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P Chidambaram Gets Anticipatory Bail From Delhi Court

Akanksha Jain
23 July 2018 11:25 AM GMT
P Chidambaram Gets Anticipatory Bail From Delhi Court
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Former Union Finance Minister P Chidambaram has got protection from arrest in the multi-crore Aircel-Maxis and INX Media case with a Delhi court granting him anticipatory bail on Monday.

Special CBI judge OP Saini granted the relief to Chidambaram who has been named as an accused along with his son Karti in the charge sheet filed by the CBI on July 19.

Chidambaram had moved the court in the morning seeking the relief.

The senior Congress leader is accused of wrongfully granting Foreign Investment Promotion Board (FIPB) approval to Mauritius-based Global Communication Services Holdings Ltd, a subsidiary of Maxis, in the year 2006 during his tenure as the Union Finance Minister when only the Cabinet Committee on Economic Affairs was empowered to grant such approval.

The CBI also alleged that Karti used his influence in the Finance Ministry to help INX Media get approval for foreign investments from three Mauritius-based investors during P Chidambaram’s tenure as the Finance Minister.

INX Media allegedly received approval from the FIPB for Rs 4.62 crore investment but received Rs 305 crore by sale of shares at a premium of Rs 800 per share instead of Rs 10 as mentioned by the company in its application.

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