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Delhi court grants bail to Karti's CA in INX Media case

Press Trust of India  |  New Delhi 

A today granted to Karti Chidambaram's chartered S Bhaskararaman, arrested in the Media case.

granted to Bhaskararaman, who was arrested by the (ED) on February 16 from a five-star hotel in the heart of the national capital.

The court granted the relief to the CA and asked him to furnish a bond of Rs two lakh and a surety of like amount. It asked to cooperate in the investigation as and when required by the ED and asked him not to leave the country without its permission.

had sought bail on the ground that he was not required for custodial interrogation and no purpose would be served by keeping him in custody. The CA was sent to jail on February 26 after his custodial interrogation by the ED.

Karti's name had cropped up in the case relating to the Foreign Investment Promotion Board's (FIPB) approval granted in 2007 for receipt of funds by Media when his father and P Chidambaram was the minister during the previous UPA regime.

The ED's had earlier told the court that during the course of investigation, it was revealed that had been assisting Karti to manage his "ill-gotten wealth" in and abroad.

He had alleged that Media had deliberately and in violation of the conditions of approval made a downstream investment of 26 per cent in the capital of Pvt Ltd without the specific approval of FIPB, which included indirect foreign investment by some foreign investors, and generated Rs 305 crore foreign direct investment in against the approved foreign inflow of Rs 4.62 crore.

To wriggle out of the situation without any punitive action, INX Media entered into a criminal conspiracy with Karti, the ED had alleged.

The FIPB unit of the Ministry had not only granted illegal approval but also misinformed the investigation wing of the Income Tax Department, it had alleged.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 17:05 IST