- The Central Bureau of Investigation has arrested Shahid Balwa the MD of DB reality, who is also the Vice Chairman of Etisalat DB, the company’s telecom JV with Abu Dhabi’s Etisalat in connection with the 2G Spectrum scam. More at Reuters - The Telecom Regulatory Authority of India (TRAI) has recommended fixing the price for 6.2 Mhz of pan-India start-up 2G Spectrum at Rs 10,972.45 crore, more than six times the present Rs 1,658 crore. It has also recommended that every Mhz of additional spectrum beyond the contracted 6.2 Mhz be charged at Rs 4,571.87 crore. More at The Economic Times - A Jaipur based audit firm has accused Reliance Communications of harassment and has approached the Telecom Ministry, second time in six months complaining against the company. More at The Economic Times Stocks of Anil Ambani owned companies crashed after these developments. A company spokesperson issued a statement to the media saying that a series of completely baseless and motivated rumors have been spread by unscrupulous corporate rivals. This has been accompanied by vicious and illegal bear hammering of their listed stocks, to create panic and destabilise the markets.They have made a formal complaint to SEBI and the stock exchanges to investigate the illegal trades, and take appropriate action to safeguard the interests of investors. - Aircel has announced that it will launch 3G services in all 13 circles where it secured spectrum before the start of the Cricket World Cup (Februaru 19). More at The Economic Times - Aircel and ICICI Bank have…
