Summoning Samsung chief will hurt India’s investment climate: Anand Sharma

Summoning Samsung chief will hurt India’s investment climate: Anand Sharma

Supreme Court's order directing South Korea-based electronic giant Samsung's chief to appear before a Ghaziabad court in a cheating case would definitely adversely affect India's investment climate, Commerce & Industry Minister Anand Sharma said.

The apex court passed the order on an appeal filed by Samsung Chairman Kun-hee Lee, in which he challenged the Allahabad High Court's ruling that dismissed his plea to set aside arrest warrant issued against him.

The court order was passed after India's JCE Consultancy filed a suit against Lee in the Ghaziabad court alleging that his company cheated it of $1.4 million.

But, Commerce Minister Sharma expressed apprehension that such extreme steps would send shockwaves amongst the corporate world, which could hurt Indian economy.

Commenting on the apex court's order, Mr. Sharma said, "Samsung is one of the largest companies of Korea and it has huge presence and investments in India... It sends a very negative message and will definitely adversely impact the investment and business climate."

Separately, Samsung India's Managing Director B. D. Park, who is also the chief executive of Samsung's south-west Asia operations, held a meeting with DIPP Secretary Amitabh Kant. Samsung India's Deputy Managing Director Ravinder Zutshi was reportedly also present in the meeting.

A senior official handing the case on behalf of the Indian government said that JCE Consultancy is a fraud company and the case has zero merit. He alleged that JCE Consultancy is cleverly making a misuse of the Indian judicial system.

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