Demanding Expulsion of Mr. Shaktikanta Das, Governor, The Reserve Bank of India: A letter to the President of India

Posted on 24/05/2021

Updated on 18/07/2022

To

Sri Ram Nath Kovind,

The Honourable President,

The Republic of India

Sub: Demanding Expulsion of Mr. Shaktikanta Das, Governor, The Reserve Bank of India

Dear Mr. Kovind,

Hope you and your family are doing well during this troubled time of catastrophic pandemic and devastating financial ecosystem. We, the victims of the DHFL SCAM⤡, are spending sleepless nights with traumatic dreams.

We, the citizens (yet to be proved by the tiresome process of NPR-NRC-CAA!!!⤡⤡) of India, are feeling unsafe, insecure under the governance of Mr. Shaktikanta Das as the whole financial system is collapsing under his regime. Abrupt bankruptcies, contradictory deployment of the RBI act, Company Act, NHB Act and the IBC are being observed. No consistency is being maintained for executing these laws in the cases of IL&FS, Yes Bank, PMC Bank, Lakshmi Vilas Bank, IDBI and the DHFL [cf. Bad banks: LVB’s collapse marks 5th financial institution’s failure in less than 3 years. VIEW HERE ⤡ (As reported on 20^th November, 2020 ©India Today)]. The incommensurability of these laws are not at all resolved and deployment of these laws is totally arbitrary as well as self-contradictory in different cases of bankruptcies. Even a shareguru predicted this economic catastrophe:  A guru and a tycoon feel India’s endless bank salvage pain VIEW HERE ⤡ (As reported on Jan 13, 2021 © The Economic Times).

We are citing here some memes on this very topic (with little bit of explanations) as found on different web-platforms (Facebook, Twitter, Pinterest, Instagram, Linkedin, Reddit, Tumblr etc.) so that you can feel the pulse of the people.

As we are challenged in financial auditing, we are depending on the testimonies of the scholars, who are well-aware of the collapsed financial ecosystem in contemporary India. We are citing those one by one:

a) A PIL was filed Prof. Subramanian Swamy, by praying for the CBI or ‘any other competent authority to investigate illegalities committed by RBI officials’ in the discharge of their functions.

Subramanian Swamy asks SC for CBI probe into RBI official’s role in scams VIEW HERE ⤡ (as reported on February 2, 2021 ©Business Standard)

Not only that, Prof. Subramanian Swamy commented on Shri Shaktikanta Das (BA and MA in History!!!), the present Governor, the Reserve Bank of India:

The new governor (of RBI) is highly corrupt. I got him removed (from the finance ministry). I am calling Shaktikanta Das a corrupt person. I am surprised that the man I got removed from the finance ministry for corruption was brought in as governor.” (emphasis added) (as reported on Dec 23, 2018⤡ ©Scroll.in )

b) This is also along with the line of Nobel laureate economist Abhijit Vinayak Banerjee’s comments (as reported on December 11, 2018 ⤡ ©Financial Express) on the decision to appoint Shri Shaktikanta Das as RBI-Governor  arises a lot of “frightening” questions about governance issues at key public institutions like the RBI. We think that the Nobel laureate’s prediction is absolutely correct as we are really frightened by his activities, e.g., the Resolution Plan (RP) for the DHFL, approved by his authority is negatively criticized by the NCLT’s recent order (cited below).

Prof. Subramanian Swamy also retweeted the above tweet from his Twitter handle:

Our comment, regarding the resignation of Mr. Shaktikanta Das, was also retweeted by Prof. Swamy:

We have informed Prof. Swamy about the whole state of affairs in our letter dated 13/02/2021 (cf. EMBEZZLEMENT OF DHFL-COC: A PLEA TO PROF. SUBRAMANIAN SWAMY FROM DHFL FD HOLDERS ⤡).

c) Even Mr. Urjit Patel, the former Reserve Bank of India Governor, had a dispute with the government, especially with the PM as the “…rift centered around a February 2018 circular issued by the RBI, which forced banks to immediately classify borrowers as defaulters when they delayed repayments, and which barred defaulting company founders from trying to buy back their firms during insolvency auctions.”

“In a book released (…) Patel — who headed the RBI between September 2016 and his unexpected resignation in December 2018 — said the government seemed to lose enthusiasm for the legislation in the middle of the year he left the central bank.”

