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2G scam verdict: DB Realty, Sun TV Network, Unitech stocks trade higher after CBI court acquits all accused Rs 1.76 lakh cr scam

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The stocks of companies linked to the 2G scam rose after a special CBI court acquitted all the key accused in the Rs 1.76 lakh crore scam. DB Realty (19.94%), Sun TV Network Ltd  (5.03% ) and Unitech (15.82%)  were trading higher in early morning trade. The scam came to light almost seven years ago when auditing agency Comptroller and Auditor General or CAG in a report held then Telecom Minister A Raja responsible for causing the state exchequer a loss of Rs 1,76,379 crore by allocating 2G spectrum licences at throwaway prices. But, today the court found that the prosecution failed to prove the charges. DB Realty managing director Shahid Balwa in March 2011 resigned from the company’s board of directors after his firm was accused of being a beneficiary of the Rs 1.76 lakh crore 2G scam.According to allegations, Maran family-owned Sun TV Network was a beneficiary of pay-offs in the 2G scam by an overseas telecom firm.Unitech Wireless (Tamil Nadu) Ltd Managing Director Sanjay Chandra’s name cropped up in the scam, after his firm the Indian partner of Norway’s Telenor was among one of the two firms accused of being favoured by former telecom minister A Raja when mobile phone licences were issued in 2008.While the DB Realty stock rose to 43.60 level on the BSE, Sun TV Network Ltd  was trading  at 982 level. The Unitech stock rose to 81.4 level on the BSE.  Meanwhile, the Sensex was trading flat at 33,783 level. The Nifty was up 4 points to 10,449 level .

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