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Excess FDI receipt - CBI registers case

By TIOL News Service

NEW DELHI, MAY 17, 2017: THE Central  Bureau of Investigation has registered a case against a Media Company based at Mumbai through the then Director & others; another News Company based at Mumbai through the then Director & others; a Director of Chennai based private company; a Management Services Company based at Chennai through its Director & others; another Consulting Company based at Chennai represented through its Director & others; Unknown officials of Ministry of Finance (Government of India) and other unknown persons.

It was alleged that Mumbai based Media Company entered into a criminal conspiracy with the Director & his Management Services Company based at Chennai & others and in pursuance thereof, the said two Media Companies were favoured through unauthorized downstream investment in said News Company without the approval of FIPB, ignoring the receipt of excess Foreign Direct Investment by said Media Company than the amount approved by the FIPB Unit of the Ministry of Finance. Thus, in turn prevented any punitive action being taken against the said Media group. It was also alleged that the unknown officials of the Ministry of Finance (Govt of India) by abusing their official position, caused undue pecuniary advantage to said two Mumbai based media companies.  It was further alleged that as a consideration for  such act, the media group paid money to the companies wherein the Director of Management Services based at Chennai had sustainable interest directly or indirectly.

Searches have been conducted today at 14 locations in Delhi, Mumbai, Chennai & Gurugram including residential and office premises of accused and others.

 


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