Brokers spreading baseless rumours: ADAG
12 Feb 2011
According to Anil Ambani's Reliance ADA Group, which controls mobile carrier Reliance Communications authorities had "examined" some of its officials and it was cooperating.
The Central Bureau of Investigation (CBI) has been looking into possible irregularities in the allocation of telecommunications licences and radio airwaves following a government auditor reporting sale of licences at cheap rates, costing the government of up to $39 billion in potential revenue.
"The CBI is reportedly examining a large number of telecom companies and their officials over the past several weeks, in relation to various matters relating to the years 2001 to 2008," a group spokesperson said in a statement late yesterday.
"As part of this process, CBI has also examined a few officials of Reliance ADA Group, and we are fully co-operating with the authorities in this regard," the statement said.
A predominantly CDMA carrier, Reliance Communications was granted rights for expansion of its GSM services in 2007.
According to a report released in November, a government auditor claimed Swan Telecom, which was later renamed Etisalat DB, won a licence even though, a unit of Reliance Communications held more than 10 per cent of equity in the firm, which violated the rules.
According to Reliance Communications it had no shareholding in Swan when licences were awarded in January 2008.
