Essar, Loop Promoters get bail, charges framed in 2G

Promoters of Essar Group and Loop Telecom were today granted bail by a Delhi court in connection with a case arising out of the 2G spectrum allocation scam.

Promoters of Essar Group and Loop Telecom were today granted bail by a Delhi court in connection with a case arising out of the 2G spectrum allocation scam.

Essar group promoters Ravi Ruia and Anshuman Ruia and Loop Telecom promoters IP Khaitan and Kiran Khaitan, besides Essar group director (strategy and planning) Vikash Saraf were directed by the court to furnish personal bail bonds of R5 lakh each and two sureities of like amount.

Special Judge OP Saini also fixed July 26 to commence the trial against them by framing charges of conspiracy to cheat the government.

While the court said that all the accused were charged with the offence under Section 120 B (criminal conspiracy) read with Section 420 (cheating) of IPC, substantial charge of cheating was made out against Saraf.

The court had on May 11 reserved the order on framing charges against the eight accused.