Get material on FIPB clearance to Aircel-Maxis: SC to Swamy

Supreme Court on Friday asked BJP leader Subramanian Swamy to bring "concrete material" to support his allegations of illegality committed by then Finance Minister P Chidambaram in granting FIPB clearance to Aircel-Maxis deal in 2006. "You show us some concrete material," a bench headed by Chief Justice J S Khehar told Swamy when he argued that the then finance minister had given Foreign Investment Promotion Board (FIPB) clearance to the deal which should have been referred to the Cabinet Committee on Economic Affairs.

He argued before the bench, that also comprised Justices N V Ramana and D Y Chandrachud, that the issue of FIPB clearance should have been referred to the CCEA, headed by the prime minister, as the CCEA alone was empowered to clear foreign investments over Rs 600 crore. "The money transaction involved in the process was around Rs 3,500 crore. FIPB clearance was given by the then Finance Minister, who should have sent it to the CCEA as the investment was way over Rs 600 crore," he claimed.