Contesting the claim of government auditor CAG, Anil Ambani group company Reliance Communications (RCom) today said it had no shareholding in Swan Telecom at the time of the grant of licence to it or any time thereafter.
"Our group had no shareholding in Swan Telecom (now Etisalat DB) at the time of grant of licence to them or any time thereafter, and that issue is accordingly not relevant to our company," RCom said in a statement.
Highlighting irregularities in 2G spectrum allocation, the CAG has said that Swan Telecom, one of the companies that got the licence, appeared to act as a "front company" on behalf of Reliance Telecom and doubted the latter's "intention".
RCom, the company statement said, has always been in full compliance with all applicable laws, rules and regulations, and there has been no violation of our licence conditions at any stage on account of cross-holdings in excess of 10 per cent.
As per existing guidelines, a company can not own more than 10 per cent stake in two operators.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app