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April 12, 2001
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Money > Business Headlines > Report April 12, 2001 |
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Godbole report pulls up Sena-BJP governmentRenni Abraham The Madhav Godbole report has blamed both the former Sharad Pawar-led government in Maharashtra and the BJP-Shiv Sena government for their negligence in negotiating the agreement reached with the Dabhol Power Company.. The contract (power purchase agreement) was illegal, unviable and wrongful, was the consensus opinion of the Godbole committee, political sources said in Bombay on Wednesday. Godbole had wanted a commission of enquiry to be set up to go into the various aspects of waivers and clearances given to DPC, which he found questionable. However, Maharashtra energy secretary V M Lal and HDFC chairman Deepak Parekh dissented with Godbole and former Union power secretary E A S Sarma. Godbole said that DPC had not submitted to the committee key documents like the financial package, names of investors and the actual rate of interest. What is more, he also felt that some Indian politicians had invested in the DPC project. The DPC shareholding registration was done in Mauritius, which is a tax haven. Also, Godbole felt that some persons needed to be summoned. The committee also suggested that financial restructuring needs to be done, besides converting the dollar-loan into a rupee-loan as also converting the equity into deferred preferential shares. Powered by ALSO READ:
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