A Delhi court on Friday extended the interim protection from arrest granted to former Union minister P Chidambaram and his son Karti Chidambaram in connection with the Aircel-Maxis cases till May 6.
The cases are being probed by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).
The ED sought adjournment of the matter for four weeks as the response to Letters Rogatory from Singapore is awaited.
The court fixed the next date of hearing as May 6.
During the course of today's hearing, Chidambaram's counsel insisted on argument and objected ED's demand for a four-week extension. The court, however, adjourned the matter to May 6 for arguments on bail but told the ED that the matter won't be delayed any further.
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Senior advocates Kapil Sibal and Abhishek Manu Singhvi, who represented the father-son duo, argued why bail cannot be granted to their clients when a charge sheet in the matter has been filed.
"They should show the court what they have found. Till then they should grant us bail. As and when they come up with the information we will come to you. CBI has not gone further in the matter. We should get bail in CBI case," said Sibal.
"There is a triple test that we need to look into. Just because someone says that they may get something that doesn't mean the bail cannot be granted," Singhvi argued.
The ED's counsel then retorted to Sibal's statement, saying it was incorrect to say that no steps were taken. "We have deputed a senior officer in Singapore. We have taken steps even in March and we have put that on the affidavit."
The case pertains to an approval granted by the Foreign Investment Promotion Board (FIPB), a body under Union Ministry of Commerce and Industry, to Mauritius-based firm Global Communication and Services Holdings Limited for investment in Aircel in alleged violation of norms.
The FIPB approval was allegedly granted in 2006 when Chidambaram was India's Finance Minister.
According to rules and foreign direct investment (FDI) policy of the Central government, Chidambaram was only empowered to give approval to proposals involving foreign investment up to Rs 600 crore.
However, he is accused of approving foreign investment proposal of Global Communication and Services Holdings Ltd worth around Rs 3,560 crore.
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