Author: Raman Kirpal
Publication: Firstpost.com
Date: October 12, 2011
URL: http://www.firstpost.com/politics/damning-fir-cbi-says-maran-got-rs-550-crore-for-maxis-favour-105951.html#en
Former Communications Minister Dayanidhi Maran
benefited indirectly by Rs 549,96,01,793 (Rs 549.96 crore) as quid pro quo
for various favours to Aircel, owned by Malaysia-based company Maxis, alleges
a new First Information Report (FIR) filed by the Central Bureau of Investigation
(CBI) in the 2G spectrum case early this week. Firstpost has seen the FIR
that has been filed.
The amount of Rs 550 crore (rounded up) was
allegedly received by a company owned by Maran's brother Kalanithi, and is
much larger than the Rs 200 crore allegedly paid to Andimuthu Raja.
Raja, who had succeeded Maran in the ministry,
is said to have favoured Swan Telecom and the latter's promoters had in turn
given Rs 200 crore to DMK-controlled Kalaignar TV. DMK chief M Karunanidhi's
daughter Kanimozhi is in jail for that, though she claims the money was a
loan and has since been returned.
According to the FIR, on 1 June 2007, a Mumbai-based
company Enam Securities Pvt Ltd had determined the valuation of Sun Direct
TV, owned by the Maran family, in the range of Rs 3,465.76 crore and Rs 4,039
crore.
The FIR says it was grossly overvalued. "In
2007, Tata Sky, with 50 percent of the DTH market, had a fair value of Rs
2,500 crore. Sun Direct TV, which had not even rolled out its DTH services,
at best had a value of Rs 400 crore,'' argues the FIR.
The miscalculation in valuation of Sun TV
was deliberate, it would seem. Maran had cleared seven licence and spectrum
deals with Maxis Communication and, as an 'equal and fair' favour, Maxis'
sister concern Astro All Asia Networks invested Rs 629 crore at the rate of
Rs 69.57 per share, alleges the FIR. Astro bought 20 percent stake in Sun
Direct TV.
In contrast, Maran's brother Kalanithi Maran
bought 80 percent equity at the rate of Rs 10 a share. At this rate, Astro
was supposed to spend only Rs 79 crore for 20 percent stakes. So calculating
the 'bribe' amount on a pro-rata basis, Astro pumped in additional Rs 550
crore for favours showered by Dayanidhi Maran .
The FIR begins with a retelling of how Maran
had designs to favour Maxis Communications and how he counselled former Aircel
owner C Sivasankaran to sell his 100 percent stake in Aircel to Maxis. According
to the report, Maran had malafide intentions in forcing Siva to sell Aircel
to T Ananda Krishnan of Maxis. He sat over Sivasankaran's applications for
spectrum for years by issuing show-cause notices. Despite repeated requests
to meet Maran in 2005, the latter declined to meet Siva for 'ulterior motives'.
Immediately after, the report says, Ralph Marshall, who is CEO of Maxis Communications,
met Sivasankaran and told him to sell his company, as he had already taken
all the necessary clearances from the Maran brothers.
On 12 November 2005, the FIR says, Kalanithi
Maran met Siva in Chennai with his brother Dayanidhi's message that "Siva
should sell his 100 percent stakes in the company and my brother will call
you''.
Things moved very quickly thereafter. The
same day (12 November 2005) Maran called Siva, instructing him to work out
the deal with Maxis and moments after Siva met Ralph Marshall at Taj Coromandal
Hotel, Chennai. Marshall made Siva talk to T Ananda Krishnan on telephone.
The deal was struck. Four months later, Astro
All Asia Networks through South Asia Entertainment Holding Ltd, invested $166
million (Rs 629 crore, according to the CBI FIR) in Sun Direct TV Private
Ltd. Maran allegedly took Rs 550 crore as quid pro quo and rendered a disservice
to the nation, the FIR adds.
