One could not stop laughing after seeing the news which says that the government puts onus on settlement disputes on NSEL Promoter.
Robert Vadra is right in saying that it is a banana republic and we all are mango people. How the NSEL promoter is responsible for settlments. Settlement is the responsibility of NSEL. I am not supporting Jignesh Shah. But the point is the manner in which government spoke is interesting. They act as if they are conducting a kangaroo court wherein they settle issues. Whatever may be the issue in NSEL there should be set procedures for any eventualities. What government can do is to strengthen the processes and reduce unnecessary speculations.
If the government itself is speculating hugely and actively encourage speculation for past 10 years then who can save the country. Government lost the moral authority to preach, so that they resort to kangaroo court methodologies.
Robert Vadra is right in saying that it is a banana republic and we all are mango people. How the NSEL promoter is responsible for settlments. Settlement is the responsibility of NSEL. I am not supporting Jignesh Shah. But the point is the manner in which government spoke is interesting. They act as if they are conducting a kangaroo court wherein they settle issues. Whatever may be the issue in NSEL there should be set procedures for any eventualities. What government can do is to strengthen the processes and reduce unnecessary speculations.
If the government itself is speculating hugely and actively encourage speculation for past 10 years then who can save the country. Government lost the moral authority to preach, so that they resort to kangaroo court methodologies.
This comment means that Mr Jignesh shah has to see that settlements are completed either by NSEL or FT by additional funds infusion.You cannot shirk your responsibility and drown your own baby to save your neck,Can you/
ReplyDeleteAnony..try to understand the message...The responsibility of Jignesh shah is already understood..as a promotor whatever he should do he should be doing...
ReplyDeleteThe government comment is hilarious...I dont know how to make you to understand
Only the legal entities involved should be liable. That means the NSEL. FT may or may not in involved. It depends on the contracts. Same for the promoter. The promoter may have other kinds of liabilities if the promoter was actively involved in the running of NSEL and NSEL did something wrong.
ReplyDeleteThese are the legal niceties in the simplest form. But most people (including and especially people in the government) have no understanding of legal issues. To be honest, I don't think Western-style legal systems can be sustained in India for long when even educated people do not understand the logic of law.
ET has an article which mentions NSEL gave 100s of crores in loans to some shell companies. Any guesses on how much of this money has gone into real estate speculation?
ReplyDelete