NEW DELHI (PTI):Former Commerce Indian Minister P. Chidambaram, had close links with the Bangalore based Fair growth Financial Services Lid (FFSL), the Joint Parliamentary Committee probing the multimillion securities scam was told Jan.29.
Fair growth Company is one of the prime accused in the scam.
Top FFSL executives told the committee that Chidambaram and his wife had got 15,000 shares from the company’s promoters quota and had invested Rs hundred thousand with the company for transactions under the portfolio ‘Management scheme.
They said shares of the company were never offered to the Public and beneficiaries included only “friends, relatives and business associates.”
Asked under what category the former minister received these shares, the JPC chairman, Ram Niwas Mirdha, told reporters that it could be under “more than one category.”
Chidambaram resigned from the union cabinet last year after the scam broke out.
Article extracted from this publication >> February 5, 1993
