NSEL case is a direct reflection of the inefficiency and partiality that prevails in our system. This case has been making headlines since 2013, but for all the wrong reasons as the real culprits are still at large.
With various developments that this case has witnessed, the recent verdict of the court has left a major chunk of shareholders unsettled and baffled. A merger order between the two private entities has been served on the table, which is indigestible for the 63,000 shareholders of founder 63 moons, Jignesh Shah. who will be forced to pay Rs 5600 crore for the defaulters of NSEL, through no fault of their own.
The “subtle” attempt to tamper the cover of corporate jurisprudence is unjustifiable. The merger is an example of a crafty ruse that speaks out louder on a global level that Indian markets are the worst arena for investment. Having a tarnished image as infertile investment market when Make in India is at peak might prove a huge loss.
But more than this, letting the defaulters continue their business as usual and in the meantime, punishing 63 moons for their sins is something that can only be witnessed when the Government is blindsided by one version of the story. I think it is time now for the government to change its perspective and take necessary actions!
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