INX Media Case: Delhi Court to pronounce order on bail plea of Karti's Chidambaram CA on 12 March

New Delhi: A Delhi court on Wednesday said it will pronounce on 12 March the order on a bail plea of Karti Chidambaram's chartered accountant S Bhaskararaman, arrested in the INX Media money laundering case.

 INX Media Case: Delhi Court to pronounce order on bail plea of Kartis Chidambaram CA on 12 March

File image of Karti Chidambaram. Twitter@KartiPC/Twitter

Special judge Sunil Rana, who was scheduled to pronounce the order today, deferred it for the next date of hearing, saying the order was not ready.

Bhaskararaman sought bail on the ground that he was not required for custodial interrogation and no purpose would be served by keeping him in custody.

The CA was sent to jail on 26 February after his custodial interrogation by the Enforcement Directorate (ED), which had arrested him on 16 February from a five-star hotel in the heart of the national capital.

Karti's name had cropped up in the case relating to the Foreign Investment Promotion Board's (FIPB) approval granted in 2007 for receipt of funds by INX Media when his father and Congress leader P Chidambaram was the finance minister during the previous UPA regime.

The ED's special public prosecutor Nitesh Rana had earlier told the court that during the course of an investigation, it was revealed that Bhaskararaman had been assisting Karti to manage his "ill-gotten wealth" in India and abroad.

He had alleged that INX Media had deliberately and in violation of the conditions of approval made a downstream investment of 26 percent in the capital of INX News Pvt Ltd without the specific approval of FIPB, which included indirect foreign investment by some foreign investors, and generated Rs 305 crore foreign direct investment in INX Media Pvt Ltd against the approved foreign inflow of Rs 4.62 crore.

To wriggle out of the situation without any punitive action, INX Media entered into a criminal conspiracy with Karti, the ED had alleged.

The FIPB unit of the finance ministry had not only granted illegal approval but also misinformed the investigation wing of the Income Tax Department, it had alleged.

Updated Date: Mar 07, 2018 21:46:19 IST