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DB Realty founder Balwa gets bail in 2G case
NEW DELHI |
NEW DELHI (Reuters) - A Central Bureau of Investigation special court on Tuesday granted bail to the founder of DB Realty, Shahid Balwa, who was charged in a telecoms licensing scandal that rocked the government and businesses in Asia's third-largest economy.
"He's been granted bail on the conditions that he must deposit his passport, come to court daily and submit two 5 lakh (500,000) rupee security bonds," Balwa's lawyer Vijay Aggarwal told Reuters on Tuesday.
Shares of DB Realty rose almost 14 percent following the news. They surged 8 percent to 76.80 rupees.
Last week, the Supreme Court had granted bail to five company executives, raising hopes that others including some politicians may be freed.
Balwa's release comes a day after Kanimozhi, the lawmaker daughter of DMK party chief M. Karunanidhi, and four other company executives -- also charged in the telecoms scandal -- received bail after being jailed for more than six months.
Balwa was accused, along with others, of rigging a 2007/08 grant of lucrative telecoms licences, causing an estimated loss of as much as $39 billion to the state coffers, a sum equivalent to the country's defence budget.
(Reporting by Annie Banerji; editing by Malini Menon)
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