COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Chidambaram has acquired Reliance shares, claims minister

Former Union finance minister P Chidambaram had "illegally" acquired Reliance Industries shares for Tamil Nadu Chief Minister M Karunanidhi, former Union industry minister Murasoli Maran and Tamil Maanila Congress president G K Moopanar, besides himself, alleged Union Law and Company affairs minister M Thambidurai.

Participating in the May Day celebrations in Salem yesterday, Thambidurai said an inquiry was being conducted into the alleged acquisition of shares.

If they were found guilty, they would be punished and sent to the "Andaman prison," he added.

Thambidurai also alleged that Chidambaram had illegally sanctioned Rs 20 million to the Reliance company. An inquiry into this was also on, he added.

Thambidurai, who is also in charge of company affairs, said his ministry had received several complaints from the shareholders that they were not not given their legitimate dividend. Following this, he had ordered the officials concerned to investigate, under Section 209 of the Companies Act, the accounts and balance sheets of the companies going in for reinvestment and only after they were satisfied with all norms, such companies were allowed to go ahead with their plans.

He said during the last one month, 25 major companies in the country had sought his ministry's clearance for their reinvestment proposals.

The minister, who holds charge of the Union Surface Transport Ministry in the wake of the resignation of R Muthiah, said he was convening a high level meeting of the officials concerned at New Delhi on May 4 to discuss improvement of the national highways and formation of super highways between Madras, Bombay, Calcutta, and New Delhi.

UNI