Essar Energy Chairman Ruia Steps Down Temporarily Amid Probe
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Essar Energy Plc, an Indian oil refiner and power-plant operator, said Chairman Ravi Ruia will temporarily step aside as Indian authorities investigate a sale of licenses to run mobile-phone services.
“This decision follows allegations by India’s Central Bureau of Investigation,” Port Louis, Mauritius-based Essar Energy said yesterday in a statement. The CBI this month filed charges against Ravi Ruia and Essar Group Directors Anshuman Ruia and Vikash Saraf over the 2008 sale of phone licenses.