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This is an archive article published on January 6, 2017
SC to hear issue of FIPB clearance to Aircel-Maxis deal
The observations came when BJP leader Subramanian Swamy said an illegality has been committed by the then finance minister P Chidambaram in granting FIPB clearance to the Aircel-Maxis deal in 2006.
Supreme Court (File Photo)
The Supreme Court on Friday said it would deal at a later date with the question of alleged irregularity in the grant of FIPB clearance in the Rs 3,500 crore Aircel-Maxis deal in 2006 by the then finance minister. “We will deal with one issue at a time. At present, we are dealing with the issue of how to enforce our order,” a bench comprising Chief Justice J S Khehar and Justices N V Ramana and D Y Chandrachud said, adding that this issue may be taken up on February 3, the next date of hearing.
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The observations came when BJP leader Subramanian Swamy said an illegality has been committed by the then finance minister P Chidambaram in granting FIPB clearance to the Aircel-Maxis deal in 2006.
It has been alleged by Swamy that the issue of FIPB clearance to the deal should have been referred to the Cabinet Committee on Economic Affairs (CCEA) headed by the Prime Minister as this body alone was empowered to clear foreign investments above Rs 600 crore.
The apex court, meanwhile, today restrained Malaysian business tycoon T Ananda Krishnan and other foreigners accused, who have been evading court summons and warrants, in the Aircel-Maxis deal case from “selling or trading” the licences of 2G spectrum.
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