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A top Reliance official, who is prosecution witness in the 2G scam case, told a city court on Tuesday that Reliance-ADAG chairman Anil Ambani was not the director of Swan Telecom Pvt Ltd and Tiger Traders Pvt Ltd, alleged associate firms of the group.
“Reliance ADA Group refers to companies which are under the chairmanship of Anil Ambani. The directors of the company select one of them as chairman,” Reliance Infrastructure senior executive vice-president Ashish Tambawala told Special CBI Judge OP Saini.
He clarified, “I have been authorised signatory of 150 to 200 companies during my tenure with Reliance ADAG, which is an umbrella of several companies belonging to the group. Each company of the group has its own separate identity. Reliance ADAG is generic name without any legal identity.”
The CBI, in its 2G chargesheet, had alleged that Tiger Traders and Swan Telecom were Reliance-ADAG associate companies.
Tambawala said one can be made be authorised signatory of a company even if he is neither its shareholder, director nor an employee. “I have been authorised signatory of many companies of which Anil Ambani has not been chairman. I have been authorised signatory of companies in which individuals were shareholders and not necessarily that the shares were of Reliance companies,” he said.
Tambawala, whose cross-examination will continue on Wednesday, said it was usual for companies doing business with each other, to keep transferring their funds from one to another.
He deposed that when his statement was recorded by the CBI, Reliance Infrastructure additional vice-president (account & finance) Bharat Amberkar too was present there.
“Reliance ADA Group refers to companies which are under the chairmanship of Anil Ambani. The directors of the company select one of them as chairman,” Reliance Infrastructure senior executive vice-president Ashish Tambawala told Special CBI Judge OP Saini.
He clarified, “I have been authorised signatory of 150 to 200 companies during my tenure with Reliance ADAG, which is an umbrella of several companies belonging to the group. Each company of the group has its own separate identity. Reliance ADAG is generic name without any legal identity.”
The CBI, in its 2G chargesheet, had alleged that Tiger Traders and Swan Telecom were Reliance-ADAG associate companies.
Tambawala said one can be made be authorised signatory of a company even if he is neither its shareholder, director nor an employee. “I have been authorised signatory of many companies of which Anil Ambani has not been chairman. I have been authorised signatory of companies in which individuals were shareholders and not necessarily that the shares were of Reliance companies,” he said.
Tambawala, whose cross-examination will continue on Wednesday, said it was usual for companies doing business with each other, to keep transferring their funds from one to another.
He deposed that when his statement was recorded by the CBI, Reliance Infrastructure additional vice-president (account & finance) Bharat Amberkar too was present there.
