Supreme Court verdict on Chidambaram bail plea in INX Media case shortly

The Supreme Court will pronounce its verdict jon Wednesday on former Union finance minister P Chidambaram’s bail plea in the INX Media case lodged by the Enforcement Directorate (ED).

A bench of justices R Banumathi, AS Bopanna and Hrishikesh Roy will decide whether the Congress leader’s incarceration of 105 days will come to an end. The verdict will be pronounced at 10.30 am in courtroom 5 of the apex court.

P Chidambaram has been in custody since his dramatic arrest televised live by a team of Central Bureau of Investigation officers late on August 21. Chidambaram had just addressed a media briefing to declare that he wasn’t in hiding and headed home where CBI officers scaled the wall and whisk him away to the CBI headquarters where he was finally placed under arrest.

The CBI was investigating Chidambaram in a case relating to alleged irregularities in Foreign Investment Promotion Board (FIPB) clearance granted to the INX Media group for receiving overseas funds of Rs. 305 crore in 2007, during his tenure as the finance minister.

He was granted bail by the top court’s bench of three judges on October 22. But by that time, the Enforcement Directorate had arrested him in the money laundering case.

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