Loop, Essar promoters not exempted from court appearance on Feb 22

The promoters of Essar and Loop will have to appear on February 22 in a Delhi court that's handling the telecom trial. Both companies have been accused of cheating and conspiracy. The Supreme Court has rejected a petition by the owners that asked for exemption from the hearing later this month.

The CBI has accused Essar of using Loop as a front to acquire more licenses and spectrum in 2008 than was legally permissible. The CBI in its chargesheet has named Essar promoters Anshuman and Ravi Ruia and Vikas Saraf, a senior Essar executive and Loop Telecom promoters, Kiran Khaitan and her husband I P Khaitan.

The group has said that Judge Sain's court which is a special CBI court handling the telecom trial does not have the jurisdiction for the charges against them - neither side faces charges under the Prevention of Corruption Act, unlike other companies who have been named in the case.

So Loop and Essar want their case to be heard by a district magistrate's court. And till that's decided, their promoters say they should not have to appear in Judge Saini's court. The Supreme Court has refused to allow this; the judges have asked the CBI and the government to respond to the petitioners' request about moving their trial to a different court. The case will next be heard after two weeks.

The promoters of both companies had earlier said that  the summons for Judge Saini's court were sent to their Delhi homes instead of their official Dubai residences. The promoters of both companies are NRIs.  

Tags: Anshuman and Ravi Ruia and Vikas Saraf, CBI, Delhi, Dubai, Essar, Essar and Loop, February, Judge Sai, Judge SAin, Kiran Khaitan, Loop, Loop Telecom, NRIs, P Khaitan, Prevention of Corruption Act, Supreme Court