The CPI(M) M.P. Dipankar Mukherjee in a letter written to the Union Finance Minister, Mr Yashavanta Sinha on August 16 has demanded that the BJP government at the centre publish a white paper on release of a hefty amount of Rs. 5,200 crores by the government - controlled financial institutions to 14 private sector industrialists close to the Prime Minister, he Union Home Minister and senior BJP leaders and other Ministers. The loan turned up to be a bail out package even after the same industrialists were charged with diverting funds amounting to Rs. 442 crores by a consortium of banks and institutions. This diversion of funds took place in respect of an earlier loan. Almost all of them diverted it from the stipulated heads and the consortium of banks which had taken the initiative wanted that the industrialists be made to procure funds and deposit with the stipulated heads of account. Instead of taking any action against the industrialists, Mr Vajpayee and other senior ministers hurriedly moved to see to it that to see to it that the bail out package was released with equal haste. Mr Promod Mahajan, Mr Vajpayee's man Friday did the rest. Only the Economic Advisor to the Finance Ministry lost his job possibly going against the move. Transparency in administration has been thrown to the winds. But the fact remains that people has the right to know what has happened to thousands of crores of public money deposited with the public sector financial institutions.

Who in his senses will believe that government largess of the order of Rs. 5,200 crores was bestowed on 14 industrialists close to the BJP without the knowledge of party big guns including Mr. Vajpayee and Mr. Advani and Mr. Sinha. From Mr. Mohan Guruswamy's letter it is quite evident that the loan was sanctioned with direct intervention from the top-brass of the BJP government. On 4 January, in the office of the Finance Ministera meeting of officials of the IDBI,ICICI, UTI,SBI was held, the Finance Minister and the Mr. Mohan Guruswamy and the Special Secretary, Finance, were also present. The meeting was called to expedite release of funds to the 14 industrialists. Yet Mr. Yashavanta Sinha goes on claiming that the financial institutins did not seek government clearance for release of the loan to bail out the industrialists.