Sun TV shares slip after CBI arrests Karti Chidambaram in INX media case

Shares of Sun TV slipped nearly 3 per cent after the central bureau of investigation (CBI) on Wednesday arrested Karti Chidambaram, son of former Finance Minister P Chidambaram, in connection with its probe in the INX media case, reports said.

 

The stock dipped as much as 2.89 per cent to Rs 923 on the BSE. 

 

Karti was arrested at Chennai airport at around eight in the morning when he returned from the United Kingdom, reported news agency PTI, quoting officials.

 

Meanwhile, politician Subramanian Swamy commented Karti's arrest had to happen. 

 

"There is still many other cases to come. In INX Media case, Indrani Mukherjee has given a confessional statement on both. There was no choice. Kartik employed all the usual tricks money launderers usually do," he said. 

 

An FIR filed by the CBI on May 15 last year had alleged irregularities in the grant of Foreign Investment Promotion Board (FIPB) clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when Chidambaram was the Union finance minister. 

 

It is alleged Karti had received funds to the tune of Rs 10 lakh in the case.

 

The Enforcement Directorate (ED) had also registered a money laundering case.

 

The CBI is also probing the alleged irregularities in grant of the FIPB clearance to the Aircel-Maxis deal in 2006. 

 

In August 2014, CBI filed a charge sheet naming Maran, his brother Kalanithi Maran of Sun TV, Malaysian businessman T Ananda Krishnan, Malaysian national Ralph Marshall and four firms, Sun Direct TV Pvt Ltd, South Asia Entertainment Holding Ltd, Maxis Communication Berhad and ASTRO All Asia Network PLC.

 

In 2017, a special CBI court discharged the Maran brothers and the Indian companies - Sun Direct TV Pvt Ltd and South Asia Entertainment Holding Ltd - in the case.

 

The agency has challenged the discharge order in the high court.