Special CBI Judge O P Saini reserved the order after the counsel for ED and the accused concluded their arguments on framing of charges in the case.
ED, in its charge sheet against the 19 accused, including 10 individuals and nine companies, had alleged that they were involved in the Rs 200-crore money transaction which was not "bonafide" and "genuine" and it was a "bribe for grant of telecom licences to DB Group companies" by Raja.
The agency had claimed that the series of transactions relating to transfer of Rs 200 crore from DB group company to DMK-run Kalaignar TV through Kusegaon Fruits and Vegetables Pvt Ltd and Cineyug Films Pvt Ltd were not "genuine business transaction".
The accused, however, had countered the claims of the ED contending there was no evidence to support the allegations levelled by the agecy.
The counsel appearing for Raja and Kanimozhi had argued in the court that documents filed along with the ED's complaint nowhere show that they were connected with the Rs 200-crore transaction from DB group to Kalaignar TV.
Similarly, other co-accused, including Swan Telecom Pvt Ltd promoters Shahid Usman Balwa and Vinod Goenka, had argued that there were no evidence to connect them with the allegedcrime and its proceeds.
According to ED, Kanimozhi and co-accused Sharad Kumar, MD of Kalaignar TV, were having 20 per cent stake each in the TV channel while Dayalu Ammal was holding the rest 60 per cent stake. All the individual accused in the case are presently out on bail.