Released: SC grants bail to five corporate honchos

Discussion in 'Politics & Society' started by SHASH2K2, Nov 23, 2011.

  1. SHASH2K2

    SHASH2K2 New Member

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    Supreme Court on Wednesday granted bail to five company executives charged in a multi-billion dollar telecoms licensing scandal that has rocked the government and businesses in Asia's third-largest economy. 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 billionaire Anil Ambani's group have been held in jail since April, following rejection of their bail pleas in lower courts. They are among 14 individuals and three companies charged in alleged rigging of a 2007/08 grant of lucrative telecoms licences that a state auditor said cost the government up to $39 billion in revenue.
    A former telecoms minister Andimuthu Raja, a member of government ally DMK party, and Kanimozhi, the lawmaker daughter of the DMK chief, remain in jail as the trial into the telecoms scandal goes on in New Delhi.
    The scandal is the largest of the several that have emerged in Prime Minister Manmohan Singh's second term to weaken the government's political authority and spooked investors.
    Attacked by a resurgent opposition, policy-making has drifted into limbo amid the controversies.
    The case has also spooked investors after a series of questioning of tycoons, including billionaire Anil Ambani, a rare event in India where top businessmen are seen as beyond the reach of police.
    All accused have denied any wrongdoing.
    Shares in the three companies linked to the accused jumped in Mumbai trading after the news. DB Realty shares surged 20 percent, while Unitech were up 8.5% and Reliance Communications rose more than 4%.
    What were the charges?
    Vinod Goenka charged with criminal conspiracy, cheating, abetment of illegal gratification and forgery.
    Sanjay Chandra charged with criminal conspiracy for criminal breach of trust, cheating, forgery, accepting bribe/illegal gratification and misuse of office.
    Gautam Doshi, Surendra Pipara and Hari Nair charged with cheating, abetment to cheating, criminal conspiracy, criminal conspiracy for criminal breach of trust, cheating, forgery, accepting bribe/illegal gratification and misuse of office.


    Released: SC grants bail to five corporate honchos - Hindustan Times
     
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  3. Ray

    Ray The Chairman Defence Professionals Moderator

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    Hopefully they will not tamper the evidence!

    It is a complicated case and there maybe still areas that have not been touched.
     
  4. Ray

    Ray The Chairman Defence Professionals Moderator

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    Why has the SC been selective?

    What is the reason why Raja and Kanimozhi are still in jail?
     
  5. maomao

    maomao Veteran Hunter of Maleecha Senior Member

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    Next wil be bail for Kazhimoni, Raja and kamadi etc.......it's all scripted!!
     
  6. Ray

    Ray The Chairman Defence Professionals Moderator

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    Oh yes, I forgot the poor man Kalmadi.

    He is in jail, but Sheila Dixit indicted by Singloo (or whatever is the name) runs hoity toity still!
     

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