New Delhi: The Supreme court will hear the case filed by Essar and Loop prompters challenging criminal proceeding against them in the special CBI court on Wednesday. The promoters want the proceedings to be conducted before a magistrate.
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 claim the proceedings should be conducted before a magistrate as the companies and their officials are not charged under Prevention of Corruption Act unlike the other 2G accused.
The 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-percent 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, and among them all except Raja and former telecom secretary Siddharth Behura, have been released on bail.
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