Date:
Sun, 19 Sep 2004 08:26:27 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
Fwd: SUBJECT ; RAISING STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
"Jayaben thakkar"
Date:
Sun, 19 Sep 2004 08:44:38 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
SUBJECT ; RAISING STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
"Vijayendrapalsingh Badnore"
Date:
Sun, 19 Sep 2004 08:48:39 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
SUBJECT ; RAISING STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
"dr. satyanaryana jatiya" , "dr vallabhbhai kathiria" , "bhuwanchandra khanduri"
Date:
Sun, 19 Sep 2004 08:57:59 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
SUBJECT ; RAISING STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
"l k advani"
Date:
Mon, 20 Sep 2004 01:09:12 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
SUBJECT ; NEED TO RAISE STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
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Date:
Mon, 20 Sep 2004 01:12:10 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
SUBJECT ; NEED TO RAISE STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
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Date:
Mon, 20 Sep 2004 01:15:46 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
SUBJECT ; RAISING STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
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Date:
Mon, 20 Sep 2004 01:19:20 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
SUBJECT ; RAISING STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
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Date:
Mon, 20 Sep 2004 02:17:13 -0700 (PDT)
From:
"pankaj mody" View Contact Details
Subject:
SUBJECT ; URGENT NEED TO RAISESTRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
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Date:
Mon, 20 Sep 2004 07:55:20 -0700 (PDT)
From:
"pankaj mody"
Subject:
SUBJECT ; URGENT NEED TO RAISE STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
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Date:
Tue, 21 Sep 2004 06:20:49 -0700 (PDT)
From:
"pankaj mody"
Subject:
Fwd: SUBJECT ; URGENT NEED TO RAISE STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYES
To:
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CC:
presidentofindia@rb.nic.in, cec@eci.gov.in, cvc@alpha.nic.in
pankaj mody wrote:
Received: from [203.88.155.127] by web54205.mail.yahoo.com via HTTP; Tue, 21 Sep 2004 04:58:01 PDTDate: Tue, 21 Sep 2004 04:58:01 -0700 (PDT)From: pankaj mody Subject: SUBJECT ; URGENT NEED TO RAISE STRONG PROTEST AGAINST RECENT CABINET DECISION ON ALLOWING GTB -OBC AMALGAMATION IN UNDEMOCRATIC MANNER AND TAKING CITIZENS OF THE COUNTRY FOR A RIDE AND THROWING MUD IN THEIR EYESTo: pcalex@sansad.nic.in, jbhatt@sansad.nic.in, ubrahma@sansad.nic.in, mayfair@sansad.nic.in, shankarc@sansad.nic.inCC: presidentofindia@rb.nic.in, cec@eci.gov.in, cvc@alpha.nic.in, vc1@cvc.delhi.nic.in, vc2@delhi.nic.inBcc: theasianage MIME-Version: 1.0Content-Type: multipart/alternative; boundary="0-256540405-1095767881=:47168"Content-Length: 44598
From : Pankaj S Mody
40 BMM SOCIETY
Paldi, ahmedabad 380 006
EMAIL http://us.f542.mail.yahoo.com/ym/Compose?To=psmody@yahoo.com
ptember SEPTEMBER 19,2004
Respected Sansad Member ,
Subject : Approval given by The Cabinet on 17th September 04 ON GTB –AMALGAMATION WITH OBC
1. I had sent email strongly worded email on 16th September 04 to RBI and a copy marked to President of India and the very next day the cabinet decision takes place in cabinet meeting. My email to RBI is annexed herewith . Kindly have a look to get the insight of objections to amalgamation etc. Annexure 3
2. Such acts by Cabinet approval clearly depict that the democracy is dead and is as good as raping the shareholders of OBC/GTB and the ordinary citizens absorbing taxes so that tax benefit is passed to OBC while allowing GTB management and Ramesh Gelli to go scot free while giving birth to bigger scams by various banks because they would know that RBI would ultimately bail them out .
3. Even BJP Rajya Sabha member Shri Balbir Singh had questioned the issue in Rajya Sabha ( Annexure 1) . I HAVE BRIEFLY ANNEXED MY COMMENTS UNDERNEATH . Kirit Somayia and Sushil Modi had also voiced concerns.
4. Even well known columnist Sucheta Dalal has made comments (annexure 2) and for detailed study book on creation and destruction of shareholder value would throw tremendous light on this subject.
