Chidambaram was competent to give approval of upto Rs 600 crore but he gave the approval which was worth approximately Rs 3,500 crore
The Home Ministry has conveyed to the Department of Economic Affairs (DEA) that it has not given security clearance to the Abu Dhabi-based Etihad Airways' proposal to buy a 24 per cent stake in Jet Airways.
Tatas and Singapore Airlines have assured the government that control of their proposed airline venture would always remain in Indian hands, while seeking approval to offer passenger services on both domestic and international routes.
Chidambaram and his son Karti Chidambaram were named in the chargesheet filed by the CBI in the case on July 19.
Naresh Goyal-led Jet has also changed the shareholders agreement and amended the investment agreement and the articles of association, as suggested by the Foreign Investment Promotion Board, headed by DEA Secretary Arvind Mayaram, official sources said.
The government has approved a proposal of British luxury apparel brand Burberry to set up a joint venture in India for single brand retailing. The 153-year old company, famous for its high-end apparels, like trench coats and mufflers, plans to tie-up with Gurgaon-based fashion retail house Genesis Colors for setting up single brand exclusive retail outlets.
Eight FDI proposals worth Rs 1,311.54 crore (Rs 13.11 billion), including that of Norwegian telecom firm Telenor, have been cleared by the government on the basis of FIPB approvals.
The 30-share Sensex ended at 26,272 up 125 points and the 50-share Nifty ended at 7,831 up by 35 points.
The Enforcement Directorate has registered a money laundering case against Karti Chidambaram, son of former finance minister P Chidambaram, and others, taking cognisance of a recent CBI FIR against them.
However, the bench said Chidambaram is at a liberty to seek remedy in accordance with the law.
The probe agency made the submission in an affidavit filed before Justice A K Pathak, who listed the matter for hearing on August 1 and extended till then the interim protection against arrest granted to Chidambaram on May 31.
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs 2,326.72 crore (Rs 23.26 billion).
The Foreign Investment Promotion Board seems to have laid to rest the controversy surrounding FDI investments routed via Mauritius.
The Foreign Investment Promotion Board (FIPB) has cleared global hospitality major Hyatt group's proposal to set up 'Hyatt Place' hotels in the country in a joint venture with realty firm Emaar MGF, with an investment of about Rs 125-150 crore (Rs 1.25-1.5 billion).
Chidambaram's son Karti has been questioned twice by the ED in this case.
The two companies are hopeful of winning over at least one regulator's go-ahead this week itself for their deal, which happens to be the first FDI by a foreign airline into India.
While the ministry sources clarified that the overall policy for fax editions is still under review, this proposal has been given approval on a case-to-case basis in FIPB's meeting held last week. The proposal was turned down twice earlier pending the review but the company had applied to FIPB under deferred proposal agenda in its meeting on January 9.
The ED said that Chidambaram has remained evasive and therefore grant of pre-arrest bail at this stage would be highly detrimental to the investigation.
The veteran Congress leader said people asked him why only he had been arrested, but he had no answer.
"His (Chidambaram) arrest is good news. He is now cornered from all sides," Indrani Mukerjea told reporters in a sessions court where she was produced to attend trial in the case of killing of her daughter Sheena Bora.
Chidambaram, 74, was arrested by the Central Bureau of Investigation on August 21 and is lodged in Tihar jail under judicial custody in the corruption case.
The CBI had registered an FIR in the case on May 15, 2017 alleging irregularities in the FIPB clearance granted to the media group for receiving overseas funds to the tune of Rs 305 crore in 2007 during Chidambaram's tenure as finance minister.
The Foreign Investment Promotion Board has forwarded complaints against duty-free operator Alpha Airports group to the home ministry and the Directorate General of Export Promotion.
The sources said the matter should have been referred to the Cabinet Committee on Economic Affairs as foreign investments above Rs 600 crore (Rs 6 billion) can only be cleared by Cabinet Committee on Economic Affairs headed by the Prime Minister.
The case relates to alleged violation of norms by directors of the aviation company for relaxation of 5/20 rules to get licenses for international operations
The Foreign Investment Promotion Board on Friday cleared 68 per cent foreign shareholding in cellular company Hutchison Essar, including the 10 per cent indirect stake held by Egyptian telecom operator Orascom.
The Department of Telecom, Department of Industrial Policy and Promotion, Ministry of Home Affairs, Ministry of External Affairs and the Department of Economic Affairs had to give their comments on the proposal, sources said.
Approval comes 6 months after Swedish clothing giant applied for India entry; FIPB now to consider on Oct 18.
Rejecting reports of his evading the law, he told reporters that the charges against him and his son were 'nothing further from truth'.
However, this was subject to conditions like substantial ownership and effective control of the airline being vested in Indian nationals.
The next FIPB meeting slated for July 5, however, does not have a Jet proposal on its agenda.
The statements of the Mukerjeas were recorded by the Enforcement Directorate, which is probing the money laundering angle in the case, while the CBI had only recorded Indrani's statement before a magistrate as per section 164 of the CrPC, they said.
The FIPB rejected two proposals -- Nigeria's Mokeme Chiwetal Izuchukwu and Lanarth Developers Pvt Ltd.
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Retail giant Tesco's entry into Indian market has hit a regulatory roadblock.
A bench of Justices R Banumathi and A S Bopanna said it would hear the arguments of the Enforcement Directorate on Chidambaram's two petitions, including the challenge to remand orders, on Wednesday.
After questioning him for four hours in the morning, Chidambaram was taken to a special court in Delhi which sent him to CBI custody till Monday.
A bench headed by Chief Justice Ranjan Gogoi allowed his plea as Solicitor General Tushar Mehta, appearing for CBI and the Enforcement Directorate, did not oppose.
The move would help insurance firms to get much needed capital from overseas partners.
During the arguments, the ASG said FIPB officials have also been interrogated and all of them are holding high offices in their respective fields.
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