555. Mr. Mukesh Ambani and the SEBI

555

Mr. Mukesh Ambani and the SEBI

The Securities and Exchange Board of India (SEBI), on 25 March 2017, directed the Mr. Mukesh Ambani led Reliance Industries Limited (RIL) to return the illegally obtained money of nearly Re.447 crore with interest. The SEBI described it as fraudulent trading. It is also called insider trading. It banned the RIL from accessing the stock market for one year. The money must be paid within 45 days. The alleged offence took place in 2007.

The RIL would not return the money lest its entire assets would be classified as ill-gotten wealth. If it, due to some reasons, returns the money, the Supreme Court of India would not allow the people to know the things went behind it.

There are reports that the RIL decided to challenge the order in the Appellate Tribunal.

The case would reach the Supreme Court of India after many years. The Supreme Court would bury it like the Niira Radia case because the RIL is different from others.

There are many reasons for this conclusion.

The insider trading of the RIL occurred when Mr. Mr. Raramalinga Raju of Satyam Computers was accused of insider trading. The Company Law Board and the SEBI were very active in sending Mr. Ramalinga Raju  to jail for a similar crime, a less serious crime.

When Ms. Jayalalithaa bought the TANSI land in violation of a code of conduct, the Supreme Court of India asked her to surrender the land and chose to condone her guilt. The SEBI has not asked the RIL to surrender any assets.

In the disproportionate assets case against Miss. Jayalalithaa, the court imposed a fine Re.100 crore but the jail term was 4 years. The case before the SEBI is a far more serious one. Yet, the fine is Re. 445 crore but there is no jail term.

In the case of Mr. Jagamohan Reddy, his assets were being attached before any judgement. Further, he had been in jail before any judgement. Nothing of this kind happened in the case of Mr. Mukesh Ambani.

In deference to the first letter sent on I June 2001, the NDA government, under Mr. A.B.Vajpayee, devised some guidelines for selling the Public Sector Undertakings (PSUs). According to a guideline, the PSUs should not be sold to charge-sheeted private companies. The RIL had been charge-sheeted under the Official Secret Act. Yet, the Indian Petro-chemical Corporation Limited (IPCL) was sold to the RIL.  The Supreme Court of India did not show this complaint to the people. Therefore, IPCL still remains in the hand of the RIL.

The Members of Parliament (MPs) distributed the petrol outlets based on certain parameters. Preference was given to handicapped people, widows and ex-service men. Final selection was done by a retired judge of a High Court.

Yet, one day, the Supreme Court of India cancelled the petrol outlets distributed by the Members of Parliament alleging corruption.

On the next day, the court secretly allowed the RIL to start petrol outlets all over India without following any rules, parameters or anything. Many letters were sent to the Supreme Court of India in this matter. The court did not show the letters to the people.

The spectrum case and the coal case verdicts were strikingly similar to the petrol pump outlet case. A large number of licences were cancelled and channelized to less than ten people.

In the natural gas case, Mr. Anil Ambani submitted before the Supreme Court of India that his brother, Mr. Mukesh Ambani, got Re. $ 16 billion per year from a gas field.

It was a startling revelation. The Supreme Court of India merely expressed its view that all natural assets must be taken over by the government. It did not attach any teeth to its observation.

Moreover, the Supreme Court of India has not so far asked any authority to ascertain the veracity his submission.

Does this treasure belong to the RIL? As in the case the Hindustan Zinc Limited, the money must go for the physical and the mental well being of the people of Andra Pradesh.

The Supreme Court of India does not tell these matters to the people. If someone tells, it does not allow the people to listen to him.

The first letter dated June 1, 2001 demanded the Government to ban the financial institutions from buying shares or advancing money to buy shares..

The act of giving public money to about ten men alone in India is out and out unconstitutional. Realizing this, Prime Minister Mr. A.B. Vajpayee obeyed this man and decided to use public money for public investments. He openly asked the private industry to ride on large scale public investments.

The records show that the court forced him to retract. The court did not allow him to go ahead with his decision.

Thus the representatives of the people – in spite of all their private interests – occasionally acted in good faith. But the court did not allow the government to function in good faith. In fact, the court interfered in all economic policies and negated the gains.

Why does the court function like?

 The reason is simple. The learned judges are the slaves of the ten men.

How can the learned judges of the Supreme Court be salves? After all there are no men apart from them.

Again it is simple. They see something only when it is shown to them by the TV channels and the newspapers. They listen only when they hear the sound of the TV channels.

Therefore, they simply function like the slaves.

For the same reason the ten men forfeit all their assets. Anyone buying their assets also would forfeit them.

This letter No.555

   The facts that happened from 26 March 2017 to 30 March 2017  are being submitted to His Excellency the President of India, Supreme Court of India, Chief Vigilance Commissioner, Indian Army and the Indian Air Force, and posted in the blog: www.howeverythinghappenedinindia.blogspot.com  on 26-3-2017.

31- 3-2017.

V. Sabarimuthu,

26-3 Thattamkonam, Vellicode, Mulagumoodu PIN: 629167, India.