The court has summoned all the accused to be present on April 11 . HP Ranina, Corporate Tax Lawyer feels that the impact could be quite substantial and there will be lot more information, which will be coming out.
Below is the verbatim transcript of his interview to CNBC-TV18
Q: The news that 2G Trial Court has summoned Sunil Mittal, seems to be a big setback for Bharti Airtel. What could be the impact be in your mind?
A: The impact could be quite substantial. Lot of investigation having been brought in the charge sheet will now become open in the public domain. When the party is to appear before the court and give evidence certainly there will be lot more information, which will be coming out.
Bharti will of course defend itself. It will cross-examine the witnesses for the prosecution. Therefore, it is only the tip of the iceberg. We really do not know how it is going to pan out. However, it is certainly going to have a very serious impact on company's fortunes.
Q: Just on a procedural front, how difficult could it get for the promoters now considering that they have been summoned and this hearing is going to take place on April 11th?
A: That depends on the court. They will certainly ask for time in case they need more time. If they are travelling outside India they will also ask for some exemption. It all depends on how long the proceedings take place.
However, certainly in these types of trials which are going to be monitored on a day to day basis in the initial days there will be a lot of tension and certainly a lot of pressure on the promoters and to that extent possibly the business may suffer.
They have a fairly good organization and even though the promoter himself is busy in court I am sure the organization will continue.
Q: Is there an opportunity of appeal at all?
A: Not at this stage. It is just court trial. Once the judgement comes then of course there will be an appeal. However, normally one cannot appeal against being summoned by a trial court. I do not think a higher court will interfere in the case of such an appeal.
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