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Home / Companies / People /  Piramal says there’s mistrust between govt and businesses

Mumbai: Businessman Ajay Piramal on Friday spoke out against the frequent raids, searches and lookout notices by various government agencies on corporates, and blamed these actions for creating a “mistrust" among the business community.

The head of the diversified Piramal Group refused to comment on the media reports of Japanese investor SoftBank backing out of a proposed deal with his NBFC arm.

The comments on the business climate come at a time when many a too business leader, including L&T’s A.M. Naik and others have been flagging these concerns.

However, the massive corporate tax cuts last week have resulted in more optimism.

It also comes at a time when regulators and enforcement agencies are very busy with actions like stopping Jet Airways founder Naresh Goyal from flying abroad, raiding Videocon group founders, etc.

Piramal chose to make the concerns public at the World Hindu Economic Forum which began in the financial capital. “Today I see there is a gap, there is mistrust between the people who are in power and the people who are wealth- creators," he said.

“Why do we need to have everything criminalised if there is a charge of an offence against you? With so much of information available, with so much of data available, do you need to have searches and raids? Do you need to have lookout notices issued? It does not give a positive feeling to any businessman," he averred.

Further said “what is critical is that wealth-creators get the respect they deserve."

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