Essar has always maintained that it is fully compliant with all the UASL licence provisions. The alleged charges filed by the CBI relate to a violation of clause 8 of the UASL guidelines. These are ill conceived and only made possible by CBI ignoring crucial facts made available to it. The CBI has also disregarded the views of the Government of India. Essar has consistently maintained that its shareholding in Loop has always been less than 10 percent since the acquisition of BPL Mobile by the Khaitan group in 2005. Essar's position has been validated at every stage by various arms of the government.
Essar is surprised that clause 8 violations by other companies, in the past, have never attracted any such charges by, the CBI, or the Department of Telecommunication.
Essar has been facing a trial by media for the past several months during the investigation and has not yet had any opportunity to defend itself and establish that it has done no wrong. Essar has full faith in the judiciary and will take all possible steps available to it in law to protect its reputation.
About Essar Group:
The Essar Group is a multinational conglomerate and a leading player in the sectors of Steel, Oil & Gas, Power, BPO & Telecom Services, Shipping, Ports, and Projects. With operations in more than 25 countries across five continents, the Group employs 75,000 people, and has revenues of USD 17 billion. For additional information, visit www.essar.com
Media contacts:
Manish Kedia, Sr.VP Corporate Affairs, Essar Group,+91 98197 30092, manish.kedia@essar.com
B.Ganesh Pai, VP- Corporate Communications, Essar Group, +91 98197 30225, ganesh.pai@essar.com
Parikshit Kaul, GM, Corporate Communications (New Delhi), Essar Group,+91 98735 70816, parikshit.kaul@essar.com
Rabin Ghosh, DGM, Corporate Communications, Essar Group, + 91 99301 36268, rabin.ghosh@essar.com
