value of rs 10 each and its intention subject to provisions of applicable laws to make a downstream financial investment to the extent of 26 of the issued and outstanding equity share capital of ms inx news p ltdthe companys application was received and acknowledged by fipb unit through its letter dated march 15 2007 the comments of various departments was sought on the samecbi says that the fipb unit while sending the brief of proposal which was to be put to the fipb for its meeting scheduled on may 18 2007 had clearly mentioned the inflow of fdi to the extent of rs 46216000 rs 462 crore taking the proposed issue at its face value the fipb unit also clearly stated that for downstream investment in inx news a separate fipb approval will be requiredin its meeting fipb recommended the proposal of inx media for consideration and approval of the finance minister p chidambaram at that time however in the meeting the board didnt approve the downstream investment by inx media in inx news accordingly the recommendations were approved by the then finance minister says cbicbi says it was further disclosed that in the press release dated may 30 2007 issued by fipb unit indicating the details of proposals approved in the fipb meeting the quantum of fdinri inflow against inx media was shown as rs 462 crorescontrary to the approval of fipb conveyed through letter dated may 31 2007 and condition mentioned therein inx media deliberately and in violation of the conditions of the approval made a downstream investment to the extent of 26 in inx news without the specific approval of fipb which included indirect foreign investment by the same foreign investors and generate more than rs 305 crores fdi in inx media against the approval foreign inflow of rs 462 crores by issuing the shares to the foreign investors at a premium of more than rs 800 per share says cbi in its fircbi says information further disclosed that upon receipt of a complaint in this regard the investigation wing of income tax department in february 2008 sought clarifications on the above two issues from the fipb unitwhen fipb sought clarifications from inx media in order to wriggle out of the situation without any punitive action entered into a criminal conspiracy with karti chidambaram son of then finance minister p chidambaram and promoter director of chess management services so as to get the issues resolved amicably by influencing the public servants of the fipb unit of ministry of finance by virtue of his relationship with the then finance ministerbased on the clarifications suggested by chess management inx media through their letter dated june 26 2008 tried to justify their action on both the counts as a on the un approved and unauthorised downstream investment it falsely claimed that same was in accordance with the approval and b on the excess foreign inflow received it was justified as premium received against the shares issued says cbi