HC relief to Chidambaram in INX Media case; gets interim protection from arrest till June 3

This comes a day after former minister got an interim relief from the court in Aircel-Maxis case.

Image: PTI

New Delhi: Delhi High Court on Thursday granted an interim protection to former Finance Minister P.Chidambaram in INX-Media case. The plea was pending before the court and Chidambaram was going to be questioned by CBI today in the case. This comes after Chidambaram’s lawyer approached CBI and sought more time to appear before them for the questioning. The lawyers had said that Chidambaram’s anticipatory bail plea before Delhi HC was pending. The court has given interim protection from arrest till June 3. This comes a day after former minister got an interim relief from the court in Aircel-Maxis case. The CBI had prepared a list of over three dozen questions based on the talks with former owners of INX Media Peter and Indrani Mukherjea. WHAT IS INX-MEDIA CASE? The Finance Ministry had in March 2007 received an application from the INX media for FIPB (Foreign Investment Promotion Board) approval in order to operate, manage broadcast a bouquet of television channels including Hindi entertainment channel, and multiple vernacular entertainment channels. This proposal of the INX media was recommended by the FIPB but the body only allowed FDI inflow of only Rs 4.62 crore. However, the FIPB did not recommend the downstream investment by INX Media in INX News. According to the CBI’s FIR, “INX Media (P) Limited deliberately and in violation of the conditions of the approval (i) made a downstream investment to the extent of 26% in the capital of INX News (P) Limited without the specific approval of FIPB which included indirect foreign investment by the same foreign investors and (ii) generated more than Rs 305 crores Foreign Direct Investment in INX Media (P) Limited against the approved foreign inflow of Rs 4.62 crores by issuing shares to the foreign investors at a premium of more than Rs. 800 per share." In May 2008, FIPB issued a letter to INX Media seeking clarification on both issues. The CBI alleged that the INX Media then sought to wriggle out of the issue by offering kickbacks to Karti to leverage on his family name to stay away from the probe.