The Supreme Court has told investigators to arrest suspected beneficiaries of the 2G spectrum scandal. Its statement came after the CBI and Enforcement Directorate submitted progress reports to the court. Parts of the reports were read out in open court. They make allegations against several people thought be associated with the scandal. On Wednesday, the CBI arrested the promoter of DB Realty, Shahid Usman Balwa. He’ll join former telecom minister A. Raja, former telecom secretary Siddharth Behuria and Raja’s old personal aide, R.K. Chandolia. The three men are already behind bars. And on Thursday, a special court allowed the CBI to hold both Raja and Shahid Usman Balwa in custody for another four days.
And in a related development on Thursday, the Supreme Court asked the attorney general to look into the possibility of creating a special court for the 2G case.
There could finally be some relief for consumers coping with soaring food prices. [India’s food price index eased towards the end of January with a rise of just about 13.07% in the period to 29 January. The previous week it had shot up by 17.05%. The RBI had hiked its key policy rates on 25 January, citing inflation as its main concern. India’s central bank is worried the effects of rising food prices will spill over into general inflation and affect the economy as a whole.
Cairn India’s third quarter earnings have beaten all expectations. Its net profit shot up nearly seven times to Rs2,010 crore. And revenue climbed to Rs3,096 crore from Rs485 crore in the same quarter last year. Cairn India’s parent company is waiting for regulators to clear the sale of up to 60% of the company to Anil Agarwal’s Vedanta Resources.