On September 17 this year, the additional CMM, Usha Iyer had ordered that arguments in the RIL cases, two of them, alleging backdating of letters of credit, will be taken up today. The new CBI counsel, I D Vaid, had on that day, insisted on early hearing since the cases had already been adjourned several times (at least 20 times now). Vaid is not the first CBI counsel to have argued this in the case, first registered in 1985, and one that is yet to see the light of day.

In fact, the CBI itself had been urging an early hearing, though not too loudly. The CBI's Mumbai lawyer today informed the court that Vaid, Delhi-based counsel appearing for CBI, could not make it today. (ENS learns it was because he could not get a railway ticket).

The cases relate to alleged backdating/forgery of Letters of credit by Ambani and others to enable RIL to import 80000 mt of purified terepthalic acid (PTA) under OGL, when in 1985 the government had decided to amend the policy to bring the item under the limited permissible list.

The CBI had alleged that the LCs of State Bank of India and Standard Chartered were forged so that RIL could show that the LCs were opened before the date of the notice of the policy change and thus could avail the 90 days' grace period.

Usha Iyer had ordered that the chargesheets and the discharge applications filed by various accused be taken up today. She, however, did not ask the CBI lawyer any questions today. The chargesheets were filed in 1996. The matter stands adjourned to January 20.