JUDGMENT

Vide the present bail petition, the Petitioner/accused herein Sh. P. Chidambaram seeks bail in relation to the captioned case titled "CBI v. INX Media Pvt. Ltd. & Ors." arising out of the First Information Report dated 15.05.2017 bearing No.RC2202017-E-0011, subject to such conditions or directions, as deemed fit by this Court.

1. Brief facts of the case, as stated in the petition, are that on 13.03.2007, INX Media Pvt. Ltd. filed an application seeking approval of the FIPB for permission to issue by way of preferential allotment in one or more tranches, (i) up to 14,98,995 equity shares of Rs.10 each, and (ii) up to 31,22,605 convertible, non-cumulative, redeemable preference shares of Rs.10 each collectively representing approximately 46.216% of the issued equity share capital of INX Media. It was also mentioned therein that INX Media, subject to provisions of the applicable law, has an intention to make a downstream financial investment to the extent of 26% of the issued and outstanding equity share capital of INX Media. However, this matter was not placed before the FIPB. On 18.05.2007, meeting of FIPB (comprising of 6 Secretaries to the Government of India) was held