CBI to approach CLB on links between Reliance, Swam in 2G scam

Posted By: Pti
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New Delhi, Feb 17 (PTI) With the Reliance funding intoSwan telecom under scanner, the CBI will soon approach theCompany Law Board to look into the association betweenReliance Group and the controversial Telecom company in the2G spectrum scam.

The Swan Telecom is alleged to be a front company forthe Anil Ambani Group and was ineligible to get 2G licence andspectrum in 2008.

This was also pointed out by the government auditor CAG inits report in November last year.

Sources privy to the investigation in the CBI said theagency would be approaching the Company Law Board soon to gointo the equity pattern of the Swan telecom which may directthe Registrar of Companies functioning under Ministry ofCorporate Affairs to verify the details.

Reliance Group Chairman Anil Ambani was questioned forover three hours by the CBI yesterday in this regard and wasalso brought face to face with jailed former Telecom MinisterA Raja for over an hour. The duo remained "non-cooperative"when both of them met.

The investigators repeatedly questioned the duo lastevening over the equity issues of Swan telecom for nearly anhour but both remained "non-cooperative" and stuck to theirstand, sources privy to the investigations said today.

The questions pertained to whether Reliance Communicationdirectly or through its subsidiary held more than 10 per centequity, a threshold for cross-holding in two servicesproviders in the same circle, the sources said.

Swan Telecom, in which Tiger Traders Private Limited have90.13 and Reliance Telecom Limited 9.87 per cent equityshare capital, has been under the scanner over allegeddiversion of funds to DMK-owned Kalaignar television.

Ambani, 51, was called to the CBI headquarters yesterdayfor questioning by the agency in connection with the 2GSpectrum scam.

DB Realty group Managing Director Shahid Usman Balwa,promoter of Swan telecom, is already in the CBI custody.

ADAG had yesterday sought to downplay the calling ofAmbani to the CBI saying that "during the course of his weeklyvisit to New Delhi, Ambani met CBI officials to clarifyongoing issues, relating to telecom matters for the years 2001to 2010".

The ADAG statement said, "neither Reliance Telecom norRCOM nor any Reliance ADAG individual, company or affiliateheld even a single share in Swan Telecom Ltd at the time ofgrant of the 2G licence to them in January, 2008, or at anytime thereafter".

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