Business Standard

ED chargesheets Karti in Aircel-Maxis deal case

IANS  |  New Delhi 

The (ED) on Wednesday filed a chargesheet against former Finance P. Chidambaram's son Karti and two companies in a case related to in the Aircel-Maxis deal.

The chargesheet was filed before a which listed the matter for hearing on July 4.

The (CBI) and the ED are investigating Karti Chidambaram's alleged role in getting (FIPB) clearance for the Aircel-Maxis deal in 2006 when his father was the Union Finance

The investigation agency has charged and two companies -- (ASCPL) and Chess Management (CMSPL) -- under various provisions of the Prevention of Act (PMLA) 2002.

Karti, who has been granted interim protection from arrest by a special court till July 10, has promoted the company CMSPL, the ED has said in the chargesheet.

The Directorate has also alleged that ASCPL was set up at the directions of Karti.

Karti controlled and managed the affairs of the company, the ED said citing internal emails where it shows that Karti was controlling each and every aspects of the company's business.

Karti also arranged funds for the company.

The ED chargesheet said that Maxis had invested USD 800 million (Rs 3,565.91 crore) as Foreign Direct Investment (FDI). The authority of Finance to give approval for the FDI was limited to Rs 600 crore at the relevant time. The (CCEA) was the competent authority for FDI proposals of over Rs 600 crore.

"In this case, FDI was projected as Rs 180 crore, which was the par value of the shares acquired by Maxis, whereas the FDI was actually Rs 3,565.91 crore," the ED said.

CMSPL received a sum of approx Rs 90 lakh from Maxis and its associate Malaysian companies allegedly for software services, the ED said.

The agency also said that the software sold for Rs 90 lakh was designed to be used for compliance with Indian laws and was not of any use for any of the Malaysian companies.

ASCPL received approximately Rs 26 lakh from Televenture Ltd, the Indian company which sold shares to Maxis.

"This payment was received immediately after FDI approval," the ED said.

On August 29, 2014, the CBI had filed a chargesheet alleging that between July 2004 and September 2008, Dayanidhi Maran, as Minister in the UPA-I government, used his influence to help Malaysian buy by coercing its owner to part with his stake.

alleged that Maran favoured the Krishnan-owned in the takeover of his company. In return, he alleged, Maxis made investments through Astro Network, a sister concern, in (SDTPL), stated to be owned by the Maran family.

However, a special court had dropped charges against former Dayanidhi Maran, his brother and others in the alleged kickback of Rs 742 crore in the Aircel-Maxis deal, saying that the "perception or suspicion" was not backed by concrete evidence.

Karti is also an accused in the case wherein he has been charged with receiving irregular FIPB clearance for investments up to Rs 305 crore.



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First Published: Wed, June 13 2018. 18:28 IST