Since the NSEL case came to light in 2013, multiple agencies have joined in to dig out actual defaulters. Out of the many developments that have surfaced, government’s decision to merge the private corporate entities, NSEL and FTIL, has left two obverse factions – a relived group of brokers and an aggrieved lot of 63,000 FTIL shareholders pushed to the edge.
A classic act of executive high-handedness, the attempt to tamper with the fabric of corporate jurisprudence is unwarranted and questionable, to say the least. The burdening of shareholders of FTIL for acts conceived far away in NSEL chambers is downright baffling and augurs ill for the entire economy. Even more, it lets brokers off the hook!
In the light of recent evidence suggesting routing of black money through channels of sister concerns of brokers, it becomes all the more essential to probe the rationale behind the merger, if there is any.
Besides, with conflicting investor claims and client complaints registered against the brokers, it becomes paramount to recover dues from them instead of going after an imprudent recourse with no basis. Isn’t recovery of dues critically important, after all?