ibnlive » Business

2G scam: Court to hear arguments against Essar, Loop today

CNN-IBN
May 03, 2012 at 07:20am IST

New Delhi: A special CBI court will on Thursday begin hearing arguments on charges against Loop Telecom and the Essar Group in 2G spectrum allocation scam case.

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.

2G: Court to hear charges against Essar, Loop

A third set of charges filed by the CBI alleged that the Essar Group had used Loop as a front to acquire telecom licences in 2008.

Essar, which already had a 33 per cent stake in Vodafone, held substantial equity in Loop and violated telecom licence norms, the charge sheet 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.

With Additional Inputs From IANS

Latest

More from this section

PREVIOUS  TCS overtakes RIL as India's most valued firm

NEXT  Sensex ends 150 pts down; HUL, Wipro top gainers