The CBI had registered an FIR on May 15, 2017 alleging irregularities in a Foreign Investment Promotion Board (FIPB) clearance granted to INX Media group for receiving overseas funds of Rs 305 crore in 2007, during Chidambaram's tenure as the finance minister.
Thereafter, the ED lodged a money laundering case in this regard in 2017.
The 74-year-old senior Congress leader approached the apex court challenging the September 30 verdict of the high court which had dismissed his bail plea in the INX Media corruption case, filed by the CBI, saying the probe was at an advanced stage and the possibility of his influencing the witnesses cannot be ruled out.
A bench comprising justices R Banumathi, A S Bopanna and Hrishikesh Roy would also pronounce its verdict on the CBI's plea challenging the findings of the high court which had said that Chidambaram was not a 'flight risk' and cannot tamper with the evidence.
Senior advocates Kapil Sibal and A M Singhvi, appearing for the senior Congress leader, had argued in the top court that Chidambaram should be granted bail in the case as he was neither a 'flight risk' and nor there was any possibility of him tampering with the evidence.
They had also argued that there were no allegations against Chidambaram that he or his family members had ever tried to influence any witnesses in the case.
Solicitor General Tushar Mehta, appearing for CBI, had opposed his plea seeking bail and said that he had tried to influence and intimidate witnesses related to the case.
Terming Chidambaram as a 'flight risk', Mehta had argued that he has wherewithal to flee the country and can easily survive in any foreign nation.
He had told the bench that 14 accused, including Chidambaram and his son Karti, have been chargesheeted in the case and offence of forgery has also been made out during the probe.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.