For a decade, 63 moons was a synonym for technological innovation. However, since the Rs 5600 cr payment crisis erupted, 63 moons has become a victim of calculated conspiracy planned strategically by vested interests. Now, because of a few iniquitous defaulters and hastiness of corporate ruling body MCA, the company is on the verge of becoming a victim of executive overreach and a questionable limited liability breach.
Overruling government’s own Companies Act, MCA ordered the merger of now defunct NSEL with 63 moons, burdening no less than 63,000 shareholders with a sum of Rs. 5,600 crore. Make in India, the campaign still in nascent stage, will face direct consequences as investors, both national and foreign, will have second thoughts about investing in India. Market watchdog SEBI’s findings pinpoint towards breach of conduct from brokers end for reasons such as mis-selling, client code modification without obtaining consent, false assurances, mis-quotation of PAN and more. After finding golden evidence, if government falters to take adequate steps and put culprits behind bars, justice in the country will be a dream, not turning to reality anytime soon. Also, recent hesitation from the government seeking more time to make its case stronger clearly proves that MCA’s decision was hasty and inane. Since the Government passed the order on the merger, economic experts have made it clear that if the final merger order takes place, it will only be massive setback for India.
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September 2020
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