Reliance Telecom denies role in 2G scam
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Reliance Telecom denies role in 2G scam

Last Updated: Friday, August 12, 2011, 20:58
 
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Reliance Telecom denies role in 2G scam
New Delhi: Anil Dhirubhai Ambani Group (ADAG) company Reliance Telecom Ltd (RTL), an accused in 2G spectrum case, today told a Delhi court that it did no wrong and has been framed because of its big name.
 
"Why I (RTL) am treated differently? Why different standards were used for me? Just because I happened to be Reliance, a big name, you (CBI) slapped me," Hariharan, counsel for ADAG Group President Surendra Pipara, told Special CBI Judge O P Saini.
 
Seeking discharge from the case, the defence counsel said neither the company nor its three employees commited any act which could be linked with the case.
 
"Wrong questions were asked (by CBI), wrong answers were received and wrong interpretation has been drawn," he said.
 
RTL, which initially held 9.9 percent equities in Shahid Usman Balwa-promoted firm Swan Telecom Private Ltd (STPL) and Tiger Trading Pvt Ltd, which had 90.1 percent stakes in STPL, were not associate companies, he said, adding all details relating to their share-holding pattern are in "public domain" and part of Registrar of Companies (RoC) records.
 
On January 10, 2008, when the letters of intent (LoIs) were issued to STPL, Reliance Telecom was "nowhere in picture and Balwas (Shahid Usman Balwa and other promoters of STPL) had taken over the firm," the defence lawyer said.
 
RTL had "sold its preference shares of Swan Telecom to a company belonging to Balwas on October 17, 2007, and 9.9 percent equity shares were also sold to Delphi Investment, another independent company", he said.

PTI




First Published: Friday, August 12, 2011, 20:58


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