Aircel-Maxis case: Ashok Chawla quits as NSE Chairman

Chennai: Soon after the Central Bureau of Investigation (CBI) informed a special court that the Union government has granted sanction for the prosecution of five retired and serving officials, including two former finance secretaries, in the Aircel-Maxis case, Chairman of the National Stock Exchange, Ashok Chawla tendered his resignation.

The centre granted CBI sanction to prosecute IAS officers Kumar Sanjay Krishna and Dipak Kumar Singh, and then under secretary Ram Sharan in the case. All of them served in the Union Finance Ministry in 2006.

They all were members of the Foreign Investment Promotion Board (FIPB) which has been disbanded now. Chawla was Additional Secretary, Krishna was Joint Secretary and Singh was a Director in the Ministry.

The case refers to a 2006 investment in Indian telco Aircel Ltd by Malaysias Maxis Communications which, according to CBI, was a violation of then prevailing foreign investments laws.

NT Bureau