Promoters of Essar Group and Loop Telecom were on Friday 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 I P Khaitan and Kiran Khaitan, besides Essar group director (Strategy and Planning) Vikash Saraf were directed by the court to furnish personal bail bond of Rs 500,000 each and two sureities of like amount.
Special Judge O P 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.
"You all committed an offence punishable under Section 120 B read with 420 IPC and within my cognizance," the judge said.
"Secondly during the said period, you accused Vikas Saraf got false representations made to the DoT officials through your subordinates/employees to the effect that the applicant company was in compliance of clause 8 of UASL guidelines and misled/cheated them into believing so and issuing LoIs, signing of UAS licences and allocation of spectrum and thereby you committed an offence punishable under section 420 IPC and within my cognisance," the judge added.
The court on May 11 had reserved the order on the framing of charges against the eight accused, including three companies- Loop Telecom Pvt Ltd, Loop Mobile India Ltd and Essar Teleholdings Ltd.
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Promoters of Essar Group and Loop Telecom were on Friday granted bail by a Delhi court in connection with a case arising out of the 2G spectrum allocation scam.