Chidambaram comes under CBI scanner over FIPB approval in Aircel-Maxis deal
The CBI had charge-sheeted the Marans, Maxis Communications promoter T. Ananda Krishnan, Malaysian national Augustus Ralph Marshall and four firms - Sun Direct TV Private Limited, Maxis Communication Berhad, South Asia Entertainment Holding Limited and Astro All Asia Network PLC-as accused in the case.
The Central Bureau of Investigation (CBI) is set to probe former Union finance minister P. Chidambaram's Foreign Investment Promotion Board (FIPB) approval in the controversial Aircel-Maxis deal in 2006.
The agency told a special court headed by Judge O.P. Saini in its charge sheet filed in the case that Mauritius-based M/s Global Communication Services Holdings Limited, a subsidiary of Maxis, had sought approval for $800 million for which Cabinet Committee on Economic Affairs (CCEA) was competent to do so.
However, the approval was granted by Chidambaram.
The charge sheet against Maran brothers-former telecom minister Dayanidhi Maran and his brother and Spice-Jet promoter Kalanithi Maran-in the Aircel-Maxis deal clearly states, "M/s Global Communication Services Holdings Ltd, Mauritius, had sought FIPB approval for $800 million for which CCEA was competent to grant approval. However, the approval was granted by then finance minister."
Further investigation is being carried out into the circumstances of the said-FIPB approval granted by Chidambaram. The related issues are also being investigated, the charge sheet adds.
The agency said that Chidambaram was competent to accord approval to project proposals of up to Rs 600 crore and proposals beyond this required CCEA's approval. In the instant case, the approval of foreign direct investment of $800 million was sought.
Hence, CCEA was competent to grant approval. However, it was not obtained, it claimed.
Sources in the know of developments in the matter at that time said that FIPB sought only Chidambaram's approval, not CCEA as it was not required under the rules then.
The investigation agency had charge-sheeted the Marans, Maxis Communications promoter T. Ananda Krishnan, Malaysian national Augustus Ralph Marshall and four firms - Sun Direct TV Private Limited, Maxis Communication Berhad, South Asia Entertainment Holding Limited and Astro All Asia Network PLC-as accused in the case.