Etisalat contests CBDT contention, claims no stake in Genex

Etisalat today contested Central Board of Direct Taxes' claim that the Dubai-based company invested in equity shares of Swan Telecom through Genex Exim Ventures saying it has "no stake in Genex Exim whatsoever".

Reacting to CBDT's presentation before the Joint Parliamentary Committee (JPC) looking into the 2G scam, Etisalat said it "invested in Swan through Etisalat Mauritius Limited. Genex Exim Ventures Limited (GEVPL) is an Indian company and a shareholder in Etisalat DB.

"It is completely independent of Etisalat and Etisalat has no stake in Genex Exim whatsoever," Etisalat said in a statement.

In its presentation before the JPC yesterday, CBDT had said that on December 17, 2008 Etisalat Group invested in the equity shares of Swan Telecom Pvt Ltd through Etisalat Mauritius Ltd (EML) and Genex Exim Ventures Pvt Ltd.

The presentation further stated that Etisalat group of UAE and GEVPL were issued 12.63 crore fresh equity shares of face value of Rs 10 at a premium of Rs 275.72 per share.