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Thread: Dow wants to pass Bhopal buck to India, letters show

  1. Re: Dow wants to pass Bhopal buck to India, letters show

    If settled out of court, Dow won't have any liability</ARTTITLE>

    NEW DELHI: Documents in TOI's possession show that an offer by Ratan Tata, who heads the Indo-US business council, to take up ‘remediation' - in plain words, cleaning up - of the Union Carbide plant site has been picked up by the PMO and top ministries to find a way out for Dow.

    The problem with this, say activists, is that once settled out of court, Dow will no longer be responsible for compensating for the water contamination.

    In other words, while the site might be cleaned up with the help of Tata and other industrialists, the indirect victims of Carbide's cavalier factory management might be left high and dry. What do the documents show? They consist of several notes generated by the PMO, finance and industry ministers, the Planning Commission and the Cabinet Secretary.

    Commerce and industry minister Kamal Nath wrote to the PMO in February 2007, ‘‘While I would not like to comment on whether Dow Chemicals has a legal responsibility or not, as it is a matter for courts to decide, with a view to sending an appropriate signal to Dow Chemicals, which is exploring investing substantially in India, I would urge that a group under the chairmanship of the Cabinet Secretary be formed to look into the matter in a holistic manner.''

    He added,” In a similar manner as was done with respect to the Enron Corporation with respect to Dabhol Power Corporation.''

    In the Dabhol case, an out-of-court settlement was reached with its now defunct promoter, Enron. Deputy Chairman of Planning Commission Montek Singh Ahluwalia wrote to the PM, Finance Minister P Chidambaram and Kamal Nath in December 2006:

    ‘‘Ministry of Industry has granted foreign collaboration approval for a technical collaboration between Dow and Reliance. This was greatly appreciated as a signal that Dow was not blacklisted.

    ‘‘However, they have sought a statement from GoI in the court clarifying that GoI does not regard Dow as legally responsible for liabilities of Union Carbide. Similarly Shri Ratan Tata has written to the FM suggesting that we should launch an industry led intiative. Dow Chemicals indicated that they would be willing to contribute to such an effort voluntarily, but not under a cloud of legal liability.''

    Ahluwalia goes on to advise: ‘‘Cabinet secretary should be asked to try and resolve the issue in an inter-ministerial meeting including Ratan Tata or his representative.''

    Earlier, Tata wrote to Ahluwalia in November 2006: ‘‘Dow has mentioned in their letter that it is critical for them to have the ministry of chemicals and fertilisers withdraw their application for a financial deposit by Dow against remediation costs, as that application implies that the Government of India views Dow as liable in the Bhopal Gas Disaster case. This is obviously a key aspect and I want your assessment as to whether it is possible.''

    He also wrote to Chidambaram. The finance minister concurred with Tata while writing in December 2006 to PMO: ‘‘I think we should accept this offer and constitute a Site Remediation Trust under the chairmanship of Shri Ratan Tata and including executives from the private sector.''

    Dow, in the meanwhile, was in touch with top officials in PMO, in which they got the advice to consult top lawyer and Congress spokesman Abhishek Manu Singhvi. Documents show the legal advice given by Singhvi saying that Dow could not be held responsible for the disaster and also not be held liable for any alleged contamination and consequent cleaning up of the Bhopal site. This advice forms part of the PMO file.

    When contacted on the advice given, Singhvi said, ‘‘I have been appearing as a senior counsel in this case for over 18 months. I was engaged by a leading solicitor firm. I am not in any manner engaged in any matter of the case except appearing at the Jabalpur High Court case and advising Dow on various legal aspects involved in those proceedings. I am not aware of anything else.''

    Eventually, in April 2007, the cabinet secretary put up a note that says: ‘‘It stands to reason that instead of continuing to agitate these issues (Dow's legal liability) in court for a protracted period, due consideration should be given to the prospect of settling these issues appropriately. An important aim is to remove uncertainties and pave the way for promoting investments in the sector.''

    It adds that instead of leaving the matter to be settled by the court, the government should reconstitute the existing group of ministers (overseeing the work at Bhopal site) with an appropriate mandate.

