...by the way
Non-corporate affairs ministry?
call it a
case of the right hand not knowing what the left is doing. But, the ways
of our Government are mysterious, with one set of officials hell bent
upon killing the ambitious investor education programme that was started
with much fanfare through a wide network of Investor Associations
empanelled with the Ministry of Corporate Affairs and the Securities
Exchange Board of India. As a result, today the entire funding for the
programme is now distributed to various industry-sponsored organisations
and professional institutions having no direct contact with the
investors while investor associations are being shooed away. A case in
point is of an investor association that worked on a MCA-sponsored
project way back in 2009. On completion of the project, the body
submitted a duly compiled report with a statement of accounts, enclosing
all original bills and required certificates for release of funds. But
submission of a project report does not necessarily mean release of
funds as this association found out. Mr B P Bimal, Under Secretary in
the Ministry, sat on the report for years together despite several
written reminders. Waking up one afternoon, he informed the concerned
investor association that the original file had gone missing and they
would have to resubmit the same. Assuming his contention to be true, the
association complied only to see Mr Bimal sit down once again on the
file. After a considerable lapse of time, when an official of the
association called upon Mr Bimal to remind him of the release of funds,
he was curtly told that the wheels of change take time to move and he
should “not disturb me in this regard, otherwise the payment will never
get released”. Such delays are not limited to one investor association
alone; many sulking bodies are refusing to take up new projects at the
grassroots level due to the uncalled-for behaviour of junior officials.
Will the Secretary, Ministry of Corporate Affairs, Naved Masood, take
any action or will all complaints be consigned to the dustbin?...Read More
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