Federation of Karnataka Chambers of Commerce and Industry (FKCC) on Monday said that the Central Bureau of Investigation (CBI) booking Aditya Birla group Chairman Kumar Mangalam Birla in the coal block allocation case would adversely affect investment in India.

R. Shivakumar, FKCCI president, said that the coal block which was reserved for the public sector was partially allocated to the private sector after the completion of the allotment process and it cannot be termed wrong-doing after eight years. In a press note, he said that the FIR against the industrialist would negate industrial growth, forcing the corporate world to work in fear. Mr. Shivakumar said that the CBI has the powers to proceed against anyone, but it should be careful before taking action against reputed industrialists who are contributing to the economy.

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