CHENNAI : Former Union Finance Minister P. Chidambaram on Tuesday said the approval for Aircel-Maxis transaction was given by him in the normal course of business as a Finance Minister. In a statement here, Chidambaram said the Foreign Investment Promotion Board (FIPB) consists of five Secretaries to Government of India.
"They examine the cases and recommend approval or rejection. They apply the rules/guidelines and submit each case to CCEA (Cabinet Committee on Economic Affairs) or the Finance Minister depending upon the value of the investment," Chidambaram said.
"In the Aircel-Maxis case, taking into account the face value of the foreign investment, FIPB submitted the case to the Finance Minister and sought approval. As FM (Finance Minister), I granted approval in the normal course of business," Chidambaram said.
Chidambaram's statement comes in the wake of news reports about the Central Bureau of Investigation (CBI) informing the Supreme Court on Monday that it was investigating the clearance given by the FIPB to the Aircel-Maxis deal in 2006.