FIR against Birla: Pilot says action should be on hard facts

In the wake of an FIR filed against top industrialist K M Birla by CBI in the coal scam, Corporate Affairs Minister Sachin Pilot today said it must be ensured that such actions are based on 'hard facts' as these incidents dampen business confidence and investor sentiment.

Pilot also called for ensuring that such actions do not create an atmosphere of fear and uncertainty.

"While no one is above the law and wrong doers have to be brought to justice, we must ensure that such actions are based on hard facts and do not create an atmosphere of fear and uncertainty," the Union Minister told PTI.

"Recent incidents will certainly dampen business confidence and investment sentiment, both domestic and foreign; and perhaps also negatively affect decision making by bureaucrats and policy makers," he added.

A number of industry leaders have also expressed their concerns over the CBI action against Kumar Mangalam Birla, who heads USD 40-billion business conglomerate, Aditya Birla group which is present across metals, mining, cement, retail, telecom, technology and financial sectors, among others.

Those having voiced their concerns on the issue include Deepak Parekh, Ajay Piramal, Nimesh Kampani and T V Mohandas Pai, as also some industry chambers.

Earlier in the day, Commerce and Industry Minister Anand Sharma also said it was an unfortunate incident and could raise questions over investor confidence in the country.