Further Letter to Ramesh Abhishek and all FMC directors

Dear Mr. Abhishek and all at FMC

Further to my several mails in the past as an NSEL investor , there is no response from you. I have in the past email clearly written to you how the selective payment to investors with exposure up to Rs 10L was bad in law and divisive in nature. It was a clever trick on the part of Jignesh Shah to knock out 50% investors by paying just about 3% of the total outstanding. It is surprising that FMC was aware of this but did nothing to stop this illegal act.

I request you immediately to ensure that going forward FT/NSEL don't make any extra payment selectively to investors of any particular financial slab and any payment they want to make must come to the escrow account with Axis bank and distributed pro-rata only. As you are supervising settlement/payouts of NSEL it is your legal duty to ensure that legal/financial rights of all investors are equally protected.if you fail to do so,we investors shall be forced to move court for a stay/injuction  against FT/NSEL/Jignesh paying investors selectively.

We also expect to know what is happening with your following directives to NSEL

1) To furnish stock positions in all warehouses assessed by SGS (I believe only few warehouses are assessed)

2) To initiate default proceedings against borrowers and auction commodity stock/assets/properties of borrowers.

While NSEL is holding PDCs worth Rs 4900 crores (confirmed on their website) from borrowers why are they not deposited and criminal proceedings initiated against all borrowers ?  We investors are also shocked that after a month of the breaking out of this scam there is no punitive action from FMC/GOI against Jignesh Shah/FT/NSEL in spite of their lies and criminal acts which are now publicly confirmed.

I would appreciate if you can put up on your website answers to such common questions which thousands of NSEL investors are asking but have no reply to.

Thanks