MPs write to MCA: Allege co law abuse against RIL, RNRL
By admin at 16 December, 2009, 12:05 pm
Even as the Ambani battle plays out in Supreme Court, the Ministry of Corporate Affairs has been inundated with complaints from several members of Parliament alleging irregularities by both Reliance Industries (RIL) and Reliance Natural Resource Limited (RNRL).
The Minister for Corporate Affairs, Salman Khurshid has called for restraint. CNBC-TV18’s Pranshu Sikka reports.
Minister of Corporate Affairs has been flooded with complaints against both RIL and RNRL over the past few months. All of these complaints for that matter have come with VIP references – all of them have been written by various Members of Parliament (MP) who have not only first complained but resend those complaints through VIP references like Prime Minister’s Office, Sebi so on and so forth.
The sheer volume of paperwork, which these complaints are generating, is astonishing in the Ministry. This is keeping all the departments occupied because there is a procedure protocol to be followed when you get a VIP compliant. There has to be a reply, which has to be sent to the VIP reference as well the VIP complainant after caring out prima facie investigation. So, lot of the work force is being employed responding to these mails even if the allegations none of them has been proved, there has been no further action but just to reply to these complaints takes a lot of workforce away.
In response to a query relating to the complaints, Salman Khurshid, Minister of Corporate Affairs says, “If something relates to a specific regulator, I think the regulator must handle it first and if they feel there is something that they need to push on to us, we will then receive it. But simply because someone is forum shopping and sending something to the regulator, sectoral regulator and also to us is not going to gel as far as I am concerned.”
Besides this, the Minister also went on to say that now henceforth he would try and open a dialogue with various other regulators to try and workout a system where there is no conflict in terms of looking at various irregularities, so that the same compliant need not be reviewed by the various agencies over and over again.
Clearly, the Minister not happy and giving a piece of advice to the MPs to restrain from writing and sending such voluminous dossiers to the Ministry.
Source : moneycontrol.com
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