5. One can read more articles on GTB as referred in the link http://www.gtbarticles.blogspot.com/
6. I strongly protest as this is outrageous and insult to the citizens of the country. The hole in the Titanic called India cannot be concealed by RBI and the Cabinet . The hole has to be identified , repaired and sealed meticulously to prevent such reoccurrences again –as it has potential of destroying the country totally and Indian rupee would just become a piece of paper WHILE SEBI ALLOWING one rupee face value share at HIGHLY INFLATED PRICE TO LOOT AND FOOL INNOCENT INVESTORS.
7. It is therefore absolutely essential that steps are initiated by all the MPs unitedly that Government is compelled to withdraw such decision and the matter is fully debated in the Parliament by calling emergency meeting of Parliament . In case this is not done it would be presumed that either some of the prominent BJP leaders are involved or lack guts to fight back with all might. It is necessary all of you unite to fight back with all might forthwith when the iron is hot and the delay could be dangerous as India has already started sinking but everyone is keeping quiet. It is just like concealing live nuclear bomb in a room and telling people that we have taken all safety measures and there is nothing to worry.
8. For understanding of the matter of GTB one can get in touch with columnist like Suchetadalal at email site http://us.f542.mail.yahoo.com/ym/Compose?To=suchetadalal@yahoo.com and probably invite her so that all of you can simultaneously can understand the implications in the interest of people of India and unitedly form a platform to protest in a focussed manner so that such decision is withdrawn.
9. I think that experts need to be invited and the President of India need to be called also before allowing rash decision of Finance Ministry and Prime Minister . Such decision cannot be allowed on account of their vulnerability or identification and attachment of saving Ramesh Gelli and top ranking officers of Reserve Bank.
10. Please discuss the matter urgently with all party members forthwith to save citizens of India.
11. I look forward to your acknowledgement and the initiztives taken by all of you to unite and focus the issue before the President of India, Government , and Parliament as this decision is nothing short of emergency days. I am marking copy to the CEC also and the President of India too .
Thanking you.
Yours sincerely,
Pankaj Mody
Annexure 1: information on comments by Shri Balbir Punj
New Delhi, Aug. 18: The Union finance ministry has denied the charges levelled by BJP Rajya Sabha MP Balbir K. Punj against Prime Minister Manmohan Singh and former Prime Minister P.V. Narasimha Rao in the Global Trust Bank case."Government have noted, with considerable disappointment and regret, that in an article by Balbir K. Punj veiled insinuations have been made against the Prime Minister Manmohan Singh and the former Prime Minister P. V. Narasimha Rao in the matter concerning Global Trust Bank (GTB). It is obvious that Mr Punj is willing to strike but afraid to wound, and that is why he has stopped just short of making accusations," said the statement issued by the ministry on Wednesday.It said, "Nevertheless, the references to the Prime Minister and the former Prime Minister deserve to be deplored."
It said, "Nevertheless, the references to the Prime Minister and the former Prime Minister deserve to be deplored."
According to the statement, the GTB has been sliding since March 2001 till date of merger. If, as the author alleges, the GTB has burnt a hole of Rs 800 crores-Rs 1,200 crores, the hole was burning since March 2001. Shortly after the UPA government took over, the finance minister discussed the matter with the RBI governor and asked him to take suitable steps to protect the interest of the stakeholders, especially the depositors.
The RBI acted promptly and, after conducting its own enquiries, advised the government to impose a moratorium on the activities of the GTB, and this was done with effect from July 24. On July 26, a draft scheme proposing the merger of GTB with Oriental Bank of Commerce was proposed and a notice inviting objections was published. Within three weeks, the objections were processed, and a final order directing the amalgamation of GTB with OBC was made on August 14, the statement said.
BRIEF COMMENTS TO OBSERVATIONS MADE BY PANKAJ MODY
If you carefully, study the entire defense put forth by the Union Finance Minsitry with the consent and blessings of the Indian Government , you will notice that , the Government has cleverly omitted the word “ ShareHolder” and used the word “Depositors”. Now, if you care to try to find out the reasons for cleverly replacing the word “shareholder” by the word “depositors” , you will find that, the Government has been trying to befool the innocent citizens of India and the shareholders of GTB . ( who was born first ? The shareholder or the depositior ? The obvious answer is that the company cannot see the light of the day without shareholder. So the crucial question is that when the Government talks about the protection of the interests of the depositors only, then it is crystal clear that the Government has had criminally neglected the interests of the shareholders , who gave birth to the company –i.e. GTB and had nourished it till date. One more point , why the AGM of the shareholders of GTB was not called before taking decision. Why their consent or otherwise was not inquired into legally before abruptly declaring amalgamation . Is not the role played by SEBI, RBI, North Block, South Block ,etc not fishy ??? Can it stand appeal before the constitutional full bench of the Supreme Court???
