2G SCAM: Shahid Balwa gets bail
30 Nov 2011
A special court has granted Bail to Swan Telecom and DB Realty promoter Shahid Usman Balwa, who was charged under 2G scam, on Tuesday.
Balwa had spend more than eight months in prison, and the news of his release resulted in the DB Realty's stock soaring by more than 14.2 per cent on the BSE.
"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 said.
However, former telecom secretary Siddharth Behura and former telecom minister A Raja's secretary R K Chandolia are yet to be granted bail.
The Delhi High Court will hear Behura's bail application on 1 December.
Balwa's release comes a day after M K Kanimozhi, a member of parliament and daughter of Dravida Munnettra Kazhagam party Chief M. Karunanidhi, was granted bail (See: Bail for Kanimozhi and 4 others; no luck for Behura).
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