Indian Stock market was trading marginally lower on Tuesday after closing...
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”.