The Hindu : National : Not shielding Reliance Petroleum, Government tells Delhi High Court

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Friday, May 05, 2006

National

National

Not shielding Reliance Petroleum, Government tells Delhi High Court

New Delhi: Denying charges that it was shielding the Reliance Petroleum Limited, the Government on Thursday informed the Delhi High Court that the Enforcement Directorate had initiated investigations into the company's alleged role in the Iraqi oil-for-food programme as referred to in the Volcker Committee report.

Responding to a public interest litigation petition filed on the issue, the Finance Ministry, in an affidavit submitted to the court, said the Directorate had recorded statements of senior functionaries of Reliance Industries and further investigations were under progress.

`FEMA violation'

The investigations pertained to suspected violation of provisions of the Foreign Exchange Management Act (FEMA) by Indian persons and entities referred to in the Volcker report.

"The action of the Government to exclude any company from the purview of the Justice R.S. Pathak Inquiry Authority is not biased nor arbitrary and once the inquiry, conducted by the EC, is over, suitable proceedings, if any, will be initiated under FEMA against those who have violated the provisions," the Centre told the court.

PTI

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