| Policy & Regulation | | | Shahid Balwa, promoter of Etisalat DB, arrested | | | TT Correspondent | | 09 Feb 2011 | | |   The Central Bureau of Investigation (CBI) arrested Shahid Usman Balwa,
director of Mumbai-based DB Realty in the 2G spectrum case on Tuesday
evening. This is the first arrest from the corporate world..
Swan was in controversy right from the beginning when the licences for
2G services were being awarded. Earlier, Anil Ambani’s ADAG group had
equity in it. Later, ADAG group sold it’s equity.
The company is also linked to a top Maharashtra politician, though
this can not be independently confirmed.
Later, Swan sold 45% equity to Etisalat.
CBI has reportedly said that Shahid Usman Balwa is alleged to be
involved in receiving and channeling money for A Raja.
Balwa will be produced in a Mumbai court on Monday and then brought to Delhi.
Balwa’s DB Realty had acquired Swan Telecom which bagged 2G licences
for 13 circles.
Earlier CBI is also probing the DB Realty Ltd for investing Rs 2.14bn
in Kalaignar TV, the channel owned by Tamil Nadu political strongman M
Karunanidhi’s family. |
|