High court seeks details from GIM 2015
TIMES NEWS NETWORK
Chennai:26.01.2019
A day after the Tamil Nadu government concluded its Global Investors Meet (GIM) 2019, the Madras high court demanded a virtual white paper on GIM 2015, and the investment and job creation targets it had achieved.
“It is necessary on the part of the state to file a status report as to how many projects came into being on account of GIM 2015, present stage of such projects, as well the MOUs reached, and the agreements signed in pursuant to GIM 2019 and generation of employment,” said a division bench of Justice M Sathyanarayanan and Justice P Rajamanicakam on Friday.
Dismissing pleas by a Singapore-based company to stall conduct of GIM-2019 until Tamil Nadu government framed guidelines for participating companies, the bench said: “A perusal of the material placed in the form of typed set of documents as well as the submission made by the advocate-general would disclose that proper mechanism has been put in place, but at the same time, it is to be noted that the state government is also spending considerable amount in making GIM 2019 a grand success and the said effort should necessarily be transformed into good and proper investments, so as to develop industrialisation and generate employment especially for the local people for their wellbeing.”
The pleas were moved by Cascade Energy Pte Limited, a Singapore-based company, alleging that it suffered loss to the tune of ₹30 crore invested in Chennai-based Zynergy Solar Products & Services Private Limited through GIM 2015. It alleged that the Chennai firm misappropriated the investment and utilised the funds for other purposes. Therefore, to prevent such incidents, Cascade wanted the court to direct the state to frame guidelines through which companies participating in the meet would be scrutinised.
Refusing to entertain the plea, the bench said the issue does not have any public interest as the dispute is between two private parties. “Initially, the concept of PIL came into being as poor and downtrodden were not aware of the legal rights, rules and lack necessary resources to approach the court and involve themselves in costly litigations and oflate, it became a tool for misuse,” the bench said and dismissed the pleas.
The court demanded a virtual white paper on GIM’s 2015 version, and investment and job creation targets it had achieved
TIMES NEWS NETWORK
Chennai:26.01.2019
A day after the Tamil Nadu government concluded its Global Investors Meet (GIM) 2019, the Madras high court demanded a virtual white paper on GIM 2015, and the investment and job creation targets it had achieved.
“It is necessary on the part of the state to file a status report as to how many projects came into being on account of GIM 2015, present stage of such projects, as well the MOUs reached, and the agreements signed in pursuant to GIM 2019 and generation of employment,” said a division bench of Justice M Sathyanarayanan and Justice P Rajamanicakam on Friday.
Dismissing pleas by a Singapore-based company to stall conduct of GIM-2019 until Tamil Nadu government framed guidelines for participating companies, the bench said: “A perusal of the material placed in the form of typed set of documents as well as the submission made by the advocate-general would disclose that proper mechanism has been put in place, but at the same time, it is to be noted that the state government is also spending considerable amount in making GIM 2019 a grand success and the said effort should necessarily be transformed into good and proper investments, so as to develop industrialisation and generate employment especially for the local people for their wellbeing.”
The pleas were moved by Cascade Energy Pte Limited, a Singapore-based company, alleging that it suffered loss to the tune of ₹30 crore invested in Chennai-based Zynergy Solar Products & Services Private Limited through GIM 2015. It alleged that the Chennai firm misappropriated the investment and utilised the funds for other purposes. Therefore, to prevent such incidents, Cascade wanted the court to direct the state to frame guidelines through which companies participating in the meet would be scrutinised.
Refusing to entertain the plea, the bench said the issue does not have any public interest as the dispute is between two private parties. “Initially, the concept of PIL came into being as poor and downtrodden were not aware of the legal rights, rules and lack necessary resources to approach the court and involve themselves in costly litigations and oflate, it became a tool for misuse,” the bench said and dismissed the pleas.
The court demanded a virtual white paper on GIM’s 2015 version, and investment and job creation targets it had achieved
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