As the meeting began, DMK sources told NDTV that the party "will handle the case legally and prove our innocence."
The Tamil Nadu Chief Minister has called today's emergency meeting to take a hard look at the political options before his party. An angry DMK has declared its discontent with the CBI's much-publicized interrogation of Kanimozhi and her stepmother Dayalu Ammal and what it has called the deliberate leak of the chargesheet against Kanimozhi. It has also warned that it may opt out of the government at the Centre.
But the DMK is fighting this battle with limited options. In about two weeks, election results will be out in the state and precipitating a crisis with partner Congress could be politically harmful. If Tamil Nadu votes in a hung Assembly and the DMK is in with a chance, the Congress could play a crucial role in government formation.
And if, in another scenario, Karunanidhi's bête noir J Jayalalithaa makes a comeback, the DMK would need the Centre for support more than ever.
The party's bargaining power with the Centre - especially the Congress - will hinge on the 18 MPs and six Union Ministers that it currently offers to the UPA alliance.
On Tuesday, the DMK closed ranks around Kanimozhi, with her father making a very public point to visit her at her home. A clear signal that she will not have to fight this battle alone.
Kanimozhi, who is widely accepted as her father's favourite child, was formally accused by the CBI on Monday of conspiring with A Raja to accept a massive bribe in India's largest-ever telecom scam. Mr Raja is also from the DMK; he is currently in jail. When he was Telecom Minister, he allegedly sold spectrum and mobile network licenses to companies at throwaway prices in return for super-size kickbacks. One of those bribes was routed to a TV channel owned largely by Kanimozhi and Dayalu Ammal.
The CBI has not bought Kanimozhi's explanation - the cheque for Rs. 214 crore was an investment in return for equity and that when the deal fell apart, the money was returned. She has been summoned to court on May 6 and faces the risk of being arrested.
"It was explained earlier and she will prove that she has nothing to do with the issues concerned...it's a regular business deal and we have time and again stated that it is a regular business deal, that's all...there is nothing more to it...", said TKS Elangovan, the DMK spokesperson.
While the DMK frets and fumes, partner Congress has barely moved a muscle. Party spokesman Manish Tiwari said, "I want to reiterate that there is no threat to the government and if there is someone who is living with this misconception or hoping that the alliance will fall part, I think that person should clear himself of the misunderstanding and start living in the real world."
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