SC asks CBI to complete Aircel-Maxis probe in 60 days

Asks agency to submit details of FIPB meet regarding deal

The Supreme Court on Thursday asked the Central Bureau of Investigation (CBI) to complete the investigation into the Aircel-Maxis deal within two months, without being inhibited by anyone. The Aircel-Maxis deal involves former telecom minister and Dravida Munnettra Kazhagam’s (DMK’s) member of Parliament of Dayanidhi Maran, and Malaysian tycoon T Ananda Krishnan of Maxis.

A Bench headed by Justice G S Singhvi stated the letter rogatory to the Malaysian authorities seeking information can wait while investigation into the Indian side must be completed soon. The apex court stated it had already made it clear in its December 2012 order that all issues must be comprehensively probed. The court adjourned the hearing till October 3.

K K Venugopal, who represented CBI, said there were three issues to finalise the investigation — valuation of the shares, forensic accounting in regard to payments to different entities and sanction to prosecute a “person holding a high position.”

Details in the report submitted by the CBI were not read out in the court.

The judges remarked that there was no reason to wait for sanction as the court itself was monitoring the investigation. They added that earlier the investigation was moving fast, but at the end of two years, it has become “tardy”.

The judges also observed that the CBI has been investigating in the past three years matters “what are not quite relevant”. They added that they did not want to derail the probe at this stage.

The Supreme Court also asked the CBI to submit the details of the Foreign Investment Promotion Board (FIPB) meeting regarding the deal. The investigation agency’s probe into the Aircel-Maxis deal has indicated that Maxis investments in India breached the permissible limit of foreign direct investments in the telecom sector. Counsel Prashant Bhushan, who appeared for the Centre for Public Interest Litigation, stated that contrary to the limit of 75 per cent, Maxis had more than 90 per cent shares.

The judges were upset that the Centre was not represented in court. They remarked the government was not taking the issue seriously and that is why none on behalf of the government was present. Earlier, different additional solicitor generals were appearing, breaking the continuity of the hearing. Therefore, the court called Attorney General G E Vahanvati to explain the government’s position and the absence of its counsel. However, the law officer had already left the court premises, the court was informed after a search.

Aircel, which had been denied a pan-India telecom licence earlier, was able to enter all circles after the Maxis takeover, Aircel founder C Sivasankaran had told the CBI. Following this, the CBI registered a case in October 2011 against Dayanidhi Maran, DMK MP Kalanithi Maran along with Ananda Krishnan, Maxis director Ralph Marshall.