The fact that GTB was sinking since last four years was very well known within the knowledge of not only RBI, SEBI, North Block, South Block, but also to the general public of the country. No action was taken against GTB as well as the fraud makers for obvious reasons to protect the interests of share holders and directors of GTB. On the contrary, every authority including SEBI, RBI ,NB allowed Ramesh Gelli and his associates to sale their shareholding in GTB (sinking Titanic) at lucrative price, this allowing Gelli and company to make GTB’s shareholders as paupers. This is abundantly clear as the OBC, immediately after this illegal,unjust and unfair amalgamation has lost no time to publicly announce that no shareholder of GTB should expect any dividend in the future for as long as twelve years! See the audacity!!!
BESIDES OBC SHAREHOLDERS MAY FALL IN SAME TRAP WHEN OBC BECOMES SICK AS ABSORBING GTB STAFF IS EQUIVALENT TO ONE ROTTEN EGG SPOILING ALL EGGS IN BASKET. ONE HAS TO WEED OUT FIELD COMPLETELY TO TAKE NEW CROP.
ANNEXURE 2
Extract from article : Taken From Granted by Sucheta Dalal
Link :- http://www.suchetadalal.com/articles/display/76/1195.article
Despite dozens of financial scandals over the past 15 years, the guilty have gone scot-free and investors have lost their money. Yet, confidential reports available with us show that the Reserve Bank of India’s supervision department had failed to act in the Global Trust Bank and Nedungadi Bank cases; we also have reasons to believe that the May 17 investigation is making no systematic attempt to nail all of those who may have depressed prices. The preliminary report submitted by the Securities and Exchange Board of India (SEBI) when matched with raw trading data during the initial minutes of May 17 raises many questions about the regulators’ ability. We now learn that in one investigation, SEBI’s lawyers have written to the regulator that it cannot be certain of a favourable order from an appellate body because of the (poor) quality of its investigation. This pertains to one of the biggest individual trader in the stock market. It brings us back to our original question. What can ordinary people do if the basic investigation and information gathering by regulatory agencies is deficient and faulty?
Annexure 3, copy of my recent e mail to Reserve Bank Of India
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From:
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Subject:
Re: REGARDING OBJECTION ON SCHEME OF AMALGAMATION ANNOUNCED IN RESPECT OF GTB WITH OBC
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An Open Letter to the Governor and Board of Directors of Reserve Bank of India served through The Chief General Manager , Department of Banking Supervision and Development
FROM:
PANKAJ S MODY
JANMANGAL APT
40 BMM SOCIETY
PALDI,
AHMEDABAD 380 006
EMAILID: http://mail.yahoo.com/config/login?/ym/Compose?To=psmody@yahoo.com
Dated 16-9-2004
THE CHIEF GENERAL MANAGER
DEPARTMENT OF BANKING SUPERVISION AND DEVELOPMENT
RESERVE BANK OF INDIA
CENTRAL OFFICE
WORLD TRADE CENTRE
CENTRE-1
CUFFE PARADE
COLABA
MUMBAI 400 005
Respected Sir,
SUB: REGARDING SCHEME OF AMALGAMATION ANNOUNCED IN RESPECT OF GTB WITH OBC.
My reference letter dated 26-7-2004 in relation to GTB and my emails in relation to the scheme of amalgamation of GTB with Oriental Bank of Commerce.
Your reference:- Reply from DBS ahmedabad, vide letter dated 11-8-04 from Shri Sawant, Department of Banking Supervision, La Gajjar Chambers, Ahmedabad.
1. Kindly refer to the reply given by Shri Sawant , Department of Banking Supervision vide his letter DBS/170/04.03.09/2004-05 dated 11-08-2004. I am thankful to DBS –Ahmedabad for sending acknowledgment of my letters and e mails promptly.
2. I have received above referred reply from local branch of Reserve Bank of India pursuant to my letter addressed to them on Banking Fraud which involved local Branch in Ahmedabad of Global Trust Bank in collusion with Mr. Jatin Jalundhwala who created charge on immoveable property located in posh locality of Ahmedabad with help of GTB for a sum of Rs 12.5 crores on the companies called Rupmanglam Investment Private Limited as well as Flovin Plastics Private Limited .
3. As per the contents of the above letter, I have been told to communicate to the Hyderabad branch of Reserve Bank of India.
4. I strongly feel that there is error of judgment as well as gross administrative error from the point of view of efficiency as well as effectiveness for transferring the inquiry to Hyderabad branch of Reserve Bank of India which can unnecessarily create hurdles ,delay and prevent proper timely understanding of the case material and force person like me to run from pillar to post unnecessarily and waste time, energy and expense for approaching Hyderabad office who have not replied till date for over a month.
