Won't revisit cases handled by arrested CLB member: Govt
November 25, 2009
The Indian government on Wednesday said it will not relook into the investigations handled by arrested Company Law Board (CLB) member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs, reports PTI.
Mr Vasudevan, who was director, investigation and inspection, ministry of corporate affairs, before joining the CLB three months ago, was looking into high-profile cases like the Satyam and the Sesa Goa fraud.
"No we don't need to relook, it is the Serious Fraud Investigation Office (SFIO) that has done the investigation; in the beginning it was done at the level of regional director and registrar of companies and then it was taken over by the SFIO, so I don't think we need to worry at all..." corporate affairs minister Salman Khurshid said.
CBI has arrested CLB member R Vasudevan, who is also the presiding chairman of the quasi-judicial body, for allegedly accepting Rs7 lakh in bribe from a company secretary of a media house.
On being asked if the arrest of the judge raises questions on the credibility of the system, the minister said, "In fact it consolidates credibility that there is nobody above the law... If you work on the wrong side of the law you will definitely have to bear the brunt..."
The arrest of Mr Vasudevan has left the Delhi Bench of the CLB without a representative.
Mr Khurshid said, "The new chairman will take over on 1st December and soon after, new members will join, so there is nothing for CLB's functioning to be hampered.”
Sources on Tuesday said Kanthi Narhari, the only remaining member on the CLB’s Delhi Bench, is likely to be flown in soon to take over as the Board's presiding chairman. Mr Narhari, sources added, would also be asked to deal with cases in the Mumbai Bench of the CLB.
Short of staff, CLB now has just four members looking after cases in Mumbai, Delhi, Chennai and Kolkata benches.
According to sources, about 2,000 cases are pending before the Board as on March 2009, most of them being high-profile corporate disputes. –Yogesh Sapkale[email protected]