Maxis’ stake declaration demolishes PC defence

For days Home Minister P Chidambaram has pleaded innocence in the Aircel-Maxis deal, but new facts show that the acquisition of Aircel by the Maxis in 2006 was illegal. The deal, which took place when Chidambaram was the Finance Minister, violates Indian laws. While domestic laws place a cap of 74 per cent on foreign investment in telecom sector, in the Aircel-Maxis deal, the latter acquired nearly 100 per cent stake in three tranches.

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