I welcome the members of the Advisory Board, the Volunteers and all stake holders in the NSEL recovery proceeds. Thank you for joining the NSEL Recovery Group (NRG). The management at NSEL, all of them - unexceptionably, empathize with the pain of those who are yet to receive their money from the unscrupulous Defaulting Members of the Exchange and the Clients of such Members. I write this with all humbleness and humility realizing the responsibility NRG agenda enjoins upon us.
The purpose of the NRG, apart from being a bulletin board to disseminate information to all stake holders in the recovery process, is also to help and assist the investigation agencies and judicial forums for recovery of money expeditiously; particularly the High Court Committee, set up by the Hon Bombay High Court, in fast forwarding their logical conclusions. The activities of NRG are all being funded by NSEL.
We know our fight may be against those who wield a lot of influence and are accustomed to flaunting connections which they think will apparently protect them. However, we also know that a collective, coordinated and combined effort of all of us will more than match the might of the defaulting members including their clients and we shall soon see the recovery happening to our satisfaction. As you read this message you will be aware that there has been a very good start already. NSEL has obtained decree orders from the Hon. Bombay High Court against some of the defaulters to liquidate their assets by The Competent Authority of the Government and deposit the proceeds in the Escrow Account to be operated under the instructions of the Hon. Bombay High Court.
I will request all the stake holders to beware of some self-appointed custodians, guardians and interests groups and forums purportedly working for and in the interests of the recovery recipients. So far we have seen them only to be obstructing the process of investigations and indulging in mudslinging against all but the actual defaulters. These are all collections of people whose credentials and commitments towards the cause will always remain a suspect. Any association with them will be an exercise in self defeat. Nonetheless I would encourage them also to join the NRG as our interests are common.
Also, I want to assure all those who
will be posting on the NRG Website
and contributing to the activities
of NRG, in any which way, a complete
confidentiality of their identities.
Under no circumstance the details of
the individual will ever be revealed
to anyone unless through proper
authorization and only, if at all,
mandated by the judiciary to aid
investigation or as the law may
Lastly, please spread the word about NRG to all your fellow stakeholders and encourage them also to join the NRG in any suitable capacity. The more we are in numbers the better are our chances of achieving success soon. Remember we are natural allies with each other in the recovery process. Our interests align.
Please keep visiting this site for more updates, actions taken, action required and results achieved.
Chairman- NSEL Recovery Group