According to the case, excess Foreign Direct Investment was approved by INX Media (P) Ltd without the approval of the Foreign Investment Promotion Board which was allegedly scuttled by Karti Chidambaram by influencing public servants from various government departments by virtue of his relationship with the then Finance Minister P. Chidambaram
Photo for representational purpose
A Delhi Court on Saturday granted regular bail to former media baron Peter Mukerjea, in connection with an alleged criminal conspiracy involving former Union Finance minister P. Chidambaram, his son Karti and others in relation to foreign direct investment to a firm, INX Media, in 2007.
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The special CBI judge M.K. Nagpal granted the bail to Mukerjea, who was the erstwhile director and Chief Operating Officer of INX Media.
The bail application was argued by Adv Sandeep Kapur, Senior Partner, Karanjawala and Co and assisted by Adv Apoorva Pandey, Adv Ashneet Singh, Adv Mridul Yadav, and Adv GG Kashyap.
According to the case, excess Foreign Direct Investment was approved by INX Media (P) Ltd without the approval of the Foreign Investment Promotion Board which was allegedly scuttled by Karti Chidambaram by influencing public servants from various government departments by virtue of his relationship with the then Finance Minister P. Chidambaram and receiving huge kick-backs as consideration.
On November 27, the same special court had issued summons to Chidambarams and others in ED and CBI cases in connection with Aircel Maxis money-laundering and corruption cases, in which the CBI and the ED have alleged that as the former finance minister granted approval to the deal beyond his capacity, which benefited certain persons and he received kickbacks in return.
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.
Additional Solicitor General Sanjay Jain, appearing for probe agencies had earlier informed the court that agencies have sent Letters Rogatory -- documents making a request through a foreign court to obtain information -- to different countries and there are some developments on that.
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.
Special Judge M.K. Nagpal had noted that there was sufficient evidence to summon Chidambaram and the other accused in the corruption and money-laundering cases.
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