"Reliance Group welcomes the court verdict," a statement issued by the company said. They were facing trial along with former telecom minister A Raja, DMK MP Kanimozhi and others. The CBI had alleged that there was a loss of Rs 30,984 crore to the exchequer in allocation of licences for the 2G spectrum which were scrapped by the top court on February 2, 2012.
The agency had alleged that Reliance ADA Group had made the funding for accused firm Swan Telecom Pvt Ltd in the 2G spectrum allocation during A Raja's tenure as telecom minister. The court had in October 2011 framed charges against them under various provisions of the IPC and the Prevention of Corruption Act dealing with offences of criminal conspiracy, cheating, forgery, using as genuine fake documents, abusing official position, criminal misconduct by public servant and taking bribe.