Cf. Former RBI Governor Urjit Patel says new bankruptcy law caused rift with government ⤡; As reported on 24 July 2020 ©The Economic Times

Urjit Patel says insolvency rules caused rift between RBI and government ⤡ As reported on 24 July 2020 ©The Mint

Mr. Patel wrote: [Source: Ex-RBI chief Urjit Patel says insolvency rules caused rift with government. VIEW HERE ⤡ (As reported on July 24, 2020 ©Financial Express; Policy makers must be vigilant about India’s banking sector: Ex-RBI guv Patel VIEW HERE ⤡ (As reported on 06 Apr 2020, ©The Mint)]

“Instead of buttressing and future-proofing the gains thus far, an atmosphere to go easy on the pedal ensued,….Until then, for the most part, the finance minister and I were on the same page, with frequent conversations on enhancing the landmark legislation’s operational efficiency.” (Cited from the ©Financial Express)  

The enemy within: Financial firms must be vigilant about employee fidelity VIEW HERE ⤡ (As reported on February 27, 2018 © Business Standard)

d) As Mr. Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs, has also rightly remarked: “The regulator, auditor and management should be held responsible for fraud in Punjab and Maharashtra Co-operative Bank or other banks.” (as reported on Oct 17, 2019⤡ © The Economic Times) 

We have already dispatched a letter regarding this matter to Mr. Thakur (cf. The DHFL FD-holders’ team is severely injured by the bouncers of the regulatory bodies: a letter to Anurag Singh Thakur ⤡) in our letter dated 14/02/2021.

e) Why is there the proliferation of bad loans despite the existence of the vigilant agencies under the apt guidance of the RBI? The answer is quite simple: the present government is favouring the superrich willful defaulters! PSU Banks Technically Write Off Over Rs 68,000 Cr Loans, Choksi Among 50 Top Wilful Defaulters: RTI  VIEW HERE⤡ and on the other hand, we, the victims of the DHFL SCAM⤡, are “extinguished” by the RBI-appointed DHFL-COC! Is such-and-such state-of-affairs the Consequences Of Crony And Monopoly Capitalism In India⤡?

It was predicted by the Scroll on the 2^nd November, 2018:

“India’s curious inflexibility in trying to fix its bad loan crisis is leading to unforeseen problems” ⤡

We are citing an excerpt from this report:

“One reason for the inflexibility in the insolvency proceedings, said a former Union finance secretary who did not want to be identified, is the government’s fear that it would be seen as being soft on corruption. “It sees even bad loans as fraud,” he said. This is why the government is taking measures such as “extinguishing shareholdings” – that is, getting rid of the promoters of all defaulting companies.” (emphasis added)

We are emphasizing on this word “inflexibility”, though we perceive arbitrary flexibility in the governance. Same measure has not been taken in all the cases of above-mentioned collapsed banks, e.g., only the DHFL has been taken under the newly-introduced IBC. What’s about other banks?

f) The much proclaimed Aadhaar-PAN link with any types of banking transactions has been proven to be failed, if DHFL scam is believed to be true!

A failure of scrutiny: DHFL fraud shows limitations of Aadhaar in plugging leakages. VIEW HERE ⤡ (As reported on 26^th March, 2021 © DAILY 2 DAILY NEWS)

Without being helped by the governmental vigilant agencies, this type of fraudulent transactions or siphoning money is not at all possible!

According to our conclusive perception (we may be wrong), due to the huge terror funding or otherwise political charity, the business tycoons are bound to become preys of fraudulent transactions to compensate their loss. (cf. False allegations on the collusion among the BJP, Dawood-Mirchi and the DHFL: A Letter to the BJP President⤡). Opponent party aptly pointed out this in the context of DHFL Scam: Gift BJP Rs 20 cr, get ‘return gift’ worth Rs 31K cr: Congress on fraud by DHFL VIEW HERE ⤡ (As reported on 30 January, 2019, ©Millennium Post)

See also: Economics and the underworld VIEW HERE ⤡ (As reported on AUGUST 16, 2019 © The Hindu)

Inside Mumbai’s new extortion economy VIEW HERE ⤡ (As reported on 01 Apr 2021 ©The Mint)

g) We have observed the devastating condition of India as depicted in the following document, where, on the basis of statistical index, it is found that India is not in a good position compared to the other countries under the regime of a sarkar, which is referred, peculiarly enough, by a proper name. This entails that the plurality is supplemented by authoritarian singularity.

