The silent and sincere efforts of the FTIL Group in trying in every manner to resolve the NSEL crisis within the four corners of the law has always been overshadowed by injustice. There has been the barrage of criticism and accusations, all based on the misinformation and misunderstanding that was created as no responsible authority trying to explain the real situation.
That is why it is thought that the NSEL and FTIL side of the story needs to be told to the world. And, Shantanu Guha Ray’s ‘The Target Book‘ does just that. For the accident engineered by FMC and DCA and then to payment default committed by defaulters, the entire Financial Technologies Group is paying the price. Not only injustice was meted on the FTIL, but added to it are other painful measures such as the hurry to declare promoters not ‘fit and proper’, the vilification campaign, unverified rumors, and unproven liability has FTIL fighting the battle with every tooth and nail.
The solution given by Ministry of Corporate Affairs, on the recommendation of the FMC, is a complete contradiction to the democratic system against the tenets of corporate law. Thousands of shareholders of FTIL will be deprived to enjoy the benefits of wealth creation and the very business that stood against the global competition and sustained success will wither away. I think the Government should reconsider its decision and not become a bearer of bad news.
For more information check The Target Book Reviews.