India may have lost up to $39 billion in revenue when the
Telecoms Ministry gave out lucrative licenses and radio spectrum in 2007/08 at
below-market prices as many ineligible firms won licenses.
Reliance Telecom, Etisalat DB and Unitech Wireless were
charged in April. Indian authorities framed these charges on Saturday, Etisalat
said in a statement to the Abu Dhabi bourse, the latest step in the judicial
process.
Etisalat bought a 45 percent stake in Swan Telecom for
about $900 million in September 2008, renaming it Etisalat DB the following
year.
The 18-country operator said it had not found any basis
for these charges and warned its affiliate would "defend the charges
resolutely".
"The charges relate to events that occurred at least
one year prior to Etisalat's investment in Swan," it said.
"Etisalat had no knowledge of any wrongdoing and in
the license application process and had no involvement in it."
Etisalat DB had about 1.4 million subscribers as of
September. It offers services in 15 areas of India including Mumbai, Delhi and
Tamil Nadu.
