“Whose door
should I knock, when the system turns its unfair back towards me?”
Breach of
conduct in corporate governance is quite unsettling, and throws off those who
consider themselves protected by the law of the land. Who do these people turn
to?
Throwback
to 2013 when NSEL case surfaced to shake up the financial roots of India. With
discrepancies worth Rs 5600 cr, it not only reduced NSEL into a defunct body,
but also unduly brought parent company, FTIL, to bear for flawed corporate
governance. Ever since, multiple government agencies appointed to investigate
and catch wrongdoers have either fallen off-track or misled by vested interests.
The most
unsettling of verdicts has been the proposed merger between FTIL and NSEL that
forces 63,000 unassuming FTIL shareholders to cover for irregularities accrued
at NSEL.
There has
been no explanation whatsoever on this unjust step, which has been issued in
“interest of public”. This leaves us with no other explanation but assuming
that the Government has been blindfolded, and their faulty system which is
making one pay for deeds of others, is on a vacation. Amid setting a baffling
example across the globe on handling corporate cases, the Government is also
turning a blind eye towards the 63k shareholders of FTIL.
Ideally,
the recourse here should center on recovering dues from real defaulters the
brokers who are charged with conflicting investor claims and client
complaints, rather than passing verdict of a merger. Do we expect the
Government to wake up anytime soon?
