1010, Maker Chambers V, Nariman Point, Mumbai -400021
Tel: 022-2283 0285/4623 Fax: 022-2285 3211 Email: arundalmia2000@yahoo.com Arun Dalmia Secretary 1 May 27, 2014 Shri Ravishankar Prasad Honble Minister, Ministry of Law & J ustice, Shastri Bhawan, A-Wing, Dr. Rajendra Prasad Road, New Delhi-110001 Respected Sir, I hope this letter finds you in the best of health. At the outset I wish to congratulate you heartily for the spectacular electoral victory for BJ P and Prime Minister Shri Narendra Modi ji. We all have been inspired by your sound legal acumen and the tremendous resolve exhibited by you in your political career. I am confident that you have inspired millions of young Indians with your sincere conduct in Parliament as leader of opposition. In these difficult times, Shri Modiji has reposed tremendous faith in your abilities entrusting you with heavy ministries like Law and J ustice. It is only befitting of a wizard like you to deliver on the expectations of millions of Indians. We would like to draw your attention to the daylight robbery of Rs. 5600 crores carried out with impunity by NSEL and FT Group. In one fell swoop this scam has hit 13000 investors. It has been more than 9 months since the scam broke out and since then various investors groups have been running from pillar to post for justice but to no avail. The NSEL matter is now in MPID Court and Bombay High court. This scam is unique in its own sense because there is evident proof that the perpetrators of the scam have significant assets which can assist in recovering all the scam monies. This would probably be the first scam anywhere in the world where 100% of the fraud monies is intact in the form of real estate and other assets. In our view such cases should not waste the precious time of judiciary beyond a certain limit as; a) it is clear as daylight that the investors have lost their investments in an exchange; b) the owners of the exchange and their associates are possessing significant assets to make good the losses of the investors; c) the Indian judicial procedure is ideally suited for the culprit of the scam rather than the victim as the culprit can hire the best talent to take umbrage under some statute or another to delay and prolong the proceedings. Therefore in all humility we would suggest a time bound court procedure in such cases so that the fear of swift and fair justice will dissuade the perpetrators of such financial terrorism. You are very well aware that our judicial system needs a major overhaul. Over NSEL Investors Forum 1010, Maker Chambers V, Nariman Point, Mumbai -400021 Tel: 022-2283 0285/4623 Fax: 022-2285 3211 Email: arundalmia2000@yahoo.com Arun Dalmia Secretary 2 the last ten years the judicial framework has further crumbled with frivolous complaints and trivial matters like even a household eviction is being heard in the Supreme Court of India. This has severely diluted the significance of the Apex judicial body in Indian Republic. We are extremely confident that with your immense abilities you will create a sustainable framework for fair and speedy justice for all. At this juncture we are well aware of the tremendous responsibilities on you in steering the nation out of a deep crisis and we wish you all the luck and good wishes. We truly believe that with your immense knowledge and pragmatism you will exceed the expectations of 1.25 billion Indians. Yours faithfully For NSEL Investors Forum Arun Dalmia