2G scam: Essar, Loop promoters get bail

Essar group promoters Ravi Ruia, Anshuman Ruia and Loop Telecom promoters IP Khaitan and Kiran Khaitan, besides Essar group director Vikash Saraf were directed by the Special Court to furnish personal bail bond of Rs5 lakh each and two sureities of like amount

New Delhi: Promoters of Essar Group and Loop Telecom on Friday were granted bail by a Delhi court in connection with a case arising out of the 2G spectrum allocation scam, reports PTI.

Essar group promoters Ravi Ruia and Anshuman Ruia and Loop Telecom promoters IP Khaitan and Kiran Khaitan, besides Essar group Director (Strategy and Planning) Vikash Saraf were directed by the court to furnish personal bail bond of Rs5 lakh each and two sureities of like amount.

Special Judge OP Saini also fixed 26th July 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 11th May 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.


Azure gets $70.35 million from Exim Bank for Rajasthan project

Azure Power received a long term financing of $70.35 million from US-based Exim Bank for expansion of its solar plant in Rajasthan

Mumbai: Azure Power on Friday said the US-based Export-Import Bank has approved $70.35 million for financing the company's solar power plant at Nagaur in Rajasthan, reports PTI.

"The company has received a long term financing of $70.35 million from Exim Bank for the solar power plant at Nagaur, Rajasthan," Azure Power said in a statement.

The plant is an expansion of Azure's existing 5MW Nagaur PV facility to 40MW, which is expected to be operational by February 2013.

"This investment enables the expansion of our Nagaur PV facility to 40MW, the largest solar PV project to be developed at a single location in India under the National Solar Mission. This is a great example of Indo-US cooperation in clean energy. With this project, we are committed to working towards meeting the grid parity objective of the national solar mission," company's Chief Executive Inderpreet Wadhwa said.

Azure Power is on track to complete investment of Rs1,000 crore in the Indian solar sector by March 2013, he said.

The company had commissioned the 5MW Nagaur plant in December last year.

"The 40MW solar plant, set up over 346 acres of wasteland, will have a positive impact on the social and economic development of the local community. It will generate reliable power as well as income for the community through local employment for construction, installation, security and maintenance of this facility," he said.

Once fully operational, the solar plant will reduce carbon emissions of up to 66,000 metric tonnes per year or in other words the equivalent of removing about 12,000 cars off Indian roads per year, Wadhwa added.


Bombay HC disapproves of pilots strike

IPG may have problems but first they should comply with the Delhi High Court order and then can go sort out their issues, but they cannot harass the general public like this, says the Bombay High Court

Mumbai: Deprecating the inconvenience being caused to people due to their agitation, the Bombay High Court on Friday asked the Indian Pilots Guild (IPG) to first comply with the Delhi High Court order restraining them from continuing their 'illegal strike' before sorting out the issues with the management, reports PTI.

"You (IPG) may have problems but first comply with the Delhi High Court order. Then you can go sort out your issues. You cannot harass the general public like this," a vacation bench of justices SJ Kathawala and PD Kode observed while hearing an IPG petition challenging its derecognition.

IPG, the association representing pilots from the erstwhile Air India, have moved the Bombay HC against an order passed by the Air India (AI) management derecognising the body and sealing its premises.

"The defendant no 1 (IPG), its members, agents and its office bearers are restrained from illegal strike. The pilots are also restrained from reporting sick, holding dharnas, staging demonstrations or resorting to any other modes of strike in and outside the company's offices in Delhi and other regional offices," Justice Reva Khetrapal of Delhi HC had said in her 9th May order.

The pilots, under the banner of IPG, are agitating over the rescheduling of Boeing 787 Dreamliner training and matters relating to their career progression.

The Bombay High Court bench has directed AI to file its response to the petition through an affidavit within a week and directed the management to permit the petitioner to remove documents from its sealed office.

According to IPG, the order dated 7 May 2012 derecognising their association was a "high-handed and draconian" measure undertaken by AI management. 

In its petition, IPG has contended that after the association took objection to training given to pilots of the pre-merger Indian Airlines (IA), Air India management had, as an "unlawful measure of retribution and punishment", derecognised it.

According to the petitioner, AI had neither issued any notice to them nor given them a hearing before derecognition.

"The order of de-recognition is in complete breach of the basic tenets of natural justice and is unsustainable under law," the petition states.

IPG has been at loggerheads with the AI management over its decision to let erstwhile IA pilots to train on advanced Boeing 787 Dreamliner aircraft. It had protested against the management's decision and demanded that pilots from IA not be allowed to train on the wide-bodied aircraft until a comprehensive career progression policy was put in place.

A total of 101 pilots owing allegiance to IPG have been sacked by the national carrier for going on "illegal strike" by reporting sick.

The strike is estimated to have caused a loss of over Rs250 crore to the cash-strapped airline in the last 18 days and forced it to curtail its international operations.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine)