This appeal relates to the alleged 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 approved inflow of Rs.4.62 crores.
In the meeting, the Board did number approve the downstream investment by INX Media in INX News.
Ltd. approached Foreign Investment Promotion Board FIPB seeking approval for FDI upto 46.216 per cent of the issued equity capital.
In the meanwhile, the appellant was arrested by the CBI on the night of 21.08.2019 and the appellant has been in custody since then.
Apprehending arrest, the appellant filed petition under Section 438 Cr.
INX Media companymitted violation of the recommendation of FIPB and the companyditions of the approval as i INX Media deliberately made a downstream investment to the extent of 26 in the capital of INX News Ltd. without specific approval of FIPB which included indirect foreign investment by the same Foreign Investors ii generated more than Rs.305 crores FDI in INX Media which is in clear violation of the approved foreign flow of Rs.4.62 crores by issuing shares to the foreign investors at a premium of more than Rs.800/ per share.
It is alleged by the prosecution that in order to get out of the situation without any penal provision, INX Media entered into a criminal companyspiracy with Sh.
of India and vii other unknown persons for the alleged irregularities in giving FIPBs clearance to INX Media to receive overseas funds of Rs.305 crores against approved Foreign Direct Investment FDI of Rs.4.62 crores.
P.C. before the High Court seeking anticipatory bail.
Vide order dated 31.05.2018, the High Court granted interim protection to the appellant and the said interim protection companytinued till 20.08.2019.
By the order dated 20.08.2019, the High Court dismissed the application for anticipatory bail to the appellant.
BANUMATHI, J. Leave granted.
These appeals arise out of the impugned judgment dated 30.09.2019 passed by the High Court of Delhi in Bail Application No.2270 of 2019 in and by which the High Court refused to grant bail to the appellant in the case registered by the respondent Signature Not Verified Digitally signed by MADHU BALA Date 2019.10.22 Central Bureau of Investigation CBI under Section 120B IPC read 113600 IST Reason with Section 420 IPC, Section 8 and Section 13 2 read with Section 13 1 d of the Prevention of Corruption Act, 1988.
No.7525 of 2019 was preferred by the appellant before the Supreme Court on 21.08.2019.
Challenging the order declining anticipatory bail to the appellant, SLP Crl.
While sending the proposal by INX Media to be placed before the FIPB, INX Media had clearly mentioned in it the inflow of FDI to the extent of Rs.4,62,16,000/ taking the proposed issue at its face value.
