ED summons P Chidambaram’s son Karti

New Delhi: Enforcement Directorate (ED) has summoned Karti P Chidambaram, son of former Finance Minister P Chidambaram, to appear before the agency along with the copy of his passport on Tuesday. Karti is facing judicial inquiry in connection with his association and investment made with two venture capitalist Westbridge Capital India Advisors and Sequoia Capital India Advisors. The probe is going on against the firms owned by Karti’s friends.

The ED will question Karti on his association and funds utilization with the two firms. ED has earlier also examined the officials of Westbridge and Sequoia and recorded their statement.
ED’s investigation, the agency claims, is linked to its larger investigation into the Aircel-Maxis deal.

According to ED sources, Vasan sold nearly 1.5 lakhs shares to Advantage at Rs100 in 2008. These shares, according to the media reports, were purchased for Rs 200. This is almost 50 percent discounted price. ED is also inquiring into the fact that why the shares were sold at discounted price.

According to ED sources, Vasan sold nearly 1.5 lakhs shares to Advantage at Rs100 in 2008. These shares, according to the media reports, were purchased for Rs 200. This is almost 50 percent discounted price. ED is also inquiring into the fact that why the shares were sold at discounted price.
In 2010, out of the 1.5 lakh shares, Advantage sold 30,000 to Sequoia Capital at Rs7,500 per share. This gives a total value of shares sold at Rs 22.5 crore. During its probe, ED also found that Advantage had sold a majority stake in 2011 to Ausbridge holdings, a company backed by Karti, at what investigating officials termed as a throwaway price.