In Apr, when the trial by media on the 2G spectrum pricing was in full swing, I had written that the CAG was up to no good. That the CAG report was specious, and downright silly in some aspects.
Now, six months later, the media has finally woken up. India Today has announced that the CAG report inflated the loss to exchequer, and the Rs. 1.76 Lakh Crore loss figure had little backing within the CAG itself!
Why this volte-face by the media? Most likely because of judicial intervention. Justice O. P. Saini’s court allowed the accused to defend themselves and they, of course, tore into the CAG report. As the CBI case started crumbling, the media is shifting its stand now.
Justice Saini has not framed charges yet (I am hoping he will throw away the frivolous charges such as causing loss to exchequer and making money by reselling spectrum, and retain only the out of turn allotment charge). Yet I feel I can say two things with confidence:
The media is a bunch of nitwits. But the Judiciary works.
The out of turn is definetly a scam and money needs to be disgorged.
Agree that loss to exchequer may be notional as lower fees translate to more tax revenues since business grows vs lower future tax collection since business does not grow much due to high up front fees of 3G being attempted to be recovered from price sensitive customers.