Tata highest contributor in 'so-called' huge loss: Balwa

Swan Telecom promoter Shahid Balwa today accused the Tata as the "highest contributor" in the "so-called" loss of over Rs 30,000 crore to the state exchequer in the award of licenses for the spectrum.

"Due to Tatas, the exchequer suffered a loss of Rs 4,930 crore while Swan Telecom is placed seventh in the alleged list with its contribution Rs 2,624 crore," Majeed Memon, advocate for Balwa, told special CBI Judge OP Saini.

"The highest contributor of loss is Tata. Somebody came before this court with a ground to implead Tata so that the matter can be decided fairly but the application was rejected and penalty was also imposed. All the nine applicants, among which the 122 licences for 22 circles were distributed, have not been charge sheeted," Memon said.

During the hearing, Balwa advanced arguments himself for around five minutes to accuse Tata of having sold the equities and earning a "windfall profit".

"Tata was the only company to sell secondary equity. They earned Rs 12,000 crore from it, out of which Rs 3,000 crore went into Tata Sons' pocket while only Rs 9,000 crore were put into the company," Balwa alleged.

"Every other company, including Swan and Unitech, diluted their equity and the entire money has gone into the company for rolling out services, infrastructure purposes and expanding business. Even then, we are being accused of making windfall profit.