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2G: Arguments on charges against Essar, Loop promoters from May 3

Delhi,Business/Economy,Immigration/Law/Rights, Sat, 21 Apr 2012 IANS

New Delhi, April 21 (IANS) A special Central Bureau of Investigation (CBI) court Saturday said arguments on the framing of charges against some top corporate honchos from Loop Telecom and Essar Group will commence May 3.


Special CBI Judge O.P. Saini put, for May 3, the arguments on framing of charges and bail application of Ravi Essar Group promoters Ravi Ruia and Anshuman Ruia, Loop Telecom promoters I.P. Khaitan and Kiran Khaitan and Essar group director Essar Group director (strategy and Planning) Vikas Saraf.


"Put up for arguments on bail applications and arguments on charges on the facts of the case for May 3-4 and May 7 and 8," the judge said.


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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