INX Media case: SC grants bail to Chidambaram

The Supreme Court on Tuesday granted bail to former Finance Minister and senior Congress leader P Chidambaram in connection with the INX Media case registered by the Central Bureau of Investigation (CBI).

A three-judge Bench of Justice R Banumathi, Justice AS Bopanna and Justice Hrishikesh Roy granted bail to Chidambaram.

Chidambaram is currently in the custody of Enforcement Directorate (ED) till October 24 in the INX Media money laundering case.

Chidambaram, who is currently in judicial custody in Tihar jail, had filed a Special Leave Petition (SLP) in the apex court days after the High Court dismissed his bail plea contending that he might influence the witnesses in the case.

Supreme Court on Tuesday observed that the judgement of the Delhi High Court is set aside and Chidambaram be released on bail if not required in another case. He shall not leave the country without the trial court's permission.

This judgement of the top court will not have any bearing on the other case.

Chidambaram can be released provided he is not arrested in any other case and on the personal bond of Rs 1 lakh. Chidambaram has to make himself available for interrogation, the top court stated.

The case pertains to an FIR registered by the CBI for alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance given to INX Media to the tune of Rs 305 crore in 2007 by Chidambaram when he was the Finance Minister. ED is investigating the alleged offense of money laundering that arose out of the FIR.

While the CBI arrested him in August, he was booked by the ED last week.