20-08-2004 to email to CM

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Date:
Fri, 20 Aug 2004 07:38:11 -0700 (PDT)
From:
"pankaj mody"
Subject:
Fwd: Urgent:Regarding your objections on GTB issue in Rajyasabha
To:
cm@gujaratindia.com

The Honourable Chief Minister of Gujarat

Respected Sir,

Here is the copy of my e mail sent to MP . I have reason to feel that this episode presents a worthwhile cause to be pursued in the interest of nation as described in my earlier e mails to you.

yours most respectfully,

Pankaj s Mody

pankaj mody psmody@yahoo.com
wrote:
Received: from [203.88.155.128] by web54205.mail.yahoo.com via HTTP; Thu, 19 Aug 2004 09:18:38 PDTDate: Thu, 19 Aug 2004 09:18:38 -0700 (PDT)From: pankaj mody Subject: Urgent:Regarding your objections on GTB issue in RajyasabhaTo: Balbir Punj , theasianage MIME-Version: 1.0Content-Type: multipart/alternative; boundary="0-1831007594-1092932318=:54664"Content-Length: 25231

The Honourable Member of Rajyasabha
Shri Balbir K Punj
New Delhi


Respected Balbirji,


I read about your comments and reference on GTB in Rajya Sabha as reported in Asian Age recently.


I am extremely happy and delighted that you have taken up a crusade against GTB scam and boldly hurled allegations against top leaders.

I am drawing my personal experience of whistleblowing a banking fraud by writing private and confidential letter to Vigilance department of Global Trust Bank and as they wanted to cover up the banking fraud conducted in collusion by the senior management of the Bank I was subjected to Police remand for five days in Ahmedabad.

In case you are willing to take up the issue of GTB , I would like to extend full cooperation so that the guilty ones can be exposed in order to protect our children of the country.

I sincerely hope that this issue is most sensational and it should not die down.

I am annexing my objections to RBI in form of annexures.

I feel that some of the issues can be taken by raising questions in the media by quoting my experience so that the issue can be properly tackled in the Parliament. I am willing to extend support in case you are able to play active role on this issue along with others.

I am marking copy of this email to advaniji and atalji for their reference and discussion. I would appreciate if you are able to draw support of Shri Jaitley as he understands the finer aspects of judiciary too.


I look forward to your early reply at my e mail address psmody@yahoo.com
.

Thanking you.


Yours sincerely,

Pankaj Mody

annexure contains my representation to the Reserve Bank of India
pankaj mody wrote:
Date: Sat, 7 Aug 2004 01:41:01 -0700 (PDT)From: pankaj mody Subject: Re: REGARDING OBJECTION ON SCHEME OF AMALGAMATION ANNOUNCED IN RESPECT OF GTB WITH OBCTo: helpdbod@rbi.org.in
, helpmpd@rbi.org.in
, helpahmedabad@rbi.org.in
, asian age
CC: presidentofindia@rb.nic.in

From :Pankaj S Mody
JANMANGAL APT
40 BMM SOICETY
PALDI, AHMEDABAD 380006
EMAIL ID : 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

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.
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.
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.
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.
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.
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.
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.
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 .
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.

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.

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.

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.

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.

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.

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.”
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 .
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


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,


PANKAJ S MODY

Annexure:
GIST OF Points covered in my letter TO GTB on 19-5-04
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.
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.
Absence of stamped confirmation from the escrows to the various mous has been explained.
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.
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).
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.
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.
Informed that S R Krishmanurthy has been sacked by bank itself.
informed the bank that the party is deliberately avoiding to furnish necessary evidence which was called for in civil suit 5827/2001.
lack of transparent approach as part of corporate responsibility to the society is forcing me to mark copy to SEBI and others.
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.
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 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 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: psmody@yahoo.com
jULY 26 2004
TO
THE CHIEF GENERAL MANAGER
RESERVE BANK OF INDIA
AHMEDABAD

Respected Sir,

SUBJECT:: RECENT DEVELOPMENTS IN GLOBAL TRUST BANK

I shall be brief in what I have to say in the matter of RBI’ recent action against Global Trust Bank.

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.

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

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.


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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