NEW DELHI: The Supreme Court is likely to pronounce its judgment on the bail plea of former Union Minister P Chidambaram in the INX media case. A bench headed by Justice R Banumathi had reserved the order last week after hearing detailed arguments.
Chidambaram is in custody for over 100 days now. He was arrested by the CBI on August 21 in the INX Media corruption case. The CBI had alleged irregularities in a Foreign Investment Promotion Board (FIPB) clearance granted to the INX Media group for receiving overseas funds of `305 crore in 2007, during Chidambaram’s tenure as the finance minister.
He has been granted bail in the CBI case by the apex court but stays in jail in a related money laundering case investigated by the Enforcement Directorate. So, on Wednesday if he gets bail, Chidambaram may walk out of jail.Solicitor general Tushar Mehta, appearing for the ED, submitted that Chidambaram should be kept in custody as the case pertains to economic offences and the gravity of the offence has to be viewed from the impact it can have on the economy and society.Mehta said the investigation was at a crucial stage and Chidambaram should not be given relief at the moment.