Reliance Industries: The stock market regulator, the Sebi is investing insider trading charges against India’s top business house in a case related to the merger of Reliance Petroleum Ltd (RPL) with RIL.
Sebi says that RIL and entities owned by it short sold RPL shares ahead of the merger with RPL. RIL sold a 4.1% stake in RPL, the shares were sold first in the futures market and later in the spot market, covering the share sales in the futures market. RIL earned a revenue of Rs 4,023 crore and made a profit of Rs 513 crore via the transaction in the futures segment. The matter is pending.
ADAG group: Anil Ambani’s top officials are facing the trial in the 2nd Generation spectrum allocation in 2008 by the then telecom minister A Raja. According to CBI, Ambani’s entities were behind a corporate veil in getting spectrum via a company called Swan Telecom. The SC has cancelled all the licenses issued by Raja and has asked a fast track court to hear the matter on a day-to-day basis.
Tata group: The Serious Fraud Investigation Office is conducting a probe on Tata Realty for giving a Rs 1,700 crore loans to 2G-scam accused Unitech to buy 2G spectrum. Media reports say that a report prepared by the Mumbai office of SFIO has called the loan as dubious. The report is not yet officially out. Unitech and its MD Sanjay Chandra are facing a trial in the 2G fast track court.
Essar: The Ruias of Essar group are facing a trial in the 2G spectrum case with two of the promoter family members Ravi Ruia and Anshuman Ruia facing charges in the 2G spectrum allocation case. The CBI says that the Ruias floated a company called Loop Telecom even when they had a significant stake in Vodafone Essar Ltd. Ruias deny owning any stake in Loop directly. The matter is pending with the 2G trial court.
JSPL: Navin Jindal’s JSPL is facing charges of getting coal blocks allocated to the company without any bidding. The SC has asked CBI to investigate the case and submit a report. The CAG's report on allocation of coal blocks has revealed that the government extended a benefit of Rs 21,226 crore to JSPL and Rs 33,060 crore to SESTL, a Tata Group company, respectively by giving away coal blocks without an auction. At present, the CBI investigations are on.
ADANI: In September 2012, the SC asked the CBI to probe the illegal extraction, transport and export of 50.7 lakh tonne of iron ore from Karnataka's Belekeri port — operated by Adani Enterprise — between January 2009 and May 2010 and its role in the Belekeri export scam. The CBI probe is on.
JSW: In October 2012, the CBI named JSW Chairman Sajjan Jindal and chief executive officer Vinod Nowal among others, as well as former Karnataka chief minister B.S. Yeddyurappa and his family members as accused in the illegal mining case. This was after the Supreme Court asked CBI to investigate the involvement of JSW and other firms in giving donations, buying land at inflated prices and providing "illegal gratification" to state officials. The matter is pending in a Karnataka court.
Bharti: The CBI, in February 2013, filed a case of cheating and criminal conspiracy against SingTel, Bharti Airtel and Tata Communications for causing a loss of about Rs 48 crore to the Government exchequer since 2004, by providing ILD services illegally. Besides, the Bharti group's joint venture with Walmart (now dissolved) is also facing a probe for violations of FDI guidelines.