CBI Court provides relief to 2G scam-linked firms, stocks rally

Shares of DB Realty, Sun TV Network, Reliance Communication and Unitech rose up significantly on Thursday after a special CBI court in Delhi acquitted all the accused in Rs. 1.76 lakh crore 2G scam case.

Special Judge O.P. Saini acquitted all the accused, including the then Telecom Minister, A. Raja and DMK MP Kanimozhi, in both the cases filed by the Central Bureau of Investigation (CBI) and Enforcement Directorate.

The Central Bureau of Investigation had alleged that MK Kanimozhi, majority shareholder of Kalaignar TV and daughter of DMK Chief M Karunanidhi, conspired with A Raja to direct Rs. 200 crore from Swan Telecom and DB Realty to the TV company for grant of spectrum to Swan Telecom. Real estate major, Unitech MD Sanjay Chandra was one of the accused in the scam. Shares of Unitech rose over 12 per cent whereas DB Realty was locked in 20 per cent upper circuit on Thursday, following this news story.

CBI had also accused Reliance Telecom, the telecom arm of Reliance ADAG, of using Swan Telecom, an ineligible firm, as a front company to get 2G licences and airwaves in 14 circles in the country. Shares of Reliance Communication climbed 3.76 per cent on NSE.

Also, Sun TV Network was up by 4.51 per cent on the BSE after the allegations of it being a beneficiary of pay-offs in the scam by an overseas telecom firm were cleared.