Saturday November 25, 2017
Home Uncategorized ED raids firm...

ED raids firms allegedly linked to Chidambaram son

0
28

Chennai: The Enforcement Directorate (ED) conducted raids here on Wednesday on firms allegedly connected to ex-finance minister P Chidambaram’s son who said neither he nor his family is a shareholder in any of the firms.

In a statement issued here, Karti Chidambaram said some officers of the investigating agencies visited his office on Wednesday.

“I was informed that they are investigating three firms of which two belong to my friends. They are owned by professionals and managed by Competent Board of Directors. I am not aware of the third firm,” he said.

“I made it clear to the officers what I had publicly stated earlier. Neither I nor any member of my family is a shareholder or director of any of the said firms. We do not have any economic interest in the said firms.”

He said that as the allegations of his connection with the firms was “false” and that “relating to the said firms” was found in his office.

He said there was no “basis for them to have visited my office or to make any enquiries in my office”.

Reacting to the ED’s raid, former finance minister P Chidambaram said, “Nothing was found in the “fishing and roving enquiry.”

He alleged that the “foolish” government is harassing his son Karti and wondered how far it would go.

(With inputs from agencies)

Next Story

Chidambaram criticizes government, claims economy stuck in groove

0
22

New Delhi: The Indian economy is stuck in a groove and the growth of the Gross Domestic Product in 2015-16 is not likely to be higher than 7.3 percent, former finance minister P. Chidambaram said on Friday.

There was acute distress in rural India since promised jobs were not created and people were not impressed by Modi’s numerous visits to foreign countries, he said at a press conference here.

The Congress leader said the BJP-led government had confidently predicted the growth of Indian economy at 8.1 to 8.5 per cent in 2015-16 at the beginning of 2015 and that many of its promises, including on more jobs, were premised on a high growth of GDP.

“I am afraid none of the promises has materialized. For the whole of 2015-16, GDP growth is not likely to be higher than 7 to 7.3 percent, which means it will be the same as – or lower than – in 2014-15. The economy is stuck in a groove,” Chidambaram said.

He said the mid-year economic analysis has pointed out that private investment and exports – two of the four drivers of demand – were languishing.

“The Indian economy is like a car running on two wheels. Corporate balance sheets are stressed, net sales have fallen by 5.3 percent, and profit after tax is flat. Non-food credit growth at 8.3 percent is the slowest in 20 years. The growth of credit to industry is 4.6 percent while credit to medium enterprises has actually shrunk by 9.1 percent,” the Congress leader said.

The former minister said exports have recorded decline for 12 successive months compared with the previous year. “This is unprecedented,” he said.

He said the government did not seem confident of meeting the fiscal deficit target of 3.9 per cent and cautioned it against deviating from the path of fiscal consolidation in 2016-17.

“Crop insurance is unavailable to most farmers. Banks are reluctant to give loans against jewelry. Education loans have practically stopped,” he said.

The Congress leader accused the government of failing to check price rise and alleged growing intolerance, saying these had led to “much grief and fear among the people”.

The former minister said the 26th quarterly employment survey showed that job creation in manufacturing and export-oriented sectors fell by 43,000 whereas these sectors added 182,000 jobs in the same period in 2014.

“There is no evidence that the promised jobs are being created,” the former finance minister said.

Chidambaram referred to the low prices of international crude oil and said there was no international pressure on the government.

“I am not yet prepared to say that there has been fiscal mismanagement, but there are pointers to serious mistakes in fiscal management.”

Chidambaram accused the Narandra Modi government of not engaging the opposition on any important issue and said people were wondering if the central government had a clear and consistent policy on Pakistan.

He also rejected the charge of “obstructionism” made against the Congress by Prime Minister Narendra Modi on Thursday.

Chidambaram said the Congress opposition to the government’s alleged wrong policies or poorly-drafted laws or acts of misconduct or misuse of government agencies cannot be termed as obstructionism.

The Congress leader said that the overbearing attitude of the government was mainly responsible for the frequent disruptions in parliament and the absence of cooperation outside parliament.

He said the Congress had cooperated with the government in passing 67 and 45 bills in the Lok Sabha and the Rajya Sabha respectively during the last 19 months.

Referring to Nepal, he said India seemed to have lost the goodwill of the people as well as the government of Nepal as also Madhesi parties.

“Rhetoric, U-turns, and impulsive steps do not make for a coherent foreign policy,” he remarked.

Referring to Modi’s visits abroad, the Congress leader said: “When anything is overdone, there are not only diminishing returns, but it also invites ridicule, as you will find from a cursory survey of the social media.” (IANS)

(Photo: www.sify.com)

Next Story

Chidambaram lashes out at govt after raids on firm linked to son

0
45

New Delhi: Hours after raids were conducted in Chennai on a firm linked to former Union Minister P Chidambaram’s son, the senior Congress leader slammed the government for its “malicious onslaught”, calling upon the Centre to target him directly, instead of harassing his family members.