    If settled out of court, Dow won't have any liability-India-The Times of India

  2. #10
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    Re: Dow wants to pass Bhopal buck to India, letters show

    As reported by Sreelatha Menon in on 13 May 2008:
    Law ministry shows thumbs down to Dow

    Law ministry shows thumbs down to Dow

    Dow Chemicals, which has been insisting that it was not liable to clean up the toxic dirt left by its Indian subsidiary Union Carbide, does not seem to have any support for its position from the Union law ministry.

    An internal note obtained by activists from the Prime Minister's Office and dated February 2 this year says that the Ministry of Law believes that 'irrespective of the manner in which Union Carbide has merged or has been acquired by Dow, if there is any legal liability it would have to be borne by Dow Chemicals.'

    The note also puts a question mark on the prospects for future investments by US-based Dow in India.

    The note referring to comments of the law ministry in a Cabinet note prepared by the department of chemicals on Dow's legal liabilities in Bhopal says: "It has categorically stated that in view of the pendency of the writ petition in Madhya Pradesh High Court and the legal position stated above, it cannot be said that the investment proposed to be made by Dow Chemicals will be immune from the orders of the court."

    This is with reference to the proposal of Dow Chemicals to invest $1 billion in India. This document contradicts Dow's stated position to its shareholders, and clearly outlines the risks faced by Dow Chemical's investments in India.

    The document was unearthed on May 8, 2008, through Right to Information from the PMO by survivors organisations of 1984 Union Carbide disaster in Bhopal.

    In 2005, Dow began intense lobbying for legal immunity against Carbide's liabilities prompted by a May 2005 application by the Ministry of Chemicals in a case relating to toxic waste clean-up in the Madhya Pradesh High Court.

    The application sought Rs 100 crore ($25 million) from Dow towards clean-up costs. Dow claims that its 100 per cent subsidiary, Union Carbide, is a separate legal entity with its own system of liability management, and that Dow has inherited only assets and not Carbide's liabilities.

    Responding to requests from Dow and its allies, the prime minister instructed the chemicals ministry to prepare a note on Dow's legal liabilities in consultation with the law ministry.

    While the actual note prepared by chemical and law ministries is not available, the internal briefing note prepared by PMO director Shaleen Kabra dismisses any possibility for immunity.

    Bhopal activists said they will bring the law ministry's opinion to the notice of Dow shareholders at the company's annual general meeting at Midland, Michigan, on May 15. The company is keeping its shareholders in the dark about its business in India, said Rachna Dhingra of the International Campaign for Justice in Bhopal, an organisation which has been protesting in Delhi since last month seeking justice for victims of the 1984 Bhopal tragedy.

    Giving a background for the preparation of the Cabinet note mentioned above, the note marked 'internal' says: Department of chemicals and petrochemicals sent a Cabinet note on legal liabilities of Dow Chemicals for environmental remediation of plant site.

    The matter was referred to the department on the basis of deliberations of Trade and Economic Relations Committee in the PMO in which it was noted that Dow Chemicals was proposing an investment of $1 billion in India and was seeking an assurance from India that their executives should be able to visit India freely to take care of their business interests.

    Referring to these, the note says: At the same time, the ministry has mentioned that the company's executives have been moving around in the country freely and taking care of their business interests.

    According to the note, the department of chemicals has suggested that the orders of the high court be awaited since the matter is sub-judice.

    A Dow India spokesperson, when asked to comment, said reaction was awaited from the main Dow Chemicals office in the US.

    The note obtained from the PMO has comments from Prime Minister Manmohan Singh saying that while his office need not give any comments on the Cabinet note, it should be sent to industry ministry, finance ministry and Planning Commission for their comments.

    Commerce Minister Kamal Nath, Finance Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia had earlier written letters to the PMO recommending the case of Dow Chemicals for consideration with reference to its legal liabilities in the Bhopal case.

    "The Industry and Finance Ministers and Planning Commission's Montek Singh Ahluwalia are the ones to watch out because they endorsed Dow's demand for immunity in 2006," said Satinath Sarangi of Bhopal Group for Information and Action.

    The revelations could have ramifications on the joint venture agreement between Dow Chemicals and Gujarat Alkalies and Chemicals Ltd last April to set up a 200,000-tonnes-per-annum chloromethanes factory in Dahej, Gujarat.

    This is Dow's first major investment announcement since its acquisition of Carbide. Dow has shied away from large investments in India, both because of its perceived risks and the hostile reaction to its entry from various quarters.

