Chidambaram, his son get protection from arrest in Aircel Maxis case till March 25

New Delhi: A Patiala House court here on Friday extended interim protection granted to former Union Minister P Chidambaram and his son Karti Chidambaram in Aircel-Maxis case till March 25.

The Aircel Maxis case is being investigated by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).

On February 18, the court had extended their protection from arrest up to March 8.

The case pertains to an approval granted by the Foreign Investment Promotion Board (FIPB), a body under Union Ministry of Commerce and Industry, to Mauritius-based firm Global Communication and Services Holdings Limited for investment in Aircel in alleged violation of norms.

The FIPB approval was allegedly granted in 2006 when Chidambaram was India’s Finance Minister.

According to rules and foreign direct investment (FDI) policy of the Central government, Chidambaram was only empowered to give approval to proposals involving foreign investment up to Rs 600 crore.

However, he is accused of approving foreign investment proposal of Global Communication and Services Holdings Ltd worth around Rs 3,560 crore.

The ED is investigating the case to unravel the alleged elements of money laundering.