In a significant development the High Court on Tuesday declined to stay the trial of Loop Telecom and Essar Group and its officials before the special CBI court. 

Now, Essar group promoters Anshuman and Ravi Ruia, Loop Telecom Promoters Kiran Khaitan, her husband IP Khaitan and Essar Group director (strategy and planning) Vikas Saraf will have to appear before the special court on January 27.

Loop Telecom and Essar which have been under CBI scanner in 2G spectrum allocation case had challenged the Delhi high court early this month.

The plea of Loop, Essar was that they should not be investigated by the CBI as they have not been booked under the Prevention of Corruption Act. A division bench, comprising Justice B D Ahmed and Justice V K Jain is likely to hear their plea on Thursday.

Ruias, the promoters of Essar Group and the Khaitans  figured in the third chargesheet filed by the CBI on December 12. They face accusation of creating Loop for getting more spectrum.

According to the agency Essar group floated Loop Telecom flouting telecom guidelines. Essar holds sizeable shares in the existing operating company Vodafone.

Essar Group’s Ravi Ruia, son Anshuman Ruia and Ruia brothers’ sister Kiran Khaitan and her husband IP Khaitan were also named in the new chargesheet.