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Aircel-Maxis FIPB clearance: CBI summons Karti Chidambaram

By: timesofindia.indiatimes.com 5 months ago
Aircel-Maxis FIPB clearance: CBI summons Karti Chidambaram

Two weeks after CBI questioned him for alleged corruption in Foreign Investment Promotion Board (FIPB) clearance given to INX Media, the agency has now asked former finance minister P Chidambaram’s son Karti Chidambaram to join for questioning in connection with its probe into FIPB clearance given to the Aircel-Maxis deal in 2006.

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How Aircel-Maxis FIPB clearance: CBI summons Karti Chidambaram
NEW DELHI: Two weeks after CBI questioned him for alleged corruption in Foreign Investment Promotion Board (FIPB) clearance given to INX Media, the agency has now asked former finance minister P Chidambaram's son Karti Chidambaram to join for questioning in connection with its probe into FIPB clearance given to the Aircel-Maxis deal in 2006.

Sources say Karti has been asked to appear at CBI headquarters on Thursday.

According to CBI chargesheet in Aircel-Maxis case, Mauritius-based M/s Global Communication Services Holdings Ltd, a subsidiary of Maxis, had sought approval for an investment of USD 800 million in Aircel.


The Cabinet Committee on Economic Affairs (CCEA) was competent to grant the approval.

"However, the approval was granted by the then finance minister (P Chidambaram). Further investigation is being carried out into the circumstances of the FIPB approval granted by the then finance minister. The related issues are also being investigated," it had said in 2014.

BJP leader Subramanian Swamy claimed that the former finance minister had given FIPB clearance to a deal that should have been referred to the CCEA, headed by the prime minister, as it alone was empowered to clear foreign investments of over Rs 600 crore.

P Chidambaram, who was examined by the agency in connection with the case in 2014, had issued a statement this year, saying the FIPB approval was granted in the "normal course of business".

He had said the FIPB consists of five secretaries and that they examine the cases and recommend approval or rejection.

They "apply the rules/guidelines" and submit each case to the CCEA or the finance minister depending upon the value of the investment, he had added.
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