irregularities in Foreign Investment
Promotion Board (FIPB) clearance given to the INX Media for receiving
foreign investment to the tune of Rs.305 crores against ... INX
Media in INX News. In violation of the conditions of the approval, the
recommendation of FIPB:- (i) INX Media deliberately made a downstream
investment
irregularities in Foreign
Investment Promotion Board (FIPB) clearance given to the INX
Media for receiving foreign investment to the tune of Rs.305 crores
against ... approve the downstream investment by INX Media in INX News.
INX Media committed violation of the recommendation of FIPB and
the conditions of the approval
Central Bureau Of Investigation vs M/S Inx Media Pvt Ltd. & Ors on 27 August, 2021
Author: Mukta Gupta
Bench: Mukta Gupta ... Prakarsh Airan and Ms. Harpreet
Kalsi, Advocates.
Versus
M/S INX MEDIA PVT LTD. & ORS. ..... Respondents
Represented by: Mr. Shailesh Poria, Advocate
further alleges that 'INX News', concealing the
investment in 'INX Media' to the extent of 26%, again approached
FIPB for permission ... petitioner to the INX Group, through 'CMS',
payments were received against invoice raised on 'INX Media
case is referred to as "INX Media case".
(iii) The allegation stated therein is that INX Media submitted an
application dated 13.03.2007 before ... INX News and stated that for downstream investment, separate
approval will be required.
(iv) The further allegation in the FIR is that the INX Media
extent
of 26% capital of INX News and also generated more than
Rs. 305 crores FDI in INX Media (P) Ltd. against the
approved foreign ... undue favour to M/s INX News (P)
Ltd. Thereafter by deliberately concealing the investment
received in INX Media (P) Ltd., M/s INX News
case of petitioner that M/s INX Media Pvt. Ltd. sought
approval for FDI in a proposed TV channel upto 46.216 percent of the
issued ... allegation in the FIR was that M/s INX Media Pvt.
Ltd. had made down-stream investment without obtaining prior approval
of the FIPB
case of petitioner that M/s INX Media Pvt. Ltd. sought
approval for FDI in a proposed TV channel upto 46.216 percent of the
issued ... allegation in the FIR was that M/s INX Media Pvt.
Ltd. had made down-stream investment without obtaining prior approval
of the FIPB
bail in relation to the captioned case titled "CBI v. INX
Media Pvt. Ltd. & Ors." arising out of the First Information Report ... equity. The allegation is that ₹26 Crores
was invested in INX News by INX Media. However, the date of allocation
of share pursuant
stated in the FIR that information discloses that INX News, concealing the investment in INX Media to the extent of 26%, again approached FIPB ... INX Group scuttled by influencing officials and/or in other words, securing favours for the INX Group against disguised consideration received from INX Media, through
