INX media case and Chidambaram’s downfall: A chronology of events
New Delhi, Aug 22: Former union minister and senior Congress leader P Chidambaram was on Thursday sent to 4-day CBI custody till August 26 in connection with the INX Media corruption case.
The INX Media case, in which P Chidambaram has been arrested by the CBI, pertains to allegations of bribery by the company's promoters to get foreign investment clearances.
INX Media, founded in 2006 by media mogul Peter Mukerjea and his wife Indrani, made an application seeking clearance to a foreign investment proposal on March 13, 2007. The application was made to the chairman of the Foreign Investment Promotion Board (FIPB) -- an erstwhile inter-ministerial body that was responsible for processing foreign direct investment (FDI) proposals. Chaired by the economic affairs secretary, the FIPB had other permanent members, including the secretaries of the Department of Industrial Policy and Promotion (DIPP), Commerce, Economic Relations in the ministry of external affairs and overseas Indian affairs. The company had proposed to get FDI worth Rs 4.62 crore, which was cleared by the FIPB with an approval from the then finance minister Chidambaram, but the company, in violation of the conditions, received Rs 305 crore with a premium of Rs 800 per share.
The chronology of events in the INX Media corruption and money laundering cases: