2G: Reliance Infra employees incorporated Swan & 4 other firms

Shahid Usman Balwa-promoted Swan Telecom Pvt Ltd, accused in the 2G spectrum case, was incorporated by the employees of Reliance Infrastructure Ltd or its Group companies, a prosecution witness today told a Delhi court.Ashish Tambawala, senior Executive Vice President (Accounts and Finance) Reliance Infrastructure Ltd, said Giraffe Consultancy Services (P) Ltd, Zebra Consultants (P) Ltd, Parrot Consultants (P) Ltd, Swan Capital (P) Ltd and Tiger Traders (P) Ltd, all alleged associates of Reliance ADA Group, were incorporated by the officials of his firm.[caption id="attachment_207644" align="alignleft" width="380" caption="IBNLive"][/caption]"It is correct that the aforesaid five companies (Swan Capital (P) Ltd, Tiger Traders (P) Ltd, Giraffe Consultancy Services (P) Ltd, Zebra Consultants (P) Ltd and Parrot Consultants (P) Ltd) were incorporated by the employees of Reliance Infrastructure Limited or its group companies."It is also correct that the process of opening of bank accounts of aforesaid five companies was started by Ramesh Shenoy, Company Secretary of Reliance Infrastructure Ltd," he told Special CBI Judge OP Saini.He said Swan Capital (P) Ltd had changed its name to Swan Telecom Pvt Ltd and subsequently its name was changed to Etisalat DB Telecom (P) Limited and similarly Tiger Traders (P) Ltd changed its name to Tiger Trustees (P) Ltd.During his cross examination, Tambawala said Reliance Infrastructure Ltd/Group does not deal in telecom. He said that even after the change of name of Swan Capital (P) Ltd to Swan Telecom Pvt Ltd, he continued to be its authorised signatory."I never came to know that telecom business was taken over by Swan Telecom (P) Ltd, when its name was changed, though I learnt about the change of name subsequently," he said.Tambawala was shown various documents in the court and he said that according to it, Ashish Karyekar and Paresh Rathod, employees of one of the companies of Reliance Infrastructure Group, were the Directors of Giraffe Consultancy Services (P) Ltd, Zebra Consultants (P) Ltd and Parrot Consultants (P) Ltd.He said one of the accused in the 2G case Surendra Pipara, Group President of Reliance ADA Group, was also director of some companies."It is correct that number of employees of Reliance Infrastructure Ltd or Reliance ADA Group have been appointed directors of various companies. It is also correct that Surendra Pipara was also director of some companies."However, he (Pipara) was an employee director. It is correct that employee directors do not have their independent power and work under the direction of their superior," Tambawala, whose recording of statement concluded today, said.Besides Tambawala, the court also recorded the statement of prosecution witness Nilesh R Doshi, a chartered accountant, who in 2006 was appointed as a consultant in Reliance ADA Group. He said that after he joined Reliance ADA Group as a consultant, he was appointed director of "some companies (which) included Parrot, Tiger and Zebra".On being shown minutes of February 7, 2007 extra ordinary general meeting of members of Tiger Traders (P) Ltd, he said it was chaired by Pipara as the Chairman. "As per resolution mentioned at items number two and three, the name of the company was proposed and changed from Tiger Traders (P) Ltd to Tiger Trustees (P) Ltd."These minutes have been signed by Surendra Pipara as Chairman but I am not in a position to identify his signatures," Doshi, whose recording of statement remained inconclusive, said.PTI