Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
CBI on Friday told a special court that a plea filed by Loop Telecom Limited, accused in a case arising out of the probe into the 2G spectrum allocation scam, for referring the matter to the Lok Adalat should be rejected as their application was not legally maintainable. Strongly opposing Loop Telecom’s plea, the probe agency submitted that a similar plea had been dismissed by the court on March 27 last year and the accused firm was “trying to get reviewed/reconsidered the said order of this court against the provision of law”.
During the day’s hearing, the court also fixed March 3 for hearing the final arguments in the case.
“The prosecution (CBI) vehemently opposes the application of the accused (Loop Telecom Ltd),” the CBI said in its reply, adding, “the case is at the stage of final arguments and near to the logical conclusion of the trial. There cannot be an order of discharge at this stage.” Special CBI Judge OP Saini fixed the matter for arguments on February 3. “Put up for reply, if any, of DoT (Department of Telecommunication) and arguments on the application (of Loop Telecom Ltd) on February 3, 2015, as prayed,” the judge said.