Former Finance Minister of India and veteran Congress politician P. Chidambaram will face a charge sheet by the CBI in INX media foreign investment clearance case.
The CBI is likely to file a charge sheet in the INX media foreign investment clearance case as it has received sanction from the Centre to prosecute former finance minister P Chidambaram, under whose tenure approval for it was given, officials said on Friday.
After clearance from the Centre, giving a go-ahead to the agency to press charges against Chidambaram, the CBI might soon proceed with the filing of the charge sheet.
The CBI had registered an FIR on May 15, 2017 against alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs. 305 crores in 2007, when Chidambaram was the finance minister.
The agency had earlier registered FIR against Karti Chidamabaram, his company Chess Management Services, Peter Mukerjea and Indrani Mukerjea, INX Media, Advantage Strategic Consulting Services and its Director Padma Vishwanathan.
Indrani Mukerjea, who is in Mumbai’s Byculla Jail as she faces trial for murder of her daughter Sheena Bora, appeared before special judge Sunil Rana through video conferencing. This is in context of the plea of former INX Media director seeking to become approver in the INX Media case.
Responding positively as the court asked her whether application seeking grant of pardon has been moved voluntarily, she also said that she has not engaged counsel to represent her and requested a legal aid counsel be provided to her.
The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are probing how former Union Finance Minister P. Chidambaram’s son Karti Chidambaram managed to get clearance for INX Media from the Foreign Investment Promotion Board (FIPB) in 2007 when his father was minister.
What is INX media case?
The INX Media case involves the company receiving a foreign investment of over Rs 300 crore and a clearance from the Foreign Investment Promotion Board (FIPB).
CBI sources say that the Foreign Investment Promotion Board (FIPB), in a meeting on 18 May 2007, recommended the FDI proposal of the firm INX media but it did not approve a 26% “downstream investment” in INX News Pvt Limited, as per the FIPB regulations INX Media was permitted to get only Rs 4.62 crore. But the firm raised FDI worth Rs 305 crores at a premium of over Rs 800 per share.
An FIR filed by the CBI on May 15, 2017 alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 305 crores in 2007 when P Chidambaram was the Finance Minister in the UPA government.
INX Media was once owned by Peter and Indrani Mukherjea, prime suspects in the money laundering case. Karti is connected to the INX Media bribery case regarding various clearances given to the company.