ADAG stocks slip on fresh concern about 2G scam fallout

Shares of ADAG companies have taken a severe beating amid media reports that the CBI has offered the three executives of the Anil Ambani group companies to turn approvers in the ongoing 2G trial. Reports also said that the CBI continues to probe Anil Ambani's alleged role in the controversial Swan Telecom deal.

Reliance Capital was down nearly 12% at Rs. 315, while Reliance Infrastructure was down 7% at Rs. 373. RCOM was down 7.6% at Rs. 71 while Reliance Power was down ~4% at Rs. 76.80. Reliance Broadcast Network was down ~13% at Rs. 69while Reliance MediaWorks was down ~6% at Rs. 90.95.



ADAG refuted media reports of its three executives, who are facing a CBI probe into the controversial Swan Telecom deal, considering turning approvers in the high-profile trial. ADAG said that none of its executives, charged in the 2G mobile phone license case, has expressed any intention to become approvers.

"Neither Reliance Telecom nor promoter group are beneficiaries of any telecom licence issued in January 2008," spokesman Daljeet Singh said in a statement. The ADAG statement also denied that the three executives charged in the multi-billion-dollar telecoms scandal had retracted their statements in the ongoing court case.

CBI lawyer K.K. Venugopal was quoted as saying that the three ADAG accused have now retracted previous statements in which they had taken responsibility for decisions made in the ADAG unit they worked for, reports said. "Suddenly they are going back on their statement and are now saying that they are only employees and in no way they benefited monetarily," Venugopal said. "We are going to take our probe further to find out who are the real beneficiaries," he said, according to reports.

The three ADAG executives currently facing charges of conspiracy and abetment to cheating in the 2G scam are Gautam Doshi (MD, Reliance ADAG); Surendra Pipara (Senior V-P of ADAG and Reliance Telecom) and Hari Nair (Senior V-P ADAG). They are currently in New Delhi's famous Tihar jail.

The ADAG pack was also under pressure due to reports that the CBI was examining the role of Anil Ambani in the 2G spectrum allocation scandal. The CBI lawyer told the Supreme Court on Thursday that Anil Ambani was under investigation. He was questioned earlier this year. "The role of Ambani and other employees in relation to 9.9 the percent share in the Swan Telecom which was sold to Delphi is being probed," Venugopal was quoted as saying.