Union Minister of State for Corporate Affairs Arjun Ram Meghwal on Friday said the spat between Tata Sons Chairman Ratan Tata and the ousted Chairman Cyrus Mistry was an ‘internal matter' of the group but the Government was keeping a close watch on the developments.
“This is an internal matter of the Tata Group. But, it handles a big economy, hence we are keeping a close watch on the developments taking place. We haven’t received anything so far from the regulator, SEBI. We will consider the issue once SEBI approaches us on the matter,” Meghwal told journalists at the launch of the IFSC Insurance Office (IIO) of the New India Assurance Co Ltd at the Gift IFSC, near Gandhinagar.
Expressing confidence on the agricultural growth and overall GDP growth, Meghwal said the country's agricultural growth is set to touch 4 per cent this fiscal, while the GDP growth rate will touch 8 per cent.
On the prospects of the GIFT City, Meghwal said 14 banks are keen to start operations at GIFT IFSC.
“Already seven banks have started functioning from the centre. Fourteen more banks have sought permission to start operations. The regulators are looking into the matter and soon they will be operational,” Meghwal said.
Meghwal, who heads the taskforce to promote the GIFT City during the Vibrant Gujarat Global Summit (VGGS) in January, said the task force held a meeting with the regulators and attempted to sort out issues.
“The second meeting is scheduled for November 15. This task force is set up specially to iron out the problems and regulatory hurdles faced in promoting GIFT City and attracting investments,” he added.