Promoters of Loop Telecom Ltd face court's ire

Promoters of Loop Telecom Ltd today faced the ire of special 2G court for allegedly concealing the fact regarding change of official liquidator, dealing with the issue of winding up of Loop Mobile India Ltd, with the judge warning that their bail could be cancelled for such an act.
The issue cropped up when erstwhile official liquidator, Pratiba Ramaswamy appeared before the court in pursuance to the notice issued to her and told Special CBI Judge O P Saini that she was no more the official liquidator in this matter since April 20, this year.
To this, the judge asked the counsel appearing for Loop Telecom Ltd's promoters, Kiran Khaitan and her husband I P Khaitan as to why they had not informed the court about it when the notice was issued to her last month.

"This fact must have been in the knowledge of both the promoters, I P Khaitan and Kiran Khaitan, but they did not inform the court that she (Ramaswamy) has ceased to be the official liquidator since April 20, 2015," the court said.
"I will cancel their (promoters') bail and take them in custody. This is nothing but fraud on the court. Both the promoters are sitting here and they concealed this fact," the judge said.
However, the defence counsel claimed before the court that they were not aware about the change of official liquidator.

"We were not aware about it when the order was passed otherwise we would have informed the court about it. There was no intention of concealing this fact from court," the lawyer said.

To this, the judge said, "You may say 1000 times that you were not aware about it but I also know law. You cannot conceal any fact from the court."
During the hearing, CBI's prosecutor said this was nothing but concealment of fact from the court as they must have known about it.
The court has now fixed the matter for further hearing on August 5.
On July 8, the court had issued notice to the official liquidator, appointed by the Bombay High Court to deal with issue of winding up of Loop Mobile India Ltd which is facing trial along with others in the case arising out of 2G spectrum scam probe.