INDIA WOUNDED: A BIRD’S EYE VIEW⤡

Prof. Subramanian Swamy also retweeted the above tweet from his Twitter handle:

h) In the case of the DHFL Scam, the wisdom of Mr. Shaktikanta Das is also revealed since the NCLT has outrightly questioned the legitimacy of the DHFL-COC’s RP through its recent order: IA 2431 of 2020 In CP (IB) 4258/MB/C-II/2019- Under Section 60 (5), 227 (2), 239 of the Insolvency and Bankruptcy Code, 2016; Mr. Kapil Wadhawan (applicant) VS DHFL ADMINISTRATOR, COC and the RBI. Especially we are emphasizing on the points 16-19 and 84-89 of the NCLT order.

Cf. DHFL Insolvency: Why NCLT Asked Wadhawan’s Offer To Be Put To Vote⤡

We have anticipated it by showing empirical evidences in our earlier letter (24/03/2021) to you (cf. SMELLING THE RAT IN THE DHFL-COC RESOLUTION PROCESS: A LETTER TO THE PRESIDENT OF INDIA⤡ )

Further misdeeds of the DHFL-COC scam will be communicated to you in our next letter, where we will demand CBI enquiry under the provisions of IPCs to scrap R. Subramaniakumar (RBI-Appointed DHFL Administrator) and Ms. Charu Desai [Authorised Representative acting on behalf of Class of Creditors (Public Depositors) of Dewan Housing Finance Corporation Limited (CIN: L65910MH1984PLC032639)]

Our question is:  “Is it necessarily true, as alleged by urban naxals, anti-nationals, members of tukde tukde gang, that, RSS MEN (sexism intended, due to patriarchal gender-bias of the Sangh Parivar) as puppets are installed in all the five pillars of democracy?”

Éric Toussaint observed that the third world countries take debt from the WB-IMF-WTO trio and this process leads to the installation of puppet dictators who have to listen to the dictates of the neo-imperialist masters of the humankind. According to him, military dictatorships during the 1970s have continued to expand under the debt-burdened governments (The Current National Debt of India VIEW HERE ⤡). The present situation in India is no exception.

The World Bank: A Critical Primer by Eric Toussaint⤡. [As accessed on May 16 2021].

The World Bank: a never-ending coup d’état. The hidden agenda of the Washington Consensus⤡

On the basis of these evidences and testimonies, we are demanding the expulsion of the RBI Governor for his utter incompetence in handling the economic and financial auditing problems.

Please do not misunderstand us as “anti-nationals”. We love our birthplace beyond the shadow of doubt but not the governmentality of the present political regime. We, the earthians, homo sapiens sapiens species-beings, belonging to mānavagotra, are earnestly requesting you to save us, the DHFL FD Holders along with the NCD Holders and Shareholders, from such manipulative governance.

ॐ सर्वे भवन्तु सुखिनः
सर्वे सन्तु निरामयाः ।
सर्वे भद्राणि पश्यन्तु
मा कश्चिद्दुःखभाग्भवेत् ।
ॐ शान्तिः शान्तिः शान्तिः ॥

Yours Sincerely,

Dr. Debaprasad Bandyopadhyay

Mrs. Rupa Bandyopadhyay

Mr. Akhar Bandyopadhyay

A Victimized Family of Bewildered, Beleaguered, Perplexed, Anguished, Anxious, Hapless, Helpless and Ailing DHFL FD Holders

ON BEHALF OF ALL ANGUISHED, AILING DHFL FD, NCD AND SHAREHOLDERS  [USUAL DISCLAIMERS APPLY]

COPY TO:

1. The Honourable President, The United Nations (UN) General Assembly
2. The Honourable Prime Minister, The Government of India
3. The Honourable Chief Justice of India, The Supreme Court of India    
4. The Honourable Finance Minister, The Government of India
5. The Honourable Minister of Law and Justice, The Government of India
6. The Honourable Minister for Road Transport & Highways and the Minister of Micro, Small and Medium Enterprises, The Government of India
7. The Honourable Minister of State for Finance and Corporate Affairs, The Government of India  
8. Prof. Subramanian Swamy, Honourable Member of Parliament, Rajya Sabha
9. The Honourable Governor, The Reserve Bank of India
10. The Honourable President, National Company Law Tribunal (NCLT)
11. The Honourable Officiating Chairperson, National Company Law Appellate Tribunal (NCLAT)  

 बहुजनहिताय बहुजनसुखाय च॥

(“For the happiness of the many, for the welfare of the many”)