All 5 accused get bail in Loop-Essar case

A special court on Friday granted bail to five corporate executives, including billionaire Ravi Ruia of the Essar conglomerate, charged in a case as part of a probe into a massive telecoms licensing scandal that has drawn in tycoons and a former minister.

A special court in New Delhi, which is hearing the case over alleged rigging in the grant of second-generation radio airwaves to carriers in a 2008 state sale, allowed bail pleas of Ruia, his nephew, and a senior Essar group executive.

The court also granted bail to two of the owners of mobile carrier Loop Telecom.

Substantial charges only against Vikas Sharaf.  The accused to deposit two sureities of Rs 5 lakh each. Passports of all 5 accused have been seized. Loop-Essar matter to be heard on July 27 & 28.