The Mint Report for 16 March 2011

The Mint Report for 16 March 2011

A.M. Sadik Batcha, an aide of former telecom minister A. Raja, is dead. He was found hanging in his Chennai home on Wednesday afternoon.

Batcha’s death could affect the investigation into the 2G spectrum scandal in which Raja and others are under investigation. We’ve learnt that investigators from the Enforcement Directorate suspect Batcha routed alleged money from 2G-related bribes to companies overseas.

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In a related development, Attorney General G. Vahanvati has told the that Supreme Court the government would set up a special court for the 2G scandal by 29 March. In turn, the Supereme Court asked the government to appoint a special prosecutor for the trial.

Indian shares rebounded on Wednesday, with investors looking for bargains. The Sensex surged 191 points to 18,359. And the Nifty climbed 61 to finish at 5,511.