Supreme Court Seeks CBI Status Report On Chidambaram’s Role In Aircel-Maxis Deal
The Supreme Court on Monday asked the Central Bureau of Investigation (CBI) to file a status report on the investigation of alleged violation of foreign investment rules in the Rs 3,500-crore deal between Aircel Ltd. and Malaysia's Maxis Communications in 2006.
The Supreme Court's direction came after BJP leader Subramanian Swamy filed a plea saying the approval granted by the Foreign Investment Promotion Board (FIPB) was in violation of the procedure outlined at that time.
Swamy contended that former Finance Minister P Chidambaram incorrectly granted the FIPB approval to the deal without first placing it in front of Cabinet Committee on Economic Affairs (CCEA).
He submitted to the court that, in 2006, FIPB approval for any foreign investment above Rs 600 crore was required to be first sent to CCEA, which was not done in this case.
The CBI informed the apex court that it is investigating the matter, following which the apex court asked the investigating agency to file a status report on the same.
Earlier in the day, the Enforcement Directorate, which is also investigating the matter, submitted its report to the apex court.
The next hearing in the matter is scheduled for May 2.
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