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2G scam: ED to begin procedure of attaching asset of ‘2G companies’ next month

Publish Date: 29 Apr 2011, 03:46 PM
Last Updated: 29 Apr 2011, 03:46 PM
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ED to 'attach' properties of 2G companies
ED to 'attach' properties of 2G companies

New Delhi: After receiving appreciation from the Supreme Court for conducting thorough investigations into the 2G spectrum scam, the Enforcement Directorate (ED) has now stepped up the procedure to attach properties of the companies accused in the 2G spectrum scam.

The ED has already made an assessment of the net worth of the concerned companies and would start the proceedings next month. The assets that would be seized would include shares of the companies, their bank accounts and fixed assets.

"The profits made by companies in the 2G will be attached next month. It will also include the profit made through the increased value of their shares after they got the licence," Prabha kant, Joint Director, ED said.

Notably, the CBI has filed a detailed report on the financial gains made by companies like DB Etisalat, Unitech and Reliance Telecom.

Divulging the details on the properties that would be seized under the Money Laundering Act, ED official Rajeshwar Singh said, “After the properties are attached, the possession of the assets will remain with the owner till the time the court gives its judgement. However, they won’t be able to sell it.”

Singh said that that though the companies could transact through the attached bank accounts, they would be required to maintain an amount in the account equal to the balance parked in these account at the time of attachment.

If these companies are pronounced guilty, the ownership of these assets would be transferred to the ED, he added. The money accrued by auctioning these assets will go to the Central government’s exchequer.

JPN/Bureau

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