Search the Internet          Tips  Sites: Finance, Investment

JPC rules out addition to terms of reference

The Joint Parliamentary Committee probing the stock market scam on Wednesday ruled out any addition to its terms of reference by including new entities within the gamut of probe and said CBI's views would also be heard in detail.

''As a rule, terms of reference are not questioned when JPC is formed. Otherwise, there may be allegations of irregularities in many other transactions and this way it can keep on increasing. Basically, the terms of reference is not questioned,'' JPC chairman, Prakash Mani Tripathi, told reporters at the end of the third day of the technical briefing of the committee.

On keeping out members who have corporate involvement, Tripathi said other than Amar Singh, no member has drawn the attention of the JPC in this regard.

Besides ABCL, Amar Singh has corporate involvement in Energy Development Corporation Limited, Eastern India Chemicals Limited, Sarvottam Corporation Limited, Sahara India Media Communications Limited and Flex Industries Limited in which he was holding a senior post, Tripathi said.

Tripathi clarified that the mutual funds are not slated to be examined under the JPC probe.

In reply to another query, he said CBI's views would also be heard by the JPC.

YOU MAY ALSO WANT TO SEE:
The Capital Markets Crisis

Tell us what you think of this report