India's Supreme Court Wednesday granted bail to five executives of three companies in a high-profile case related to alleged rigging of telecommunication license and bandwidth sales in 2008.

The five executives, who were arrested in April, are Reliance Telecom Ltd. Managing Director Gautam Doshi, senior Vice Presidents Hari Nair and Surender Pipara; Swan Telecom Pvt. Ltd. Director Vinod Goenka and Unitech Wireless Ltd. Director Sanjay Chandra.

Chandra is also managing director of Unitech Ltd. (507878.BY), while Goenka is managing director of DB Realty Ltd. (533160.BY).

These five executives were among 14 people arrested by the Central Bureau of Investigation in this case.

Former Telecommunications Minister Andimuthu Raja and two of his former aides are among those arrested. They are still in jail.

According to the probe agency, Reliance Telecom, Swan and Unitech Wireless benefited from the alleged rigging.

-By R.Jai Krishna, Dow Jones Newswires, +91.11.4356.3333; krishna.jai@dowjones.com

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