Will exmine sharing of corporate info case-to-case basis:Moily -Governance Now

Will exmine sharing of corporate info case-to-case basis:Moily

MCA refused to comment on Telecom Department's query on shareholding of Tata Group in Idea Cellular during time of obtaining licence for 2G spectrum

PTI | July 19, 2011

The Corporate Affairs Ministry on Monday said it will examine the issue of providing shareholding details of corporates to various agencies on a case-to-case basis, amid reports that it has refused to give its comment to the DoT on two telecom companies. "Issue by issue we will have to examine. Whatever, responsibility the MCA will have to take, we will have to take. We cannot shrug off the responsibility and we will discharge our duties," Corporate Affairs Minister Veerappa Moily said. Moily was responding to a query if, henceforth, the Ministry would refrain from sharing its opinion on shareholding pattern of companies with other ministries and agencies. Media reports said the MCA has refused to comment on the Telecom Department's query on the shareholding of Tata Group in Idea Cellular during the time of obtaining licence for the 2G spectrum. Moily, however, denied having knowledge about any such communication by the MCA to the DoT. "According to my understanding, I have not seen any such acceptance or refusal ... Earlier it must have been there but after I came in this ministry no such issue came before us," Moily said. The MCA's move is also seen to be an outcome of the Central Bureau of Investigation (CBI) questioning the inconsistency in the ministry's variuous reports on the shareholding patterns of two companies, embroiled in the 2G spectrum scam.

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