Forced merger:Really in “Public Interest”?
Instead of spending their resources efficiently in bringing the fraudsters to book, the involved agencies are hell-bent on forcing the merger of FTIL with NSEL.
“To say that public or national interest is involved is quite a stretch. It’s been over two years since the case was detected, and no systemic risk has manifested, either in India’s commodities or any other financial markets,” says Venkatesh Panchapagesan, adjunct professor, finance and control area, IIM-B.
Punish the Real Culprits
Ministry of Corporate Affairs has not given out a strong reason behind the decision of the “forced merger.” Investors of NSEL remain in favor of not producing any concrete evidences but are pushing for a merger as an easy solution simply on the grounds of that NSEL is the subsidiary of FTIL and thus according to them no evidences other than this is required for seeking merger.
These baseless grounds make for deep scrutiny on the real issue and convict the defaulters and brokers – the real culprits of the crisis rather than burdening the hopes of innocent shareholders and corporates.
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