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‘Anil attended RTL meeting on investing in Swan’

NEW DELHI: Anil Ambani, Chairman of Reliance ADA Group, had attended the meeting of Reliance Telecom Ltd in which the board had "noted" that investment of Rs 992 crore in Swan Teleco

Published: 16th February 2012 12:25 AM  |   Last Updated: 16th May 2012 05:56 PM   |  A+A-

NEW DELHI: Anil Ambani, Chairman of Reliance ADA Group, had attended the meeting of Reliance Telecom Ltd in which the board had "noted" that investment of Rs 992 crore in Swan Telecom Pvt Ltd was a "long-term strategic investment", a prosecution witness in the 2G spectrum case told a Delhi court.

Sateesh Seth, non-executive Director of Reliance Telecom Ltd (RTL) and a chartered accountant, said he, Anil Ambani, S P Shukla and Gautam Doshi, an accused in the case, had attended the April 29, 2007, board meeting of RTL.

"I have also been shown a certified true copy of extract of the minutes of the meeting of board of directors of Reliance Telecom Limited held on April 29, 2007. I myself attended this meeting. This meeting was also attended by S P Shukla, Gautam Doshi and Anil Ambani.

"......In this meeting, the board noted that 'investment in 99,20,000 8 per cent non-cumulative redeemable preference shares (NCRPS) each of Rs 1 each at a premium of Rs 999 per preference share aggregating to Rs 992 crore of Swan Telecom (P) Limited (STPL) was in the nature of long-term strategic investment," Seth told Special CBI Judge O P Saini.



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