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Claiming that Tata-Mistry spat was an “internal matter” of the Tata Group,the Union Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal said Friday that the Modi-government was “keeping a watch” on the issue that boiled over after Tata Group’s holding company abruptly ousted Cyrus Mistry as the chairman and replaced him with his 78-year-old predecessor Ratan Tata.
“It is an internal matter of Tata Sons…The Government will take note if SEBI raises any issue. Nothing has come so far to us. If something comes then the government will take note. Till then it is an internal matter of the Tatas,” said Meghwal while talking to mediapersons on the sidelines of an event in GIFT City campus at Gandhinagar.
WATCH VIDEO: Following Cyrus Mistry’s Ouster, Tata Group To Shortlist Candidates For Next Chairman
Stating that the Tata Group is a significant contributor to the nation’s economy, Meghwal said, “The economy should not be hampered. We are keeping a watch. But I do not want to say anything on their internal matter.”
Meghwal was at GIFT City to inaugurate the first insurance office that will be set up within the International Financial Services Centre (IFSC). The office, set up by New Indian Assurance Co. Ltd, will kick-start the insurance vertical within IFSC. Currently there are already seven banks operating out of the IFSC which includes Yes Bank, SBI, ICICI, IDBI, Kotak Mahindra, Federal Bank and IndusInd Bank.
“Fourteen more banks have sought permission to start operations here. The Reserve Bank of India is looking into the matter and before Vibrant Gujarat summit we expect them to get the necessary clearances,” the minister added. Ghelot who is also heading a task force for GIFT City said, “The task force has completed one meeting with the regulators and the second meeting is due on November 15. This task force has been given the task of ironing out the problems and regulatory hurdles that GIFT City is facing. We want to inaugurate GIFT City during Vibrant Gujarat (in January 2017).”
When pointed out the GIFT City is already operational with companies functional in both the SEZ and the domestic tariff areas, the minister said, “We want to launch it in totality (during the Vibrant Gujarat summit).”
“We are currently growing at 7.6 percent. This year our agriculture growth rate is estimated to touch four percent. The monsoon has been good and we expect the production to be good too and with the steps taken for ease-of-doing-business, we are confident that we will touch the eight percent growth rate,” Meghwal said about the country’s GDP.
During the event, Ajay Pandey, the MD and Group CEO of GIFT City also announced that the IBUs (IFSC Banking Units) belonging to these seven banks have together done business worth USD one billion since IFSC became operational.
Meanwhile, Tata group stocks today bounced back after three days of continuous decline, rising up to 5.6 per cent, on value-buying at a lower level. Tata Motors jumped 2.89 per cent, Tata Steel rose 1.81 per cent and Tata Power gained 1.75 per cent on BSE.
