Business Standard

April 5: News views

Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group, speaks during a news conference in Mumbai

Anil Ambani, the billionaire chairman of Reliance ADAG, will appear on Tuesday to answer a parliamentary panel investigating the multi-billion dollar 2G scam that has rocked the country\'s political and business establishment.

Ambani's testimony comes days after the CBI indicted officials and a unit of his group for conspiracy, cheating and other offences during a flawed 2008 telecom licence grant process that may have lost India up to $39 billion in revenue.

Reliance Telecom, a unit of Reliance Communications, and three Reliance ADAG officials are accused by police of conspiring to set up Swan Telecom as a front company to gain valuable radio spectrum. Indian rules prohibit an existing licence holder from owning more than 10% in another operator in the same market.

Ambani, one of India's highest profile businessmen, was to be questioned a day after tycoon Ratan Tata appeared before the same Public Accounts Committee.

Images by Reuters

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