NEW DELHI: In the wake of disclosure of the involvement of Fair growth Financial Services Ltd. (FGFSL) in the securities scam it is now coming to light that the late B.B .Ratnakar the company’s founding chairman had been saved by high-ups in. the political circles from prosecution by the CBI. If his file were not closed under order from Vijay Karaf former CBI director Ratnakar would have been prosecuted for various financial irregularities during his tenure as chairman of the public sector Canara Bank.
It is learnt that the CBI after a |prolonged investigation was able to establish that Ratnakar had been responsible for several instances of irregular finding of a few industrial houses including Reliance Industries Limited (RIL). The CBI recommended prosecution against Ratnakar from Bangalore Ratnakar home town in 1991 but the fill was closed by Karan reported at the instance of a powerful member of the council of ministers headed by Prime Minister P.V.Narasimha Rao;
However the circumstances of the resignation of P. Chidamakaram Commerce Minister from the council of ministers shows that the late Ratnakar in his role as FGFSL chief had roped in weighty people among his shareholder that the included a number of top bureaucrat and politicians.
Article extracted from this publication >> July 24, 1992
