Controversies are not new to Ramesh Abhishek, who retired as Secretary of DPIIT on July 31 this year but, the recent summons to him by the Hon. Bombay High Court along with his guru and former finance minister P. Chidambaram and KP Krishnan, another IAS, in a Rs 10,000 crore damage suit filed by 63 moons technologies seems to be the proverbial last nail in the coffin.
The Hon Bombay high court has summoned P. Chidambaram, Ramesh Abhishek and Krishnan for their role in engineering the Rs 5600 crore payment default crisis at NSEL, a subsidiary of 63 moons technologies (formerly FTIL).
It must be noted that, there is no money trail traced to NSEL , 63 moons and its founder Mr Jignesh Shah by multiple investigative agencies. However, the group has been singularly targeted as part of a conspiracy by P. Chidambaram, Krishnan and Ramesh Abhishek who wanted to protect the National stock exchange (NSE) in which they have vested interests. These malicious actions perpetrated against 63 moons caused a damage of Rs. 10,000 crores to its shareholders.
It is quite evident that these two intentionally targeted NSEL and took all unwarranted executive actions against it with the intent to destroy FTIL for the sake of NSE. These bureaucrats are well known for misusing their power and position. How can Indian markets forget how P Chidambaram bypassed all process and policy and abused his position as FM to extend favour to Ramesh Abhishek by giving him 5 extensions as Chairman of FMC, the then regulator of commodities markets which was later merged into markets watchdog SEBI? This is unheard of in the history of bureaucratic India and had never happened before.
P Chidambaram wanted Ramesh Abhishek at FMC and so kept extending his tenure in violation of all process and policy and thereby helped Ramesh Abhishek to stay in Mumbai till he desired. This was organized by P Chidambaram by partnering with K.P. Krishnan in Finance Ministry, who is known to be P Chidambaram’s frontman and collection agent.
This trio of PC, Ramesh Abhishek and KP Krishnan killed NSEL, India’s first electronic spot exchange, completely. The decimation of the FTIL group has resulted in a loss of millions of jobs to skilled youths in Indian markets. Who will compensate for that. The company has rightly sued this trio and let’s hope there is justice in the matter for the benefit of the country.