Aircel-Maxis case: Chidambaram says gave approval in normal course of business
Chidambaram says he had granted approval to the Aircel-Maxis deal ‘in the normal course of business’ after the SC asked CBI on Monday to file status report on the probe
- Ties between AIADMK, BJP hit a rough patch over income tax raids
- ED files supplementary charge sheet in AgustaWestland chopper scam case
- Supreme Court on Sabarimala: All men and women have equal right to worship
- US offers India armed version of Guardian drone
- Railways commissioned 30% fewer tracks in FY18, the lowest in first 4 years of Modi govt
Chennai: Former union finance minister P. Chidambaram on Tuesday said he had granted approval to the Aircel-Maxis deal “in the normal course of business.”
“In the Aircel-Maxis case, taking into account the face value of the foreign investment, the FIPB (Foreign Investment Promotion Board) submitted the case to the finance minister and sought approval. “As FM, I granted approval in the normal course of business,” he said in a statement.
Chidambaram’s remarks comes a day after the Supreme Court asked the CBI to file status report on the probe being carried out on various aspects of the Aircel-Maxis deal.
During the brief hearing on Monday, BJP leader Subramanian Swamy had told the bench that he has received a reply from CBI stating that it was probing “all angles”, including the FIPB clearance given to the deal by the then finance minister Chidambaram in 2006.
Swamy had said CBI should be asked to file a status report in the case. In his application, Swamy has alleged that Chidambaram had illegally granted FIPB clearance to the deal in 2006.
He claimed that the former finance minister had given FIPB clearance to a deal that should have been referred to the Cabinet Committee on Economic Affairs (CCEA), headed by the Prime Minister, as it alone was empowered to clear foreign investments of over Rs600 crore.
“The money transaction involved in the process was around Rs 3,500 crore. FIPB clearance was given by the then finance minister, who should have sent it to the CCEA as the investment was way over Rs 600 crore,” he had said.
In his statement on Tuesday, Chidambaram said FIPB consists of five secretaries and that they examine the cases and recommend approval or rejection.
They “apply the rules/guidelines” and submit each case to the CCEA or the finance minister depending upon the value of the investment, he added. “CBI has recorded the statements from every official who dealt with the case. Everyone, including the then secretary and additional secretary, has affirmed that the case was rightly submitted to the finance minister who was the competent authority to grant approval and that the approval was granted in the normal course of business,” Chidambaram added.
Editor's Picks »
- France’s Engie appoints Rothschild to find a buyer for Indian solar biz
- Going into 2019, has brand Modi lost some of its sheen?
- Sun Pharma’s cancer injection from Halol plant gets USFDA nod
- A click moment for us was raising ₹100 crore in seed round to chase our dreams: Manish Lunia
- HDFC mutual fund arm to launch its ₹2,800 crore initial share sale next week
- Fund managers slashing allocations to equities in emerging markets, shows BAML survey
- ICICI Lombard tightens grip on profitability in a lean growth quarter
- TCNS Clothing IPO: Valuations capture the upsides adequately
- Nightmare of Indian Accounting Standard 115 comes to haunt firms in the real estate sector
- What is driving the optimism in stocks of paint companies?