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Swan, Unitech favoured firms

delhi Updated: Feb 04, 2011 01:36 IST
Rajesh Ahuja & Sumit Saxena

The CBI has named Swan Telecom and eight companies belonging to M/S Unitech as former telecom minister A Raja’s favoured companies.

During arguments on Raja’s remand application in the special CBI court, the probe agency contended the government suffered losses to the tune of Rs 7,105 crore by allotting licenses to these two companies.

The CBI told the court M/S Swan was allotted the unified access service (UAS) licence for 13 circles for Rs 1,537 crore. It off-loaded 45% of its share in the licence even before the roll-out of services to M/S Etisalat of the UAE for Rs 4,200 crore.

M/S Unitech was allotted licence for 22 circles for R1,658 crore. It off-loaded 60% of its equity to M/S Telenor of Norway for R6,100 crore. However Unitech said in a statement, “Unitech Ltd has not sold any shares held by it in Uninor to the Telenor Group...”

First promoter of Swan, Shahid Balwa reacted saying, “It is clear CBI is wearing blinkers coloured by media perception.”

According to sources, six companies — Unitech Builders & Estates private Limited, Hudson Properties Private Limited, Nahan Properties Private Limited, Aska Projects Limited, Volga Properties Private Limited and Adonis Projects Private Limited — had submitted applications for grant of the UAS licence on September 24, 2007. http://www.hindustantimes.com/Images/HTEditImages/Images/04_02_pg10a.jpg

These companies stated that their main object clause was the telecom sector. The registrar of companies while certifying alternation of main object clause had stated the certificate was subject with a change in the name of the company.

These six were registered afresh with new names in May 2008. But they were inelligible because they were granted licences five months earlier. Same was the case with two group companies — Azare Properties Limited and Unitech Infrastructure Private Limited.

These eight companies also passed resolutions to increase authorised share capital on September 20 and deposited stamp duty on October 3, 2007. The certificate for an increase in share capital was issued between October 8 and 11. So the claim for a higher share capital made on September 24, 2007, when they applied for the licence was false, claimed sources.