<p>Essar Group is surprised and disappointed by the stand taken by the CBI, Essar Energy said in a statement.<br /><br />Meanwhile, Ravi Ruia has voluntarily decided to temporarily step aside as Chairman but would continue as a director of Essar Energy. Prashant Ruia, presently the Vice Chairman, would take over as interim Chairman.<br /><br />"This decision follows allegations by India's Central Bureau of Investigation (CBI) that Ruia, certain other executives of the Essar Group and Essar Teleholdings Ltd - an Indian company belonging to the Essar Group, had suppressed facts relating to the extent of equity holding of Essar Group in Loop Telecom Ltd (Loop)," the statement said.<br /><br />Essar Energy noted that "there are no charges of bribery or corruption or collusion with public servants (as compared to the other prosecutions being pursued in the 2G spectrum scam)".<br /><br />Ravi Ruia said he believed that as a good corporate governance measure, he should step aside at this time.</p>.<p>"Essar Group has always been open, transparent and law abiding, and I am confident that these charges will be dismissed by the courts in India. I expect that I would resume the office of Chairman at an appropriate time," he noted.<br /><br />According to Essar Energy, Ravi Ruia and Essar Group deny all charges and intend to take legal recourse to defend their position.</p>
<p>Essar Group is surprised and disappointed by the stand taken by the CBI, Essar Energy said in a statement.<br /><br />Meanwhile, Ravi Ruia has voluntarily decided to temporarily step aside as Chairman but would continue as a director of Essar Energy. Prashant Ruia, presently the Vice Chairman, would take over as interim Chairman.<br /><br />"This decision follows allegations by India's Central Bureau of Investigation (CBI) that Ruia, certain other executives of the Essar Group and Essar Teleholdings Ltd - an Indian company belonging to the Essar Group, had suppressed facts relating to the extent of equity holding of Essar Group in Loop Telecom Ltd (Loop)," the statement said.<br /><br />Essar Energy noted that "there are no charges of bribery or corruption or collusion with public servants (as compared to the other prosecutions being pursued in the 2G spectrum scam)".<br /><br />Ravi Ruia said he believed that as a good corporate governance measure, he should step aside at this time.</p>.<p>"Essar Group has always been open, transparent and law abiding, and I am confident that these charges will be dismissed by the courts in India. I expect that I would resume the office of Chairman at an appropriate time," he noted.<br /><br />According to Essar Energy, Ravi Ruia and Essar Group deny all charges and intend to take legal recourse to defend their position.</p>