    In January this year, Dow Chemical's attempts to construct a Rs 300-crore R&D facility in Chakan, Pune, was stalled after villagers dug up approach roads to the construction site. The villagers have forced the government to rethink the permission given for Dow's proposal, says Sarangi.

    Meanwhile, Dow's attempts to forge alliances with the Indian Institutes of Technology have also run into rough weather. Citing Dow's mishandling of the Bhopal issues as a reason, students and teachers at six prestigious engineering institutes around the country have joined hands to bar the company from any truck with IIT.

  3. #11
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    Re: Dow wants to pass Bhopal buck to India, letters show

    As reported by Tarique in on 21 May 2008:
    40 Bhopal Gas Victims Chain Themselves to PM's Residence Seeking Justice | Indian Muslims

    40 Bhopal Gas Victims Chain Themselves to PM's Residence Seeking Justice

    Bhopal: Forty Bhopal survivors, including 15 children and 23 women, chained themselves to the fence around the Indian Prime Minister's residence in Race Course in New Delhi demanding speedy resolution of their demands. They are asking for legal action against Union Carbide and Dow, and an empowered Commission for rehabilitation of Bhopal victims.

    Some such as 11-year old Yasmin Khan are among 50 Bhopalis who reached Delhi on March 28 last having walked 800 km from Bhopal. Survivors of the 1984 Union Carbide disaster and victims of water contamination from Bhopal have been on "dharna" (sit-in) in New Delhi for last 55 days. The first request for a meeting with the PM was sent in January last.

    According to a Press release despite the long wait, and more than 3000 faxes that have flooded the Prime Minister's Office, (PMO), from more than 18 countries, the PMO has refused to give any time frame for resolution of the 23-year old legacy.

    "Twenty three years is too long. This is a matter of our lives and liberty, and our children's health. We are not prepared to wait, and will do what it takes to ensure that the Prime Minister realizes that we, and not American corporations, are his priority," the survivor organizations said. On May 5, mothers, tired of waiting for the Prime Minister to respond, brought children born with congenital deformities to the Prime Minister's residence. More than 80 of them, including children and babies, were arrested by the police and later released.

    The cause of the Bhopal survivors is being spear-headed by NGOs namely Bhopal Gas Peedit Mahila Stationery Karmachari Sangh, Bhopal Gas Peedit Mahila Purush Sangarsh Morcha and Bhopal Group for Information and Action.

    According to estimates by the Centre for Rehabilitation Studies, a Madhya Pradesh Government agency, at least one gas victim succumbs to the long-term effects of the toxic gas every day. Other anecdotal evidence and community surveys are revealing that Bhopal's Generation Next is already suffering the hand-me-down effects of the poisonous gases, and the toxins still found in the groundwater.

    The Bhopalis charged the Prime Minister for being personally insensitive to the plight of the victims and their children, and for breaking his promise. In April 2006, the Prime Minister had met a delegation of Bhopal "padayatris" (foot-marchers) and promised to do all within his power to rehabilitate them, and all within law to hold the corporations to account. Two years hence, even the simplest demand of clean water remains unfulfilled.

    Meanwhile, rather than take legal action against Dow and Carbide, the Government has actively promoted its investments in India, and shielded the companies from legal fall-out relating to a host of cases including bribery and sale of confiscable goods. In 2007, Dow was fined by US financial regulator the Securities Exchange Commission for having bribed Indian agriculture ministry officials for expediting registration of three toxic pesticides. At least one of them is banned in the US. The Government has banned the sale of the illegally registered pesticides be revoked.

    In another move, touted as an "encouraging signal" to Dow Chemical, the Government of India has cleared Dow's sale of Union Carbide's Unipol technology for Reliance Industries polypropylene plants in Jamnagar. Union Carbide is a proclaimed absconder since 1992 in a criminal case that has been filed by the Indian Government in the Chief Judicial Magistrate's court in Bhopal. Carbide was acquired by Dow Chemical in 2001, but Dow claims that it only acquired Carbide's assets and not its liabilities.

    Not only has the PMO delayed justice in Bhopal, but it has also actively prevented Bhopalis from learning the reasons why. Bhopal survivor Hazra Bee, who filed a Right to Information request to inspect files on April 1, has not been given complete files till date. An inspection done on May 9 revealed that the PMO had wrongfully withheld information. This is an offence under the Act. The applicant has filed a complaint against the PMO with the Central Information Commission.

