Saturday, October 29, 2011

‘Pranab pressured Sebi to go easy on RIL, save Rs 1,500 cr’

R Jagannathan Oct 28, 2011

A month-and-a-half before he demitted office, former Sebi member KM Abraham wrote an anguished letter to the Prime Minister alleging pressure from Finance Minister Pranab Mukherjee and his advisor Omita Paul to “manage” cases against powerful corporate groups which were being investigated by Sebi.

Among the groups which were allegedly pressuring him were Sahara, Reliance Industries, the Reliance-ADAG group, Bank of Rajasthan and the Multi-Commodity Exchange (MCX).
Firstpost has, in its possession, the full letter written by Abraham, dated 1 June 2011, obtained under the Right to Information Act from the Prime Minister’s Office (PMO). We had asked for all the three letters written by Abraham to the PMO, but the latter released only one of them, apparently on the advice of Abraham.
See letter:

For the letter click this link:

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