Essar Group hails court verdict acquitting its promoters

The Essar Group today welcomed the judgement of the special court acquitting its promoters Ravi Ruia and Anshuman Ruia in a case arising out of the probe into the 2G spectrum allocation scam.
"We are thankful to the court for the judgement as it vindicates our stated position and the court has appreciated it," an Essar spokesperson said in a statement.
Besides Ruias, the court also acquitted Vikash Saraf, one of the Essar Group Directors, Loop Telecom Promoters I P Khaitan and Kiran Khaitan, three companies-- Loop Telecom Ltd, Loop Mobile (India) Ltd and Essar Teleholdings Ltd.
While the court had earlier charged them 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.

The CBI had named them in its charge sheet on December 12, 2011, alleging they had cheated the Department of Telecommunication by using Loop Telecom as a "front" to secure 2G licences in 2008.