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MESSAGE TO SREE IYER –
Sir, Please read the message below and bring the true facts to light. Its important that people learn and restore the dignity of an entrepreneur who was doing a true “Make in India” story of which we all could have been proud of had it not been for P Chidambaram.
This NSEL issue has multiple facets. The C-Company has a band of bureaucrats, press media (until 2013 one care read the article on press..they are all propaganda and insinuating kind of articles) and a hired bunch of brokers and troll army on the social media to malign and tarnish FTIL/Jignesh Shah. The multiple facets which they twist and distort to confuse everyone and just create stench and garbage are –
1. Chidambaram Instigation: The fact that a systemic crisis happened – who caused the crisis? The FMC? Why did the FMC not persist with NSEL while ironing things out or getting in a new management? The FMC instigated the crisis, the system jumped the gun by shutting down the exchange and declaring Jignesh Shah as not fit and proper. Using the media to run a sustained campaign to malign Jignesh Shah. And finally arresting him multiple times to drive the final nail into the coffin.
2. Defaulters : The fact that a systemic crisis happened. There is a money trail and the money trail leads to 24 defaulters. Not a single paisa has been traced to NSEL! All the money has been traced to defaulters and moreover the Defaulters have confessed in front of the FMC chairman!! Who did nothing!!
3. Brokers : The brokers have to be fully investigated. There is a litany of issues traced to the Brokers – a. Misguiding and misselling to the Traders. b. creating forged warehouse receipts, creating fake accounts, using black money to trade and do all kinds of shenanigans…including c. Instigating people to do paired transactions.
4. NSEL : Some employees of NSEL fell into the trap of corruption by Brokers and participated in the misdoing. These employees have been arrested and they have been tracked down. Its also known that these crooked senior executives did things without Jignesh Shah knowing what had happened. On paired trades and other such issues..the court needs to decide whether these were illegal or just mismanagement. People like Deepak Shenoy are confusing mismanagement and crooked executives (whom Jignesh Shah has disowned for the scam). This is utterly foolish and is for the EOW/ED and courts to decide. The ACTUAL SCAM was the 24 defaulters taking the money and keeping it in their money. That is the actual scam…and there is a money trail as well as proof of all this. Why have the courts not arrested a single broker or a defaulter? That is the question to ask.
This is the pot pourri which is taken by the rumour, gossip mongers on Twitter and Facebook and used to create a propaganda campaign with ONLY ONE TARGET – Jignesh Shah! Hopefully the SC will do the proper due diligence and absolve Jignesh Shah/FTIL of all charges.
A great speech.
I wonder why Dr Nalapat study the acts of commission and commision by Amit Shah in all his alleged acts including the death of Judge Loya.
Why not demand an inquiry into these too.
I hope people like Nalapat are not biased in favour of BJP and insist on due process and law of the land.
A friend of mine who availed an educational loan and started repayment a bit late was badly harassed by a Bank Manager. He was working in a small job in the Gulf with no real saving potential – in spite of which he had been paying the installments – however the bank chose to send goondas to harass his mother and sister. Only after the District Collector (after studying the case in full) warned the Bank Manager, this harassment stopped. (The amount that was pending was Rs. 40, 000 only and not tens of thousands of Crores.)
Compare this with the likes of Adani / Ambani / Nirav Modi / Mallya and so many big shots; They are never questioned or harassed in this fashion – meaning banks are definitely complicit in the NPA Crimes.
Also, it has become a typical Indian mentality to go after the small small stuff while conveniently forgetting the big fish.
Factually excellent speech. Why the opposition parties are shouting whenever govt. takes actions against those politically influential individuals as political vendetta?
Time has for PMModi to be aggressively pursuing all corrupt politicians, businessmen and bureacrauts. Without it Mother India will remain a sufferer all her existence.