The CBI has finally filed the charge sheet that the Congressman “dishonestly” didn’t raise any objections when the proposal was put up to him mentioning the ‘par value’ of the investment, despite knowing that, that was the only proposal where the phrase ‘par value’ was used. The agency alleged that the FIPB officials and P Chidambaram ‘deliberately suppressed’ the total investment figure.
To avoid being sent to the cabinet committee, the value of the foreign investment proposal was pegged down to 180 crores arrived at based on par value of the shares instead of market value! The actual investment is more than 3000 crores which is way beyond the approval limits of the committee headed by the FM which is only 600 crores! Is it not clear that this approach was conceived only to hoodwink during a scrutiny, if at all there is one, with malafide intentions!
Can a person of the ‘intelligence’ and experience (both legal and ministerial) of PC, feign ignorance’ of such a gross deviation in a major proposal being put up to him for approval? Did he worry that he might have to share the crumbs with many more if it goes to the next level of clearance?
Can he camouflage the misdemeanour with a defence that the proposal was put up for his approval after due scrutiny by the competent officials of his ministry? Would it be too difficult for his son to influence them even without their boss giving a visible signal?
The obvious deviations legally are:
This par value approach is unique unlike other similar proposals being put up and the firms related to him has recd more than a crore after the approval was received in many instalments…wafer thin arguments, as it may seem, isn’t it?
In another case in which PC has not been included in the charge sheet but his son has been arrested, indirani Mukerjee has confided to the investigating authorities, that hush money has indeed been paid to Karthi, as advised by PC, in his foreign accounts, to riggle out of a dubious foreign investment proposal.
“I was not aware” – was the typical reply of Chidambaram when cornered with son Karti’s firms getting around two lakh dollars from Maxis. Chidambaram many times lied that he was not aware of son’s business operations. To the questions, on violation of the FIPB and Cabinet Committee of Economic Affairs (CCEA) norms, Chidambaram repeatedly said that he just signed files vetted by officers. It is learnt that many officers have given statements to the Central Bureau of Investigation (CBI) and ED that they were forced to sign on all files as per the wishes of then Finance Minister Chidambaram in 2006.
As FIPB Chairman, the Finance Minister Chidambaram had power to approve only foreign investments up to Rs.600 crores those days. Approvals of over Rs.600 crores value have to be sent to the Cabinet Committee for Economic Affairs (CCEA), where he was the Chairman. The Aircel-Maxis approval was above Rs.3500 crores and Chidambaram did not send the files to CCEA. The reasons cited for his not sending it to the CCEA, is believed to be that the Home Ministry was also part of CCEA in Telecom affairs and as Maxis’s shareholder Saudi Telecom is a partner of Pakistan Telecom, the Home Ministry won’t approve the deal.
Later the Office of the Comptroller and Auditor General (CAG) found that though the illegal approval was for Rs.3600 crores, the actual money that came from Maxis to Aircel was more than Rs.4800 crores! This exposed a gap of more than Rs.1200 crores. Karti’s controversial firm Advantage Consulting and Chess Management also got money from Maxis and the ED has already attached more than Rs.1.16 crores worth of bank deposits belonging to him.
When he was asked to come again, Chidambaram trotted out several excuses. Finally, the agency asked him to appear again by the end of June for further questioning.
Is it clear that the mind need not be as white as the clothes one wears? Unfortunately, dishonesty is always very difficult to be established in a court of law and is always a subject prone to the interpretations based on the tint of the glasses you wear! The statue of justice has anyway closed her eyes to avoid seeing all these long time back..!!
There would be no wonder if PC goes scot free, if at all a verdict is pronounced in OUR LIFETIME…