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Aircel-Maxis case: Chidambaram approved investment beyond his mandate, says CBI
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SME Times News Bureau | 20 Jul, 2018
The CBI listed on Thursday former Finance Minister P. Chidambaram as an
accused in the Aircel-Maxis case, alleging that he had power to approve
foreign investments only up to Rs 600 crore but he cleared Rs
3,200-crore investment without referring the matter to CCEA.
The
revelation was made in the charge-sheet the Central Bureau of
Investigation (CBI) filed in a special court here that listed the matter
for hearing on July 31.
The investigation agency filed the charge-sheet against Chidambaram, his son Karti Chidambaram and 16 others.
Among
the 16 others are former Union Secretary for Economic Affairs Ashok
Kumar Jha, then Additional Secretary Ashok Chawla, two serving IAS
officers -- Joint Secretary Kumar Sanjay Krishna and Director Deepak
Kumar Singh and an Under Secretary Ram Sharan, and private persons A.
Palaniappan, Tatparanandam Krishnan, Augustus Ralph Marshal, S.
Bhaskaraman and V. Srinivasan.
Besides, the charge-sheet also
mentioned the names of companies - M/S Chess Management Services Holding
Ltd; Astro All Asia Network PLC., Malaysia; M/S Maxis Mobile SDN. BHD.,
Malaysia; M/S Bumi Armada Berhad, Malaysia; Bumi Armada Navigation SDN.
BHD., Malaysia; and M/S Advantage Strategic Consulting Pvt Ltd of
Chennai.
A CBI official said that the charge-sheet was filed
against Chidambaram for "misuse of official position". As Finance
Minister he approved the investment at his level without sending the
file to the Cabinet Committee on Economic Affairs (CCEA).
"He knew everything from the beginning," the official claimed.
"As
per the government policy and FIPB (Foreign Investment Promotion Board)
guidelines, as applicable in 2006, where the total foreign inflow is Rs
600 crore and above, the competent authority was CCEA to give approval
for foreign investment," the official said.
He said that as the
total inflow of foreign exchange involved in the acquisition of shares
of Aircel Ltd was Rs 3,520 crore, only the CCEA was competent authority
to give FIPB approval.
"But the approval was given by then
Finance Minister. It was shown on file that Aircel was being purchased
for Rs 180 crore with 18 crore shares of Rs 10 face value each. However,
they didn't show the premium (on these shares) of Rs 3,200 crore," the
official said.
The CBI and the Enforcement Directorate (ED)
investigated Karti Chidambaram's alleged role in getting FIPB clearance
for the Aircel-Maxis deal in 2006 when his father was the Union Finance
Minister.
He also claimed that all the officials named in the charge-sheet actively discussed the matter of the FIPB.
A
CBI source said when the Maxis applied to the FIPB for making the
investment, in its initial application Rs 3,200 crore was mentioned.
"But when the file came for approval in the Finance Ministry, only Rs
180 crore was shown as the foreign investment," the source said.
The
agency official also claimed that two firms -- Chess Management and
Advantage Startegic Consultancy -- controlled by Karti Chidambaram
received two illegal payments of Rs 26 lakh and Rs 87 lakh.
He
said that on March 13, 2006, Aircel applied to the FIPB, and on March
29, 2006, an invoice for Rs 26 lakh was raised by Karti Chidambaram's
firm to the Aircel. The Aircel made payment to the Advantage Strategic
Consultancy through cheque on April 1, 2006.
The official also
claimed that when the agency officials asked for the purpose of the
payment of Rs 26 lakh, the Karti Chidambaram's firm replied that it was
for market survey.
Disclosing the details of the Rs 87 lakh
payment made to Karti Chidambaram's other firm -- Chess Management -- by
the Maxis, the official said as per the details given by them, it was
meant for providing a software named ELCM.
"However, when the agencies asked for a copy of the software, they were not able to furnish any," the official said.
"And all the payments were made during the same period to the Karti Chidambaram's firm," he said.
On
August 29, 2014, the CBI had filed a charge-sheet in the case alleging
that between July 2004 and September 2008, Dayanidhi Maran, as a
Minister in the UPA-I government, used his influence to help Malaysian
businessman Krishnan buy Aircel by coercing its owner Sivasankaran to
part with his stake.
Sivasankaran alleged that Maran favoured the
Krishnan-owned Maxis Group in the takeover of his company. In return,
he alleged, Maxis made investments through Astro Network, a sister
concern, in Sun Direct TV Pvt Ltd (SDTPL), said to be owned by the Maran
family.
However, a special court had dropped charges against
former Communications Minister Dayanidhi Maran, his brother Kalanithi
and others in the alleged kickback of Rs 742 crore in the Aircel-Maxis
deal, saying the "perception or suspicion" was not backed by concrete
evidence.
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