SC order allays concerns of corporates: Essar

Essar Group today said the Supreme Court order setting aside a special court summoning its Vice Chairman Ravi Ruia will "assuage concerns of corporate leaders regarding misuse of judicial processes".
"The judgement will assuage concerns among corporate leaders regarding misuse of judicial process. It will help re-instill confidence among investors and corporates, especially at a time when India is looking to attract fresh investments and increase growth," Essar said in a statement.
The Supreme Court today set aside the order of the special court summoning Ruia and Bharti Cellular CMD Sunil Bharti Mittal as accused in a corruption case related to allocation of additional spectrum during NDA rule in 2002.

Essar said the order "is a vindication of our position that we have not violated any law," and "the judgement re-establishes that the directors and the shareholders cannot be made vicariously liable in criminal matters."
Stating that Essar is a "responsible corporate citizen" and has always acted within the ambit of law and followed all regulations, the group said it has made investments in the core sectors of the economy in excess of Rs 1 lakh crore in India and provided employment directly and indirectly to over 1 lakh people.
There is an ongoing case relating to issue of telecom licence with spectrum issued to Khaitan Group owned Loop Telecom and Essar Group promoters in 2008.

"There is no charge regarding corruption or misconduct of public officials against either Essar or Khaitan group. We are confident that our stand in that case will also be eventually upheld and as such this matter should not have been part of 2G which relates only to corruption," Essar said.