There was no wrong doing, says Unitech MD Sanjay Chandra

Managing Director of Telenor's India partner Unitech, Sanjay Chandra (C) leaves a court in New Delhi April 13, 2011. An Indian court on Wednesday put on trial the first set of officials and businessmen indicted in the country's biggest corruption case, a multi-billion dollar telecoms scandal that has weakened the government and put off some foreign investors. (REUTERS)

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Within hours of acquittal in the 2G spectrum allocation case by a special court, Unitech MD Sanjay Chandra said there was no wrong doing on his part but his company had to pay the price for the case foisted on him.

Anil Ambani led Reliance Group also welcomed the court verdict.

Former telecom minister A Raja and DMK MP Kanimozhi were today acquitted by a special court in the case. Fifteen other accused and three companies were also acquitted.

"There was no wrong doing on my part or on the part of my companies," Chandra said in a statement.

"However, the damage suffered by me and the companies continues to affect the health and financial status of my company and they continue to pay the price for this case having been foisted on us fraudulently and without any basis," he added.

Besides Raja and Kanimozhi, the others acquitted in the case are former telecom secretary Siddharth Behura, Raja's erstwhile private secretary R K Chandolia, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Unitech MD Sanjay Chandra and three top executives of Reliance Anil Dhirubhai Ambani Group (RADAG) -- Gautam Doshi, Surendra Pipara and Hari Nair.

Chandra said he had complete faith in the judiciary from the start and he is extremely grateful that the honourable court has acquitted him of all charges.

"We had placed a robust defence rebutting each and every charge against us and today is a vindication of all I have stated in the past 7 years," said Chandra, as he thanked all his shareholders, staff, family and lawyers who stood by him through the difficult time.

Unitech MD said he will use the opportunity to rebuild the company and "focus on delivery to all our home buyers".

In a brief statement, the Reliance Group said it "welcomes court verdict".