5. When a person approaches Reserve Bank of India’s branch , he should feel happy and go with complete satisfaction and feel that –one can fully trust RBI and the citizen is not fooled by making him run from pillar to post. All of us know , how has RBI handled Madhavpura Cooperative Bank and other cooperative banks in Gujarat and the country vis a vis GTB Bank.
6. By this letter , I most humbly request you to communicate all detailed finding in relation to my letter dated 26-7-2004 and by now all the particulars would have been collected from the GTB management through your Hyderabad office.
7. Secondly, I have already raised objections against amalgamation of GTB with OBC in my email on 7th August 2004 and I would appreciate very much if you would be kind enough to furnish a detailed reply in a logical fashion and the steps initiated by Reserve Bank of India against the staff and management of GTB including Mr. Ramesh Gelli on account of high non performing assets.
8. I most humbly appeal to you not to let them go scot free . You would be aware that in March/April 2002 there was article in newspapers where the top GTB management had initiated inquiry against Mr. S. R Krishnamurthy who was heading local branch of GTB and hence there should not be any reason for Reserve Bank of India to favour any officer of GTB and maintain soft stand .
9. It is needless to state that your stern actions against GTB officials has to be visible and it is your responsibility to demand a detailed explanation from Mr. Ramesh Gelli who was heading the GTB in 1999 in view of my letter to the vigilance department of Global Trust Bank on 24-7-1999 and failure on the part of GTB to file reply in affidavit both in CRA 25 and 26/2002 as well as Appeal from Order 176/2003 and Civil Application 3110/2003. It is expected of RBI that RBI does not help Ramesh Gelli and management of GTB to hide their head in sands like Ostritch but proactively force them and drag them out in an open arena before public before television and they are grilled by persons like me and others so that the trust ,faith , confidence in RBI returns. When they are not pulled up , you would be helping our Honorable Prime Minister Dr. Singh to go through agony and losing his cool , the way it happened recently. Such events are going to be on increase in coming future and therefore, instead of protecting GTB management , let them learn to defend themselves on their own before public so as to serve lessons to other bankers. .
10. I am really shocked and flabbergasted that you have taken swift measures to amalgamate GTB with OBC immediately as if the OBC is owned by the Directors of OBC and the directors of Reserve Bank of India.and not by the shareholders of Oriental Bank of Commerce and the shareholders of GTB does not have any say at all.
11. I expect a detailed reply from the Present Governor of Reserve Bank of India in this connection under his personal signature personally so that people of India can judge whether he is loyal to Ramesh Gelli or people of India. And whether the paper note showing signature of Governor of Reserve Bank of India has any value or not especially when the rupee has drastically devalued against dollar and the value of one hundred Rupee note hardly has any value in the present context.
12. As a regulatory authority , it was necessary for RBI to learn the lessons of being faitfhful, of being alert, agile, frugal, swift, vigilant , persistent, ever ready , tenacious, of having the ability to smell something wrong, etc from a DOG. The RBI has not done nothing to catch the GTB officials.
13. Sir, times have changed. A day is not too far when you have to go on printing notes to pay salary to the government officers and the salary would be inadequate to maintain the family.
14. I look forward to your detailed reply forthwith as a citizen of the country and as an affected party Reserve Bank of India is like father to the citizens of the country and as a father of the citizens of the country, we the citizens as children look forward to you that you play role of father effectively so that we in turn can play effective role to our children and our families. You shall also mark copy of your detailed reply on your website and mark a copy to the leaders of the nation to whom the copy of this letter is annexed.
15. A day is not too far when the people of India would lose trust in the capability , sincerity, competency, loyalty ,reliability and integrity of the regulatory body like Reserve Bank of India. Trust and faith in a system is not imparted by showing laws ,acts , enactments, by showing abuse of power, etc. Even Hitler’s Germany, Great Roman Empire, have been wiped off. All you have to do is start listening to the voices of common people and abandon rigidity of minds and start becoming super receptive and compassionate like Father of Nation –Gandhiji so that hard earned independence of the country does not fall in the hands of other East India Companies that are mushrooming.
16. You also have to tell the Government of India and the Finance Ministry that no benefits of Income tax rebates/concessions is made available to OBC through any schemes. This is as good as taxing people of India. There is no need to show generosity to OBC at all, when OBC has volunteered to amalgamate with GTB.
17. I am not your enemy , I am a friend to you as well as all people of India because I have stood in queue to exchange torn note of Rs 35 notes, the only liquid possession I had and out of that I had spent around Rs seven for sending a reply to the letter in one of the government department. I know what are the harsh the struggles of life can be for a whistleblower like me.
