Bangalore, Tuesday, 22nd 2013, Mr R. Shivakumar, President, FKCCI referred to the recent report on the issue of Hindcalco, the world’s largest aluminium rolling company, into the coal gate scam, terming it as a killing decision which would have a negative impact on the already floundering economy and could raise questions over investor confidence in the country. The coal block which was reserved for the public sector is partially allocated to the private sector after the completion of the allotment process and cannot be termed wrong after 8 years. This will negate the growth. Hard facts are to be considered before the filing of the FIR and these actions result in creating an atmosphere of uncertainty and the corporate world will work under the fear and the prevent bureaucracy from working.
Reminding the contribution of corporate leaders in India’s growth, he said: “Irrespective of what the specific issues are, there is no denial of the fact that the corporate leaders are held in very high esteem in India and abroad and they have made their own notable contribution.”
He said that CBI had the right and the powers to proceed against anyone, but it should be careful before taking action against reputed industrialists who are contributing to the economy significantly.
In an extremely depressed market condition, acts of such nature will further dent the confidence of industrialists and do great disservice to the Indian economy and business.
The business community finds in Kumar Mangalam Birla, a role model for the growth and high business ethics. At this point when growth rate in the country has gone down, it is important that the authorities are 100% sure about their facts and data before making accusations against such an highly statured leader. The misconstrued action needs a thought and cannot be repeated.
We respect the law. However this approach of using the law as a weapon is highly deplorable.CCI NEWSWIRE
