ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles By Jai Bhatia

Circumventing Institutions: Did Chidambaram Subvert the Foreign Investment Promotion Board?

The raids on premises connected to former Union Finance Minister Palaniappan Chidambaram and his son Karti Chidambaram have attracted attention because of the allegations by the Central Bureau of Investigation, the Enforcement Directorate and Bharatiya Janata Party Member of Parliament Subramanian Swamy that the functioning of the soon-to-be defunct Foreign Investment Promotion Board was sought to be subverted. One major accusation against Chidambaram is that he manipulated the working of the FIPB to help the former Communications Minister Dayanidhi Maran in the Aircel–Maxis case. The EPW presents for the first time how this unusual deal was structured in a convoluted manner using preference shares.