Thanking You.
Yours sincerely,
Pankaj S Mody
Copy marked to :- 1 His Excellency, The President of India
2. The Honorable Prime Minister of India
3. The Honorable Finance Minister of India
4. Member of Parliaments of various Parties
5. The Central Vigilance Commission
6. The Chief Election Commissioner
7. The CERC
8. copy to the media members
From :Pankaj S Mody
JANMANGAL APT
40 BMM SOICETY
PALDI, AHMEDABAD 380006
EMAIL ID : http://mail.yahoo.com/config/login?/ym/Compose?To=psmody@yahoo.com
AUGUST 7TH 2004
BEING SENT BY E- MAIL
TO :
THE CHIEF GENERAL MANAGER
DEPARTMENT OF BANKING OPERATIONS AND DEVELOPMENT
RESERVE BANK OF INDIA
CENTRAL OFFICE
WORLD TRADE CENTRE
CENTRE-1
COLABA
MUMBAI 400 005
RESPECTED SIR,
SUBJECT: OBJECTIONS OF AMALGAMATION SCHEME OF OBC WITH GTB
1. This is in reference to the objections being invited from public as regards to amalgamation scheme being announced by RBI recently and invitation extended to public for filing objections if any.
2. I have already drawn attention of vigilance department of Global Trust Bank by writing private and confidential letter on 24-7-1999 followed up by notice on 21-12-99 through advocate J J Patel ( which remained unreplied) , followed up by a civil suit 5627/2001 in city civil court in view of illegal charge created by Global Trust Bank in favour of Core Health Care for extending term loan of Rs 12.5 crores.
3. I had already addressed letter to Director General Ofi Income tax Investigation on 18-6-99 and furnished additional particulars on 10-5-2000 when I was called for recording of my statement. The Director General Of Income tax –Investigation wrote a letter addressed to me on 19-9-2000 stating that there was truth in my statements and assured me that necessary steps would be taken by them for tax evasion etc. Inspite of repeated letters and telegrams , they did nothing.
4. I would like to draw your attention that the contents of private and confidential letter were released to Core Health Care and to pressurize me to legalise illegal creation of charge done by bank officials with management of Core Health care as well as their employees , they subjected the undersigned to police remand for five days in Navrangpura Police station in December 1999.
5. I have addressed letter to Global Trust Bank once again on 19-5-2004 annexed herewith which is self explanatory and the fact that they have not furnished detailed reply nor have they taken appropriate action against this group, their advisors as well as employees of the group , as well as their connected auditors and tax advocates speaks volume of their guilty conscience. The Reserve Bank of India as a regulator cannot be silent and mute spectator and allow such persons to go scot free.
6. I would also like to draw your attention that Bar Council of Gujarat has not taken measures at the right time to inform the Chief Justice of Gujarat High Court as Mr. Saurabh Soparkar has been trying to veil the acts of fraud of GTB as he was personally involved by taking up the complaint 38/2002 filed with Bar Council of Gujarat against Mr. Saurabh Soparkar.Neither has the Bar council of Gujarat has furnished reply from Mr. Saurabh Soparkar pursuant to my reply in September 2003 nor have they taken up the issue with The Chief Justice of Gujarat High Court. In my interest as well as public interest as well as such blockades happening in future , it is necessary that action is taken against Bar Council of Gujarat who are traitors to the society.
7. I had also brought to the attention to the Institute of Chartered accountants fo India in New Delhi as regards to conduct of Mr. Hemant Kashiparekh by writing a letter in Sepatember 1999 . They have remained silent to my letter.
8. I had also informed SEBI to look into the matter by sending a copy of my above Letter dated 19-5-2004 to them by email . No findings have been reported to me .
9. I had sent email to the Chief Minister of Gujarat marking a copy of the above Letter dated 19-5-04 with a request to look into banking fraud as well as furnishing protection to the undersigned. He was the only person who acknowledged as well as assigned his Principal Secretary to look into the matter. But the Principal Secretary working under him , it appears has done nothing to conduct inquiry on fraud. I am not supposed to run from pillar to post both for whistleblowing as well as for protecting of my rights as well as undue harassment still being caused to me by various authorities including income tax department.
10. I had also informed Global Trust Bank vide my letter dated 14-6-2004 that a document of Lis Pendens has been filed with the appropriate authorities and in view of such filing of document and the fact of their knowledge much prior to the scheme pronounced by RBI on amalgamation, RBI cannot do anything which has an impact of depriving my rights in the immoveable property which has been illegally mortgaged. I cannot be prevented to file any suit of damage recovery , criminal action etc on GTB , OBC and the employees of OBC and GTB as well as management of RBI.
