2G scam case...Five executives denied bail

A trial court in New Delhi rejected the bail pleas of five India Inc honchos named by the CBI in the 2G scam case. All the five accused were taken into judicial custody. Shares of Unitech, DB Realty and ADAG pack fell after the news.

The five officials in question are Sanjay Chandra of Unitech, Vinod Goenka of DB Realty, Gautam Doshi of ADAG, Hari Nair of ADAG and Surendra Pipara of ADAG. They joined disgraced former Telecom Minister A. Raja, his former private secretary R.K. Chandolia, former Telecom Secretary Siddhartha Behura, DB Realty MD Shahid Balwa, his brother Asif Balwa and DB Realty D Rajiv Agarwal in the Tihar Central Jail.



"There was apprehension of the five corporate bigwigs tampering with evidence, winning over witnesses and fleeing from justice," Special CBI Judge O P Saini was quoted as saying. "These fears cannot be dismissed as too far-fetched at this stage in the light of the serious nature of the case ... In my considered opinion, it is not a fit case for bail," he added.

The lawyers for the five accused reportedly pleaded for a delay in the implementation of the order. All the five telecom executives appealed the CBI court for an interim bail to avoid being jailed immediately. But the court dismissed that appeal as well. The five corporate executives then moved the Delhi High Court, challenging the trial court's refusal to grant them bail. The High Court posted the matter for hearing to April 26.