PLEASE READ IMPORTANT UPDATE FROM TEAM NIF ================================ Date : March 8, 2014 To: All Members of NIF Dear Fellow Victims, Here are some more updates: 1) We see very encouraging and renewed actions by EOW. Mr. Surender Gupta of P D Agro was arrested. At the same time, ED has attached assets worth Rs. 50 Crore of P D Agro under Money Laundering Act. 2) ED has arrested Mr. Gagan Suri of Yaturi Associates. 3) We continue to closely follow up EOW as well as recovery through sale of attached assets. Anticipatory bail application of Mohit and Shilpa Agarwal is likely to come up on 21st March 2014 and we will be supporting EOW to oppose the bail. 4) We are trying to collect details of 100 shareholders of FTIL, so that we can appeal to ROC to prevent Jignesh Shah from milking FTIL. For your information, FTIL has declared three dividends in last seven months, a record for Indian corporate! It is the case of milking of FTIL by Jignesh Shah. 5) So far we do not have any positive offer from Jignesh Shah for paying Rs. 1111 Crore, which he had promised to do. 6) We understand that Ministry of Corporate Affairs is likely to take serious action against FTIL and NSEL. They are waiting for opinion from Ministry of Law and Judiciary. 7) We are pained to read certain unfortunate remarks by some investors regarding NIF. We would like to offer following by way of general clarifications: a) NIF is fully dedicated to recovery of our investment in NSEL. We appreciate different initiatives by investors and groups. We are also fighting for our recovery on different fronts. Our support and cooperation will always be there for all initiatives aimed at recovery of our funds. b) NIF has 800 registered members to whom our updates are being sent regularly. Few investors are trying to create an impression that we are supporting or defending brokers. We would like to clarify that our FIR clearly mentions brokers as accused. Our Civil Suit also mentions brokers as accused. It was only after our FIR that EOW started action against the brokers. We have not interfered in their action in any way. We are sure that the law will take its own course and will suitably punish the guilty whoever they are. Remark made by few investors is entirely unfounded. We need to respect divergent views and strategies . c) We see our recovery mainly from borrowers and some portion from Jignesh Shah. Presently all our efforts are directed against these culprits. We have engaged services of two criminal lawyers and a Cyber expert on retainership basis and are also supporting EOW for their sundry requirements. d) We are also working closely with FMC, which is the regulatory authority and are represented on the Monitory and Advisory Committee, which meets in NSEL on every Friday to take stock of the recovery. We find the management in NSEL to be pathetic. We have found several cases of diversion of funds which we are bringing to the notice of FMC and FMC has called meeting of MAC and NSEL board on 13th March 2014. e) Some investors have mentioned about payment made to lawyer AZB. We would like to clarify that a sum of approximately Rs. 50 lacs was collected by brokers from investors and was paid to AZB for the services rendered to investors. These services include: i) Various representations to Ministries, Investigating and Regulatory Agencies from time to time. ii) Drafting of EOW complaint, on which our FIR is based. Our complaint is considered to be one of the outstanding complaints filed in EOW. iii) Making representations to Collector-Mumbai for application of MPID Act. iv) Helping in negotiating with Jignesh Shah for his proposed payment of Rs. 1111 Crore. v) Preparing, filing and follow up of Writ Petition and Winding Up Petition by investors. vi) Legal guidance from time to time. The above list is only partial. We feel the amount paid to AZB is quite reasonable compared to the costs that are incurred in legal provision. 8) Reference was also made by investors regarding our accounts. Our accounts are maintained by Chartered Accounting company M/s. SGCO & Co., who are also one of the victims of NSEL. Draft accounts as on 31st December 2013 have been circulated to the members vide our circular dated 27th February 2014. We will also circulate our accounts as on 31st March 2014 as soon as they are ready. We ill be happy to answer any queries from the members regarding accounts. 9) NIF is a cooperative body and we are working with cooperation from all investors. Even our Admin Manager Mr. Kirit Sheth is an investor just like our auditors. We consider all investors as our potential members and we are working for the benefit of all investors. Time and again we have requested investors to come forward and offer their voluntary services, particularly in EOW, FMC, Courts, negotiation with borrowers, etc. We are grateful to all those members who are presently working tirelessly for our recovery. 10) We appreciate exchange of divergent views, but at the same time we also appeal to all investors to stay united against the common enemy and support in our recovery process. We are sure that any difference of opinion can be resolved by discussions and we hope that members will refrain from criticizing each other, thereby spoiling our case of recovery. For the time being let this war to be not fought on the basis of personalities, but with a single mindedness of recovering our money. With kind regards Team NIF
Posted on: Sat, 08 Mar 2014 12:48:27 +0000
Trending Topics
Recently Viewed Topics
© 2015