Probe into Essar, Swan to be over by August 31: CBI

The crossholding of shares of Essar in the Loop Telecom was again in focus with CBI terming as "unfortunate" the letter issued by the Corporate Affairs Ministry claiming that the oil major had less than 10% stakes in the telecom venture.

Assuring that the probe will be wound up by August 31, the CBI informed Supreme Court about the documents it had procured from Mauritius that gave shareholding details of the companies which were allegedly used in transferring of funds.

The CBI claimed that it had documents to show that the oil company had more than 10% shares in the Loop Telecom but the recent letter from the MCA had said that Essar had only less than three per cent shares.

It was "unfortunate" especially at a time when the court was monitoring the case, agency sources said.

They said a fresh round of questioning of the company officials would be carried out. Sources alleged that the corporate house was engaged in diversionary tactics by flooding the various wings of the Government with legal opinions.