"There was no wrongdoing on my part or on the part of my companies," Mr Chandra said in a statement. "However, the damage suffered by me and the companies continues to affect the health and financial status of my company and they continue to pay the price for this case having been foisted on us fraudulently and without any basis," he added.
Besides Raja and Kanimozhi, the others acquitted in the case are former telecom secretary Siddharth Behura, Raja's erstwhile private secretary RK Chandolia, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Unitech MD Sanjay Chandra and three top executives of Reliance Anil Dhirubhai Ambani Group (RADAG) -- Gautam Doshi, Surendra Pipara and Hari Nair. Mr Chandra said he had complete faith in the judiciary from the start and he is extremely grateful that the honourable court has acquitted him of all charges.
"We had placed a robust defence rebutting each and every charge against us and today is a vindication of all I have stated in the past seven years," said Mr Chandra, as he thanked all his shareholders, staff, family and lawyers who stood by him through the difficult time.
Unitech MD said he will use the opportunity to rebuild the company and "focus on delivery to all our homebuyers". In a brief statement, the Reliance Group said it "welcomes court verdict".