In a setback for the Central Bureau of Investigation (CBI), the Delhi High Court granted bail to Karti Chidambaram in INX media case today. The bail has been granted to Karti on the surety of Rs 10 lakh. The Court has, however, imposed a number of conditions on Chidambaram Junior which includes not leaving his residence without informing CBI. The High Court said he will not change any of his company’s composition, not travel anywhere outside the country, not close any of his bank accounts without informing the CBI and is also not allowed to contact any of the Prosecution witnesses in the case.
On March 16, the Delhi High Court had 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 high court after special CBI judge had not given him an urgent hearing on his bail plea.
Karti’s name had popped up in the INX media case after he was related to the Foreign Investment Promotion Board’s (FIPB) approval granted in 2007 for receipt of funds by INX Media. It was during this period that Karti’s father P Chidambaram was the Finance Minister of the country. The Enforcement Directorate 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. This 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.