CBI probing Chidambaram role in Aircel-Maxis deal

September 19, 2014

New Delhi, Sep 19: The CBI is probing the role of then finance minister P. Chidambaram in allowing foreign investment by a Mauritius-based company, according to its charge sheet in the Aircel-Maxis deal.Chidambaram

The Central Bureau of Investigation's (CBI) submission came in its recently-filed charge sheet against then communications minister Dayanidhi Maran, his brother Kalanithi Maran, and Malaysian business tycoon T.

Ananda Krishnan and others. Dayanidhi Maran is chargd with using his influence to help Krishnan acquire Aircel by allegedly coercing its owner Sivasankaran to part with his stake.

The investigation has revealed that Dayanidhi Maran did not raise objection to the proposal of foreign investment by the Global Communication Services Holding Ltd. in Aircel Ltd. in 2006.

It added that Global Communication Services had sought the Foreign Investment Promotion Board's approval (FIPB) for $800 million investment, for which the Cabinet Committee on Economic Affarirs (CCEA) was competent to grant approval.

"However, the approval was granted by the then finance minister (Chidambaram)," the CBI's charge sheet said.

"Further investigation is being carried out into the circumstances of the said FIPB approval granted by then finance minister. The related issues are being investigated."

It added that Sindhya Securities and Investments Pvt. Ltd., the Indian partner of Mauritius-based Maxis Communication Bhd, acquired approximately 26 percent equity of Aircel Ltd. through Deccan Digital Networks Pvt. Ltd. for a consideration of approximately $7.43 million which gives it just 0.01 percent economic interest in Aircel Ltd.

Deccan Digital is a joint venture between Sindhya Securities and Investments and Global Communication Services Holding, the Mauritius Subsidiary of Maxis Communication Bhd. Malaysia. The CBI added that it appears that Maxis has given a lot of concessions to the promoters of Sindhya Securities and Investments in terms of investments.

"Further investigation is being carried out if Sindhya Securities and Investments is holding 26 percent equity in Aircel Ltd. on behalf of the accused," the CBI said.

It was alleged by Sivasankaran that Dayanidhi Maran favoured Maxis Group in the takeover of his company and in return, the company made investments through Astro Network in a company stated to be owned by the Maran family.

Four companies - Sun Direct TV Pvt. Ltd., Britain-based Astro All Asia Networks Plc, Maxis Communications Berhad in Malaysia, and South Asia Entertainment Holdings Ltd. in Mauritius - have been also named in the charge sheet filed Aug 29.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 20,2020

New Delhi, Jun 20: Diesel price on Saturday hit a record high after rates were hiked by 61 paise per litre while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively.

Petrol price in Delhi was hiked to Rs 78.88 per litre from Rs 78.37, while diesel rates were increased to Rs 77.67 a litre from Rs 77.06, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 14th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to new high. Petrol price too is at a two-year high.

Prior to the current rally, diesel rate had touched a peak of Rs 75.69 per litre in Delhi on October 16, 2018.

The highest-ever petrol price was on October 4, 2018, when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

In 14 hikes, petrol price has gone up by Rs 7.62 per litre and diesel by Rs 8.28 a litre.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 3,2020

Jammu, Jun 3: A mob on Tuesday disrupted the last rites of a coronavirus victim in Jammu and Kashmir and forced his family members to flee with the half-burnt body, prompting intervention by the administration which later ensured the cremation at another place as per protocol.

A 72-year-old man, hailing from Doda district, became the fourth victim of the novel coronavirus to die in Jammu region. He breathed his last at the Government Medical College (GMC) hospital on Monday.

"We had set out for the funeral along with a revenue official and a medical team, and had lit the pyre at a cremation ground in Domana area when a large group of local residents appeared at the scene and disrupted the last rites," son of the deceased said.

Only close relatives of the deceased, including his wife and two sons, were present during the cremation. They had to flee with the half-burnt body in an ambulance to save their skin from the mob which pelted stones and attacked them with sticks.

"We had sought permission from the government to take the body to our home district for the last rites, but we were told that all necessary arrangements were in place, and that we would not face any trouble during the cremation," the victim's son said.

He also alleged that the security officials present at the scene were of no help.

Two policemen who were present there failed to act against the unruly crowd, while the accompanying revenue official went missing, he said.

"The ambulance driver and other staff from the hospital helped us a lot and managed to take us back to the GMC hospital with the body the government should have come out with a better plan to conduct the last rites of coronavirus victims, taking into consideration the past experience and problems encountered during the funeral of such victims," the victim's son said.

Later, the body was taken to a cremation ground at Bhagwati Nagar area of the city, where it was consigned to flames in the afternoon in presence of senior civil officials, including additional deputy commissioner and sub-divisional magistrate under tight security.

"My uncle was admitted in the hospital last week and died on Monday afternoon. He was suffering from various ailments, especially lungs and heart diseases. Before shifting him to GMC hospital Jammu, he underwent a coronavirus test in Doda which came negative," nephew of the deceased said.

However, he said, the victim's second test after his admission in the GMC hospital came positive on Sunday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 13,2020

New Delhi, Feb 13: Tibetan spiritual leader the Dalai Lama has congratulated AAP supremo Arvind Kejriwal for his party's stupendous victory in the Delhi Assembly polls, saying the people of the national capital will continue to benefit from his leadership.

Responding to the Dalai Lama's statement, Kejriwal in a tweet on Wednesday said, "Am humbled by the kind words and blessings from His Holiness The Dalai Lama. Thank you very much @DalaiLama."

Referring to the Happiness Curriculum for government schools in Delhi, the Dalai Lama said he has a deep admiration for the efforts the AAP government has made towards "shaping better, happier human beings with improved values".

"These measures will have a positive impact on children's overall education, as well as helping the poor to fulfil their dreams of improving their lives," he said.

He also lauded the AAP government's initiative to incorporate aspects of inner mental development into the school curriculum.

"Through such initiatives, you are showing a path to the rest of India," the Dalai Lama added.

In a near-repeat performance of 2015, the Aam Aadmi Party on Tuesday retained power with a stunning victory, winning 62 of the 70 assembly seats and leaving the BJP with just eight seats.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.