Delhi HC denies bail to 5 execs in 2G case
Sanjay Chandra, the MD of Unitech, Vinod Goenka, chairman of Etisalat's India partner DB Group, and three executives from Reliance ADA Group have been denied bail by the Delhi High Court.
New Delhi: The Delhi High Court on Monday rejected bail to five company executives charged in a multi-billion dollar telecom corruption scandal, according to an order read out in court by presiding Judge Ajit Bharihoke.
Sanjay Chandra, the managing director of Telenor's India partner Unitech, Vinod Goenka, chairman of Etisalat's India partner DB Group, and three executives from Reliance ADA Group have been held in jail since April 20, after a lower court had denied them bail.
The five executives are among 14 individuals and three companies charged by the CBI in rigging the grant of telecom licences in 2007-08, which a state auditor has said may have cost the state coffers as much as rS 1.76 crore in lost revenue.
A Norwegian Trade Minister has said that Telenor was "innocently harmed" in the 2G scam. We need to question this assumption
The 2G scandal fallout, and the policy paralysis that it has induced, will deter foreign companies from investing in India.