Inx media case: 2019

A presentation that has Maxumin information about the Inx case. This PPt tells about the company, What is INX Media Case, what all norms were violated by this company, and the Repercussion.

1. INX Media case

2. INTRODUCTION The company was founded by  Indrani Mukerjea  in 2007 through two companies, INX Media Pvt Ltd and INX News Pvt Ltd. INX Network headquarter in Mumbai, India. INX Media ran two channels – 9X, the general entertainment channel and 9XM, the music channel. INX News, now known as NewsX, who’s senior journalist is Vir Sanghvi.

3. WHAT IS INX MEDIA CASE? In 2007 INX demands permission from FIPB(Foreign Investment Permission Board) to take loans from foreign banks. INX takes 305Crores and invest almost all money in downstream business in INX news pvt limited. In 2008 investigation wing of income tax department gets complain about illegal generation of money and a notice sent to FIPB which clarifies the situation. To get out of this tricky situation Indrani and Peter Mukharjee sought help of Karti Chitambaram. May 2018,ED(Enforce Directorate) filed a money laundering case against INX media. Various IPCs imposed and found Karti Chitambaram guilty under prevention of corruption act, 1988.

4. VIOLATION OF FIPB NORMS As first reported by ET on August 24, Bhaskar Raman testified that ASCPL had paid for “travel bills” and “certain other expenses” of P Chidambaram. ASCPL expense documents seized by investigators showed repeated mention of “PC Sir” under a column titled “work”. The CBI has alleged that Karti received money from INX Media to manipulate a tax probe to receive investments from Mauritius in violation of FIPB conditions. Officials, by virtue of the influence exercised over them by Karti, not only ignored serious illegalities on the part of INX Media but also showed undue favor by abusing their position and advised the company to file for fresh clearance, according to the CBI. FIPB officials ignored the revenue department’s request to probe how the investment was made by the company without its nod, allowing INX Media to file a fresh request that was cleared by the finance ministry

5. Repercussion Feb.2018 Karti Chitambaram arrested for one month and in October ED found attached assets of worth 54 crores with Karti Chitambaram. Zee terminates 9X Media acquisition deal and bought it for Rs160 crore!

6. Thank you MADE BY: PRAGYA BISHT