9 june 2001

jpc to take finance ministry, rbi to task
new delhi—the current joint parliamentary committee is piqued over the non-implementation of the 1992 joint parliamentary committee’s action taken report (atr) recommendations and plans to take the ministry of finance and the reserve bank of india to task in its next sitting on june 12.
the committee has asked the rbi and finance ministry officials to explain why a scam similar to the 1992 one broke out a decade later despite the earlier jpc explicitly revealing the systemic gaps and failure of the rbi’s supervisory mechanism in ensuring effective compliance by banks. the securities and exchange board of india (sebi) which was just getting into place then, in 1992, however, would not be grilled by the jpc as far as the implementation of the last atr’s recommendations were concerned. however, sebi’s laxity in monitoring the secondary markets during the current stock scam would be probed in detail.

6 june 2001

dpc lenders to resume talks today in singapore
mumbai—representatives of idbi, icici, state bank of india (sbi) met on tuesday to chalk out the strategy at the two-day meeting with offshore lenders and enron officials.
the indian team was led by mr rs agarwal, the idbi executive director, along with the other officials from other lending institutions including those from the sbi and icici.
apparently, the domestic fis, revived their efforts to convince dpc’s offshore lenders to maintain "restraint" to save the dabhol project.
the foreign lenders are expected to take a clear stand on wednesday.
enron india managing director k wade cline and dpc president neil mcgregor are likely to participate in the second day of the meeting. the meeting was also attended by a consortium led by abn-amro, citibank na, japan exim bank and opic.