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Home > Business > Business Headline > Report

Oppn to put govt on the mat over JPC report

Shahid Mazdoor in New Delhi | December 19, 2002 21:39 IST

An enraged opposition has promised a stormy last day of the winter session of Parliament over the report of the Joint Parliamentary Committee probing the stock market scam.

JPC chairman Prakash Mani Tripathi, who presented his report in Parliament on Thursday, gave a clean chit to the former finance minister Yashwant Sinha during whose tenure the stock market crashed and Unit Scheme-64 (US-64) of the UTI was frozen.

Opposition sources told rediff.com that all the leaders of the opposition parliamentary parties were in touch with each other in their effort to hammer out a total opposition floor coordination to put the government on the mat on Friday.

Meanwhile, Tripathi quipped at a press conference in the evening in response to a volley of questions from media-persons that "there is no direct reference to Yashwant Sinha on any wrong doing,"

The journalists insisted that Tripathi clarify how he justified the JPC's lenient view on Sinha while the former finance secretary Ajit Kumar had been indicted. They said Ajit Kumar was working directly under Sinha and he alone could not be pulled up for failing to resolve in time the redemption problem of the Unit Trust of India.

Tripathi had a tough time while driving home his point that the JPC's decision was unanimous.

When informed that Mani Shankar Aiyar and Kapil Sibal, two prominent members of the JPC, have already demanded Sinha's resignation alleging that the former finance minister -- and now the external affairs minister -- has actually been indicted by the JPC on the stock market scam of 1999-2001 and the related UTI disaster.

"There is not a single note of dissent in this report," he argued when told that Aiyar and Sibal, who were Congress MPs had joined chief Congress spokesman S Jaipal Reddy to allege that Sinha should bear his share of the responsibility for the lapses of the regulators, the handling of the payment crisis on the Calcutta Stock Exchange, and the 'misuse of Mauritius route.'

Ironically, the JPC report -- which resolved that Ketan Parekh emerged as a key player in the scam and received large sums on money from banks as well as from corporate bodies during the period when the Sensex was falling rapidly -- also concluded that 'the finance secretary considered the problem in a routine and casual manner which was not expected from an officer of his rank.'

The two-volume report, running into about 500 pages, which saw different opposition members drawing their own inferences, is expected to find its echoes in the two Houses of Parliament on Friday, the concluding day of the on-going winter session.

Sources pointed out that 'the government owes an explanation to the nation as to how the then finance minister Yashwant Sinha and the current BJP spokesman Arun Jaitley, in his erstwhile capacity as minister of Company Affairs, can go scot free.'



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