Court permits Essar, loop promoters to visit abroad

May 31st, 2012 - 8:43 pm ICT by IANS  

New Delhi, May 31 (IANS) Essar Group and Loop Telecom promoters were permitted to visit abroad for business purpose by a special court here Thursday.

Central Bureau of Investigation (CBI) Special Judge O.P. Saini allowed five corporate honchos, Essar Group promoters Ravi Ruia and Anshuman Ruia, and Loop Telecom promoter I.P. Khaitan and Kiran Khaitan and Essar Group director (Strategy and Planning) Vikas Saraf to visit broad for various purpose.

“It is not disputed that applicants (five corporate honchos) are leading businessmen and are required to travel abroad frequently,” said the court.

The court said: “Considering the facts that the case is listed for hearing on July 26 onwards and the applicants are leading businessmen with business interests almost all over the world, the prayer for permission to travel abroad appears to be genuine. Accordingly, prayer is allowed.”

Ravi Ruia, Anshuman Ruia and Vikas Saraf had sought permission on the ground that they are required to visit various countries frequently due to various business purpose.

The court allowed Essar Group promoters’ observing that they are leading businessman and have business interests all over the world.

I.P Khaitan and Kiran Khiatan have told court that they are NRIs and carrying their business in Dubai.

The court granted them permission to visit Dubai till July 25.

A third set of charges filed by the CBI in the 2G case alleged that the promoters of the Essar Group were the real investors and beneficiaries of the spectrum and licenses issued to Loop Telecom, which was used as a front company by the Essar Group to acquire the 2G licenses and spectrum in 2008.

This has been denied by all of them.

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