11. Immediately on hearing the news on Sunday 25th July , I have addressed a letter to the Chief Justice of Gujarat High Court and copy marked to President of India and email was sent to them on July 25th itself. The Government of India was already in knowledge of the contents and seriousness of my e mail to them which was made prior to scheme of amalagmation announced on 26-7-2004. In view of such email prior to the Government of India , any clause inserted which takes away my rights cannot be acceptable to me including of filing of suit against RBI, OBC and GTB as well as connected persons. RBI management would automatically become partners to crime as the motive is to shield the officers and management of GTB and also the great bank robber Core Health Care where financial stake of Rs 750 crores has been involved. As RBI is a regulator , it owes total accountability to citizens of India when it does not punish ruthlessly without extending favour to any one.
12. The act of Good faith is one that cannot be demanded as a way of right by inserting any clause in the scheme of amalgamation and thereby protect OBC , GTB, Central Government and the officers of RBI as appearing in clause 10 of Chapter 6 and also of detached and impartial observation by columnist in article by Sucheta Dalal on August 2nd 2004 in Indian Express too.
13. I also reserve my right to file additional objections , once I receive a detailed reply from the letter addressed to Reserve Bank of India in Ahmedabad on 26-7-2004 itself , when the contents of the scheme of amalgamation was available to the undersigned.
14. I would also like to raise same objections as raised by MR. Y.P Singh and as it appears in Asian Age edition along with my other objections to protect my interest as well as public at large.
15. The particular paragraph 10 of Chapter VI has been cleverly and fraudulently prepared to delay,defeat and defraud the interest of depositors as well as the interest of creditors of GTB. Even for the sake of repetition , I reproduce the same as under:- LEGAL PROCEEDINGS AGAINST CENTRAL GOVERNMENT,RESERVE BANK OF INDIA, TRANSFEREE OR TRANSFEROR BANK:-“No suit or other legal proceedings shall lie against the central government, the Reserve Bank of India or the transferee bank or the transferor bank for any thing which is in good faith done or intended to be done in pursuance of the scheme.”
16. Even a layman of ordinary sense and prudence will agree that this self serving paragraphs has been introduced in the scheme to keep justice seeker at bay. The RBI knows quite well that the step of amalgamation of GTB with OBC had to be taken with a pressure from North Block which cannot be blamed at any time in future and the RBI can easily take credit if the amalgamation stands the test of appeal before the Supreme Court and to pocket and swallow the discredit if any, without involving Ministry of Finance in the matter. Such and attitude on part of RBI is fatal to the ECONOMIC HEALTH of the country and the people of the country. It also violates, the principle of justice, equality and good conscience and the contents of Constitution of India. Nothing can LEGALISE AN ILLEGAL ACT and introduction of this paragraph by RBI reflects the partial attitude of the RBI. The consequential effect will be as under:-
v The rich will become richer.
v The poor will become poorer.
v The belief that the rich and clever defaulters can be easily BUY the politicians ,the bureaucrats and the North Block will become stronger.
v Consequent to above the combined effect of failure by a team of RBI,SEBI,POLITICIANS and North Block may result in loss of INDEPENDENCE by this country.
v This has potential of increase in terrorism and violence in the country and its impact can become unpredictable as to who would be victimised next .
18. The whistle as well as SOS signal comes from various sources as it happened in Kargil and Cuban Missile Crisis where the people have blown whistle inspite of personal risks and therefore personal introspection has to be done by the Reserve Bank of India that it plays regulatory role by punishing so that such events do not happen again and even the bureaucrats, citizens behave in a responsible way to perform their duty to the nation the way it has been done by Mr. Y.P. Singh, who was associated with Government of India in the past. Such acts are to be encouraged. I am posting a blog on essay lessons to be learnt from sinking of titanic. The link is http://sinktitanic.blogspot.com/
19. I would appreciate that over and above law points , I urge that the matter is examined from spirit of this letter and impact on the society. In case,this is not done, the Reserve Bank of India is triggering economical bomb just the way Hiroshama and Nagasaki were destroyed by a flight operator without realizing What he was doing.
20 I therefore urge you to use your powers with great responsibility as it is
double edged sword which can engulf the country in economical fire and
which no one would be able to extinguish. Still everything is not lost. In
case the Reserve Bank of India directors still wants to go ahead with such
proposal, I as a citizen of the country want them to file affidavit that they
shall be fully accountable for illegal acts of fraud BY GTB AND SUPPORTED BY RBI TOO they are put to acid test by the citizens of the country in a voting specially done in the interest of publica at large too.In case they fail to do so then they are timid souls and they do not what they are doing to the people
of nation. In such situation they cannot take rash decision in a hot hurry.
