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The INX Media case which involves the media company receiving a foreign investment of over Rs 300 Crore and a clearance from the Foreign Investment Promotion Board (FIPB). CBI sources say that the Foreign Investment Promotion Board (FIPB), in a meeting on 18 May 2007, recommended the FDI proposal of the firm INX media but it did not approve a 26% "downstream investment" as per the FIPB regulations. INX Media was permitted to get only Rs 4.62 Crore but the firm raised FDI worth Rs 305 Crores at a premium of over Rs 800 per share.
An FIR filed by the CBI on May 15, 2017 alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when P Chidambaram was the Finance Minister in the UPA government. INX Media Company was once owned by Peter and Indrani Mukherjea, prime suspects in the money laundering case.
In May 2015, CBI filed an FIR against alleged irregularities and corruption in the FIPB clearances. The investigation agency claimed they had recovered vouchers that were proof that an amount of Rs 10 Lakh was given to a firm named “Advantage Strategic Consulting (P) Limited”, the invoice read "in the name M/s/ASCPL” of which Chidambaram was the director.
In the current development of case, the owner of INX Media Indrani Mukherjea filed an application under Sec. 306 of CrPC for a pardon in exchange of full and true disclosure of facts before the Special court of CBI. The IO informed the court that CBI is in support of the Indrani’s plea to be made an approver in the case as her statement would consolidate the evidence in case. The special judge currently has reserved his order upon the Indrani’s application which will be pronounced on May 29th.
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