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Jaya blamed for renuciation of rights in Spic bonds
Chennai, Jan 08: Cbi today held Tamil Nadu Chief Minister Jayalalithaa solely responsible for the decision of the state to renounce its rights in zero conversion bonds of Spic, thereby causing the state exchequer a loss of Rs 28.29 crore in 1992 during her early tenure as Chief Minister.
Chennai, Jan 08: Cbi today held Tamil Nadu Chief
Minister Jayalalithaa solely responsible for the decision of
the state to renounce its rights in zero conversion bonds of
Spic, thereby causing the state exchequer a loss of Rs 28.29
crore in 1992 during her early tenure as Chief Minister.
'There is no authority who could have taken the decision
in the matter which establishes that the decision was taken by
(Jayalalithaa) alone," CBI said in a written submission in
a special court trying the Spic disinvestment case.
It had resulted in industrialist A C Muthiah, an accused
in the case, reaping the benefits and state owned Tamil Nadu
Industrial Development Corporation (TIDCO), an investor in
Spic, losing in the bargain, the agency said.
As a result of the renunciation, Tidco had lost the
eligibility to subscribe and avail 15 per cent excess
subscription in zero conversion bonds of Spic, CBI said.
Besides, Jayalalithaa and Muthiah, former Tamil Nadu
industries secretary C Ramachandran is also arraigned in the
case.
Bureau Report
Bureau Report