Rights issues problems

Another finance ministry note, this time an affidavit in the case of the writ petition filed against the appointment of UK Sinha as Sebi chairman, has raised more questions than it has answered—and this time too, as in the case of the 2G office memorandum, the note involves finance minister Pranab Mukherjee and former finance minister P Chidambaram. Ostensibly, the affidavit is supposed to be answering the charge that there was mala fide in the way former Sebi chairman CB Bhave was not given an extension even though the finance ministry had earlier moved a proposal to this effect and that UK Sinha was appointed in an underhand manner.

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