The Hindu : Karnataka News : Govt. to publish report on firm

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Tuesday, Mar 29, 2005

Karnataka

Karnataka

Govt. to publish report on firm

By Our Staff Reporter

BANGALORE, MARCH 28. The Minister for Law and Parliamentary Affairs, H.K. Patil, today told the Legislative Council that the Government will publish a police investigation report on the affairs of M/s. Guru-Teak Investment Private Ltd. soon after the ongoing probe against its Chamarajanagar branch is completed.

He was replying to M.R. Tanga of the Bharatiya Janata Party and M.P. Nadagouda of the Janata Dal (United), who raised the issue.

Reading out a statement on behalf of the Chief Minister, N. Dharam Singh, he said the Chairman of Guru-Teak Investment Private Ltd. has, in an advertisement in two Kannada newspapers, clarified that the Securities Appellate Tribunal in Mumbai has stayed the order of the Chairperson of the Securities and Exchange Board of India against the company. He has also said in the advertisement that people who have invested in the company and others who are with the company need not be apprehensive, Mr. Patil added.

The Minister said the Government has obtained reports from all branches of the company. There are no complaints lodged against it anywhere in the State barring the one lodged by Pushpalatha, who invested Rs. 1,000 at its Chamarajanagar Branch. V.S. Ugrappa of the Congress and others demanded that the Government spell out clearly whether the company in question is trustworthy in which public can invest their money. Mr. Patil said: "The Government is not a certifying authority. But it will take steps in the public interest. The merit of the issue should be scrutinised through a different set of rules as demanded by relevant laws."

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