Reliance Comm denies involvement in 2G spectrum scam
November 18th, 2010 - 5:33 pm ICT by IANSMumbai, Nov 18 (IANS) Anil Dhirubhai Ambani Group company Reliance Communications said Thursday it was not in any way involved in 2G spectrum allocation scam, which according to the Comptroller and Auditor General (CAG) has caused a potential loss of Rs.1.76 trillion ($40 billion) to the exchequer.
“Reliance Communications does not hold any of the 85 licences issued in January 2008, which CAG in its report has considered lacking in its basic eligibility,” Reliance Communications said in a regulatory filing to the Bombay Stock Exchange Thursday.
Reliance Communications, which has a 124 million customer base, said it had no stake in Swan Telecom at the time of 2G licence allocation, refuting the CAG report that it held 10.71 percent stake in the firm.
“R Com through its 100 percent subsidiary Reliance Telecom was a 9.9 percent equity shareholder in Swan Telecom only till Dec 5, 2007, while Swan was granted licence only on Jan 10, 2008,” the company statement said.
“Reliance Communications had no shareholding in Swan Telecom at the time of grant of licence to them or any time thereafter,” it added.
Share price of Reliance Communications plunged over 8 percent at the Bombay Stock Exchange on speculations that the company might come under the regulatory scanner for its alleged involvement in the 2G spectrum allocation scam, which has led to the removal of the then telecom minister A. Raja from the cabinet.
- Reliance Communications says equity in Swan was within limits - Aug 10, 2011
- Supreme Court order takes toll on telecom scrips - Feb 02, 2012
- Anil Ambani meets CBI to clarify issues relating to telecom matters - Feb 16, 2011
- 'Reliance Communications had no stake in Swan' - Nov 16, 2010
- Reliance Communications denies involvement in 2G scam - Feb 13, 2011
- Reliance Communication says equity in Swan was within limits (Roundup) - Aug 10, 2011
- CBI summons Anil Ambani in 2G scam case - Feb 16, 2011
- Kalaignar TV defends 2G spectrum deal - Feb 11, 2011
- New telecom firm promoter scrips fall, older one's gain on SC order (Lead) - Feb 02, 2012
- Operative parts of apex court's 2G judgment - Feb 02, 2012
- Stocks of firms with tainted phone licenses fall further - Feb 03, 2012
- What the 2G spectrum case is all about - May 20, 2011
- RCom, DB Realty, Unitech shares soar after bail to executives - Nov 23, 2011
- Anil Ambani was not director of Swan: Witness - Jan 31, 2012
- Government asked to explain delay in taking decision on 2G spectrum allocation scam - Nov 17, 2010
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