ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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SECURITIES SCAM-Learning Nothing

the SEBI chairman to discuss the issue. There had been powerful moves to have the SEBI chairman shifted as far back as in mid-1992 and he was given only a six- month extension in September 1992 when his three-year term came to an end. Apart from his tussle with stock-brokers and the industrial houses behind them, it would appear that the SEBI chairman incurred the wrath of the political establishment in New Delhi more directly. For the SEBI under Ramakrishna had conducted an enquiry into the so-called loan of Rs 2 crore by stock-broker Hiten P Dalal to Gold Star in which one of the prime minister's sons had an interest. The Joint Parliamentary Committee (JPC) on the securities scam has disclosed that SEBl's report had brought out "many disturbing facts" and has drawn pointed attention to the fact that "in their report SEBI have concluded that the enquiries conducted so far justify an inspection of the company's records and books of account u/s 209A of the Companies Act to verify the application of monies received from the promoters, the allotment made and the refund due to them" (p 262).

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