Letter to Ravi Shankar Prasadji

NSEL Investors Forum
1010, Maker Chambers V, Nariman Point, Mumbai -400021
Tel: 022-2283 0285/4623 Fax: 022-2285 3211 Email: [email protected]
Arun Dalmia
Secretary
1
May 27, 2014
Shri Ravishankar Prasad
Hon’ble Minister,
Ministry of Law & J ustice,
Shastri Bhawan, A-Wing,
Dr. Rajendra Prasad Road,
New Delhi-110001
Respected Sir,
I hope this letter finds you in the best of health.
At the outset I wish to congratulate you heartily for the spectacular electoral victory for
BJ P and Prime Minister Shri Narendra Modi ji. We all have been inspired by your sound
legal acumen and the tremendous resolve exhibited by you in your political career. I am
confident that you have inspired millions of young Indians with your sincere conduct in
Parliament as leader of opposition.
In these difficult times, Shri Modiji has reposed tremendous faith in your abilities
entrusting you with heavy ministries like Law and J ustice. It is only befitting of a wizard
like you to deliver on the expectations of millions of Indians.
We would like to draw your attention to the daylight robbery of Rs. 5600 crores carried
out with impunity by NSEL and FT Group. In one fell swoop this scam has hit 13000
investors. It has been more than 9 months since the scam broke out and since then
various investors groups have been running from pillar to post for justice but to no avail.
The NSEL matter is now in MPID Court and Bombay High court. This scam is unique in its
own sense because there is evident proof that the perpetrators of the scam have
significant assets which can assist in recovering all the scam monies. This would probably
be the first scam anywhere in the world where 100% of the fraud monies is intact in the
form of real estate and other assets.
In our view such cases should not waste the precious time of judiciary beyond a certain
limit as;
a) it is clear as daylight that the investors have lost their investments in an
exchange;
b) the owners of the exchange and their associates are possessing significant assets
to make good the losses of the investors;
c) the Indian judicial procedure is ideally suited for the culprit of the scam rather
than the victim as the culprit can hire the best talent to take umbrage under some
statute or another to delay and prolong the proceedings.
Therefore in all humility we would suggest a time bound court procedure in such cases so
that the fear of swift and fair justice will dissuade the perpetrators of such financial
terrorism. You are very well aware that our judicial system needs a major overhaul. Over
NSEL Investors Forum
1010, Maker Chambers V, Nariman Point, Mumbai -400021
Tel: 022-2283 0285/4623 Fax: 022-2285 3211 Email: [email protected]
Arun Dalmia
Secretary
2
the last ten years the judicial framework has further crumbled with frivolous complaints
and trivial matters like even a household eviction is being heard in the Supreme Court
of India. This has severely diluted the significance of the Apex judicial body in Indian
Republic. We are extremely confident that with your immense abilities you will create a
sustainable framework for fair and speedy justice for all.
At this juncture we are well aware of the tremendous responsibilities on you in steering
the nation out of a deep crisis and we wish you all the luck and good wishes. We truly
believe that with your immense knowledge and pragmatism you will exceed the
expectations of 1.25 billion Indians.
Yours faithfully
For NSEL Investors Forum
Arun Dalmia