The CBI will soon examine documents received from the Mauritius on the flow of funds into Loop-Essar and may quiz Ministry of Corporate Affairs officials after the agency found itself on a weak wicket following a letter by the MCA stating that the Ruias held only a 2.15% stake in Loop Telecom.
Revisiting the Ministry of Corporate Affairs' letter of April, 2009, the CBI found that the document had not been interpreted in proper context and at no point of time there was an allegation of more than 10% of cross-holding shares of Essar in Loop Telecom other than investments made through Non-Convertible Debentures (NCD) by Ruias.
"... While Essar group is not an equity holder in Santa Trading Private Limited, it has invested a huge amount in its Non-Convertible Debentures and it would appear that through the funding of STPL by the Essar Group, equity has been provided to BPL Communications, who is a 48 per cent owner of Loop Telecom, though not directly through directly to Loop Telecom," the MCA letter of April 13, 2009, had said.
In a fresh letter, the Registrar of Companies (Mumbai) has said that "the Essar Group, directly or indirectly, held only 2.15% of Loop Telecom, as on September 3, 2007, i.E. The date on which the application was made to DoT for UAS licence".
The RoC letter also said that "documents of the company do not substantiate an "associate relationship between Essar Group and Khaitan Group", as alleged.
The agency, which will be finally handed over the documents procured through diplomatic channels from Mauritius, will get them examined by officials of the Ministry of Corporate Affairs and financial experts before deciding on filing a chargesheet on or before July 6, official sources said.