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Loop, Essar promoters move bail pleas in 2G case

Delhi,Business/Economy,Immigration/Law/Rights, Sat, 31 Mar 2012 IANS

New Delhi, March 31 (IANS) Some top corporate honchos from Loop Telecom and Essar Group appeared before the special court of the Central Bureau of Investigation (CBI) on the 2G spectrum allocation case here Saturday and moved their respective bail pleas.

 

Special CBI Judge O.P. Saini put up the arguments on bail for April 21 after the counsel for the premier investigative agency told the court that they will file reply on their bail application.

 

Essar Group promoters Ravi Ruia and Anshuman Ruia, and Loop Telecom promoters I.P. Khaitan and Kiran Khaitan were earlier exempted from personal appearance before the court three times - Jan 27, Feb 22 and March 17.

 

The court on the last hearing while granting exemption to all four accused had directed them to appear in person March 31 saying it would be in their interest.

 

The third set of charges filed by the CBI in the 2G case alleged that the Essar Group had used Loop as a front to acquire telecom licences in 2008. Essar, which already had a 33-percent stake in Vodafone, held substantial equity in Loop and violated telecom licence norms, the chargesheet said.

 

The Essar Group has, however, maintained that it has done no wrong.

 

According to the government auditor, former telecom minister A. Raja was biased while distributing mobile airwaves and operating licences to telecom firms, costing a loss of up to Rs.1.76 lakh crore in lost revenues to the treasury.

 

Nineteen individuals, including Raja, and six companies are accused in the case. Fourteen people were arrested, and among them all except Raja and former telecom secretary Siddharth Behura, have been released on bail.

 


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