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Policy & Regulation
2G: Court to hear arguments on Loop, Essar today
TT Correspondent |  |  03 May 2012

The special CBI court will hear on Thursday arguments on charge against Loop Telecom and Essar Group honchos.

Special Judge OP Saini in the last hearing April 21 decided to begin on May 3 the arguments on the framing of charges.

In its third chargesheet CBI had alleged that the Essar Group had used Loop as a front to obtain telecom licences in 2008.

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 would also come up before the court.

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 had denied the charge.

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03 May 2012(IST)  
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