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| Exchange Disseminated Time | Essar Shipping Ltd has submitted to BSE a copy of a Press Note released to the Media by the Essar Group relating to its telecom business. Further the Company has informed that, it does not relate to the business of the Company.
Press Release:
"Essar Groups stand that it is not involved in the 2G irregularities has been vindicated by the CBI today There are no charges of corruption or involvement in the 2G scam.
The only charge filed by CBI is regarding the interpretation of a contractual issue. This relates to the question of violation of Clause 8 under the UASL guidelines.
Despite the Government of India (Ministry of Corporate Affairs and M ,ministry of Law S Justice) having confirmed that there is no Clause 8 violator1, by the Essar Group, the CBI has proceeded with the charge sheet.
CBI & the Attorney General have gone contrary to the opinion given by the Ministry of Law and Justice and Ministry of Corporate Affairs. The CBI has also gone against their internal legal advice.
Similar contractual violations in the past have not attracted any fine/penalty or charges by the Government.
Importantly, the Department of Telecom has neither complained of a Clause 8 violation nor cheating as alleged by the CBI.
Essar has always maintained that it held only 2.15% in Loop during the time of the application and therefore there is no violation of clause 8.
We would like to reiterate that Essar has complied with all conditions of Clause 8 under UASL guidelines in totality and all the facts which have been given at the time submitting the application for telecom license i.e. shareholding/ownership have been independently verified by government agencies.
This case has no impact on the business operations of the Group in India and globally or any of the Essar Groups listed companies.
Essar Group is a responsible corporate citizen and has always complied with all Government guidelines and the law of the land." |
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