21 I LOOK look forward to your detailed reply,findings ,action to my present letter as well as the letters sent earlier. On account of time constraints, I may have missed out on some annexures but this should not be a constraint and excuse on the part of RBI.
22. In view of the above stated facts and position, I , MR. Pankaj S Mody of Ahmedabad strongly object to this amalgamation and urge RBI to drop this idea of amalgamation.
Thanking you.
Yours sincerely,
PANKAJS MODY
Annexure:
GIST OF Points covered in my letter TO GTB on 19-5-04
1. reference of my letter dated 24-7-99 to the bank, as well as notice dated 21-12-99 to them,and pending civil suit against them.
2. that Core health group has robbed banks to the extent of Rs 750 crores and has been referred as great bank robber by leading news paper.
3. Absence of stamped confirmation from the escrows to the various mous has been explained.
4. Brought to the notice that there was personal guarantee of Sushil Handa which was being retired on pretext of creation of charge on the property and thereby deliberately diluting necessary security.
5. Had informed the bank that I know of their intention to dispose the property and has also warned that I would be compelled to initiate criminal action against the bank as well as the person who is charge of Global Trust bank –which naturally means and includes (all officeres of RBI, Central Government, OBC too) in case they fail to produce the witnesses in criminal defamation 3326/99 launched against me. (As a matter of fact the bank did not remain present in the metropolitan court number 15 on 22-7-2004 and produce all the necessary evidences collected at the time of sanction in the courts and nor did they write back to me that they will produce top officials of Core Health care in the metropolitan court).
6. Brought to the notice of letter dated 3-8-99 by them to Core Health care that they were dissatisfied with the contents of letter dated 31-7-99 by their solicitor.
7. Brought to the attention of the bank that their borrower is not remaining present in the metropolitan court in defamation case-and neither is bank pursuing that the officer remains present in the courts.
8. Informed that S R Krishmanurthy has been sacked by bank itself.
9. informed the bank that the party is deliberately avoiding to furnish necessary evidence which was called for in civil suit 5827/2001.
10. lack of transparent approach as part of corporate responsibility to the society is forcing me to mark copy to SEBI and others.
11. Had cautioned that in case they harass me , the contents would back fire on officials of bank. Had cautioned him that he had no alternative but to file criminal complaint against the group and their associates.
12. the writer himself has deliberately tried to create and intensify to activate rage in the mind of the head of the bank and absence of such action confirms that THEY ARE HAND IN glove.
ANNEXURE;
My letter to Global Trust Bank on 14-6-2004.
By Speed Post From: PANKAJ S MODY 2ND FLOOR 40 BMM SOCIETY AHMEDABAD 380 006 14-06-2004 To: THE HEAD GLOBAL TRUST BANK C G ROAD AHMEDABAD 380 006 SIR, SUBJECT: MY CIVIL SUIT 5827/2001 PENDING IN CITY CIVIL COURT AGAINST YOU This is in reference to my above civil suit 5827/2001 pending in city civil court, Ahmedabad. I would like to draw your attention that I have filed a notice of Lis Pendens before the SubRegistar vide registration number 2171 before the Sub-Registar, Ahmedabad-4 on April 15,2004 referring the above pending suit covering the immoveable property referred there in. You are hereby informed that it would be illegal for you to transfer and dispose immoveable property 768/10 in Chadawad in any manner as the above suit is pending and all the cost and consequences would be to your account which please note. Please note that you have not appeared before the Gujarat High Court in Appeal from order 176/2003 and nor have you filed any reply to my contentions raised in my appeal from order which confirms that you have tacitly accepted that the charge created by you is illegal. Further your silence to my letter dated 19-5-2004 already establishes the bank’s guilty conscience that the bank officials are hand in glove with Core Health care, Mr. Jatin Jalundhwala and Dhanyushya Financial and have no defense. This is for the bank’s knowledge which please note. Yours sincerely, Pankaj S Mody
MY PREVIOUS MESSAGE
pankaj mody wrote:
FROM:PANKAJ S MODY
JANMANGAL APT
40 BMM SOCIETY
PALDI
AHMEDABAD 380 006
EMAIL ID http://mail.yahoo.com/config/login?/ym/Compose?To=psmody@yahoo.com
DATED 06-08--2004
THE CHIEF GENERAL MANAGER
DEPARTMENT OFBANKING OPERATIONS AND DEVELOPMENT
RESEREVE BANK OF INDIA
CENTRAL OFFICE
WORLD TRADE CENTRE
CENTRE-1
CUFFE PARADE
COLABA
MUMBAI 400 005
RESPECTED SIR,
Scheme of amalgamation announced by RBI in respect of OBC with GTB
This is in reference to the scheme of merger announced by RBI as regards to GTB being amalgamated with OBC vide notice issued on 26-7-2004 by RBI. According to the article , the objections have to be filed latest by 7th Augsut 2004.
