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June 14, 2001
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Money > Business Headlines > Report June 14, 2001 |
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JPC pulls up govt on foreign banks' issueBS Economy Bureau The members of the joint parliamentary committee have asked the government to furnish reasons why the foreign banks indicted in the action taken report of the previous joint parliamentary committee have still not been proceeded against. The committee inquiring into the K-10 stock market scam on Wednesday asked the finance ministry and the department of company affairs to explain why the government had not been able to move against the banks, despite the comments of the JPC asking for revocation of their licences. Speaking to reporters, committee chairman SPM Tripathi agreed that the members were concerned that action in several cases "were not as fast as the they would have liked it to be". However, he declined to comment on any specific case. Sources said the members were irked about the delays in cases where the CBI was involved. He added members had asked for more details from the RBI and the finance ministry. Sources said this had been done even for those cases where the departments had claimed that action had been taken. Tripathi said this committee would ensure that their recommendations did not take the same time to implement as that of the last JPC, by putting in place institutional mechanisms and rules for time-bound completion. About Wednesday's briefing he said it was a crucial one as the fact that "a scam has occurred within seven years of the last one does not paint a good picture of the economy". He added that the members felt that if the systemic measures had been taken after the last scam, the current one might not have occurred. He also denied rumours of a split in the JPC on party lines. Talking about Congress MP Mani Shankar Aiyar's comments on Tuesday, he said, it was not correct to expect that Maran or Fernandes who were members of the earlier JPC could be held responsible for the timely implementation of the ATR. The committee has called LC Gupta, the author of the derivatives committee report and Ajit De from the Calcutta Stock Exchange to appear on Friday. He said, "We have not had a proper briefing on the CSE where the payments problem surfaced first." The JPC also decided to call Olga Tellis and Sucheta Dalal to appear as expert witnesses Thursday. Powered by YOU MAY ALSO WANT TO READ:
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