    However, inspection of the incomplete file did reveal that the PMO was briefed of the fact that the Law Ministry had opined that Dow would have to pay up if Union Carbide was held liable, and that Dow's investments in India were not immune to court orders. Speaking through its allies in the Government, namely Union ministers Kamalnath & P. Chidambaram and Planning Commission vice chairman Montek Singh Ahluwalia, Dow has sought immunity from Carbide's liabilities in return for a promise of more than a $1 billion in investments.

    An application filed on April 23 has also been stone-walled. The application sought details of the persons who met the Prime Minister over the last two months, and the time lapsed between when they sought a meeting, and when they were given an audience.

    The Bhopal groups have said that they will not allow the Prime Minister to put off dealing with the Bhopal issue any longer, a release added.

  4. Re: Dow wants to pass Bhopal buck to India, letters show

    Great information karira, Your tireless work is making rtiindia a very useful resource
    RTI India Network Staff Member

  5. #13
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    Re: Dow wants to pass Bhopal buck to India, letters show

    As reported by Jayanta Roy Chowdhury in on 22 May 2008:
    The Telegraph - Calcutta (Kolkata) | Nation | Ministers to fix Dow’s gas burden

    Ministers to fix Dows gas burden

    New Delhi, May 22: A group of ministers will decide if US-based Dow Chemical should be made to pay for the clean-up of Bhopals air and groundwater pollution, a fallout of the 1984 gas tragedy.

    The Centre has decided to refer the matter to the group of ministers after the ministry of chemicals and fertilisers and the commerce ministry failed to agree on the subject.

    The chemicals ministry has written to the Union cabinet that it is against letting Dow walk away without paying for the clean-up of the toxic waste left behind by the gas leak from Union Carbides Bhopal plant in December 1984.

    Dow bought Union Carbide in 2001, 17 years after the gas killed an estimated 8,000 people and maimed tens of thousands, while the contaminants it left behind continue to endanger the health of 20,000 people through their drinking water and food.

    However, the commerce ministry feels that allowing Dow to invest in India without burdening it with liability from a past with which it was not actually associated would send the right signal to US investors.

    The chemicals ministrys stand is that the courts should fix corporate responsibility, and that since Dow had bought Union Carbide, the responsibility of the clean-up could be pinned on it under Indian corporate law.

    It feels that a failure to fix responsibility would be a poor precedent for future global corporate take-overs that have a bearing on India.

    An alternative proposal by industrialist Ratan Tata is not acceptable to the chemicals ministry, which represents the government in all legal cases relating to the gas tragedy.

    Tata, co-chair of the Indo-US CEO Forum that has Dow president Andrew N. Liveris as a member, has proposed that Indian and US companies jointly set up a corpus to clean up the site. But the ministry says this goes against the principle of making the successor pay.

    In response to a public interest litigation, Jabalpur High Court has already ordered Dow to deposit Rs 100 crore for the clean-up, and chemicals ministry officials say they support this. About 70 tonnes of poisonous residues have contaminated the soil and groundwater in the factorys neighbourhood, and penetrated vegetation and animal tissues.

    There have also been demands for compensation to the 20,000 endangered people.

    Dows official stance is that the plant was owned by Union Carbide India a joint venture between the US-based Union Carbide Corporation, the Indian government and private investors. Union Carbide sold its shares in Union Carbide India in 1994, seven years before Dow acquired it.

    The plant is now controlled by the Madhya Pradesh government, and Union Carbide India has now been renamed Eveready Industries.

    NGOs and associations representing the gas victims have been demanding that Dow pay for the environmental and health damage caused by reckless dumping of hazardous chemical wastes on the factory premises.

    The NGOs accuse the Centre of being wishy-washy. Documents they have procured under the Right to Information Act appear to suggest that Union cabinet members would prefer a compromise that helps Dow invest in India.

  6. #14
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    Re: Dow wants to pass Bhopal buck to India, letters show

    As reported by TNN in on 30 May 2008:
    Bhopal gas tragedy: Case against Dow won't be withdrawn-India-The Times of India

    Bhopal gas tragedy: Case against Dow won't be withdrawn

    NEW DELHI: The Union government on Thursday bowed to pressure from the 1984 Bhopal gas tragedy activists and accepted their demand for setting up a specially empowered commission to carry out medical, economic, social and environmental rehabilitation of the gas victims.

