Unitech Ltd did not sell its shares to Telenor: 2G witness

A prosecution witness today told a Delhi court that Unitech Limited, whose Managing Director (MD) Sanjay Chandra is facing trial in the 2G spectrum allocation case, had not sold a "single share" to Norwegian firm Telenor after the foreign company had invested in it.

Deposing as a CBI witness in the case, Ajay Chandra, Sanjay Chandra's brother and also a Unitech Ltd's MD, said after having been granted the 2G spectrum licences in 2008, eight subsidiaries of Unitech Ltd grouped together and M/s Telenor Asia (P) Limited was made an investor.

"It is correct that Unitech Limited did not sell a single share held by it to Telenor Asia (P) limited. Equity was given to Telenor Asia (P) Limited by way of fresh issuance of shares," Ajay Chandra told Special CBI Judge O P Saini.

His statement assumes significance as the CBI had alleged that Unitech Wireless (Tamil Nadu) Pvt Ltd, also an accused firm, had off-loaded 60 per cent of its shares to Telenor for Rs 6,200 crore immediately after getting the 2G licences and had earned windfall profit.

The agency had alleged that eight group companies -- Aska Project Ltd, Nahan Properties Pvt Ltd, Unitech Builders and Estates Pvt Ltd, Adonis Projects Pvt Ltd, Hudson Properties Ltd, Unitech Infrastructure Pvt Ltd, Azare Properties Ltd and Volga Properties Pvt Ltd -- were renamed after getting UAS Licenses from the Department of Telecom (DoT) and they later merged into Unitech Wireless (Tamil Nadu) Pvt Ltd.

During recording of his statement, Ajay Chandra told the court that percentage equity of Telenor Asia (P) Limited was 67.25 per cent while that of Unitech, through its affiliates, was 32.75 per cent.

He deposed that after commencement of telecom business after grant of Unified Access Service Licences (UASL) in 2008, Sanjay Chandra started looking after it.

... contd.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.