On this Wednesday of Oct 2019, some interesting developments which I would like to share with you friends.
1 I was just wondering that the case against P Chidambaram in the matter of money laundering (INX Media case) where two central agencies Enforcement Directorate (ED) and Central Bureau of Investigation(CBI) are investigating the case. To me it looks like CBI is looking is investigating into criminal angle and ED is looking into Financial implication. Now yesterday Supreme Court has given bail to P Chidambaram in CBI’s case, but he was immediately put into custody of ED, as his bail application in the case relating to ED’s investigation was earlier rejected by court. Yesterday SC did not agree with CBI’s contention that if released on bail P Chidambaram might flee the country and tamper with evidence and influence witnesses. As per SC there is no possibility of him absconding as he has already surrendered his passport and there was look out notice issued against him.
SC further added that national phenomenon of economic offender, fleeing and taking shelter in other countries to avoid prosecution can not be ground to deny bail, this was in response to CBI’s plea that P Chidambaram may follow in the foot steps of Nirav Modi and Vijay Mallaya. On the question of P Chidambaram influencing the witnesses, SC added that the CBI has no direct evidence that he has influenced any witness directly or indirectly.
2 Continuing with P Chidambaram, yesterday Bombay High Court gave him and two IAS officers Ramesh Abhishek & KP Krishnan, eight weeks to file a written reply in response to Rs 10,000 Cr suit for damages filed by company called 63 Moons. The suit was filed against them by company in connection with Rs 5600 Cr National Spot Exchange Ltd (NSEL) payment default case of 2013.
The company 63 Moons Ltd (formerly known as Financial Technologies Ltd- FTIL) had served a legal notices P Chidambaram (former finance Minister), KP Krishnan(former additional Secretary in Finance Ministry) and Ramesh Abhishek (former Chairman of Forward Markets Commission-FMC), for allegedly destroying the ecosystem and causing huge damage to the company’s share holders. The MD of the company claimed that these three individuals allegedly played a proactive role in “ perpetrating the crisis, destroying the Exchange ecosystem, in order to favour National Stock Exchange (NSE) “, which resulted in huge losses to shareholders of the company. He further alleged that Chidambaram had approved a note of Krishnan forcing other co promoters of commodity bourse (Natioanal Commodity Exchange) to sell their stake to the NSE clearly revealing malafide interference in the competition within exchange industry. Further he added that even Ramesh Abhishek was aware about the role of brokers and traders but acted in partisan manner only against National Spot Exchange Ltd (NSEL). It was conspiracy to destroy the FTIL group.
The investigation so far done by Economic Offence Wing (EOW), CBI and ED against NSEL and its parent company (FMC) has clearly established that the entire money trail has been traced to 22 defaulting members of NSEL.
In this case Bombay High Court , Justice Menon-the presiding judge, granted liberty to 63 Moons company to proceed ex parte, if replies are not filed within stipulated time.
It looks like troubles for P Chidambaram are far from over, and one may not know how many such cases will emerge in a future, for the follies committed by him during his tenure as finance minister.
3 So in the end Supreme Court (SC) has allowed Board of Control of Cricket in India (BCCI) to function normally as before, and the Committee of Administrator appointed earlier by SC to run day to day functioning of BCCI will no longer run the show. After the recent election of various posts in BCCI, the new look BCCI is as follows
– President : Sourav Ganguly
-Secretary : Jayesh Shah
-Vice President : Mahim Verma
-Jt Secretary : Jayesh George
-Treasurer : Arun Singh Dhumal
-Apex Council : Prabhtej Singh Bhatia
-IPL Chairman: Brijesh Patel
-IPL GC member : M Khairul, Jamal Majumdar
So HAPPY DAYS ARE BACK IN BCCI.
Waiting for your views/comments/feed backs.
Anil Malik
Mumbai, India
23rd Oct 2019
On this Wednesday of Oct 2019, some interesting developments which I would like to share with you friends.
