Dacoity by The Law Book!
I know a Person of Indian Origin named Pyare Shivpuri. I have fed him several times at my café in Nashik. He came to Nashik in connection with his dealings with the Maharashtra State Co-operative Bank Limited. I did not believe him when he told me that to his amazement he had discovered that MSCB was a bunch of crooks supported by the State of Maharashtra and by Sharad Pawar. I probed further and the narrative that emerged was something like this.
Around 40 kilometres NW from Nashik there is Pimpalgaon. In 1989 one Madhavrao Khanderao More established a co-operative venture there and called it Nashik District Co-operative Grape Sparkling Wine and Bye-Products Karkhana Limited which was later christened Pimpane Co-operative India Limited; raised over a crore of rupees in share capital from 3,996 farmers in the Niphad-Dindori area by making promises that he knew he could not keep; acquired the patronage of Sharad Pawar; purchased some land in Pimpalgaon valued at Rs. 47,000/= (forty seven thousand); applied to the Industrial Finance Corporation of India (IFCI) and the Maharashtra State Co-operative Bank Limited (MSCB) for a loan of Rs. 30,000,000/= (three crores) bifurcated equally between the two institutions by depositing with IFCI the title deed of the land valued at Rs. 47,000/= and obtained that loan.
MSCB, later on, took over the entire responsibility of the loan and on 31st March 2005 borrower Pimpane owed to MSCB a neat sum of Rs. 271,029,000/= (twenty seven crores ten lakhs twenty nine thousand). Considering this background, it is not difficult to conclude that MSCB colluded with Shri More to create a NPA from the very start. Pimpane ceased production in 1993. Then in 2002 Securitization Act was enacted by Parliament in New Delhi. It gave ‘secured creditors’ the liberty of annexing the property of defaulting borrowers without having to go through the lengthy procedure of a Civil Court. MSCB took over the Pimpalgaon property of Pimpane around 2004 and since then has sold it to three different buyers; Pyare Shivpuri was the first one.
Now, the legal issues are whether:
(i) MSCB loan to Pimpane was a “secured loan”?
(ii) MSCB had the right to take possession of Pimpane property under the Act of 2002?
(iii) Pyare Shivpuri was right in demanding proof of ‘clear title’ of the property he was buying from MSCB?
The take over of Pimpane by MSCB is ‘dacoity’ – theft accompanied by force, in this case not a gun but a law book not the law but a law book. The 77 directors of MSCB – elected and nominated – including the present Deputy Chief Minister of Maharashtra, Ajit Pawar, the nephew of Sharad Pawar are vicariously guilty of various items of fraud proscribed by IPC.
This little scam may look insignificant in the light to Delhi disclosures but for a Bank!
http://www.moneylife.in/article/78/9431.html
BLINK! THINK! DECIDE!
