Chambers Yet To Study India Club Agenda

An Assocham spokesman yesterday said the issue might crop up in the chambers annual general meeting slated for October 16 where Indian industrialists would assemble. Although there are no formal talks on floating an `India only forum to protest against the governments pro MNC, pro FII slant, business corridors are abuzz on whether to form a club or not.

The Ficci also has not had any formal deliberations on this issue so far.

The Confederation of Indian Industry (CII) whose top brass are abroad were not available for comment. However, the chambers spokesperson explained that the issue has not yet cropped up in CII till date. The issue could come up for discussions once director general Tarun Das, president Shekhar Datta return on Thursday.

Ficci president Deepak Banker had earlier said that safety mechanisms have to be established before the entry of MNCs to protect Indian investors.

He said MNCs with majority stakes should be made to disinvest and that the take over code should have these provisions. The Indian corporates are expressing fears of `hostile takeovers.

Indian companies, businessmen say, are reeling under a weak capital. While the government has announced plans to allow FIIs to place 100 per cent of their funds in the domestic debt market.

This has prevented Indian companies from accessing the money market as they are unable to offer lucrative returns to the FIIs.

The `India Club, an exclusive Indian only forum to lobby the government in their stand towards the MNCs is apparently an offshoot of the `Bombay Club launched informally three years ago by high profile corporate chieftains.