Published On: Mon, Mar 26th, 2018

INX Media Case: CBI Seeks 5-Day Custody of Peter Mukerjea


CBI today sought a five-day-custody of former media baron Peter Mukerjea in connection with the INX Media case.

New Delhi: The Central Bureau of Investigation (CBI) on Monday sought a five-day-custody of former media baron Peter Mukerjea in connection with the INX Media case.

Mukerjea was produced before a Delhi court earlier today. Mukerjea-owned INX Media Ltd had allegedly paid bribes to get a Foreign Investment Promotion Board (FIPB) approval which was facilitated by former finance minister P. Chidambaram’s son Karti Chidambaram.

However, on Friday, the Delhi High Court granted bail to Karti in connection with the case, on a surety of Rs 10 lakh, ANI reported. In May last year, the Enforcement Directorate had filed a case against Karti Chidambaram alleging irregularities in the grant of Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving foreign investment of over Rs. 300 crore in 2007 when P Chidambaram was the union finance minister.

According to CBI FIR, “Contrary to the approval of FIPB conveyed to through letter dated 31/05/2007 and conditioned mentioned therein, INX media (P) deliberately in violation of the condition of the approval, made a downstream invested to the extent of 26% in the capital of INX news LTD without the a specific approval of FIPB which included indirect foreign investment by the same foreign investors and generated more than Rs 305 crores FID in INX against the approved foreign inflow of Rs 4.62 core by issuing the shares to the foreign investors at a premium of more than Rs 800 per share.

INX had reportedly paid the money to Karti Chidambaram to spare them of any government action.

PTI

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