ADVERTISEMENT

INX Media Case: Karti Chidambaram Granted Bail by Delhi HC 

Catch all the live updates on the INX Media case against Karti Chidambaram on The Quint.

Updated
India
13 min read
The Supreme Court, on 6 March, refused to grant interim relief to Karti Chidambaram.
i

Background of the INX Media Case

In 2007, INX Media, which was owned by Peter and Indrani Mukherjee, received a foreign investment of over Rs 300 crore. The firm needed clearance from the Foreign Investment Promotion Board (FIPB).

The FIPB, in a meeting in May 2007, recommended the proposal of INX Media. The FIPB norms allowed INX to receive only 4.62 crore, but INX violated the conditions and raised foreign direct investments by issuing shares to foreign investors.

In February 2008, the Income Tax Department questioned the transaction which was not in compliance with the policies and procedures of the Foreign Direct Investment (FDI) laws of India. The FPBI had also sought clarification.

That is when, “to wriggle out of the situation without any punitive action, INX Media entered into a criminal conspiracy with Karti,” an FIR in the case read.

INX Media had tried “to get the issue resolved amicably by influencing public servants of FIPB unit of the Finance Ministry by virtue of his (Karti) relationship with the then Finance Minister (P Chidambaram).”

Karti allegedly had a hand in getting the FIPB to overlook illegalities on part of INX Media company. The CBI alleges that he received money from the company for influencing the approvals and to manipulate a tax probe.

P Chidambaram was then the Union finance minister and head of the Foreign Investment Promotion Board (FIPB) then.

Click here to read the full story.

4:50 PM , 23 Mar
KEY EVENT

Karti Chidambaram Granted Bail by Delhi HC

Karti Chidambaram was granted bail by the Delhi High Court in the INX Media corruption case on Friday, 23 March.

Karti Chidambaram was granted bail by the Delhi HC on a surety of Rs 10 lakh and on the conditions that he will seek prior permission of the CBI if he wants to leave country.

His lawyers had earlier told the court that his passport is already deposited with the authorities, reported PTI.

Among other conditions imposed on Karti were that he cannot not influence witnesses or close bank accounts, as the court stated that he should not tamper with any evidence in the case while out on bail.

ADVERTISEMENT
1:07 AM , 23 Mar

Delhi HC to Pronounce Order on Bail Plea

The Delhi High Court is expected to pronounce its decision on the bail plea of Karti Chidambaram. The order is likely to be delivered by Justice S P Garg who had reserved his verdict on March 16 after hearing arguments on behalf of Karti and the CBI which had opposed grant of the relief to him.

The agency had contended that he should not be granted bail as he has already destroyed evidence in the case and was an "influential" person.

Karti's counsel had argued that no case under the Prevention of Corruption Act was made out against him since the Central Bureau of Investigation (CBI) had neither questioned any public servant, nor made them an accused in the matter.

Karti's lawyers had denied allegations of tampering with evidence and added that when the CBI had not sought his further custodial interrogation, why should he be kept in judicial custody.

They had also said that no one else has been arrested in the case and what the CBI has done is to put Karti behind bars.

4:44 PM , 16 Mar

Delhi HC Reserves Order

The Delhi High Court on Friday, 16 March reserved its order on the bail plea of Karti Chidambaram in the INX Media corruption case lodged by the CBI.

Justice S P Garg heard the CBI and Karti's lawyer – and reserved his decision.

The CBI opposed the bail plea saying that tampering of evidence and influencing witnesses in the case was a possibility. The agency also alleged that Karti has tampered with certain evidence.

Karti had moved the HC after special CBI judge had not given him an urgent hearing on his bail plea.

ADVERTISEMENT
11:43 AM , 15 Mar

Delhi High Court Extend Relief for Till 26 March

The Supreme Court, on 15 March, extended the interim relief from arrest granted by the Delhi High Court to Karti Chidambaram in the INX Media money laundering case till 26 March and said it would clear the "confusion" which has crept in due to divergent views of different high courts on ED's power to arrest.

The apex court also transferred to itself the matters pending before the Delhi High Court relating to the power of Enforcement Directorate (ED) to arrest in money laundering cases and also a plea filed by Karti seeking protection from arrest in ED's case.

A bench headed by Chief Justice Dipak Misra said the top court would answer the question about interpretation of section 19 of the Prevention of Money Laundering Act (PMLA) relating to ED's power to arrest and also deal with the issue whether high courts can grant protection from arrest in a plea under Article 226 of the Constitution which deals with the High Court's power to issue writs and orders.

When the apex court was informed that the Delhi High Court has extended till 22 March the interim protection from arrest to Karti in the money laundering case, the bench said it would transfer to itself the matters pending there and hear the arguments on 26 March.


Published: 06 Mar 2018, 8:49 AM IST
ADVERTISEMENT
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!
ADVERTISEMENT
KEY EVENTS