The Supreme Court on Wednesday granted bail to five corporate executives accused in the second generation (2G) spectrum allocation case. The five are Sanjay Chandra of Unitech Wireless, Vinod Goenka of Swan Telecom, as well as Reliance Group's Gautam Doshi, Surendra Pipara and Hari Nair.
The five are among the 14 individuals accused in the case, led by former telecom minister A. Raja and his DMK party colleague and Rajya Sabha member Kanimozhi Karunanidhi.
The case has also spooked investors after a series of questioning of tycoons, including billionaire Anil Ambani.
Shares in DB Realty , Unitech and Reliance Communications jumped between 4 and 20% on Wednesday after Supreme Court granted bail to five company executives charged in a multi-billion dollar telecoms licensing scandal.
Sanjay Chandra, the managing director of Telenor's India partner Unitech; Vinod Goenka, chairman of Etisalat's India partner DB Group; and three executives from billionaire Anil Ambani's group have been held in jail since April, following rejection of their bail pleas in lower courts.
They are among 14 individuals and three companies charged in alleged rigging of a 2007/08 grant of lucrative telecoms licences that a state auditor said cost the government up to $39 billion in revenue.
(With inputs from Reuters)