The NSEL crisis that occurred in mid-2013 has captured quite a bit of news over the past couple of months. It has got even more interesting, after the government ordered the merger of NSEL with its parent, FTIL.
For all those who are still not aware of the case, there is a book out on the market that covers the entire crisis in detail, highlighting the roles of all those who were responsible for it. Titled, The Target Book, the book is written by Shantanu Guha Ray, and brings to light how the then ruling government issued ‘forceful’ and biased orders against the founder of NSEL – Jignesh Shah.
The government took all possible unwarranted measures to demean a national vision, going to the extent of slapping unlawful orders on both his companies, NSEL and FTIL.
Forcing merger on two companies on the pretext of “public or national interest” was quite a stretch. The essential public interest that is the pre-requisite for exercise of power under section 396 is very much absent in the above mentioned case. The government & its authorities are yet to clarify what they really mean by ‘public interest’.
While the book is an excellent medium to reach those who can bring about justice in this case, it raises hopes of a fair trial finally. A must-read.