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The Delhi High Court on Monday rejected bail to five company executives charged in a multi-billion dollar telecoms corruption scandal, according to an order read out in court by presiding Judge Ajit Bharihoke.

Sanjay Chandra, the managing director of Telenor's India partner Unitech, Vinod Goenka, chairman of Etisalat's India partner DB Group, and three executives from Reliance ADA Group have been held in jail since April 20, after a lower court had denied them bail.

The five executives are among 14 individuals and three companies charged by the CBI of involvement in rigging the grant of telecoms licences in 2007-08, which a state auditor has said may have cost the state coffers as much as $39 billion in lost revenue.

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