Details of the Reliance Telecom Ltd, denying 'substantial equity' in Swan.

Reliance Telecom, one of the accused firms in the 2G case, today told a Delhi court that it did not hold substantial equity in Swan Telecom at the time of grant of spectrum licences.

"No criminal case is made out against Reliance Telecom Ltd as it held only 9.9 per cent equity in Swan Telecom when the latter was granted spectrum licences," the counsel for Anil Ambani promoted telecom company told Special CBI Judge O P Saini.

The CBI, in its charge sheet, alleged that Reliance Telecom structured Swan Telecom Pvt Ltd as its front company to circumvent the then existing telecom policy which held existing players ineligible for new licences in the same circle.

The Anil Ambani promoted firm was ineligible to get the spectrum as the Department of Telecom (DoT) had debarred the CDMA player from entering into GSM telephony sector, it said.