Chidambaram's counsel concludes arguments on bail plea in Delhi HC

The counsel of Congress leader and former finance minister P Chidambaram on Wednesday concluded its argument for his bail in Delhi High Court in connection with the INX media case.

A bench of Justice Suresh Kumar Kait was hearing Chidambaram's bail plea.

Appearing for Chidambaram, senior advocate Abhishek Manu Singhvi denied the allegations that former union finance minister used his position for personal gains.

Raising questions on Indrani Mukerjea's statement, Singhvi said that she and her husband are also accused in a murder case being investigated by the CBI, therefore, no credibility can be attached to their statements.

He further told the court that Chidambaram was not a flight risk because a lookout circular (LOC) was already issued against him. "It is preposterous to even allege that he is a flight risk and he can evade the process of law," he said.

A rejoinder copy filed by Chidambaram's lawyer denied that Chidambaram had betrayed the public trust.

"It is further denied that cogent evidence incriminating the petitioner in the present offence is already on record of the investigation and a strong case against the accused has been made out by the CBI," the rejoinder read.

Justice Kait adjourned the hearing in the matter till September 27, when Solicitor General Tushar Mehta appearing for the CBI will make his arguments in the case.

Earlier the CBI had in its reply stated that granting relief to P Chidambaram would set the wrong precedence in all corruption cases.

"It is a clear case of betrayal of public trust at large," CBI had said.

The agency had submitted that the former union minister was non-cooperative during the investigation and was confronted with all material available on record.

"However he remained evasive on all questions and considering the gravity of the offense and non-cooperative act of PC, there are compelling reasons for the CBI to be cautious about the possibility of flight risk of P Chidambaram," the CBI had contended.

Chidambaram, who is currently lodged in Tihar jail, was the finance minister when the Foreign Investment Promotion Board (FIPB) gave Foreign Direct Investment (FDI) clearance to INX Media in 2007.

He is facing probe by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for alleged irregularities in granting clearance to INX Media to the tune of Rs 305 crore.