Aircel-Maxis case: ED submits report on P Chidambaram's role to Supreme Court

The report talks about the alleged violation of FIPB (Foreign Investment Promotion Board) rules by former Finance Minister and senior Congress leader P Chidambaram in the Aircel-Maxis case. The apex court has fixed the matter for further hearing on May 2.

The Enforcement Directorate (ED) today submitted before the Supreme Court its status report on alleged violation of FIPB (Foreign Investment Promotion Board) rules by former Finance Minister and senior Congress leader P Chidambaram in the Aircel-Maxis case.

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

In February this year, the Supreme Court had asked BJP leader Subramanian Swamy to place before it concrete evidence backing his plea for probe into Chidambaram's role into alleged breach of norms in permitting Malaysian firm Maxis to acquire 100 per cent stake in Aircel through FDI in 2006.

"In Aircel-Maxis case, P Chidambaram illegally permitted sale of 100 per cent shares of an Indian company, Aircel, to a Malaysian company (Maxis) when legally, the limit was 74 per cent. That Malaysian company, through many other companies, gave a bribe to Karti," Swamy had alleged.

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