It is hard for ordinary public to understand the implications unless we see a copy of the same and glimpse of its impact became known only when columnist Sucheta Dalal published the article in Indian Express on 2nd August 2004.
The scheme of amalgamation and its impact and repercussions by inserting immunity clause could be gauged only when one read article by Sucheta Dalal on 2nd August 2004. The link of the article is furnished herewith.
http://www.indianexpress.com/full_story.php?content_id=52213
RBI’s shoddy role in the GTB saga
SUCHETA DALAL
Posted online: Monday, August 02, 2004 at 0025 hours IST
The Reserve Bank of India (RBI) wants to ensure that its regulatory lapses never come in for scrutiny; and what better way to ensure this than an immunity clause in the amalgamation scheme of Global Trust Bank (GTB) with Oriental Bank of Commerce (OBC)? It says that no suit or legal proceedings can lie against the centre, RBI, OBC and GTB for anything done in good faith or in pursuance of the Scheme.
There is hardly any time for any one to make effective representation and hence in the interest of citizens of India , the date needs to be extended by atleast one month so that people, media can debate on such draconian facet of the act which is as good as land ceiling laws passed during Indira regime.
You would immediately announce extension of this date so that people has sufficient time to file objections effectively because it requires understanding of economics , law, constitution, etc which even a lawyer would not understand on account of only legal background he has .
Kindly extend the date forthwith in interest of public as taking such measure would not cause any adverse impact on RBI and /or OBC.
Your detailed reply is expected forthwith as time is short and the public is lost as to whom to represent to get additional time.
Besides, a person like me is facing grave difficulty in ahmedabad in view of heavy rains in ahmedabad since last two days and it was difficult to download the entire text from RBI site –the scheme of amalgamation as put on website. I am sure there that there are many who get affected by such situation .
I am also annexing letter addressed to Chief General Manager , Reserve Bank of India on 26-7-2004 connected with the matter by the undersigned and it is necessary that I have detailed response so that I can furnish a detailed reply.
in the interest of public the speed with which the scheme was announced is also applicable here too.
Thanking you.
Yours sincerely,
Pankaj Mody
copy of this letter marked to President of India vide e mail and others too
Copy of marked to http://mail.yahoo.com/config/login?/ym/Compose?To=suchetadalal@yahoo.com with a request that various newspapers are intimated to bring the contents of letter for knowledge of public.
Annexure: copy of letter addressed to Reserve Bank of India , Ahmedabad 0n 26-7-2004
BY HAND DELIVERY
from
PANKAJ S MODY
JANMANGAL APARTMENT
40 BMM SOCIETY
PALDI , AHMEDABAD 380 006
email: http://mail.yahoo.com/config/login?/ym/Compose?To=psmody@yahoo.com
jULY 26 2 004
TO
THE CHIEF GENERAL MANAGER
RESERVE BANK OF INDIA
AHMEDABAD
Respected Sir,
SUBJECT:: RECENT DEVELOPMENTS IN GLOBAL TRUST BANK
1. I shall be brief in what I have to say in the matter of RBI’ recent action against Global Trust Bank.
2. I have had a very bitter experience with the management as well as the local officers of the local Head office of Global Trust Bank in Ahmedabad on CG Road. The matter relates as back as 1999. Sir, Since you are the highest authority safeguarding the interest of Indian revenue, it is sufficient for me to enclose ,as detailed below, the Xerox copies of some correspondence with Global Trust Bank and consequently with local Income tax department as well as Chief Minsiter of Gujarat . I do hope that the xerox copies of the documents are self explanatory and of immense value to your good self.
3. List of correspondence annexed:-
· My letter to the Global Trust Bank on 24-7-1999
· Letter dated 19-05-2004 to the Global Trust Bank
4. You can also view the correspondence in relation to this matter by visiting
the links on internet titled as http://www.gtbcore.blogspot/ and http://www.barcoun.blogspot/ and additional information would be posted on the site from time to time.
4. Kindly acknowledge the receipt of the correspondence and please feel free to write to me for any further details, developments or clarifications in the matter.
Thanking you.
Yours sincerely,
Pankaj S Mody
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