New Delhi: Telecom Minister Kapil Sibal on Monday hit out at Opposition BJP for demanding the resignation of Prime Minister Manmohan Singh and Home Minister P Chidambaram by treating the argument of former telecom minister A Raja in 2G scam case in the court as evidence against the government.
His comments came after BJP president Nitin Gadkari demanded resignation of Singh and Chidambaram stating that what Raja had said in court showed that the top leadership of the government was aware of all 2G transactions.
Raja told a Delhi court hearing the 2G case that Chidambaram, the then Finance Minister, had told the Prime Minister that dilution of shares by 2G licencees to attract FDI did not not amount to sale of licence.
Sibal told a press conference it was "unfortunate" that President of a national political party like BJP demanded resignation on the basis of arguments made by Raja in the court. "He (Gadkari) should have consulted Arun Jaitley (senior BJP leader) or some other lawyer".
On the allegations that two new telecom licencees, Unitech and Swan divested their equity at premium, the Telecom Minister asserted that "there was no disinvestment and it was only dilution of stake by bringing in additional equity".
Asked whether the Prime Minister knew about the dilution of equity by Unitech and Swan, Sibal said "yes, the Prime Minister knew that it was dilution of equity" by way of issuing new shares and there was no divestment of promoters' equity.
He also took a dig at BJP for not acting against Karnataka Chief Minister B Yeddyruppa who is facing allegations of corruption.
"The way these issues are being raised by them (BJP) ahead of Parliament session, it seems thay have no other issue and they are adopting these tactics to disrupt the session", Sibal said.
Sibal also said that it was under BJP-led government in 1999 the issuance of additional equity by way of private placement, even when the five-year lock-in period was there, was allowed.
"... that lock-in period will not come in the way of dilution of equity. This was their own policy," he said, adding that in 2003 the same government came out with new guidelines and the lock-in period of five years was also removed.
However, this (rule) was changed in July 23, 2009, by the UPA government and introduced three-year lock-in period but one was allowed to induct partner by way of issuing fresh shares that is diluting promoters' equity.
In Swan Telecom the additional shares were brought in 2007-08 before the guidelines of July 23, 2009, while in case of Uninor, the additional equity came in 2009 and 2010 and the same was cleared by FIPB and CCEA as well, the Minister said.
Asked about the losses to the government as computed by CBI, Sibal asserted that if "there is a first come first serve policy there is no question of loss. Loss comes only if there is an auction."
The Minister had earlier said that there was no question of any revenue loss to the government as spectrum was not auctioned and also no one has ever paid for spectrum all licencees have paid only entry fee and spectrum was always bundled with the licence.
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