INX Media Case: No Relief For Karti As SC Posted His Plea for Hearing On Sept 18 [Read The Counter Filled By Karti]

Karti Chidambaram, son of former finance minister P Chidambaram, cannot travel abroad at least till next week, as the Supreme Court has decided to pass final order on September 18 in the INX Media Case.

Karti is facing investigation for allegedly receiving Rs. 305 crore to get the Foreign Investment Promotion Board (FIPB) approval to a private company by using his influence when his father was the Union finance minister.

A bench headed by Chief Justice of India Dipak Misra decided to take up on Monday the CBI plea against Madras High Court order which had stayed the Lookout Corner (LOC) notice issued by it against Karti.

Appearing for CBI, Additional Solicitor General Tushar Mehta, sought the bench to go through the status report of the investigation, submitted in a sealed cover, so far.

"There is sufficient material against Karti for which the probe agency had issued LOC. The Bench should go through the report," the ASG said, pointing out that Karti owns 25 properties abroad.

Countering the CBI argument, his lawyer senior advocate and former Union minister Kapil Sibal asked, "How can the agency submit detailed investigation report without registration of an FIR."

"If the accusation of having properties abroad was proved, Karti will hand them over to the agency," Sibal argued.

Earlier, the SC had directed Karti to appear before the Investigating Officer (IO) at CBI headquarters on August 23.

On May 15, the CBI registered a case against Karti and subsequently issued summons and LOC for alleged irregularities in the FIPB clearance to INX Media by receiving overseas funds of almost Rs. 305 crore in 2007 when Karti's father was the Union finance minister.

Seeking quashing of FIR, Karti approached Madras High Court, which stayed the LOC issued by the CBI against him on August 10.