No Share holding in Swan at that time of licence: Reliance Communications

No Share holding in Swan at that time of licence: Reliance CommunicationsRCom, India No second mobile operator, mentioned it had no share holding in non listed Swan Telecom at that time while the firm was granted licence to begin operations.

A govt audit statement has said Swan Telecom, that has since been acquired in to by the UAE’s Etisalat, was given a license even though a unit of RCom holding more than 10 % of equity, a violation of guidelines.

Reliance Communications mentioned it’s totally possessed unit was a 9.9 % share holder in Swan until December. 5, 2007, while Swan was provided licence on January. 10, 2008. The firm said it would present all appropriate info to solve the questions expressed by the auditor.

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