Two raids were conducted by the Enforcement Directorate and the Income Tax department in Chennai and one of them was on Advantage Strategic Consulting, a company with which Karti Chidambaram, the minister’s son, was reportedly associated earlier.

“If the Government wishes to target me, they should do so directly, not harass friends of my son who carry on their own businesses and have nothing to do with politics,” the former union minister said in a statement, adding, “My family and I are quite prepared to face the malicious onslaught launched by the Government.”

According to reports, two directors of Advantage Strategic Consulting had been summoned by the ED in connection with the Aircel-Maxis case and charges of money laundering.

The investigating agencies are reportedly probing an alleged financial transaction of more than Rs 200 crore between these two companies raided on Tuesday and Aircel Maxis just before clearance came from the Foreign Investment Promotion Board or FIPB for the Aircel merger. The case is a part of the overall probe into the 2G scam being monitored by the Supreme Court.

Here’s the full text of Chidambaram’s statement:

I am traveling and I have been informed about searches conducted on certain firms in Chennai allegedly linked to my son.

If the Government wishes to target me, they should do so directly, not harass friends of my son who carry on their own businesses and have nothing to do with politics.

We have made it clear, repeatedly, that no member of my family has any equity or economic interest in any of the firms that are being targeted. They are companies that are professionally managed and are capable of answering any questions that may be put to them by the authorities. I condemn the attempt to link them to my son and harass them on that ground.

The agenda of the Government is being implemented by an officer of the Enforcement Directorate who has a pending dispute with the Department of Revenue, Ministry of Finance. Orders in his case were apparently passed during the term of my predecessor. He met me and wanted me to intervene in his favour. I declined and I told him that I cannot reverse orders that were issued during the term of my predecessor. The change of Government has given him an opportunity to misuse his powers to harass my son and his friends.

My family and I are quite prepared to face the malicious onslaught launched by the Government.

P. Chidambaram

Next Story

Lalit Modi case: Chidambaram to continue with questioning

0
28

lalit_22_07_2015

By NewsGram Staff Writer

The Congress on Thursday rejected the arguments given by the government during a debate on the Lalit Modi issue in the Lok Sabha and said it would continue to raise its voice and ask questions on the matter.

“The monsoon session of parliament has come to an end. It began with BJP’s acrimony and ended with more acrimony on their part. Is anyone wiser at the end of the session on Modigate issue that was the cause of so much debate,” senior Congress leader and former finance minister P. Chidambaram asked at a press conference here.

He said while putting forward the government’s views on the Lalit Modi issue on Wednesday, both Finance Minister Arun Jaitley and External Affairs Minister Sushma Swaraj failed to answer the questions posed by the Congress.

“Sushma Swaraj and Arun Jaitley made last ditch efforts. They did everything except answer the crucial questions that arose out of Sushma Swaraj’s intervention on behalf of Lalit Modi,” he said.

“Why did she think Lalit Modi needed a British travel document and not an Indian travel document? Why did she keep her ministry in the dark,” he asked.

Chidambaram asked why the government was refusing to release the letters between the finance ministers of the two countries. “Why are Jaitley and Sushma Swaraj selectively quoting a few words from the letters instead of releasing the full texts of the letters?”

The Congress leader said some facts that tumbled out were that the external affairs minister intervened with the British High Commissioner on behalf of Lalit Modi at a time when his passport had been cancelled and the case was pending in the high court and that her ministry has so far not appealed against the high court order setting aside the cancellation of the passport.

The former finance minister said: “I am afraid that the two ministers have failed the government and the people. Instead of a debate, we got a diatribe. Instead of answers, we got sermons. Instead of facts, we got a fudge.”

“If the ministers think these questions will go away, I am afraid they will not,” he said.

The monsoon session of parliament saw repeated disruptions and ruckus as the opposition, led by the Congress, created uproar over the alleged help to Lalit Modi by Sushma Swaraj and Rajasthan Chief Minister Vasundhara Raje and the Vyapam recruitment scam in Madhya Pradesh.

Chidambaram also demanded an “unqualified apology” from Sushma Swaraj over her references to the Bofors case and the Gandhi’s family’s role in it.

“We take strong exception to the blatantly false references made by her to the late Bofors case  and alleged payments to him by Quattrocci,” he said.

Chidambaram quoted from judgments that said the charges against Rajiv Gandhi had been quashed.

On the Congress’ stand on a special session for the passage of Goods and Services Tax Bill, he said it was his party which scripted the bill.

“We have three fundamental objections; if those are addressed the other differences can be resolved,” he said.