Aircel-Maxis case: ED files status report, cites alleged ‘role’ of P Chidambaram

New Delhi:  The Enforecement Directorate (ED) on Monday filed status report in Supreme Court over FIPB (Foreign Investment Promotion Board) violation stating alleged role of P Chidambaram.

The apex court has fixed the matter for further hearing on 2 May.

The Supreme Court had in February asked BJP leader Subramanian Swamy to place before it concrete evidence backing his plea for probe into the role of then Finance Minister P Chidambaram into alleged breach of norms committed by the Foreign Investment Promotion Board (FIPB) in approving the Aircel-Maxis deal in 2006.

Seeking probe into the role of Chidambaram in alleged violation of norms committed by the FIPB in approving Aircel-Maxis deal in 2006 permitting investment in excess of the ceiling of 74 percent, Swamy had referred to the CAG report which has pointed to two alleged illegalities in the grant of approval to Aircel-Maxis deal by the FIPB.

According to Swamy, the CAG in its 2015 report pointed to two illegalities in the grant of approval by FIPB involving Maxis acquiring 93.3 percent stake in the Aircel Tele Ventures Ltd through its 'wos' the GCSHL.

This, Swamy said, was in excess of the then ceiling of 74 per cent investment by a foreign entity in the Indian telecom company.

Second illegality, Swamy said was that since the foreign investment in Aircel was more than Rs 600 crore it should have gone to the Cabinet Committee for Economic Affairs for approval but it was instead cleared by the FIPB.