JPC set to grill corporate, market biggies in Dec, Jan

Our Markets Bureau

Mumbai, Nov 27: Soon after it received another extension from the Parliament, the Joint Parliamentary Committee (JPC) probing the stock market scam of March 2001, has once again swung into action.

Come December, and promoters of some of top Indian corporates and some controversial players in the Indian capital market are slated to depose before 30 JPC members drawn from both the Houses and belonging to different political parties. The next session of JPC is scheduled to begin from December 10 and is expected to continue for over a month. The JPC is expected to have, at least, 10 sittings during this schedule.

Included in the list are promoters and chairmen of DSQ Software, Zee Telefilms, Himachal Futuristic Communications Ltd (HFCL), Amara Raja Batteries and Adani Exports Ltd. Also, prominent, but controversial stock brokers like Ketan Parekh, Shankar Sharma of First Global, Calcutta Stock Exchange’s DK Singhania, AK Poddar and H Biyani too are to depose before the JPC.

The top brass of market regulator Securities and Exchange Board of India (Sebi) and representatives of Unit Trust of India (UTI), including former chairman PS Subramanyam, have also been asked to depose before the panel during its one-and-half month schedule spread over December 2001-January 2002. Further, the top brass of Madhavpura Mercantile Co-operative Bank (MMCB) and Lucknow-based City Co-operative Bank (closely associated with the infamous Johari brothers of Cyberspace) and representatives of the Department of Company Affairs and the Institute of Chartered Accountants of India (ICAI) too have been asked to depose before
the JPC during this period.

JPC chairman Mr Prakash Mani Tripathi had earlier indicated in May 2001, during the visit of the JPC to Mumbai, that after collecting the information from the Sebi and various institutions, including the stock exchanges, the JPC will also call individuals and corporates for seeking more information related to the scam that rocked the capital markets during February-March 2001.