The Madras High Court today quashed a look out circular (LOC) issued by the CBI against Karti Chidambaram, son of former union minister P Chidambaram, in connection with the INX Media case.
A bench comprising Chief Justice Indira Banerjee and Justice Abdul Quddhose gave the order, allowing a petition by Karti challenging the LOC issued last year.
It, however, said the CBI can take further action based on the FIR registered against Karti in the case.
The court had reserved orders on the petition on March 19 this year.
The case relates to alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Chidambaram was Union finance minister.
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