Kalaignar TV defends 2G spectrum deal

February 11th, 2011 - 2:43 pm ICT by ANI  

New Delhi, Feb 11 (ANI): Kalaignar TV, which is owned by the DMK’s first family and is allegedly linked to the 2G scam on Friday clarifying that the channel had nothing to do with 2G money.

In a statement issued here, Kalaignar TV managing director Sharad Kumar said: “There is no connection between the spectrum allocation made in year 2007-2008 by the Department of Telecom and the loan given by the Cineyug Communications to Kalaignar TV in 2009.”

“Cineyug gave Rs 200 crore as an advance to Kalaignar TV for the shares. But due to differences in the share values, Kalaingar TV assumed it as a loan till August 2009. And Kalaignar TV returned the money,” the statement said”Rs 31 crore was given as an interest. The same was informed to the I-T department. And tax has been paid for this. Everything was done within the legal framework. It is an open book,” it added.

The probe into the 2G scam has shown links between Swan Telecom promoter Shahid Usman Balwa and Kalaignar TV.

Balwa, linked to Swan Telecom, which was allegedly favoured by former Telecom Minister A Raja in grant of UAS license and scare radio waves, according to CBI submission in a local court while seeking further remand of Raja.

“The funds were arranged by M/s Cineyug Films from D B Group companies wherein the family members of Balwa are the Directors or shareholders,” CBI said in its application.

The CBI said Balwa’s company Swan Telecom (a part of the Mumbai-based DB Realty) allegedly got favours in the spectrum allocation and caused the national exchequer a loss of over Rs.22,000 crore.

It also said Balwa allegedly conspired with private companies to sell to a Gulf firm at a huge profit the 2G spectrum licences Swan Telecom acquired at a cheap rate.

Balwa was the fourth high profile person arrested in connection with the scam.

The others arrested in connection with the case are A Raja, his personal secretary RK Chandolia and former Telecom Secretary Siddharth Behuria.

Raja was forced to resign from the Union Cabinet last year after the Comptroller and Auditor General of India (CAG) faulted him for undervaluing spectrum to favour companies who were largely ineligible for 2G spectrum, and added that the government had probably lost Rs.1.76 lakh crore in estimated revenue. (ANI)

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