Comments
The NSEL Investors Action Group (NIAG) led by Ketan Shah has written a letter to the government highlighting the inordinate delay in merger of FTIL group, rechristened 63 moons, and the now defunct spot commodity exchange NSEL.
The government had ordered the merger between the company promoted by Jignesh Shah, which was also upheld by the Bombay High Court. FTIL appealed to the Supreme Court against the merger and the matter is pending there.
In the letter to the Ministry of Corporate Affairs, NIAG said, “As you are aware the Bombay High Court has upheld the merger order between NSEL and FTIL (passed by the MCA) by their verdict dated December 4, 2017. This has been languishing in the SC for more than a year without a single effective hearing. We suspect that some forces within the government are at play to sabotage this historic merger order and bring a bad reputation to the government and bring benefit to Jignesh Shah and FTIL.”
“We are shocked and surprised to see that in the NSEL-FTIL merger matter which was listed on February 12, 2019 in the Supreme Court, as usual FTIL lawyers sought adjournment and unfortunately no objection whatsoever was raised by the ASG who appeared for the Union of India. This matter was simply adjourned to March 7 with full consent and concurrence of the Union of India with FTIL counsels. This is in stark contrast to what we investors were assured by the MCA officials on January 4.”
Not keeping up promise
NIAG said it was utterly shocking that while the Ministry of Corporate Affairs was falsely promising the aggrieved NSEL victims that the merger between NSEL and FTIL will be expedited, in reality they are acting in concert with FTIL at the Supreme Court.
“In the aforesaid matter, it is the duty of the Government of India to defend their own historical merger order between NSEL and FTIL at any cost in the Supreme Court and to ensure that the SLP against this merger is expeditiously disposed off. It is shocking that in about 15 months not a single meaningful hearing of this SLP has happened at the Supreme Court and the government counsels have happily accommodated inordinate delay and adjournments sought by FTIL counsels.
“This issue is a litmus test for this government and they must show some spine against the ₹5,600-crore brazen fraud committed right under the nose of various government agencies,” NIAG said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.