Essar, Loop promoters allowed to travel abroad

 Promoters of Essar and Loop Telecom, charged in the 2G spectrum allocation scam, were on Thursday allowed by Delhi court to travel abroad for business purposes.

“It is not disputed that applicants accused are leading businessmen and are required to travel abroad frequently. Considering the fact that the case is listed for hearing on July 26, 2012, onwards and the applicants are leading businessmen with business interests all over the world, the prayer for permission to travel abroad appears to be genuine. Accordingly, the prayer is allowed,” the court said.

Special CBI Judge O P Saini allowed Essar promoters Ravi and Anshuman Ruia to tour European, American and Middle East countries till July 25 for an additional surety bond of Rs 50 lakh each.

Vikas Sharaf,  also secured court’s permission to go abroad on the ground that he is employed with Essar group as its President, Strategy and Mergers and Acquisitions and is, therefore, required to undertake the travel, on additional surety of Rs 25 lakh.

The court also allowed Loop promoters I P Khaitan and Kiran Khaitan to travel to Dubai on the ground that they are NRIs based there and are required to travel to the emirates to look after their business interests on additional surety of Rs 50 lakh each.