Econintersect (reported by Sanjeev Kulkarni): Senior executives of Reliance Anil Dhirubhai Ambani (ADA) Group, as well as Indian joint ventures of Norway’s Telenor and the UAE’s Etisalat were denied bail by a lower court on Wednesday April 20, 2011. The Delhi High Court deferred a hearing on the bail from April 21 to April 26.According to a federal auditor report, the Indian government exchequer has been deprived up to $39 billion in the scam involving the granting of telecom licences and radio/broadband airwaves, has seen some of India’s richest men called in for questioning.
Reuters describes the current extent of the prosecution:
Former Indian telecoms minister Andimuthu Raja (caption photo) and the executives were charged with manipulating the grant of telecoms licences and radio airwaves.
The bail applications were made by three officials of billionaire Anil Ambani’s Reliance ADA Group, including a group managing director, Gautam Doshi.
Sanjay Chandra, managing director of Unitech , and Vinod Goenka, a director of Etisalat’s India partner, also made bail pleas.
Telenor issued a statement after Wednesday’s court ruling saying it had asked Chandra to step down from their joint venture Unitech Wireless. [ID:nDEL000315]
All of the accused deny any wrongdoing. Telenor and Etisalat have said the events described in the police charges predate their investments in India.
Sanjeev Kulkarni is an entrepreneur based in Pune, India. He worked for large organizations in board level position before venturing on his own. He is currently involved as an investor in health care software company and as an investor, mentor in an automation company. Very widely traveled, he has experience of working in different geographical areas with people of varying nationalities. He did his BS from Indian Institute of Technology, Delhi.
Former Indian telecoms minister Andimuthu Raja (caption photo) and the executives were charged with manipulating the grant of telecoms licences and radio airwaves.
The bail applications were made by three officials of billionaire Anil Ambani’s Reliance ADA Group, including a group managing director, Gautam Doshi.
Sanjay Chandra, managing director of Unitech , and Vinod Goenka, a director of Etisalat’s India partner, also made bail pleas.
Telenor issued a statement after Wednesday’s court ruling saying it had asked Chandra to step down from their joint venture Unitech Wireless. [ID:nDEL000315]
All of the accused deny any wrongdoing. Telenor and Etisalat have said the events described in the police charges predate their investments in India.
