Approved Aircel-Maxis deal in normal course of business: PC

Senior Congress leader and former Union finance minister P Chidambaram on Tuesday asserted that the approval to the Aircel-Maxis deal was granted in the normal course of business.

Reacting to the report about the probe into approval given to the Aircel-Maxis transaction, Chidambaram said, “The CBI recorded statements from every official who dealt with the case and everyone has affirmed that the case was rightly submitted to the finance minister, who granted the approval in the normal course of business.”

“Everyone, including the then secretary and the additional secretary, has affirmed that the case was rightly submitted to the finance minister, who was the competent authority to grant approval and that the approval was granted in the normal course of business,” he added.
Stating that Foreign Investment Promotion Board (FIPB) consists of five secretaries to the government, Chidambaram said, “They examine the cases and recommend approval or rejection”.

“They apply the rules/guidelines and submit each to the Cabinet Committee on Economic Affairs (CCEA) or the finance minister depending upon the value of the investment,” Chidambaram said and added, “In the Aircel-Maxis case, taking into account the face value of the foreign investment, the FIPB submitted the case to the finance minister and sought approval.”
The Congress leader pointed out that as the Union finance minister, he granted approval in the normal course of business.