Former Finance Minister P Chidambaram today said he had granted approval to the Aircel-Maxis deal "in the normal course of business." "In the Aircel-Maxis case, taking into account the face value of the foreign investment, the FIPB (Foreign Investment Promotion Board) submitted the case to the Finance Minister and sought approval. "As FM, I granted approval in the normal course of business," he said in a statement. In his application, Swamy has alleged that Chidambaram had illegally granted FIPB clearance to the deal in 2006. In his statement today, Chidambaram said FIPB consists of five Secretaries and that they examine the cases and recommend approval or rejection.

Source: dna April 04, 2017 06:45 UTC