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April 16, 2001
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Money > Business Headlines > Report April 16, 2001 |
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Law soon to check fly-by-night NBFCs: PMPrime Minister Atal Bihari Vajpayee has some good news for millions of investors who have been systematically duped by 'fly-by-night' finance companies across the country. "We would bring a bill in this regard during Parliament session," Vajpayee told a press conference in Lucknow on Sunday, shortly after addressing a mammoth NDA rally. When his attention was drawn towards the more recent case of Cyberspace Infosys, the Lucknow-based IT company which showed rosy dreams to investors before vanishing with their millions, Vajpayee said, "We have already ordered a CBI probe into the whole affair." Asked if the probe would also fix those persons who were responsible for roping him in to laying the foundation stone of that company during his last visit to his constituency, the prime minister replied in the affirmative. It was Vajpayee's foundation stone-laying and the plunge by the Raj Nath Singh government for the creation of a software technology park in the joint-sector with Cyberspace Infosys that further enhanced the credibility of the company, thereby inviting more investment from different quarters. The company's promoters, Anand Krishna Johari and Arvind Johari, are believed to have slipped out of the country duping investors of an estimated Rs 12 billion. Expressing deep concern at the prevailing situation in the share market, the prime minister denied that the Tehelka exposure had anything to do with it. "This was due to mismanagement largely," he remarked. He, however, favoured giving more teeth to the Securities and Exchange Board of India. Replying to a question about the rampant corruption among UP ministers and top bureaucrats, whose visible assets were far beyond their known sources of income, still they did not care to file their returns, the prime minister observed "if that is so, then it is a serious matter and deserved to be probed. " YOU MAY ALSO WANT TO SEE:
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