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Directive
to Indian companies on Volcker report New Delhi: Finance Minister P Chidambaram said here on Wednesday that the government has asked some of the Indian companies that figured in the Volcker report as beneficiaries of the UN-sponsored oil-for-food programme in Iraq to share records and information regarding the deal. "We have asked a few companies to share with us some records and informations regarding their deal during that period," said Chidambaram at Economic Editors' Conference. When asked whether the tax departments are looking into the records of the 125 Indian companies that figured in the Volcker report, Chidambaram said, "It is premature to disclose anything about the investigation." "Beyond that, I don't want to say anything," he said. Paul Volcker in his 623-page report submitted to the UN on October 27 has named 125 Indian companies, which included Reliance Industries Ltd, STC, Kirloskar Engines, Ajanta Pharma, Mohan Exports, L T Overseas Ltd, Jord Engineers, National Electrical Industry, Jain Irrigation Systems, Lucky Exports and Airpac Exports. These are among the 2,400 firms from all over the world, which are alleged to have made illegal payments of about 1.8 billion dollars to Saddam Hussein government for getting contracts. The report has also named former External Affairs Minister K Natwar Singh and Congress Party as non-contractual beneficiaries of the programme. On the legal notice issued by the Congress Party to the UN, Chidambaram admitted that the party had asked the UN to share the details on which the report was based. He rubbished the reports, which claimed that the government and the Congress party had threatened to sue United Nations. "There is no question to sue the UN, we have sent a legal notice seeking full disclosure of the deals," said Chidambaram. "On 3rd November, two statements were issued -- one by Prime Minister's Office and another by the Congress Party in none of these statements, the word 'sue' has been used," he said. The Government has instituted a judicial probe headed by former Chief Justice, R.S. Pathak, which would investigate into facts relating to the allegations against Indian entities. The former UN Under-Secretary, Virender Dayal, would conduct a simultaneous fact-finding exercise on the allegations. |
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