Punita Choksey 19:44 (39 minutes ago) to manmohan, fm, pilotoffice, secy-dea, chairman.fmc Date: September 22, 2013 To Dr. Manmohan Singh Hon. Prime Minister of India [email protected] Mr. P. Chidambaram Hon. Finance Minister of India [email protected] Mr. Sachin Pilot Hon. Minister of Corporate Affairs [email protected] Dr. Arvind Mayaram Hon. Secretary, Department of Economic Affairs [email protected] Mr. Ramesh Abhishek Hon. Chairman, Forward Markets Commission [email protected] Dear Sirs: Kindly note that I am highly disappointed with your handling of the NSEL crisis. It is quite clear that a fraud of Rs. 5500 crores has occurred under the nose of the Government of India and literally with the blessing of the Government of India and still you and your committee/department/ministry has not come up with any concrete action to recover the life savings of the investors stuck in the NSEL fraud. It is reported in the Economic Times that when Dr. Arvind Mayaram met the NSEL investors on September 16, 2013 he asked them “You are HNIs and are well informed…why did you trade on NSEL?” I would like to ask Dr. Mayaram to answer the following questions: a) If investors were not supposed to trade on NSEL, then why did Government of India give special permission to Mr. Jignesh Shah to setup NSEL in the first place? b) Secondly, why did the Government of India not take any action against NSEL earlier and instead allow this NSEL scam to inflate? c) Thirdly, why did PEC Ltd. and MMTC Ltd., which are Public Sector Undertakings (PSUs) of the Government of India also invest in NSEL? It is also reported in the Economic Times that Mr. Sachin Pilot has stated that the Ministry of Corporate Affairs will take action on the NSEL crisis at “an appropriate time”. My questions to Mr. Pilot are: a) It has been more than one and half months since the news of the NSEL crisis broke out. When will it be an “appropriate time” for Mr. Pilot to take action? b) Why is Mr. Pilot not making NSEL’s parent company, major beneficiary and 99.9% owner, namely Financial Technologies (India) Ltd. responsible for making good the payments to the thousands of investors in NSEL? I would also like to ask Mr. Ramesh Abhishek why he has still not withdrawn the “Fit and Proper” tag for the promoters of NSEL when there is such obvious and copious amounts of evidence against them? It is being rumored that the lethargy of the Government to act against NSEL, its promoters and the alleged 24 borrowers is in order to protect the interests of Mr. Jignesh Shah, who enjoys strong political backing. I certainly hope this is not true but with every day that passes without any Government action, the suspicions in the minds of the people of India are only becoming stronger. I feel very sad to note that the life-savings of thousands of senior citizens, women like myself and youngsters has been wiped out in a single stroke and the Government of India has not taken any steps to recover the money invested. It is simply passing the baton from one ministry to the next and from one committee to another. It is analyzing all issues such as tax evasion, money laundering, systemic risk but practically doing nothing to help the innocent people to recover their life savings. Someone once had said, the Government is of the people, by the people and for the people. I think this Government is forgetting that. JAI HIND Mrs. Punita Choksey
Posted on: Sun, 22 Sep 2013 14:54:10 +0000
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