No shareholding in Swan Telecom at the time of licence: RCom

Anil Ambani led Reliance Communications has said in a statement that it does not have a stake in Swan Telecom which has been declared as ineligible by the government auditor CAG for issuance of 2G licence.
Reliance Communications said it was ready to provide all relevant information to resolve "doubts" expressed by CAG.
The company also clarified "Reliance Communications does not hold any of the 85 licences issued in January 2008, which CAG in its report has considered lacking in its basic eligibility."
The company said in a statement that it held no stake in Swan Telecom at the time of 2G licence allocation, refuting the CAG report that it held 10.71 per cent stake in the firm.
"RCom, through its 100 per cent subsidiary Reliance Telecom, was a 9.9 per cent equity shareholder in Swan Telecom only till December 5, 2007, while Swan was granted licence only on January 10, 2008," it said.
"Reliance Communications did not take any steps to actively pursue Swan license application at any stage. License validity and spectrum priority of Swan not relevant for us," it added.