Aircel-Maxis Case In Brief

CBI has finally labelled P. Chidambaram and son Karti Chidambaram in a fresh chargesheet filed in Aircel Maxis case in Delhi’s Patiala House Court. The Court is supposed to take cognizance on 31st July. Chidambaram however have refused to make any further public comments saying that CBI has been pressurised to file a fresh chargesheet.

Also NSE (National Stock Exchange) chairman Ashok Chawla is named in the chargesheet. CBI had filed the first chargesheet naming former telecom minister Dayanidhi Maran as accused.

Here is the exact case in brief :

The game began in April 2011 with a complaint being lodged to CBI by C. Sivasankaran, owner of Aircel, that he was pressurised to sell his stakes to Maxis. Exactly after 4 months,the Arbitral Tribunal rejected his allegations regarding the breach of obligation by Maxis on part of buyers in undertaking an IPO of Aircel. On the contrary, it directed Sivasankaran to pay Maxis’s legal cost amounting to $7.9 million.

Later in October 2011 the game was turned up side down when CBI filed a case alleging that Sivasankaran was actually coerced to sell his company while applying to the spectrum licence. Also it was alleged that Maxis which had already bought 74% stake in Aircel, had invested Rs.742 crores in Sun-Direct Pvt.Ltd (direct broadcast satellite company, private in nature), probably cheating Aircel.

Maxis communications, failed to hide their activities any more, requested to the finance minister for a fair movement ahead in the case. This was after the opinion differences between the CBI director and the prosecution were noticed.

Although, no clarity in the opinions yet, Maxis owner Ananda Krishna, former telecom minister Dayanidhi Maran and his brother were named in the chargesheet. The Maran brothers moved to the Supreme Court pleading for justice. Meanwhile, Enforcement Directorate computed the total assets of Maran brothers estimated at Rs.742.58 crores exactly (equal to amount invested in Sun Direct Pvt.Ltd) and labelled them as accused.

After a couple of years, i.e in the last month, Karti was implicated as two sets of payments were discovered pertaining to Foreign Investment Promotion Board (FIPB), cleared by P. Chidambaram in capacity of Finance Minister to save his son’s business. Rs.26 lakhs and Rs.87 lakhs was the quantum of amount paid to Karti’s company.

Now, on 31st July the Delhi Court have decided to take cognizance regarding the case. It will really be interesting to note the turns and twists upcoming, one of the most celebrated Aircel-Maxis case.