2G scam: Delhi High Court reserves order on executives' bail

The Delhi High Court today reserved its order on bail pleas of five corporate executives who were arrested for alleged involvement in the 2G spectrum allocation scam.

Justice Ajit Bharihoke reserved his order on the pleas following conclusion of arguments by CBI's Special Public Prosecutor U U Lalit, and counsel for various corporate honchos.

Opposing the bail pleas of the corporate executives, Lalit submitted that corporates  and individuals were direct beneficiaries of the entire spectrum deal and they were involved in a conspiracy along with A Raja, former telecom minister, to benefit immensely from the grant of spectrum licences.

According to Lalit, the former minister had advanced the cut-off date for submitting application for spectrum allocation and also altered the licencing policy to favour Swan Telecom and Unitech Ltd.

Lalit also pointed out that some firms had been floated only for the purpose of  only transferring the money that changed hands with the  grant of spectrum licences to beneficiary telecom firms which were then closed once their purposes were served.

Lalit said the corporates were part of a conspiracy involving huge amounts of transaction of funds. He added the conspirators had also forced certain to obtain spectrum in their favour