CBI Says No Irregularity In Tata Telecoms Licences

The Central Bureau of Investigation (CBI) on Thursday told a court that there was no irregularity in granting telecoms 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 percent after the news.

The CBI was replying to a petition that Tata Group's chairman Ratan Tata and his lobbyist Niira Radia be made parties to a telecoms case over rigging of grant of telecoms 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.