The Anil Dhirubhai Ambani Group spoke out against the Comptroller and Auditor General of India (CAG)?s report that states Swan Telecom was a ?front company? for Reliance Communications. The operator has said that it had no shareholding in the firm that got a licence in 2008.
“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,” the company said in a statement.
Reliance Communications, the statement said, has always been in full compliance with all applicable laws, rules and regulations. There has been no violation of its licence conditions at any stage on account of cross-holdings in excess of 10 per cent.
