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2G: Loop Telecom Ltd seeks compounding

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New Delhi, 12 December
Loop Telecom Ltd (LTL), an accused in a case arising out of the probe into the 2G spectrum scam, today approached a city court for an appropriate direction to the Centre for compounding the case.
LTL filed a plea contending they are ready and willing to any fair and reasonable terms for compounding the said offence. The Special CBI Judge O P Saini has put up the plea for consideration on 17 December.
LTL has been chargesheeted by CBI along with the promoters of Essar Group and Loop Telecom. It is the first among all the chargesheeted accused who had approached the court for compounding the offence for which they are facing trial.
Essar Group promoters Ravi Ruia and Anshuman Ruia, Loop Telecom promoters Kiran Khaitan, her husband I P Khaitan and Essar Group Director (Strategy and Planning) Vikas Saraf are facing trial in the case along with three firms — LTL, Loop Mobile India Ltd and Essar Tele Holding Ltd. CBI had filed the charge sheet against them alleging they had cheated DoT by using Loop Telecom as a "front" to secure 2G licenses in 2008. In its plea, LTL said they are facing trial for the offence of conspiracy to cheat and the said offences are compoundable.
"The firm is not admitting any of the allegations made in the charge sheet and even in CBI’s final report, no offence under provisions of the Prevention of Corruption Act has been made out against us… LTL has paid Rs 1,454 crore to the DoT as licence fees, as per the then prevailing policy. The applicant submits that it is not even the case of the prosecution that any monetary/ financial loss has been caused to the Union of India at the time of the commission of the alleged offence," said LTL.
The plea has been filed by LTL two years after the filing of the charge sheet in the case and the firm said about 90 CBI witnesses have been examined by the court till date and only some investigating officers will be examined during the course of trial. LTL has made the Centre, through DoT, Ministry of Law and Justice and Ministry of Corporate Affairs as respondents in its plea.