When will NSEL defaulters return the Money
I was reading about the NSEL crisis in Shantanu Guha Ray’s, The Traget Book and I must say he has raised some pertinent questions. Though Shantanu seems to be taking Jignesh Shah’s side, I cannot deny that he is not wrong! If I were in Jignesh Shah’s position even I would be wounded by the defaulters who cheated me and brought my company down to such a shape that it created a negative perception amongst people.
The defaulters have the entire Rs 5600 Cr and I must agree that they do have that money. By conveniently saying that there were no stocks in the warehouse, it does not take away the error of the defaulters. Even if what they is believable, then isn’t it their duty that they should have raised an alarm or acted with due diligence and informed the FMC which was monitoring the commodity exchanges.
I think that the problem arises from the fact that the Government is behind the victim and not the guilty. Even if the Government, even today, starts putting the same effort that it took it bring down FTIL, then the defaulters will start coughing up money quickly. I don’t know why the actions have been sporadically against the defaulters and frequently against FTIL or Jignesh Shah. The truth must come out!
For more information check The Target Book Reviews.