The Hindu : National : ``No enemies or friends in corporate sector''

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Friday, May 18, 2007
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``No enemies or friends in corporate sector''

Special Correspondent

Chidambaram replies to charge

P. Chidambaram

NEW DELHI: Union Finance Minister P. Chidambaram on Thursday said he had ``no friends or enemies'' in the corporate sector, nor was the United Progressive Alliance Government indulging in ``crony capitalism.''

Responding in the Rajya Sabha to Samajwadi Party leader Amar Singh's charge that the UPA Government was using income tax raids as a tool to ``suppress people,'' Mr. Chidambaram said it was known that any reference in the report of the Comptroller and Auditor- General, would attract notice under Sec. 147 and cases against all those named for under-assessment of tax are opened. ``I have no friends or enemies.''

Mr. Singh had charged the Government with ``crony capitalism'' in that cricketers Sunil Gavaskar and Sachin Tendulkar were being asked to pay their dues after being named in the CAG report while big corporate houses such as the Tatas and the Reliance Industries, who were also under-assessed for tax dues, were being let off. On this issue, Mr. Singh and his party members had even vociferously protested the introduction of the Securities Contracts (Regulation) Amendment Bill, 2007, by Mr. Chidambaram.

However, later Mr. Singh participated in the debate on the Bill.

In his reply to the charge, Mr. Chidambaram asserted that in matters relating to finance the Government would be scrupulous.

``We will neither favour nor disfavour anyone.''

On the Bill that is meant to create an active securities market, Mr. Chidambaram said the earlier Bill had been referred to the Parliamentary Standing Committee.

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