Do investors’ meets serve a purpose: HC

Calls for details of investments made pursuant to GIM 2015 and 2019

Do Global Investors Meets organised by the State government bring in any worthwhile foreign investments and generate employment opportunities for local residents? Seeking an answer to the question, the Madras High Court called for details related to the 2015 meet as well as the one that got concluded on Thursday.

A Division Bench of Justices M. Sathyanarayanan and P. Rajamanickam on Friday directed the Industries Secretary to file a status report listing the number of MoUs signed, the projects that came into being and new employment generated on account of GIM 2015, conducted during former Chief Minister Jayalalithaa’s tenure. Seeking similar details with respect to GIM-2019, the judges granted the Secretary time till June 10 to file the report so that the impact of the recently held GIM too could be gauged.

The order was passed while dismissing two public interest litigation (PIL) petitions filed by Singapore-based Cascade Energy Private Limited.

The petitioner had sought a direction to the State government to frame guidelines aimed at protecting foreign investors from being cheated by dubious domestic firms. Claiming to have been cheated to the tune of ₹33 crore by a domestic solar energy firm, the petitioner wanted guidelines in place to earn the confidence of foreign investors.

Opposing the plea, Advocate General Vijay Narayan, assisted by Additional Government Pleader E. Manoharan, said there were already sufficient laws in place. He pointed out that the Tamil Nadu Business Facilitation Act of 2018 dealt with pre-establishment clearances, post-operational clearances, renewals and incentives granted to investors.

In private interest

The A-G also contended that the present case styled as a PIL had actually been filed in private interest. Accepting his submissions, the Bench said the petitioner had not made out legal grounds to seek a positive direction to the State government.

“Initially, the concept of public interest litigation came into being as the poor and the downtrodden were not aware of their legal rights and rules. They also lacked necessary resources to approach the court. But, of late, it has became a tool for misuse as pointed out by the honourable Supreme Court in many decisions,” the Bench said.