New Delhi: The verdict of the Honorable Supreme Court setting aside the summoning order against Vice Chairman Mr Ravi Ruia is a vindication of our position that we have not violated any law.
The judgment re-establishes that the directors and the shareholders cannot be made vicariously liable in criminal matters. "We welcome the judgement. The judgement will assuage concerns among corporate leaders regarding misuse of judicial process. It will help re-instill confidence among investors and corporates, especially at a time when India is looking to attract fresh investments and increase growth."
The apex court bench quashed the trial court order staying "the legal principle has been wrongly applied. We set aside the order of the special court." During the proceedings, counsel for the CBI had conceded that there was no evidence or material on record against Mr Ravi Ruia.
Essar is a responsible corporate citizen and has always acted within the ambit of law and followed all regulations. We have made investments in the core sectors of the economy in excess of one lakh crore rupees in India and provided employment directly and indirectly to over one lakh people.
In the still ongoing case relating to issue of telecom licenses to Khaitan Group-owned Loop Telecom, the key question relates to interpretation of license conditions. It is at best a commercial issue which has been wrongly converted to a criminal case by misuse of the judicial process. There is no charge regarding corruption or misconduct of public officials against either Essar or Khaitan group. We are confident that our stand in that case will also be eventually upheld and as such this matter should not have been part of 2G which relates only to corruption.
Media contacts:
Mr Manish Kedia
Sr. VP Corporate Affairs, Essar
Phone: +91 98197 30092
Email: manish.kedia@essar.com
Mr Rakesh Pathak
Vice President Corporate Communications, Essar
Phone: +91 8860641481
Email: rakesh.pathak@essar.com
