Bharti following the recently filed FIR, though Bharti Airtel experienced a brief down trip during early morning trade, recording a fall of nearly 3%.

Earlier on Saturday, the federal police of India carried out searches at Indian unit of Vodafone along with offices of Bharti Airtel, with the intent of finding details related to the allocation of 2G spectrum.

While briefing the status of the case, Dharini Mishra, a spokesperson for the Central Bureau of Investigation (CBI), said: “All our documents are in complete compliance with the governing laws and regulations. Vodafone India is completely co-operating with the officials and will provide them all the required details as part of their checks”.

As per officials, the searches were realtion with potential irregularities during the allotment of spectrum by the earlier government, Bharatiya Janata Party (BJP), which is now in opposition.

In response to the raid conducted by CBI on Mumbai and New Delhi offices of Vodafone and Bharti Airtel’s office in Gurgaon, a Spokesperson for Bharti Airtel said: “We would like to categorically state that the entire spectrum allotted to us from time to time has been strictly as per the stated government policy”.

New National Manufacturing Policy This Month, Says Administration

The administration stated that it is expected to come forward with a National Manufacturing Plan by the end of September 2011 that aspires to generate mega industrial zones crosswise the nation with top-notch infrastructure facilities.

Commerce and Industry Minister Anand Sharma said, “The note (for the policy) will go to the Cabinet within a week. I do not foresee any delay. Hopefully within this month, it will become a reality.”

The national manufacturing plan eyes to generate 100 million extra jobs and take the share of manufacturing to 25% of India’s gross domestic product by the year 2020 as against 15-16%.

The section adds more than 80% to India’s total industrial production.

The plan also aimed to relax labour and environment regulations and looked for tax sops for the projected National Manufacturing Investment Zones (NMIZs).

These proposed big enclaves could even consider SEZs.

On the determined $90 billion Delhi-Mumbai Industrial Corridor (DMIC), Mr. Sharma stated that seven novel investment areas would be established crosswise the six Indian states under the project.

These two measures would assist unlock the true prospective of manufacturing in the country.

He also stated that the initial gathering of a Joint Task Force of the administration and industry will take place on September 12.

The Joint Task Force was declared after the minister held talks with CII on July 13.