2G trial: Reliance director testifies

Anil Ambani, chairman of the Reliance ADA Group, had attended the meeting of Reliance Telecom Ltd in which the board had “noted” that investment of Rs 992 crore in Swan Telecom Pvt Ltd was a “long-term strategic investment”, a prosecution witness in the 2G telecom spectrum case told a Delhi court.

Sateesh Seth, non-executive director of Reliance Telecom Ltd (RTL) and a chartered accountant, said he, Anil Ambani, S P Shukla and Gautam Doshi, an accused in the case, had attended the April 29, 2007, board meeting of RTL.The recording of his statement concluded on Wednesday.

Reliance ADA Group top executives Gautam Doshi, Surendra Pipara and Hari Nair are facing trial for their alleged roles in the 2G case. RTL has also been charged.

Seth said the board of RTL, in its April 29, 2007 meeting, noted that a long-term investment in Swan Telecom (also charged in this case) was required.

He said that as the minutes of the meeting of the RTL board of firectors on January 30, 2008 went, the board was informed about disinvestment of 1,07,91,000 equity shares of Rs 10 each of Swan Telecom Pvt Ltd. When he said the disinvestment must have been done by the business team, as the matter came up before the Board only for noting, prosecutor A K Singh said the witness was resiling from his previous statement.

During the cross-examination by the prosecutor, he said he had not told the Central Bureau of Investigation investigating officer that decisions regarding investment/disinvestment of equity shares held by RTL in Swan were taken by Gautam Doshi.