    Prithviraj Chavan, minister for state in the PMO, went and met the activists sitting in protest at Jantar Mantar and communicated the PM's decision that the legal case being pursued against Dow Chemicals in the Madhya Pradesh HC would not be withdrawn and that the government would take action as per the decision of the court.

    The announcement brought some sense of relief to the Bhopal groups. Earlier, they had mounted a sustained campaign after documents, obtained through the Right to Information and reported by TOI, had shown that the cabinet secretary had recommended that the case be taken out of court and be handled as a policy decision by the government.

    Even the department of chemicals and petrochemicals had in an application filed in the high court requested the court to direct Dow Chemicals to deposit Rs 100 crore as an advance for environmental remediation. Dow had lobbied with the UPA government to withdraw the liability in order to facilitate investments, upwards of $1 billion. It had found success with senior ministers, as well as the Planning Commission, which supported the move.

    The government is, however, yet to take a decision on pursuing the issue of extradition of the absconding Union Carbide officials as well as revoking the permission given to Reliance to purchase Carbide's technology. A local court in MP had ordered the attachment of all property of UCC's assets and the activists believe the permission to purchase intellectual property of the company is in infringement of the order.

  7. #15
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    Re: Dow wants to pass Bhopal buck to India, letters show

    As reported by Staff Correspondent in on 04 June 2008:
    The Hindu : National : Bhopal gas survivors to expose Kamal Nath

    Bhopal gas survivors to expose Kamal Nath

    Accuse the Union Minister of helping Union Carbide

    Accused of favouring Dow Chemicals and Union Carbide
    He has joined hands with the killer of Bhopal

    BHOPAL: Two organisations of Bhopal gas disaster survivors on Tuesday announced their decision to launch a public awareness campaign to expose Union Commerce and Industries Minister Kamal Naths role in helping Dow Chemicals and Union Carbide escape their liabilities in Bhopal.

    Jointly addressing a press conference here, Rashida Bee of Bhopal Gas Peedit Mahila Stationery Karmchari Sangh and Syed M. Irfan of Bhopal Gas Peedit Mahila Purush Sangharsh Morcha said Mr. Nath had approved the sale of Union Carbides Unipol technology to Reliance Industries in 2006 knowing fully well that he was approving the sale of intellectual property of an absconding criminal.

    They pointed out that in March 1992 the Bhopal district court had directed the Government to confiscate all property belonging to Union Carbide in India.

    The leaders representing the gas victims cause, who also spoke on behalf of Satinath Sarangi and Rachna Dhingra of Bhopal Group for Information and Action, said they would visit the Union Ministers constituency, Chhindwara, and expose him. They said: Mr. Nath is helping Union Carbide abscond from Indian courts. He has joined hands with the killer of Bhopal.

    They pointed out that on June 28, 2007, Mr. Nath had addressed a press conference in Washington, D.C., defending Dow Chemicals. Dow, by integration, inherited Union Carbide. Dow themselves had no status in this, so Dows investment is not affected by that, he is reported to have said.

    Presenting a copy of a briefing note unearthed under the Right to Information Act from the PMO, the organisations accused Mr. Nath of presenting an opinion before the US media that was contrary to the opinion of the Indian Government. The leaders of the organisations who had a meeting with the Group of Ministers on Bhopal on April 17 said that in that meeting, in the presence of other Ministers and senior bureaucrats, the Union Minister for Chemicals and Fertilisers, Ram Vilas Paswan, had said that the Unipol approval was given despite opposition by his Ministry.

    The president of the Bhopal Gas Peedit Mahila Purush Sangharsh Morcha told media persons that Mr. Nath had been trying to impede the course of law by shielding Dow Chemicals from inheriting any of Carbides liabilities.

  8. #16
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    Re: Dow wants to pass Bhopal buck to India, letters show

    As reported by Rajeshree Sisodia in the on 04 June 2008:
    Dow investors urge SEC inquiry into Bhopal liability - The National Newspaper

    Dow investors urge SEC inquiry into Bhopal liability

    NEW DELHI // Shareholders at Dow Chemical Company have demanded the US Securities and Exchange Commission (SEC) launch an investigation amid allegations the chemical company failed to disclose to investors its potential liabilities for the Bhopal gas leak.

