2G: Arguments against Essar, Loop today
Arguments on charge against honchos of Loop Telecom and Essar Group will commence on Thursday in a Central Bureau of Investigation (CBI) special court in New Delhi hearing 2G spectrum allocation scam.delhi Updated: May 03, 2012 09:29 IST
Arguments on charge against honchos of Loop Telecom and Essar Group will commence on Thursday in a Central Bureau of Investigation (CBI) special court in New Delhi hearing 2G spectrum allocation scam.
Special Judge OP Saini in the last hearing April 21 decided to begin on May 3 the arguments on the framing of charges.
The court would also take up applications seeking a shield against arrest filed by Essar Group promoters Ravi Ruia and Anshuman Ruia, Loop Telecom promoters IP Khaitan and Kiran Khaitan and Essar group director Essar Group director (strategy and Planning) Vikas Saraf.
A 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% 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. Except Raja and former telecom secretary Siddharth Behura all have been released on bail.