Edu Forum & Desh Bachao Gana Mancha write to President, seek probe over PM’s comments

Kolkata: Raising concern over Prime Minister Narendra Modi’s statement on the ongoing use, hoarding and distribution of black money by two of the biggest corporate houses in the country, the state Educationists’ Forum and Desh Bachao Gana Mancha wrote a letter to the President of India Droupadi Murmu seeking probe into the content and consequences of the statement.

They further demanded for applicable provisions of Listing Obligations and Disclosure Norms (LODR) of the Security Exchange Board of India (SEBI) be invoked for investigation.

“The provisions of Prevention of Money Laundering Act (PMLA) be applied and jurisdiction of the Enforcement Directorate (ED) be used to ascertain, verify, process and to take further necessary action,” they demanded.

In the letter undersigned by former Vice-Chancellor of the University of North Bengal Omprakash Mishra, former Minister-in-Charge Purnendu Basu and Independent Researcher on Corporate Governance and Business Management Akhil Swami, stated: “Such an admission and elaboration regarding existence of corruption, use of black money, illicit transportation of such tainted money by none other than the Prime Minister of the country has shocked the entire country and most adversely affected India’s standing as a constitutional democracy where rule of law prevails and the government is committed and responsible for accounting and financial standards and for ensuring transparency in corporate governance processes.”

They stated that after demonetisation and PM-Care Fund, there is yet another assault on financial security through possible stock exchange manipulation by creating panic in the market without proper enquiry and investigation.

The letter also referred to Home Minister Amit Shah, who is a member of the Cabinet Committee on Economic Affairs (CCEA) advising the public to invest or buy stocks before the Lok Sabha election results are out. It was stated: “An insider in the government at the highest level has no standing to act as an accredited broker registered with SEBI to advice on purchase and sale of stocks. Is this not an attempt to influence the political and the electoral processes presently underway through economic/financial incentives and/or triggering the fear button for investors?”