Reliance Telecom comes clean on Swan mystery
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Reliance Telecom finally lifted the veil on the Swan mystery in the 2G case on Monday when it stated before the SC that the company was floated by it to get GSM/Spectrum licence in 13 circles but no illegality was committed in forming the separate entity.
The statement to this effect was made by senior counsel Ashok Desai, appearing for Reliance Telecomm's top executives Hari Nair and Surinder Pipara, while arguing their bail plea before a bench of Justices G.S. Singvi and H.L. Dattu.
A candid statement on relations between Reliance and Swam was perhaps made in the court by its counsel for the first time as the Anil Ambani controlled Reliance Telecomm had been all along denying that Swan — which according to the CBI later had offloaded its equity in favour of Etisalat and DB Telecom — was its front company.
Desai said Nair had resigned from Swan on October 27, 2007. “Reliance had CDMA licence up to March 5, 2007 when Swan made applications for licence in 13 circles.”
Desai said the only action alleged against Swan was that Reliance had more than 9.81 per cent share “but in August 2007 Reliance would not require this sort of arrangement”.
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