First Global to restart Indian operations

Beginning September, First Global, presently operating from the US and Europe, plans to invest more than Rs 50 crore in expanding its operation in the country. He also asked the UPA government to scrap cases against him ‘‘as they were politically motivated.’’

‘‘In the next six months, starting September we plan to have at least 20 offices all over the country, like we had in the beginning of 2000,’’ said Sharma, who had to face the NDA government’s stick for his investment in media portal Tehelka which exposed corrupt defence deals.

Speaking at a news conference here on Monday, Sharma did not mince words when asked about his investments in Tehelka and its subsequent expose of the erstwhile BJP-led NDA government. ‘‘Tehelka was a cut and dry investment for me, I wasn’t emotionally involved with the investment in the beginning. But thanks to the exposure today, I am more attached to the team than ever before,’’ said Sharma, who has invested close to Rs 3.5 crore in Tehelka and still holds 10 per cent stake in the company.

‘‘We have asked the new government to scrap the frivolous cases against us and demanded action against the officials of Sebi, ministry of finance and Enforcement Directorate who had abused their powers,’’ Sharma said. Seeking drastic changes in the working of Sebi, he said the market regulator was vested with enormous powers but no accountability. Sharma demanded that the regulator should not be allowed to pass judgements.