After six years, I stand vindicated: Kapil Sibal on 2G verdict

A special court on Thursday acquitted former telecom minister A Raja, DMK MP K Kanimozhi and several business executives of charges of corruption and many irregularities in the 2G scam. When the scam came to light in 2011, Kapil Sibal, the then telecom minister, had floated a "zero-loss" theory that draw sharp criticism from the Opposition. Here's what he had to say after today's verdict

Your first reaction to the judgement.
The judgement vindicates Congress' moral position on the 2G case. There is no corrupt motive, there is no attempt to favour anybody, there is no loss to the public exchequer. Allocation was done on extant policy.


What about the ad hocism and policy gaps in the allocations?
You can criticise any policy. No policy is perfect. The judgement vindicates our position that there was no scam, no criminality. It disproves the allegation that the UPA was full of scams.

The Supreme Court found all the allocations arbitrary and illegal and quashed all the licences. How do you explain that?
It was the TRAI's opinion that the existing policy cannot be changed. As there would not be a level playing field for all the players. This decision was accepted by every level, including at the highest level.

Was the SC decision to cancel all licences wrong?
Yes. The Supreme Court wrongly cancelled all licences. This has had a negative impact on the economy. It should have cancelled those particular licenses in which some wrong was committed. After all, foreign investors had brought in huge money into the sector. The Supreme Court should not have cancelled all licenses. A large part of bank NPAs (non-performing assets) is because of this. But the Supreme Court is right because it is final, not because it is right. We cannot appeal against its decision. That's why it is final. The policy introduced subsequent to the Supreme Court decision -- auction at market price -- has been disastrous.

Is it a huge political victory for you?
Personally for me, yes, a huge political victory. Though I did not take the decisions under challenge as a minister, it is a huge personal vindication for me. After examining the issue at length, I had said at that time that there was no loss (referring to his zero-loss theory) to the exchequer. After six years, I stand vindicated.

Will this judgment help the Congress party politically? Translate into votes?
I sincerely hope so.