2G: Relief for Sunil Mittal, Ravi Ruia .The Supreme Court today quashed the order of the CBI Special Court summoning Bharti Enterprises Chairman Sunil Bharti Mittal and Essar Group promoter Ravi Kant Ruia in the case relating to 2G spectrum scam. The judgment was delivered by a Bench comprising Chief Justice HL Dattu, Justice Madan B Lokur and Justice AK Sikri. The Court held that there was not enough material to proceed against them though it made it clear that they could be summoned at any stage later on, if enough material is found against them..SEBI Sahara: SC allows Sahara to bring money into Mauritius subsidiary.The Supreme Court today permitted the Sahara Group to park money from foreign lenders with its Mauritius based wholly owned subsidiary Amby Valley Mauritius Limited. However, the flow of that money from Mauritius into India can happen only after Sahara clarifies with the RBI as to whether permission for the same would be required under the provisions of Foreign Exchange Management Act (FEMA)..Though Sahara counsel S Ganesh today informed the Court that such a permission would not be required since the Mauritius based subsidiary had taken a loan from the Indian holding company five years ago and this would only be a repayment of that loan, Amicus Curiae Shekhar Naphade submitted that it might amount to “doing something indirectly which cannot be done directly.” The Court, then, proceeded to give a green signal to the transaction subject to clarification by the RBI..The Court also allowed Subrata Roy and other jailed Directors to use the make shift office facilities inside the Tihar jail complex from January 12 to February 20.
2G: Relief for Sunil Mittal, Ravi Ruia .The Supreme Court today quashed the order of the CBI Special Court summoning Bharti Enterprises Chairman Sunil Bharti Mittal and Essar Group promoter Ravi Kant Ruia in the case relating to 2G spectrum scam. The judgment was delivered by a Bench comprising Chief Justice HL Dattu, Justice Madan B Lokur and Justice AK Sikri. The Court held that there was not enough material to proceed against them though it made it clear that they could be summoned at any stage later on, if enough material is found against them..SEBI Sahara: SC allows Sahara to bring money into Mauritius subsidiary.The Supreme Court today permitted the Sahara Group to park money from foreign lenders with its Mauritius based wholly owned subsidiary Amby Valley Mauritius Limited. However, the flow of that money from Mauritius into India can happen only after Sahara clarifies with the RBI as to whether permission for the same would be required under the provisions of Foreign Exchange Management Act (FEMA)..Though Sahara counsel S Ganesh today informed the Court that such a permission would not be required since the Mauritius based subsidiary had taken a loan from the Indian holding company five years ago and this would only be a repayment of that loan, Amicus Curiae Shekhar Naphade submitted that it might amount to “doing something indirectly which cannot be done directly.” The Court, then, proceeded to give a green signal to the transaction subject to clarification by the RBI..The Court also allowed Subrata Roy and other jailed Directors to use the make shift office facilities inside the Tihar jail complex from January 12 to February 20.
