Reliance Telecom told a special court on second generation telecom spectrum allocation case Monday that it had violated no guidelines formulated by the government.
"My investment in the equity of STPL (Swan Telecom) was less than 10 percent, which was in compliance with the USAL (unified access service license) guidelines," it told the court in a statement, via representative Nitin Aggarwal.
"This investment was made with a view to provide an opportunity to the Reliance Communications sub-group for effective utilization of its telecom infrastructure," it said.
The statement followed acquisitions that the Reliance was a front company for Swan, in violation of the norms.
It was also in response to some 1,700 questions running into 824 pages had been handed over March 27 to the company and its senior executives, including Gautam Doshi.
They were a part of the process to record the statements of the accused in the case.
Doshi told the Special Central Bureau of Investigation (CBI) court, presided over by Judge O.P. Saini, that neither he nor and his company were guilty and requested immediate acquittal.
The firm said that there was no basis for the case against it, as the decision to make investments (in Swan) was purely commercial -- for obtaining a market for exploiting infrastructure facilities.
"I am at a loss to understand as to why, when the facts are clear, the making of a commercial investment and divestment resulted in the CBI filing a case against me," said Agarwal.
He said that the entire case was totally misconceived.
"There was no withholding of information and no attempt was made to misguide, mislead or provide incorrect information. At no stage did DOT (Department of Telecom) call for any information from me."
Doshi also told court that he was innocent.
"I respectfully submit and humbly request the court to acquit me of all the charges framed against me."
The court had November 27 last year concluded recording statements of as many as 153 people, running into 4,400 pages.
According to the government auditor, former telecom minister A Raja was biased while distributing 2G mobile airwaves and operating licenses to some telecom firms.
Based on audit reports, the government counsel said it has caused a huge loss in revenues to the treasury. All the main accused, once in custody, are out on bail.