news appearing in newspapers about scathing CAG report about auction process of 4G spectrum where a non descript company infotel broaband services with net worth of 2.5 crores acquired 4G licence pan india for12847 crores.and on same day thereafter mukesh ambani acquired 95%stake in this company and is now rolling its 4 G plan under reliance gio.it certainly was not coincidence that DOT alloted such big contract to such a small company .this non transparent auction is recommended to be cancelled by CAG. in next 20 years reliance group would have spread its tentacles so wide and deep, in all spheres of life including politics unless they are stopped in tracks.a monolith can wreck havoc in a country like ours.even bigger countries are not spared of this scare and have many anti monopoly laws in place to have fair competition. rbi was wiser in not allowing entry of big corporate houses in commercial banking by denying licence.another significant news today was fine imposed and upheld on ril group company by sebi for insider trading. this govt had shown so much faith in CAG estimates of loss in 2 G auction to attack then govt. now it should endorse the recommendations of CAG for 4 G licence by cancelling the allotment. otherwise a wrong signal will go that reliance can nyways manage any govt.
Posted on: Tue, 01 Jul 2014 05:36:11 +0000
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