Telecom stocks rose during post-noon trade session on Thursday after a Delhi court acquitted all the accused in the alleged multi-thousand crore rupee 2G spectrum scandal.
DMK MP Kanimozhi and former telecom minister A Raja, two of the accused in the case, hailed the verdict and said justice has been delivered.
In an unexpected judgement, special CBI court acquitted DMK leaders Kanimozhi and A Raja along with 17 others in multi-crore 2G spectrum case.
Besides Raja and Kanimozhi, the special judge also acquitted Shahid Balwa, Vinod Goenka, Asif Balwa, Rajiv Aggarwal, Karim Morani, P Amirtham and Sharad Kumar in connection with the case.
Special CBI Judge OP Saini decided the fate of the accused by saying, "I have absolutely no hesitation in holding that prosecution has miserably failed to prove any of the charges against any of the accused".
The alleged scam on the issuance of licences and allocation of 2G spectrum by the Department of Telecom occurred during the Congress-led UPA government's first tenure.
The court, in its one-line verdict, said that the prosecution failed to provide any evidence to support the charges against accused.
The court, which is exclusively dealing with the cases arising out of the 2G spectrum scam, has directed all accused, including Raja, Kanimozhi and others to remain present before it for the verdict.
CBI Special Judge OP Saini has been hearing two separate cases related to 2G spectrum allocation. One is being probed by CBI and the other by the Enforcement Directorate.
A special court hearing the 2G spectrum scam is expected to announce the date of verdicts in three cases on December 5.
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