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‘Probing ex-FM’s role in Aircel-Maxis deal’

CBI To Court n FIPB nod by former FM P Chidambaram is ‘under investigation’.

Written by Kaunain Sheriff M | New Delhi | Published: September 23, 2014 1:34:52 am

The CBI on Monday told the special court that FIPB nod given by former finance minister P Chidambaram in connection with the Aircel-Maxis deal is ‘under investigation’.

The central agency told the special court that it is investigating ‘two issues’ —one, the FIPB approval given by the P Chidambaram to the foreign investment made by the Global Communications Services Holdings Ltd in Aircel in 2006 and secondly — the acquisition of equity by the Indian partner of Maxis Sindhya Securities and Investments Pvt Ltd in Aircel.

“Your query was on FIPB approval. We are showing documents which show the power of the then finance minister,” the CBI said. “Power was vested in the then finance minister to give FIPB approval of up to Rs 600 crore. For investments of over Rs 600 crore, CCEA was competent to give approval. This under investigation and we have not concluded the probe on this aspect yet,” it added.

The CBI said to the court that face value of the share was applied for acquiring the equity in Aircel and further investigation was required in this matter.

The special court also questioned the role of the role of Kaveri Maran, wife of Kalanithi Maran who has been charge sheeted by the CBI in the case.

The agency said that although she was holding 82 per cent share in accused firm Sun Direct TV Pvt Ltd but as per the documents, every decision was taken by her husband.

“Documents do not reveal about her role directly. If the court gives us further directions, we will certainly investigate this aspect,” the CBI said.

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