In his statement to the agency, obtained by The Indian Express, Balwa claimed it was Anand Bhatt (59), killed at Mumbai’s Oberoi hotel on 26/11, who was responsible for most of the “transaction” on his behalf.
In CBI custody, Balwa said that Bhatt wanted to launch a telecom fund as the sector had tremendous growth potential. He added that the two were known to each other since 2002, and he used to consult Bhatt before taking every decision. It was Bhatt who brought Balwa and Reliance Communication together in 2006 with the help of Tiger Trustees Pvt Ltd, he said.
According to Balwa’s letter to the CBI, Bhatt saw the transformation of Swan Advisory Private Limited, Swan Infotech, which was also responsible for the functioning of Tiger Trustees, to Swan Telecom in 2007.
According to Balwa, the shareholding of Tiger Trustees was to be transferred to a telecom fund for which Ashok Wadhwa, Bhatt and Surendra Pipara joined the board of Tiger Trustees in January 2007.
In February 2007, Bhatt introduced me (DB Realty) to Reliance Telecom Limited. During the conversation between myself, Anand Bhatt and Reliance Telecom Ltd, it was agreed that instead of a telecom fund, DB Group will pursue this opportunity (to expand business in other circles for telecom license) as lead partner and Reliance telecom could continue with minority stake with commitment for sharing passive infrastructure. There was also commitment from Reliance Telecom to assist in the process of setting up the business on commercial terms.”
Meanwhile, Wadhwa opted out of this arrangement citing his inability to raise such a large fund in short a span of time, Balwa said. He further said that it was Bhatt who had led the discussion. Reliance later sold its share to Delphi Investment Ltd, which was also negotiated by Bhatt, according to Balwa.
The shareholding pattern of Swan Telecom changed several times. According to Balwa’s statement, the company (Etisalat DB) is now owned by Majestic Infracon Pvt Ltd (formerly known as Tiger Trustees); Delphi Investment Ltd, Etisalat Mauritius Ltd, Genex Exim Ventures Limited, who reportedly made investment of Rs 3925 crore and not Rs 4500 crore, claimed Balwa.
But according to a report in Economic Times published on December21, 2009, Genex Exim sold its stake from the company and after this transaction Etisalat holds a 50 per cent stake and Tiger Trustees Pvt., Ltd. holds a 45.73 per cent stake in Etisalat DB. The remaining 4.27 per cent stake in Etisalat DB is being held by Delphi Investments
Source: Economic Times and Express India
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