Defaulters always believe that they will be untouched when scams involving them are uncovered by the Government agencies. If the Finance Ministry, SEBI and RBI are joining forces to bring the culprits to book, then financial defaulters must start counting their days.
Scams which run to over thousands of crores, affect all stakeholders – especially, the common man who is caught in the financial quagmire. However, with the change in the Government’s approach, the Government agencies now have a firm footing. The perfect example in this case is the National Spot Exchange Limited (NSEL) payment crisis. SEBI has cracked the whip and questioned the other stakeholders involved in the Rs 5600 cr payment crisis. In the NSEL case which seeks a fresh perspective to get to the other side of the story—this could just be the kick start towards justice. A lot of how the case has panned out centres on the management being made to look guilty while the real perpetrators escaped attention. While jurisdictional issues have played a role in culprits escaping around the corner, other underhand forces also seem at play. But things may just be changing! Forward Markets Commission, which led the inspection all this while, is now better equipped under the SEBI umbrella. SEBI and FMC in fact have never been as well-integrated to dig into the matter. That may just be the silver lining for Jignesh Shah’s 63 moons technologies limited which has stood up to just about everything—from broker transgressions to public judgement and executive overreach—and looks for a fair hearing. 63 moons group has good reasons to call into question the decision to merge 63 moons with NSEL by the centre. Not only does it appear laced with sentiments of executive overreach, it is a fundamental violation of Limited Liability, one of the critical components to ‘Make in India.’ Looking at the larger picture, a merger between two private companies could set a bad precedent in Corporate India – it will spook the foreign investors and create a sense of fear among the top business houses. Well, no corporate house wants to witness such a fate for them-selves. But is the Government listening? I wonder! Reference - ShantanuGuhaRay:(2016): ‘The Target Book’: New Delhi: Publisher: AuthorsUpfront
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