AN INSULT TO BIZ COMMUNITY India Inc biggies rally behind Kumar Birla

Mumbai: Industry leaders have come out strongly against the CBI move to lodge an FIR against Aditya Birla Group chairman Kumar Mangalam Birla for alleged irregularities in the allocation of a coal block, terming it as "deplorable" and "unfortunate". Rallying behind Birla, at least one of them described the incident as an "insult to the entire business community", while another said it would affect business confidence.      What has shocked India Inc is that even leaders, who are known to be upright and scrupulous, conscientiously sticking to norms and procedures, are being implicated without substantial evidence being made public.      "The FIR against Kumar Mangalam Birla is deplorable,'' Adi Godrej, chairman, Godrej Group, said. Going by the facts mentioned by Hindalco when it clarified on the coal block allocation, Godrej said, "the company (Aditya Birla Group company, Hindalco) has only 15% stake in the coal block. Just because it is a coal block reserved for a PSU, it does not mean some allocation cannot be made.'' Godrej hopes that the CBI would quickly reverse its action.      Leaders across industries couldn't fathom that Birla's name was being linked to the coal allocation scam. "K M Birla is an epitome of virtuousness,'' said Kishore Biyani, founder, Future Group. "India has to learn to respect its entrepreneurs. This is an insult to all of us and the entire business community,'' Biyani added. On Tuesday, Deepak Parekh, chairman, HDFC, had lashed out at the CBI while adding that such moves were scaring businesses out of the country.      "It is very unfortunate. To go and meet somebody is not a crime. Kumar is a clean man," said G P Goenka, chairman, Duncan Goenka Group. Some even questioned CBI's standing. Ramesh Chauhan, chairman, Bisleri International, said Birla could not possibly have done something shady.      "The credibility of CBI has gone down, not only in the eyes of the Supreme Court, but all. There's no doubt something has gone wrong somewhere that someone has to be wrongfully made a scapegoat,'' said Chauhan.      K M Birla, the great grandson of Ghanshyam Das Birla who is known to have financially supported Mahatma Gandhi in India's freedom movement, is held in high esteem in India Inc. However, more than just his famous surname, it is the impeccable image that K M Birla has painstakingly built over the decades which is the reason why he has garnered so much support from all quarters.      "Nobody will believe that Kumar can do this,'' said M K Jalan, chairman, Keventer Agro. "It was a shock to everyone from the business fraternity,'' said Rashesh Shah, chairman, Edelweiss Group, who added that the move would affect business confidence. The FIR against Kumar Mangalam Birla is deplorable … (Hindalco) has only 15% stake in the coal block. Just because it is reserved for a PSU does not mean some allocation cannot be made  ADI GODREJ || CHAIRMAN, GODREJ GROUP K MM Birla is an epitome of virtuousness. Inndia has to learn to respect its entrepreneurs e . This is an insult to all of us u and the entire business community  K ISHORE BIYANI | FOUNDER, FUTURE GROUP