India: Ruia Steps Down Temporarily as Essar Energy Chairman
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Friday, 23 December 2011 |
Essar Energy has announced that its Chairman, Ravi Ruia (pictured), will step aside from the business on a temporary basis at authorities in India investigate the sale of mobile phone licenses. “This decision follows allegations by India’s Central Bureau of Investigation,” said Essar Energy in a statement.
The CBI alleges that Ruia and Essar Group Directors Anshuman Ruia and Vikash Saraf concealed the extent of the Essar Group’s stake in Loop Telecom as the company sought to secure mobile phone licenses during 2008. The charges, which do not relate to Essar Energy or its subsidiaries, are denied by all three men. They will appear before an Indian court on January 27 to answer the charges.
PetrolWorld 23122011
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