2G scam...Five corporate honchos get bail

Five India Inc. executives, who are accused in the 2G scam, have been granted bail by the Supreme Court, sending shares of RCOM, Unitech and DB Realty higher in a weak market. The five persons in question are: Sanjay Chandra of Unitech, Swan Telecom director Vinod Goenka and three Reliance-ADAG executives, Gautam Doshi, Hari Nair and Surendra Pipara. A bench comprising Justice GS Singhvi and Justice HL Dattu delivered the order on the bail pleas of five corporate honchos in the 2G case. They are presently lodged in Tihar Jail. The Delhi high court had denied them bail in the 2G case after the CBI opposed it saying that the accused were likely to tamper with the evidence and influence witnesses. The apex court directed the five accused to furnish two sureties of Rs. 5 lakh each. The bail to the five corporate officials has given hope to the other accused in the 2G case, including disgraced former Telecom Minister A. Raja and DMK MP Kanimozhi. On December 1, the Delhi High Court will hear the bail plea of Kanimozhi and four other accused, including Kalaignar TV Managing Director, Sharad Kumar, Director of Cineyug Media & Entertainment, Karim Morani, and Directors of Kusegaon Fruits & Vegetables, Asif Balwa and Rajiv Agarwal. Raja has not filed any application for bail so far. All the 2G accused are facing charges of criminal conspiracy, cheating, forgery and some provisions under the Prevention of Corruption Act, including abatement of offenses. The charges also include criminal breach of trust, which is punishable with imprisonment for life, or imprisonment for a term extending up to 10 years and fine.