P Chidambaram is lying in his Statement released to the press

Press statement of Chidambaram in the Maxis approval by FIPB hides the conditions for approval

Press statement of Chidambaram in the Maxis approval by FIPB hides the conditions for approval
Press statement of Chidambaram in the Maxis approval by FIPB hides the conditions for approval

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]D[/dropcap]etails provided by the former Finance Minister Palaniappan Chidambaram about the 5 departments related to Foreign Investment Proposals Board (FIPB) approving Aircel Maxis investment in his statement released to the Press have been shown to be lies. The clearance by FIPB was subject to conditions. Chidambaram could not approve Aircel Maxis without checking conditions met as per Press Note 5 of 2005 and Foreign Direct Investment (FDI) Rules. Below is the Press Release by Chidambaram:
Press Statement of P Chidambaram

The Press Release makes it sound as if the Aircel-Maxis deal was just another day at the office, a routine affair. This flies in the face of the response received by Senior BJP leader Subramanian Swamy to a Right To Information (RTI) request on “whether FIPB approval was obtained in the Aircel-Maxis deal”. The response from the Department of Economic Affairs detailing the minutes of the meeting that took place on this matter have been released and a copy of the same is shown below:
Department of Economic Affairs response to the RTI

The approvals were subject to the licensing conditions of Department of Telecommunications and guidelines notified in the Press Note No. 5 of 2005. This detailed Press Notification can be accessed here. From this notification, Clause 1-D is reproduced below:

FDI upto 49 per cent will continue to be on automatic route. Foreign
Investment Promotion Board (FIPB) approval shall be required for FDI in the
licensee company/Indian promoters/investment companies including their
holding companies if it has a bearing on the overall ceiling of 74 per cent.
While approving the investment proposals, FIPB shall take note that
investment is not coming from unfriendly countries.

The last line in the clause above bears careful reading… Saudi Telecom has a 25% stake in Maxis as well as in several telecommunication companies in Pakistan, which means that the Maxis acquisition would have been scrutinized closely. The other glaring factor is that Foreign companies could only own 74% of Indian Telecom companies, yet Maxis ended up owning almost 99%!

The Aircel-Maxis case, currently in the Supreme Court has just got more interesting!

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An inventor and out-of-the-box thinker, Sree Iyer has 37 patents in the areas of Hardware, Software, Encryption and Systems.

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6 COMMENTS

  1. A truly researched effort by Pgurus. We wish you all the best and hope your efforts reaches destination and corrupt media and politicians are punished to make India Swatch ( clean).

  2. I will be glad if you people do a comprehensive research of the Impact of 6th Pay commission implementation and its impact on the economy after the implementation. I have a strong feeling that only after the 6th Pay commission the inflation rose to a dramatically high value.

    I request once again to do a research on that.

  3. Chidambaram,Manisankar iyer,Digvijay, Sonia etc belonging to looters and cheaters group will not think for a second if they would benefit by selling India

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