INX Media Case: Chidambaram given protection till Aug 1

The Delhi High Court on Wednesday granted interim protection from arrests to former Finance Minister P. Chidambaram till August 1, in connection with the INX Media case.

On Monday, the Madras High Court had squashed the Look Out Circulars against the former minister's son, Karti Chidambaram, issued by the Central Bureau of Investigation (CBI) in June last year.

However, the court made it clear that the order would not affect any proceedings initiated against Karti Chidambaram in the case.

Earlier on the same day, the Supreme Court allowed Karti to travel to USA, France and UK from July 23 to 31 for business purposes. He had filed a plea in the apex court seeking permission to travel abroad.

The Chidambarams have been under the scanner of investigation agencies, the CBI and the Enforcement Directorate (ED), in connection with the Foreign Investment Promotion Board (FIPB) clearance granted to INX Media, a venture promoted by former media baron Peter Mukerjea and his wife Indrani Mukerjea.

The alleged irregularities took place in 2007 when Chidambaram was the finance minister under the United Progressive Alliance (UPA) government.

In February, Karti Chidambaram was arrested for his alleged role in the case. The Delhi High Court, however, granted him bail in March.

Karti Chidambaram allegedly took service charges for facilitating the clearance granted to INX Media for receiving funds from abroad worth Rs 305 crore.

The former finance minister and his son have also been probed for their alleged involvement in the Aircel-Maxis case, pertaining to an FIPB clearance granted to the firm M/S Global Communication Holding Services Ltd for an investment in Aircel.

On July 19, the CBI filed a charge-sheet in the case in a Delhi Court against 18 accused, including the former Finance Minister , his son and select government officials (serving and retired).

In its new charge-sheet, the CBI said that two sets of money trails were discovered regarding FIPB clearance.