A CBI witness today said that Khaitan Group was the "ultimate holding company" of BPL Mobile Communication Ltd which later became Loop Telecom Pvt Ltd, an accused firm in a case arising out of the 2G spectrum scam probe.
S Subramaniam, a former CFO of BPL Cellular Ltd, told a Delhi court during his cross examination by senior advocate Harish Salve, who appeared for accused firm Essar Teleholdings Ltd (ETHL).
This is contrary to his earlier statement given before the court in which he had said that as per his "understanding", Loop Telecom was controlled by Essar group.
"I have been shown the balance sheet of BPL Mobile Communication Ltd as on March 31, 2007...This balance sheet has been signed by me. I take full responsibility for this balance sheet. It is correct that in this balance sheet, I certified that ultimate holding company was Santa Trading (P) Limited," he told Special CBI Judge O P Saini.
BPL Mobile Communication Ltd, which was taken over by the Khaitan group, was later renamed as Loop Telecom.
During his cross examination by senior advocate S V Raju, who appeared for Essar Group promoter Ravi Ruia, an accused in the case, Subramaniam said prior to August 16, 2007, Shipping Stop Dot Com (India)(P)Ltd, which was later renamed as Loop Telecom, was owned by the Essar group.
He also said that in July-August 2007, promoters of BPL Mobile Communication Ltd had decided to apply for 21 Unified Access Services licences. He, however, said he did not know as to who was the promoter of BPL Communications Ltd.
Essar group promoters Ravi Ruia and Anshuman Ruia and Loop Telecom promoters I P Khaitan and Kiran Khaitan and Essar group Director (Strategy and Planning) Vikash Saraf and three firms -- ETHL, Loop Telecom Pvt Ltd and Loop Mobile India Ltd are facing trial in the case.
ETHL and others are facing trial for the offence under Section 120B (criminal conspiracy) read with Section 420 (cheating) of IPC, while a substantial charge of cheating has been framed against Saraf.
