Rs 5,600 crore NSEL scam set their bets on FTIL and NSEL merger as their last ray of hope!
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With FTIL (Financial Technologies India Ltd) and NSEL merger getting further extended, the purpose to pay off the distressed victims of the Rs 5,600 crore In a letter to Arun Jaitley, the Ministry of Corporate Affairs (
“The whole idea behind this merger was to alleviate the pain and suffering of investors and shift the onus of settling outstanding trades of NSEL on to 99.9998% owner parent company
He further added that since the merger was the only way out for recovering their money from
“There are investors who are suffering from life threatening illnesses like cancer, heart problems etc. but have no money to take care of medical treatment. There are retired people, widows and senior citizens who had invested in NSEL for monthly income to survive their daily needs and now their total capital has vanished in this scam making their lives absolutely difficult and unbearable,” noted Shah.
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The association has also alleged that key accused Jignesh Shah has been lobbying hard with officials in both MCA and Ministry of Finance to frustrate genuine efforts of the Modi government. “We have also seen that the MCA efforts to replace FTIL board in
It should be noted that the MCA had prepared a draft of the merger back in October 2014, which was challenged by FTIL’s new board as the merger will adversely impact the company’s valuation as well as the existing investors’ sentiments. However, this seems to be the only for the victims of the Rs 5,600 crore NSEL scam.
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