NSEL: Writing facts is not grounds for dismissal

    Prime Minister Modi can win the hearts of the middle class by restoring their investments in the NSEL scam

    Prime Minister Modi can win the hearts of the middle class by restoring their investments in the NSEL scam
    Prime Minister Modi can win the hearts of the middle class by restoring their investments in the NSEL scam

    When an adversarial article comes against an entity or a person, it is but natural to feel outraged. You want to shake them and question their viewpoint but you don’t demand their dismissal. That would be similar to shooting the messenger.

    I am referring to this objective article by Palak Shah in the Hindu Business Line[1] on Feb 11th. An excellent summary of the machinations and the shenanigans in various departments and how outcomes are being controlled is the stunning reality of what is India’s Finance industry today.

    It is the truth, stupid!

    If the article has holes, readers/ twitterati must rebut with facts – not call for the removal of a man, who is turning out to be an excellent journalist. For full disclosure, N Ram of Hindu called my book NDTV Frauds a diseased joke. The book went on to become a bestseller on Amazon Kindle and an update is now out – the point is that the readers have spoken and I am not going to get outraged by his remarks. Anyone is entitled to an opinion but you don’t stray into someone’s personal space. If journalists get fired for writing the truth, it will be a sad day for democracy. Despite my personal opinion of Mr. Ram and his ideology, I still believe that The Hindu has the intellectual gravitas to come out with factual articles (although this is becoming rarer and rarer), to shine a spotlight on the truth. For this, The Hindu Business Line should be commended. And I am sure Palak Shah is not going to be shown the door for this.

    The truth about NSEL

    I know this is going to draw the ire of some sewer rats but it has to be said – why is Mr. Chidambaram, the sutradhari of many financial scams still roaming free? Who in the current dispensation is making sure that he is untouched? Not one paisa was found to have been misappropriated by Jignesh Shah or the FTIL group in the NSEL scam. Yet his name has been tarnished and his complete company portfolio has been driven into the ground[2]. And now news is emerging that Mr. Shah was right and the brokers were wrong. Will the media eat back the vomit it spewed on Mr. Shah? Where is the objectivity here?

    Somnolent SEBI

    Some things never seem to change. Even as the Mumbai Economic Offence Wing (EOW) has detailed the charges against brokers, the Securities Exchange Board of India (SEBI) has shown the utmost reluctance in calling the brokers’ actions for what they are – not fit and proper. SEBI’s partisan attitude has been documented in detail in my C-Company series; I am not going to belabor the same point again. Why then is this body for the shareholders not doing what it is intended for (to protect the shareholders’ interests)?

    Mr. Modi, time to crack the whip

    It is election time and timely action on your part to see that people who lost money in the NSEL scam are restored their investments (the money is there – you have to crack the whip). Those who were found to be not fit and proper must be designated so and the full weight of the law must be used to prosecute them for their actions. I am hearing some news that people high up in the government are trying to water down the charges against the errant brokers and let them off with a slap on their wrists – or else, the stock market will have a meltdown. I was proved right about the crude price before and I am sure I will be proved right again here – the Stock market will emerge stronger if one scam is solved under your watch. Restore innocent people their money. You will have the middle class eating out of your hand.

    References:

    [1] NSEL scam Take 2Feb 11, 2019, The Hindu Business Line

    [2] C-Company P9 – A long history of harassmentNov 18, 2017, PGurus.com

    Follow me

    Sree Iyer

    An inventor and out-of-the-box thinker, Sree Iyer has 37 patents in the areas of Hardware, Software, Encryption and Systems.

    His first book NDTV Frauds has been published and is an Amazon Bestseller.It ranked second among all eBooks that were self-published in 2017.

    His second book, The Gist of GSTN which too is available on Amazon as an e-Book and as a paperback.

    His third book, The Rise and Fall of AAP is also available in print version or as an e-Book on Amazon.

    His fourth book, C-Company just released to rave reviews and can be bought as a print version or as an e-Book on Amazon.
    Follow me

    2 COMMENTS

    1. I do not know if anyone in the MoF or its Agencies is protecting the UPS FM’s interests. Without doubt the Higher Judiciary is. It’s structure and accountability is the weakest part of our written Constitution and it’s inconsistency and capriciousness have denied our Nation the respectability it deserves among the comimty of nations. If people don’t come together to reign in this monster we will soon lose the right to be called a Rule of Law State and pay the international price for it. Perhaps with the previlages given by the Higher Judiciary to the overactive Congress Lawyer Politicians this progress has already started as some events show.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here