1 I was just wondering that the case against P Chidambaram in the matter of money laundering (INX Media case) where two central agencies Enforcement Directorate (ED) and Central Bureau of Investigation(CBI) are investigating the case. To me it looks like CBI is looking is investigating into criminal angle and ED is looking into Financial implication. Now yesterday Supreme Court has given bail to P Chidambaram in CBI’s case, but he was immediately put into custody of ED, as his bail application in the case relating to ED’s investigation was earlier rejected by court. Yesterday SC did not agree with CBI’s contention that if released on bail P Chidambaram might flee the country and tamper with evidence and influence witnesses. As per SC there is no possibility of him absconding as he has already surrendered his passport and there was look out notice issued against him.
SC further added that national phenomenon of economic offender, fleeing and taking shelter in other countries to avoid prosecution can not be ground to deny bail, this was in response to CBI’s plea that P Chidambaram may follow in the foot steps of Nirav Modi and Vijay Mallaya. On the question of P Chidambaram influencing the witnesses, SC added that the CBI has no direct evidence that he has influenced any witness directly or indirectly.
2 Continuing with P Chidambaram, yesterday Bombay High Court gave him and two IAS officers Ramesh Abhishek & KP Krishnan, eight weeks to file a written reply in response to Rs 10,000 Cr suit for damages filed by company called 63 Moons. The suit was filed against them by company in connection with Rs 5600 Cr National Spot Exchange Ltd (NSEL) payment default case of 2013.
The company 63 Moons Ltd (formerly known as Financial Technologies Ltd- FTIL) had served a legal notices P Chidambaram (former finance Minister), KP Krishnan(former additional Secretary in Finance Ministry) and Ramesh Abhishek (former Chairman of Forward Markets Commission-FMC), for allegedly destroying the ecosystem and causing huge damage to the company’s share holders. The MD of the company claimed that these three individuals allegedly played a proactive role in “ perpetrating the crisis, destroying the Exchange ecosystem, in order to favour National Stock Exchange (NSE) “, which resulted in huge losses to shareholders of the company. He further alleged that Chidambaram had approved a note of Krishnan forcing other co promoters of commodity bourse (Natioanal Commodity Exchange) to sell their stake to the NSE clearly revealing malafide interference in the competition within exchange industry. Further he added that even Ramesh Abhishek was aware about the role of brokers and traders but acted in partisan manner only against National Spot Exchange Ltd (NSEL). It was conspiracy to destroy the FTIL group.
The investigation so far done by Economic Offence Wing (EOW), CBI and ED against NSEL and its parent company (FMC) has clearly established that the entire money trail has been traced to 22 defaulting members of NSEL.
In this case Bombay High Court , Justice Menon-the presiding judge, granted liberty to 63 Moons company to proceed ex parte, if replies are not filed within stipulated time.
It looks like troubles for P Chidambaram are far from over, and one may not know how many such cases will emerge in a future, for the follies committed by him during his tenure as finance minister.
3 So in the end Supreme Court (SC) has allowed Board of Control of Cricket in India (BCCI) to function normally as before, and the Committee of Administrator appointed earlier by SC to run day to day functioning of BCCI will no longer run the show. After the recent election of various posts in BCCI, the new look BCCI is as follows
– President : Sourav Ganguly
-Secretary : Jayesh Shah
-Vice President : Mahim Verma
-Jt Secretary : Jayesh George
-Treasurer : Arun Singh Dhumal
-Apex Council : Prabhtej Singh Bhatia
-IPL Chairman: Brijesh Patel
-IPL GC member : M Khairul, Jamal Majumdar
So HAPPY DAYS ARE BACK IN BCCI.
Waiting for your views/comments/feed backs.
Anil Malik
Mumbai, India
23rd Oct 2019
R. N. Mungale.
P. Chidambaram is on real trouble.
At last BCCI is now free.