NEW DELHI(PTI):The Joint Parliamentary Committee probing the securities scam has recommended a CBI inquiry against top Air India officials responsible for irregular deployment of surplus funds with Indian and foreign banks in ready forward purchase and sale of securities.
In its draft report, the committee has come down heavily on Air India’s failure to obtain securities in its transactions and held it guilty of tampering with records.
The chairman-cum-managing director of Air India, Y.C.Deveshwar, who assumed office on November 13,1991, had stated before the committee that he knew about the irregularities in investments on July 24,1992, but he had never discussed with concerned officials details of investment of surplus funds till these were pointed out by the auditors of Air India.
The committee was of the view that the chief executive of Air In dia should have kept himself in formed of the manner of investment of sizeable surplus funds of the corporation.
Article extracted from this publication >>July 2, 1993
