I have mentioned several times how this particular bill is very restrictive and how it will hamper the normal growth of companies in this country. It is a pity that when we are on the there should be the tenth five year plan, such a measure should be passed in his house. I would now like to make a few observations about the speeches of some of the hon. Members here. Shri Ashoka Mehta justifies the restrictions on managing agents by saying that managing agents are lo longer the main source of finance. He aslo argues that profits have been high and will continue to remain high, and, therefore, he would like to see the managing agents being paid on a sliding scale. He is in the habit of referring to a number of books and making quotations from a number of them published in America or in other countries and particularly by some of the professors. I would also like to mention to him that even when companies are floated it requires a certain amount of confidence amongst the investing public and it is because a particular firm is managing a particular company that this confidence is created in the investing public. Even there, as the hon. Finance minister has said, there is a sort of overall tight control. New banks and insurance companies are not floated nowadays. What you have are the few banks which are existing and the few insurance companies that are existing. The other point is that the credit-worthiness of the managing agency firm does count to a certain extent in getting credit from the banks and other financial institutions. In conclusion, I would like to say a word in regard to employment, with which I have been dealing so far. According to the figures supplied, the number of displaced persons from Bangladesh employed.
