News digest: 2G verdict, SGX move, RBI report and more

Former Telecom Minister A Raja, Kanimozhi acquitted in 2G spectrum case

2G verdict: All 17 acquitted for lack of evidence; CBI to move Delhi HC

A Special Court on Thursday morning ruled that the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) had failed to prove charges of corruption, abuse of position, conspiracy, and money laundering against former telecom minister Andimuthu Raja, industry captains, including Essar promoters Ravi Kant Ruia and Anshuman Ruia, and former bureaucrats in the so-called second generation or 2G spectrum allocation scam. Read more
 
2G verdict: Telcos, investors may move arbitration courts to seek damages

  The government may be staring at a hefty bill as many companies, which were alleged to be involved in the 2G scam and also whose telecom licences were terminated by the Supreme Court, may seek compensation and damages or demand return of the licence fee either at the TDSAT (Telecom Disputes Settlement and Appellate Tribunal) or open up international arbitration cases against the government. Read more

 
SGX move could trigger diplomatic row between India, Singapore

Diplomatic tensions between India and Singapore could flare up over Singapore Exchange’s (SGX’s) proposal to soon launch futures trading in Indian stocks. SGX would soon go live with the launch of single-stock futures on top 50 domestic companies and would expand the universe to top 100 eventually. Read more
 
RInfra to sell Mumbai power business to Adani Transmission for Rs 13,251 cr

The Anil Ambani-controlled Reliance Infrastructure (RInfra) on Thursday announced the sale of its Mumbai power business to Adani Transmission. The deal, valued at Rs 13,251 crore, is one of the biggest asset monetisation moves the Reliance ADA group has undertaken so far. Read more

 
RBI report blames banks for bad debt mess

The December edition of the Financial Stability Report (FSR) blamed banks and their lack of expertise in project finance for the current bad debt mess in the economy. Read more