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JPC plans conduct code for members' role in corporates

BS Economy Bureau

The joint parliamentary committee on the stock scam is working on a code of conduct that will ensure that members' corporate involvement would not influence the functioning of the committee.

This is being done to maintain impartiality of the probe. The issue is expected to be a stormy one as several members of Parliament are also either shareholders or members on the board of directors in several private sector companies.

In the very first meeting of JPC on Monday, chairman, PM Tripathi told members that they should disclose the extent of their involvement in any company to the Speaker. "There is already a sense of disquiet on the issue," sources said.

Briefing reporters after the meeting, Tripathi, answering questions on the committee's attitude to bringing politicians to depose on the scam said, "whoever and whatever is required will be asked to appear before the committee."

He said the JPC is the highest enquiry authority in the country and will take whatever steps necessary to arrive at the reasons for the stock market behaviour "just after the Budget was presented this year."

Tripathi said the committee has been asked to submit the report by the monsoon session, which he said he will try to do. But he acknowledged that it will be difficult but added, "soldiers do not accept defeat." He also quoted the example of the last JPC of 1992 on the stock scam and said it had submitted its report only by December 1993.

The chairman said the Monday meeting was concerned about organisational matters and how to proceed with the enquiry. He said while the committee will be taking cognisance of the Sebi and CBI reports, they will not guide the scope of the JPC probe. He said the fact that there is a Sebi inquiry will not interfere with the working of the committee.

The meeting was attended by 21 representatives of the 30-member committee, the absentees being the Left and other members from the states which went to the polls.

Tripathi said the consensus among the members was to find out who was guilty and to punish them. He said from Tuesday, the finance ministry, RBI and Sebi would brief the MPs on the respective role of these bodies, before the members take up the real inquiry.

However, Tripathi said he will be able to answer questions on who will be asked to depose before the JPC by the first week of June.

A member from the ruling party is believed to have sought summoning of officials of ICICI, LIC, IDBI, SBI Caps, SBI Mutual Fund, Sebi and stock exchanges.

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