Traffic passes mobile phone telecommunications towers in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

2G Case: CBI Says Necessary Legal Remedies Will Be Taken

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Seven Years Dedicated To 2G Case Went In Vain, Says OP Saini

2G Case Judge Om Prakash Saini today said that despite having "religiously" dedicated seven years to the 2G case, the court was not presented with "legally admissible evidence".

"I may also add that for the last about seven years, on all working days, summer vacation included, I religiously sat in the open Court from 10 a.m. to 5 p.m., awaiting for someone with some legally admissible evidence in his possession, but all in vain," Saini said in his 1,552 page verdict.

Necessary Steps Will Be Taken, Says CBI

The Central Bureau of Investigation said that necessary legal remedies will be taken regarding the 2G spectrum verdict made today, PTI reported.

Court has not appreciated evidence in 2G spectrum case in proper perspective.

CBI Spokesperson

Government Lost Revenue Due To Wrong Allocation Policy, Says Telecom Minister

Telecom Minister Manoj Sinha said the government had lost revenue due to the UPA government's spectrum allocation policy and that Congress is interpreting the verdict wrong.

2G Case: CBI Says Necessary Legal Remedies Will Be Taken

There Was No Wrongdoing: Unitech

Within hours of acquittal in the 2G spectrum allocation case by a special court, Unitech Ltd. Managing Director Sanjay Chandra said there was no wrong doing on his part but his company had to pay the price for the case foisted on him.

"There was no wrong doing on my part or on the part of my companies," Chandra said in a statement.

However, the damage suffered by me and the companies continues to affect the health and financial status of my company and they continue to pay the price for this case having been foisted on us fraudulently and without any basis.

Sanjay Chandra, MD, Unitech

Anil Ambani-led Reliance Group also welcomed the court verdict.

The Unitech stock surged as much as 20.4 percent to Rs 8.5, before cooling to Rs 7.9. Reliance Communications stock rose as much as 13.3 percent to Rs 19.6.

(With inputs from PTI)

2G Trial Court Judgement On ED's Case Vs 19 Accused

Since there are no "proceeds of crime", there is no need to discuss other issues based on evidence led by the parties, 2G Special Trial Court said in Enforcement Directorate's case.

“Proceeds of crime” is the foundational fact for the offence of money -laundering. Since there are no “proceeds of crime”, there can be no offence of money -laundering, as nothing remains to be laundered. Thus, the very base of the instant case is gone and the alleged offence stands wiped out.

Since there are no “proceeds of crime”, in my humble opinion, there is no need to discuss other issues based on evidence led by the parties, as that would amount to an exercise, not only in speculation but also in futility, as the very basic fact required for constitution of an offence of money -laundering, that is, “proceeds of crime”, is knocked out. Accordingly, all accused are entitled to be acquitted and are acquitted.