NSEL crisis: HC summons Chidu, two babus
The Bombay High Court has ordered former finance minister P Chidambaram and top bureaucrats KP Krishnan and Ramesh Abhishek, to file their written statements, if any, within eight weeks. The trio has been asked to defend themselves as they are accused of engineering the National Spot Exchange Limited (NSEL) payment default crisis.
A bench of Justice Anil Menon is presently seized with a Rs 10,000 crore damage suit filed by 63 Moons Technologies, formerly known as Financial Technologies Ltd (FTIL).
The HC had, on July 24, issued summons to Chidambaram and the two babus, asking them to appear before the court either personally or through their counsels.
The founder of 63 Moons filed a Rs 10,000 crore damage suit against Chidambaram, Krishnan, the secretary of the ministry of skill development and Ramesh Abhishek, the then chairman of the forwarding market commission (FMC), and currently the outgoing secretary of the department for industrial policy and promotion (DPIIT).
In its lawsuit, the company claimed to have been facing continuous targeted and mala fide actions in the wake of an engineered payment default crisis at one of its subsidiaries – NSEL. It has further claimed that multiple investigative agencie have failed to trace a money trail to the NSEL, 63 moons and its founder Jignesh Shah.
“However, we are singularly targeted by Chidambaram, Krishnan and Abhishek, who conspired against our group of companies and had vested interests to protect the National Stock Exchange (NSE),” the suit claims.
It further states that these malicious actions perpetrated by the trio against 63 moons have caused a damage of Rs 10,000 crore to its shareholders.
Apart from this lawsuit, the company has also filed criminal complaints against this trio with the Central Bureau of Investigation (CBI), along with supporting material. It has claimed that Chidambaram and others had a ‘dubious’ role in the entire crisis.
The trio has been asked to defend themselves as they are accused of engineering the National Spot Exchange Limited (NSEL) payment default crisis.