2G Scam: RTL Moves HC Seeks Quashing Of Criminal Proceedings

Reliance Telecom Ltd (RTL) today moved the Delhi High Court seeking quashing of charges in the 2G spectrum allocation scam, saying it never held stakes in excess of 9.9 per cent in Swan Telecom and that too was divested prior to grant of licenses in 2008.

“The petitioner has always held less than 10 per cent share holding in Swan and has also been compliant with legal requirements, including the Unified Access Services Licenses (UASL) Guidelines.

“For that, it is the admitted position that the petitioner (RTL) had even divested itself of 9.9 per cent shares held by it in Swan on December 5, 2007, much prior to issuance of LoIs on January 2008. Thus, no benefit accrued to it from the grant of UASL to Swan,” the petition, of the group firm of Reliance Anil Dhirubhai Ambani Group (RADAG), said.

From: http://ping.fm/zCwa1