NSEL is not only a case of flouted rules but also about inefficiency of the system to penetrate deeper to catch hold of wrongdoers.
That leads back to another outlandish order passed in the case--the forced merger between NSEL and 63 moons against every established norm of corporate governance. Not only does that leave 63k shareholders in the lurch, the baffling verdict opens up an easy escape route to NSEL defaulters and pushes 63 moons into paying up Rs. 5600 crore for NSEL discrepancies. This “subtle” attempt of letting real culprits get shielded under the cover of corporate jurisprudence is unforgivable. The forced merger in the name of public interest is an outlandish example on a global level of how incompetent and infertile Indian markets are for investment –more so at the time when PM’s brainchild ‘Make in India’ seeks foreign investments. It is a matter of grave concern that defaulters will be set free. It is alarmingly dangerous as the system chasing down innocents who should not be paying for someone else’s wrongdoings. There needs to be a change to trigger necessary steps and actions.
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September 2020
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