Lok Sabha Committee Ticks Off SEBI Chairman Ajay Tyagi over PACL, Sahara Issues: Report
Moneylife Digital Team 17 March 2021
Ajay Tyagi, chairman of Securities & Exchange Board of India (SEBI) has been reportedly pulled up by Lok Sabha's committee on petitions for his failure to appear before the panel on two previous occasions, says a report. 
 
As per the report from Times of India, Mr Tyagi appeared before the committee on Tuesday after being summoned on the issue of returning over Rs41,400 crore to the investors of Pulse Agro Corporation Ltd (PACL). 
 
Quoting a source, the report says, "The committee was upset over the officer’s failure to appear earlier and the message was conveyed to him in strong words that the committee is meant for the issues of special public interests and he will have to make himself available whenever summoned in future."
 
Gaurav Soni, an investor, had petitioned the committee alleging that millions of people had invested in PACL, which was not returning investors’ money. He also alleged high-handedness by SEBI in refunding money to investors of PACL.
 
As SEBI has detailed information about the company, the committee had summoned Mr Tyagi to understand the whole issue.  
 
According to the newspaper, the committee headed by Virender Kumar, a member of Parliament (MP) from Bharatiya Janata Party (BJP), "reminded the SEBI chairman that he had refused to appear before the committee on two previous occasions in 2019 on the Sahara India issue."
 
“If any officer fails to appear before the committee, it will be a breach of privilege of the committee leading to action against the person,” committee members are learnt to have told the SEBI chairman. 
 
Representatives from department of economic affairs under the ministry of finance and ministry of corporate affairs (MCA) were also present during the meeting.
Comments
tillan2k
4 years ago
Ghalib : sainya bhaiye Kotwall toe dar kahe Kaa
Ramesh Popat
4 years ago
just calling anyone is not achievement!
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