Business Standard

Court grants regular bail to Chidambaram, his son in Aircel-Maxis case

The probe agencies say the approval was granted in 2006 when P. Chidambaram was the Union Finance Minister

chidambaram

P Chidambaram

IANS New Delhi
A Delhi Court on Wednesday granted regular bail to former Union Minister P. Chidambaram and his son Karti Chidambaram in connection with the Aircel-Maxis case filed against them by the CBI and the ED.
Earlier in 2019, Chidambarams got the anticipatory bail in the same case on a personal bond of Rs one lakh and surety of like amount following the direction to join the probe.
A detailed order of the verdict is expected to be released later.
The case, which is being probed by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), relates to alleged irregularities in the grant of Foreign Investment Promotion Board approval in the Aircel-Maxis deal.
The probe agencies say the approval was granted in 2006 when P. Chidambaram was the Union Finance Minister.
According to rules and the foreign direct investment policy in force at that time, Chidambaram was allegedly empowered to give approval to proposals involving foreign investment only up to Rs 600 crore.
It is alleged that Chidambaram withheld Foreign Investment Promotion Board (FIPB) clearance of the deal until his son, Karti Chidambaram received the five-per cent share in the company.
--IANS
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 23 2022 | 7:57 PM IST

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