The Hindu : JPC may summon Sinha

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Tuesday, Sep 10, 2002

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National

JPC may summon Sinha

By Our Special Correspondent

NEW DELHI SEPT. 9. The Joint Parliamentary Committee (JPC) probing the stock market scam is scheduled to resume its sitting here next week when it would examine a former Union Secretary, a senior official of the Securities and Exchange Board of India and is likely to take a view on summoning the former Finance Minister, Yashwant Sinha. A suggestion to call Jaswant Singh, in his capacity as the former External Affairs, has also been mooted.

During the past few sittings of the JPC, different viewpoints emerged on the issue — whether or not to examine Mr. Sinha — with some MPs insisting that the former Finance Minister be summoned. They cited the precedent set by the previous JPC, which went into the securities scam in 1992 and had examined several former Ministers who held the Finance portfolio.

The JPC had earlier despatched a questionnaire to Mr. Sinha, based on the queries raised by members on several aspects both with regard to the functioning of the Ministry and references

that emerged while probing the stock market scam.

One of the things some JPC members want to ask Mr. Sinha is the role of the Ministry, especially in relation to the crisis in the Unit Trust of India and matters connected with the controversial decision to freeze trading in its flagship fund, US-64. Members felt that another aspect that needed greater focus was the Mauritius route adopted by investors in stock markets. In this connection, there was a suggestion from a member to summon the then External Affairs Minister, Jaswant Singh, who now holds the Finance portfolio. It is understood these issues are expected to be discussed at the next week's sitting.

Of the four days the JPC would hold its sitting next week, the first day would be devoted to examining the former Expenditure Secretary, E.A.S. Sarma, and another SEBI official who had volunteered to appear before the Parliamentary Committee. The next three days would then be devoted to discussing some chapters of the draft report on which members have already made their remarks available to the Committee secretariat.

The JPC, which was set up soon after the Budget session last year, had been given yet another extension during the last monsoon session of Parliament and has time till the end of the winter session, scheduled to start in November this year.

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