Truth of ftil’s shake down collude
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Maharashtra Protection of Interest of Depositors (MPID) court observed a delay in liquidation of attached properties of NSEL Defaulters
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Truth of ftil’s shake down collude
- 1. TRUTH OF FTIL’S SHAKE DOWN CONSPIRACY
- 2. INTRODUCTION • National Spot Exchange crisis came up light of on 31 july 2013 . • After Two year 5,600 – Crore NSEL Crisis the Maharastra Government is setup the special court . • When the crisis broker all the trades wear halted by the Forward Markets Commission (FMC) • However, FMC is not respond . • Now After two years down the line, RTI documents reviewed by Bureaucracy Today.
- 3. CONTD.. • Today reveal that there might be deep rooted game plan by some bureaucrats. • In the UPA Government colluded with some officials of Forward Market Commission (FMC) • Forward Market Commission (FMC) to vandalize FTIL, the parent company of NSEL. • Every penny of the entire sum of money trails to the 24 defaulters.
- 4. FMC ROLES • FMC order to Close the Market immediately was calamitous. • FMC met all the 24 defaulters on 24th August 2013 and held a one on one meeting. • After meeting the defaulters committed their fraud. • It created panic leading to settlement failure of Rs 5,600 Cr.
- 5. ACCORDING TO BUREAUCRACY TODAY • The Indian Government gave FMC a wide range of compilation powers to act against the 24 defaulters. • It was surprising that the FMC did not take any action against them. • FMC as a regulator of Forward Market had no jurisdiction over the spot exchange • The FMC has recommended the merger of the NSEL with the FTIL under Sections 396 and 397 of the Companies Act.
- 6. CHALLENGES • A move challenged by the NSEL in the Bombay High court. • While merger in this is not the ideal solution for paying up on the crimes which it did not commit. • A Higher level against NSEL official accuses FMC is goofing up entire issue.
- 7. LETS CONCLUSION • This conspiracy a planned effort to bring down FTIL when it was at its peak? • Only time to tell how and when NSEL crisis case will get resolved . • The government should go behind defaulter rather than debating tangential issue.