New Delhi: Condemning the market regulator of “evading investigations” against the Tatas on complaints made by him, BJP leader Subramanian Swamy today sought the action and “comprehensive” probe by Securities and Exchange Board of India (SEBI).
“It is not for SEBI to rely on self-certification from the companies who themselves are under investigation and abdicate their legal and fiduciary responsibilities,” Swamy said in a letter written to SEBI Chairman Ajay Tyagi on September 28, 2017.
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The letter levels allegations against Tata Steel, Tata Motors and Tata Chemicals. According to the reports of the news agency, a copy of the letter is with them.
“Is it appropriate for SEBI to delegate an investigation to the very companies who are the subject matter of the investigation, whether or not it is done by the audit committees or otherwise?” he asked.
Swamy also said that SEBI’s response on insider trading allegations against Tatas was “just plain prevarication.”
Asked to react to Swamy’s letter, Tata Motors declined comment. “We will not comment as you may check with (the) Group,” a spokesman for the company said.