    Dow has fought against paying to clean up the site of the worlds worst industrial disaster at a pesticide plant in Bhopal, central India, saying all liabilities were resolved in 1989, before it bought Union Carbide Corporation (UCC), the company which ran the plant.

    But an internal memo from the Indian government has revived the question of liability and shareholders in the United States are accusing Dow of failing to alert them to the potential risks.

    Eight Dow shareholders filed the complaint with the commission last month, accusing the chemical company of non-disclosure of its potential liability for remediation of the groundwater and soil around the now-disused factory site and subsequent health problems of people living in the area.

    About 3,500 people died instantly after toxic gases leaked from the pesticide plant in Dec 1984. Thousands more have died subsequently, the government says. The Indian Council of Medical Research said in 2001 that between 120,000 and 150,000 people suffered gas- exposure related symptoms.

    Survivors of the tragedy now claim the gas leak has spawned a new generation of victims, after children born to exposed parents suffered health problems, including stunted growth in boys and early menopause and puberty in women and girls.

    Children who drank water from contaminated groundwater supplies also had a higher rate of congenital deformities, campaigners say.

    Independent research by a panel of health specialists, commissioned by Greenpeace, an environmental group, revealed the groundwater around the disused plant was unsafe for human consumption. The findings, in 1999, showed the groundwater contained high concentrations of the chemicals Sevin and mercury.

    Water samples taken from wells near the plant also indicated the presence of carbon tetrachloride, which the US Agency for Toxic Substances and Disease Registry said could cause damage to the liver, kidney and nervous system and is a probable human carcinogen.

    Shareholders filed their complaint after Bhopal activists passed an internal government memo, obtained through the Indian Right to Information Act, to lawyers in the United States.

    The memo, dated February this year, is from the Indian prime ministers office and suggests that should there be any liability for gas-related health problems and cleaning up the site, it should fall to Dow.

    The department [the PMO] has consulted the ministry of law which has observed that irrespective of the manner in which UCC has merged or has been acquired by Dow Chemicals, if there is any legal liability it would have to be borne by Dow Chemicals, the memo said.

    The document goes on to say that a US$1 billion (Dh3.67bn) investment Dow planned to make in India would not, as Dow has requested, be immune from any potential future legal liability or Indian court orders.

    Under US law, companies are required to disclose to shareholders material issues that affect a companys value and stock price. If the SEC decides that a breach of law has taken place, it has the authority to initiate civil enforcement action.

    Dow has been denying that it has any liability or responsibility in Bhopal after it purchased [UCC] in 2001, said Sanford Lewis, a lawyer representing the shareholders.

    Now, this new information has come to light, which shows that legally speaking, the company may be on shaky ground in asserting that it has no liability and in particular we now understand that this issue may affect the companys ability to invest in India. These are serious issues that the company should be disclosing to its investors.

    Scot Wheeler, a spokesman for Dow, said the company stuck by its earlier stand that it was not liable for the site.

    [The internal memo] says if there is any legal liability not that there is liability. With that said, we have not heard from the law ministry nor have they sent us any documents so we will not speculate on press reports regarding what the ministry believes or doesnt believe. we stand fully behind all of our disclosures to the US Securities and Exchange Commission.

    Furthermore, where there are no liabilities there is no need for disclosure.

    Since Dow has never owned nor operated the plant site, we have no liabilities for the site. We are very confident in the accuracy of our SEC disclosures, Mr Wheeler said in a statement.

    Shareholders, however, were sceptical that Dow could absolve itself so thoroughly from the situation.

    John Harrington, the chief executive of Harrington Investments, a US-based investment adviser, and one of the Dow investors to file the joint complaint called the Dow statement gobbledygook.

    For them to say they have no liabilities is not only a flagrant lie but also it makes a fool of the SEC. I cannot believe that any legal representative of a corporation in the US can say that they have no legal liability in India when they bought a company that had a significant liability when they bought it. That would allow every company that entered into a transaction and bought other companies to totally disregard any liability.

    John Heine, a spokesman for the SEC, said the commission did not, as a matter of policy, comment on any complaints received when asked if the commission would launch an investigation into Dow.

    Lawyers representing the Dow shareholders said they do not expect the SEC to release its findings before the end of the year.

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