The technicalities involved in the association between the Loop and Essar may force the CBI to delay its third chargesheet which was expected to be filed the first week of July.
 
According to informed sources the investigating agency wants to make it amply clear the real status of the association before going for the third chargesheet. For this it is in touch with the from the ministry of corporate affairs and the Department of Telecom (DoT)

The CBI has been investigating as to whether Loop Telecom was an associate of Essar thus, acting as a front for the Essar Group, in obtaining the nation-wide UASL licence and 2G spectrum in 2007.
 
However In a letter, the Registrar of Companies (Mumbai) had pointed out that "the Essar Group, directly or indirectly, held only 2.15% of Loop Telecom, as on 3.9.07, i.e. the date on which the application was made to DoT for UAS licence".
 
When contacted Telecom Secretary R Chandrashekhar told PTI that a communication has been received from the Ministry of Corporate Affairs and the same was under examination.

As per ''substantial equity' clause of the licence, a company can not hold more than 10% in two operating licencees in same circle.
 
The DoT had written to Ministry of Corporate Affairs in January this year asking them to convey their categorical views/comments whether the clause 8 of UASL guidelines regarding substantial equity have been violated in relation to Loop Telecom.

Earlier in 2009 also, the matter was referred to the MCA which had said that Essar held less than 10% (within permissible limits) equity in Loop Telecom.
 
The RoC has also observed that Essar group have been a net borrower from Khaitan group during March 2006 and September 2007. The contention that Essar had given a huge loan of Rs 1,647 crore STPL (now Loop Telecom) to acquire indirect and beneficial stake in Loop Telecom "appears to be not tenable".