Mumbai, Feb. 7 :
Mumbai, Feb. 7:
The Credit
Rating Information Services of India Ltd (Crisil) today defended its decision to downgrade Maharashhtra's bonds even as Enron Virodhi Andolan alleged a nexus between the rating agency and Enron.
The issue took a queer
turn when chief minister
Vilasrao Deshmukh himself
referred to this nexus. Asked
to comment on the allegations levelled by Pradyumna Kaul,
the convenor of Enron Virodhi Andolan, Deshmukh said,
'there is scope for doubt regarding the relations between the two.'
Crisil, in a statement, said, it 'operates its ratings and advisory divisions independent of each other, with separate manning and with strong firewalls between the two activities.'
The advice given to MSEB, over the years, on the issues of risk has always been objective. There has never been any advise that conflicts with the stance taken by the ratings division, the rating agency said.
Meanwhile, Kaul told The Telegraph that the documents lying with his organisation and those with the finance minister, give a completely different picture of the credibility and the integrity of the advice and recommendation that Crisil has given MSEB for which the chairman and board of Crisil are directly responsible.
In fact, it is unfortunate that Crisil has got itself involved in controversial dealings with Enron who are under scrutiny, he said.
Kaul has threatened to make public certain documents on Friday that will give credence to his allegation.