Abudhabi based Emirates Telecommunications Corporation or Etisalat on 23 February 2012 commenced legal proceeding against the promoters of Swan Telecom for alleged fraud and misrepresentation, which caused the cancelation of license by the Supreme Court.
Etisalat issued proceedings in the Indian courts against the promoter of Swan Telecom Shahid Balwa, Director Vinod Goenka and Majestic Infracon Pvt. Ltd. alleging fraud and misrepresentation.
Etisalat on 22 February 2012 had announced its exit from its Indian Joint venture Etisalat DB as the Supreme Court had quashed its licence to operate in India given irregularity in the allocation of 2G licences.
Etisalat, in 2008, had paid 900 million dollar for acquiring 45 percent stake in Swan Telecom, which was later renamed Etisalat DB (EDB).
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