Reliance Communications offers to clear CAG's `doubts' over spectrum licence
18 Nov 2010
Reliance Communications today offered to readily provide all relevant information to resolve the "doubts" expressed by the CAG while maintaining that the company did not hold any of the 85 licences issued in January 2008, as indicated by the CAG in its report, to make it ineligible for the spectrum licence.
RCom, however, said the company through its 100 per cent subsidiary Reliance Telecom held a 9.9 per cent equity stake in Swan Telecom till 5 December 2007. Swan was granted the letter of intent only on 10 January 2008, an RCom spokesperson said in a release.
RCOM had no shareholding in Swan Telecom Ltd at the time of grant of licence or any time thereafter, nor did RCOM take steps to actively pursue the Swan Telecom licence application at any stage, the company said.
"The issue of licence validity and spectrum priority of Swan Telecom is not relevant for RCom's operations," RCom said in its release.
"Reliance Communications has always been in full compliance with all applicable laws, rules and regulations, and there has been no violation of our licence conditions at any stage on account of 10 per cent equity shareholding or more," it added.
Reliance Communications issued the statement in the interest of its 2 million shareholders, the spokesperson said.
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