New Delhi: The Public Accounts Committee (PAC) in its latest report has revealed that the Government was quite apprehensive that the companies, which were allotted 2G spectrum, would earn crores by selling their equities.

The report also claimed that several measures were taken up by the Finance Ministry and TRAI to prevent any such activity for at least five years. However, former Telecom Minister A Raja and his team did not follow the specified guidelines, report said.

According to the report, Finance Ministry representatives had instructed DoT officials on November 11, 2008 that the companies allocated 2G spectrum should be prevented from selling their equities within five years.

It was also directed that if the companies sell their equities after five years then spectrum transfer charges would be slapped. And, if the owner sells his equities then 50 percent of the dividend would be invested with the company.

Nevertheless, this is not the end of the report as several facts and details remain to be disclosed.

The tripartite agreement between banks, Department of Telecom (DoT) and companies, which took loans against the licenses, are also under PAC scanner.  

 

(JPN/Bureau )