Public Accounts Committee member and BJP MP Nishikant Dubey has accused the panel's chairman and Congress member K C Venugopal of raking up non-existent issues to defame the central government and destabilise the country's financial structure and economy.
Dubey wrote to Lok Sabha Speaker Om Birla against Venugopal for allegedly misusing his position, bypassing the PAC's remit and working as part of a "tool kit" to damage the economy after reports emerged that the committee may summon SEBI Chairperson Madhabi Puri Buch, who has faced allegations of professional impropriety from US-based firm Hindenburg Research.
He had written to Birla against Venugopal's "unconstitutional and disdainful" conduct on September 9. Incidentally, the PAC decided on October 4 to call Buch for deposition on October 24.
His strongly worded communication is a clear indication that the ruling BJP-led National Democratic Alliance, who are in a majority in the committee, are likely to resist any further move by Venugopal to put the regulator in a spot, signalling that its meetings over the issue will be stormy.
Dubey claimed that political motivations were guiding the committee's chairperson after the Congress was "compelled" by voters to sit in the opposition benches following the Lok Sabha polls.
There was no immediate reaction from the senior Congress leader.
Dubey said various countries which cannot digest the growth of India, which is on the trajectory of becoming the world's third-biggest economy, devised a "tool kit" to defame it by attacking its financial structure and the economy by dubbing important organisations like SEBI as corrupt.
Claiming that unverified allegations by a foreign company like Hindenburg against Buch were part of such a campaign, he alleged that the "India Chapter' of this toolkit has become active.
"It used its position as is presently being used by K C Venugopal in the capacity of Chairman, Public Accounts Committee, to further defame the Government and damage the financial prospects of our economy. This time also, unverified allegations have been levelled against the SEBI Chief by a foreign entity viz., Hindenburg Research, which is notorious for targeting business houses, important functionaries and financial institutions of the country," Dubey told Birla.
He also accused Venugopal of committing the "unconstitutional and disdainful act of announcing an inquiry against the SEBI Chief by the Committee", which is against the constitutional provisions and in clear violation of parliamentary rules.
"I request your goodself to restrain Mr K.C. Venugopal not to play at the hands of aforementioned 'tool kit and misuse his position as Chairman of Public Accounts Committee," Dubey told the Speaker.
Citing rules, the BJP MP said the sole function of the Public Accounts Committee is confined to scrutinising the appropriation accounts of the Government of India and reports of the Comptroller and Auditor General of India.
The committee, he alleged, has been made as a "surreptitious tool kit of some countries, inimical to the galloping strides which India has witnessed during the last decade under the exemplary leadership" of Prime Minister Narendra Modi.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)