Shahid Balwa's bail plea defered till on Saturday

May 03, 2011 |

IANS

New Delhi

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A court here on Tuesday deferred to May 7 its order on the bail plea of Swan Telecom promoter Shahid Usman Balwa, who is among the 14 people arrested in the case relating to the allocation of 2G spectrum.

"The matter is adjourned till May 7," special CBI judge O.P. Saini said when the matter came up for hering on Tuesday.

Balwa, the managing director of DB Realty, which floated Swan Telecom, was arrested Feb 8 in Mumbai and was flown to Delhi. The DB group's telecom arm had sold 45 percent stake to UAE-based Etisalat for $900 million 4,500 crores in 2009.

The company is now known as Etisalat-DB. In 2008, Swan Telecom bagged 2G licences for 13 of the 22 circles across India, including the crucial Mumbai and Delhi areas, for 1,537 crores. Within months, it sold 45 percent of its stake to Etisalat for4,500 crore The Central Bureau of Investigation has alleged that over200 crores was transferred by DB group to a TV company in which the family members of DMK chief and Tamil Nadu chief minister M. Karunanidhi have a stake. Among the others who have been arrested in the case are former telecom minister A. Raja, his former personal secretary R.K. Chandolia and former telecom secretary Siddharth Behura.

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