New Delhi:
The Enforcement Directorate (ED) has filed chargesheet against telecom firms for the violation of Foreign Exchanges Management Act (FEMA) involving Rs 4,300 crore in the 2G case.
This comes a day after the Supreme Court saying on Friday that there must be quick progress with the 2G trial.
According to sources, the ED has named Swan telecom, Loop Mobile, Loop Telecom and S-Tel in its chargesheet filed in the Delhi court. The highest violations have been recorded by Swan telecom, sources said.
All these companies have been found to be allegedly responsible for issuing shares to foreign investors without informing the Reserve Bank of India (RBI).
ED also suspects FEMA contravention by Virgin Mobile, a Tata joint venture and has been analysing pricing issue of shares between Unitech and Telenor.
Sources said there could be penalties upto three times the amount that all these companies have been found guilty of violating. The Enforcement Directorate is also trying to find out the source of the funds of these companies.