New Delhi: The Central Bureau of Investigation (CBI) on Thursday told a court that there was no irregularity in granting telecom licences to Tata Teleservices, local television stations reported.
Shares in Tata Teleservices (Maharashtra) Ltd, the listed unit of Tata Teleservices, jumped as much as 10.2% after the news.
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The CBI was replying to a petition that Tata Group’s chairman, Ratan Tata, and his lobbyist Niira Radia be made parties to a telecom case over rigging of grant of telecom licences in 2007-08, Times NOW and NDTV channels reported.
A state auditor has estimated India lost $39 billion in potential revenue due to irregularities in the grant process.