Ruias and Essar group has denied all allegations made against them and Ravi Ruia said in a statement, that he will not take the chairmanship until all the investigation and allegations are absolved.
Prashant Ruia, the group's Chief Executive Office will take the chair for an interim period until all the allegations against Ravi Ruia are cleared.
CBI has also charged Kiran Khaitan and I P Khaitan (promoters of Loop Telecom), Vikas Saraf (Essar Group Director), beside Ravi and Anshuman Ruia.
All five corporate leaders have been asked to appear before special court on January 27.
The Judge OP Saini, who is hearing the case said as the accused have been charged with offence of concealing facts related to amount of equity holding in Loop Telecom Ltd., they will have to stand for the trial set up on Supreme Court's order to deal with 2G spectrum case.