NEW DELHI: Concerned by a series of reports about the involvement of his close relatives in & company promoting a paper Project, Prime Minister P.V Narasimha Rao is understood to have instructed that the reports be investigated.
A series of articles appearing in the Calcutta-based “Business Standard” recently reported that two of the Prime Minister’s sons, P.V.Prabhakara Rao, and P.V.Rajeshwar Rao, the Prime Minister’s son-in-law, Dayakar Rao and two nephews, were promoters in Sphinx Investments and Finance Limited which had put up a proposal for a mega paper mill project to the IDBI.
According to the reports, ,Sphinx and its two sister concerns, Sinclair Holdings and Investments Limited and Nav Nirman Investments and Estates Limited, together proposed to the IDBI that they would put up Rs 37 crore as equity in the paper project worth Rs 246 crore. It envisaged deploying of Rs 37 crore by the three companies through “private placement of shares.”
Article extracted from this publication >> October 16, 1992
