Financial Daily from THE HINDU group of publications
Friday, May 13, 2005
Financial Daily from THE HINDU group of publications Friday, May 13, 2005 |
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Industry & Economy
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Disinvestment Centaur sale: No ethical issue in Kerkar's ties with AI, says Shourie Our Bureau
Chennai , May 12 FORMER Disinvestment Minister Mr Arun Shourie has said that he saw no ethical issue in Mr Ajit Kerkar being on the board of Air India at the time that he was on it and the company controlled by him winning the bid for the sale of one of the two Centaur hotel properties, later. He was responding to a specific question put to him by Business Line in this regard. He said Mr Kerkar was, to his knowledge, on the board of Air India until December 10, 1998. The bids for sale of the hotel properties were received in October-November 2001. The procedures that the Ministry had instituted then precluded any advantage being obtained by anyone with better access to officials in the Government or the company. He explained that the information put up at the Data Room set up by the Ministry was available to every bidder. There was no information that one bidder would have which others would not get, he clarified. Moreover, the Ministry had made sure that whatever additional information any bidder had sought was made available to him, he added. He referred to the close race between the Tatas and the Reliance group in the bid for the Government's stake in VSNL in which the Tatas emerged successful. This, to him, was proof of the fact that a there was no asymmetry of information between the bidders as Reliance with its presumed superior access to official data should then have been at an advantage over its rival in the bidding process.
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