ED files 2G complaints

Apr 10, 2011 - PRAMOD KUMAR |

Age Correspondent

New Delhi

The Enforcement Directorate (ED), which is probing the 2G spectrum allocation scam, on Saturday filed “complaints” before the competent adjudicating authority against telecom companies for alleged violations of the Foreign Exchange Management Act (Fema) involving `4,330 crore. At least five telecom companies have been named in the complaints.
The ED has named Swan telecom, Loop Mobile, Loop Telecom, S Tel and Wellcom Communications India (Chennai) in its complaints. According to sources, the investigation under Fema revealed large-scale contravention by the telecom companies and their associates.
“The complaints have been filed under Section 16 (3) of Fema. The probe has revealed that Swan Telecom allegedly issued shares to Etisalat (Dubai) and Genex Exim in contravention of a certain clause of Fema. The contravention was done by the company in issuing shares to a foreign investor and resident investor under an agreement and for issuing shares to a foreign investor for an abnormal value to avoid taking the permission of the Foreign Investment Promotion Board (FIPB),” sources said. The contravention, amounting to `3,608 crore, were allegedly done by Swan Telecom, according to the ED complaints..

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