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Tuesday, July 12, 2011

2G Spectrum Scam: Etisalat investigating situation that lead investment in Swan!

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(File photo) MD of DB Realty Shahid Balwa, an accused in the 2G spectrum scam, after being produced in Patiala House court in New Delhi - PTI
(File photo) MD of DB Realty Shahid Balwa, an accused in the 2G spectrum scam, after being produced in Patiala House court in New Delhi - PTI.

UAE based telecom Etisalat on Monday said it is investigating the circumstance under which Shahid Balwa, one of the accused in 2G spectrum issue, persuaded it to invest in Swan Telecom.
"Etisalat is investigating closely both the circumstance in which Mr Balwa persuaded it to invest in Swan (now Etisalat DB) – as a third party foreign investor, brought in after Mr Balwa and Swan had obtained the licenses – and also Mr Balwa's stewardship of the company and its assets," Etisalat said in a statement.
The company said this in reaction to move of Majestic Infracon to Company Law Board against Etisalat and various group companies.


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