COPY OF MESSAGE MARKED TO YOU IN CONNECTION WITH INVESTIGATION ON GTB FRAUD
pankaj mody modyps@gmail.com
Mon, Apr 11, 2005 at 1:54 PM
Reply-To: pankaj mody modyps@gmail.com
To: pshome@gujarat.gov.in
FROM :- PANKAJ S MODY
DATED 11-APRIL 2005
For the kind attention of Shri Kapoor,
RESPECTED SIR,
I am enclosing copy of email sent to the Department of Banking Supervision of Reserve Bank of India from time to time . Till date they have not given reply to my earlier emails even after they promised to do so. Perhaps through your good offices you would be able to get detailed reply which would be useful in conducting in our investigation being pursued by your good offices by sending email/fax to them.
I am hopeful that this in long run would help the depositors of Gujarat and the country who have lost substantial amount on account of indifference of Department of Banking Supervision of RBI. They still do not want to learn from the mistakes of GTB COLLAPSE.
I would very much appreciate that through your good offices , it may become easier to expose the culprits in GTB fraud by requesting them to give immediate detailed findings in light of Annexure A. The findings may be of significant help to us in the investigation in GTB fraud. I have reason to feel that investigation on their REASON FOR non-response would make RBI give support to the cause of depositors in Gujarat who lost large sum in cooperative banking sector.
Thanking You.
Yours sincerely,
Pankaj Mody
---------- Forwarded message ---------
Date: Sun, 13 Mar 2005 07:52:23 -0800 (PST)
Subject: SILENCE ON PART OF DBS OF RBI ON INVESTIGATION ON BANKING FRAUD IN GTB IN RELATION TO CORE HEALTH CARE GROUP OF AHMEDABAD...
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PANKAJ S MODY
40 BMM SOCIETY
PALDI AHMEDABAD 380006
March 13, 2005
Respected Sir,
SUBJECT: SILENCE ON PART OF DBS OF RBI ON INVESTIGATION ON BANKING FRAUD IN GTB IN RELATION TO CORE HEALTH CARE GROUP OF AHMEDABAD AND DAMAGING MY RIGHTS WITH ULTERIOR MOTIVE TO HELP OBC REFER ARCHIVES IN THE LINK :
This is in reference to my eariler emails which have not been answered in detail by Department of Banking Supervision inspite of making reference that reply would be given by Department of Banking Supervision -New Delhi.
The entire staff of Department of Banking Supervision in various cities is remaining silent for obvious reasons. The Manager, Mr. Rawat (of Department of Banking Supervision-New Delhi )and his colleagues has failed to give reply for almost one month with ulterior motive to help the management of Oriental Bank of Commerce
For one I am absolutely determined to wake you up from deep slumber and would educate media that RBI officials have started shielding mangement of Oriental Bank of Commerce too. It is necessary that Reserve Bank of India furnishes a detailed reply directly.
In the press release on 3-1-2005 released by Finance Ministry following statement following statement has been made:-"Internal investigations have revealed that the Bank has taken high credit exposures in certain accounts even exceeding exposure norms prescribed by Reserve Bank of India. High degree of imprudence in exercise of sanctioning powers have been observed where the bank appears to have abetted certain group of borrowers to siphon off funds through banking channel. The conduct of most of these accounts reveal that deliberate attempts have been made to camouflage the position of NPAs by making fresh sanctions in sister/allied concerns including some front companies "In view of such observations it is obligatory on the part of Department of Banking Supervision to probe the matter in light of information in Annexure A as under and give detailed findings.
Additional guidelines, information and line of action would be furnished at a later stage. In absence of your detailed clarifications from your side within next two working days, the Department of Banking Supervision is confirming that the charge created on immoveable property of Rupmanglam and Flovin is illegal as well as fraud and hence , you do not have any alternative but to force Oriental Bank of Commerce to vacate the charge on the property and take criminal action against Core Health Care, Jatin Jalundhwala and managment of GTB .Department of Banking Supervision cannnot encourage such unscrupulous practices to be followed by even Oriental Bank of Commerce under any pretext and reasoning . This is outright day light robbery being permitted by Reserve Bank of India.
Any failure to do so on your part would be denial of justice to me and it would tantamount to RBI openly supporting and encouraging scamsters so that they can continue to loot the banks in connivance with the bankers . It is also obligatory on part of Reserve Bank of India to take legal action on Chairman and Managing Director of Oriental Bank of Commerce and the staff working under him for grabbing the rights of immoveable property for which it is not entitled by any reasoning in light of my civil suit agaisnt GTB prior to July 2004.
In case Reserve Bank of India along with various responsible and accountable senior fail to give reasoned and satisfactoy reply to various issues raised in the Annexure A , then all of them along with the others would be criminally liable for colluding with the management of Oriental Bank of Commerce and I would be free to take all legal steps to recover the same from the RBI officers for loss suffered by me which please note.
A copy of this email is being marked to The Office of Directorate of Public Grievances for suitable action against all of you , in case , all of you do not extend whole hearted cooperation to expose GTB management as well as Core Healthcare group to protect my rights. A fresh date has been given by the Metropolitan Court in criminal defamation case filed by Core Healthcare as 18th March 2005 .
RBI shall compel OBC as well as Core Healthcare and Jatin Jalundhwala to remain present in the metropolitan court as referred in my earlier email dated 27-12-2004 once again. In case all of you do not give a detailed reply to the issues raised in my previous emails as well as to the Annexure A adduced herewith latest by 16th March 2005 then all of you have tacitly accepted that all of you have colluded and connived with the management of Oriental Bank of Commerce as well as management of CoreHealthcare group as well as management of Global Trust Bank .
A copy of the present email is being sent to Gujarat High Court to draw the attention of Lordships of Gujarat High Court for their knowledge. It is also obligatory on the part of RBI to give reply to the objections filed by the undersigned with RBI as regards to the amalagmation of GTB with OBC . Till date RBI this has not been done. I look forward to direct reply of all concerned Department of Banking Supervision in New Delhi, Hyderabad and Ahmedabad within next two days.
It is expected of Department of Banking Supervision of Reserve Bank of India to give immediate acknowledgment by email to the undersigned.
Yours sincerely,
PANKAJ S MODY
ANNEXURE A
1. It has been standard and prudent practice of any conservative banker to collect the background history by going through the papers such as memorandum of understandings and seek detailed clarification as to when Mr. Jalundhwala has received the documents of ownership from the escrow persons consisting of Hemant Kashiparekh and Saurabh Soparkar along with their written notarized affidavit especially when the amount of loan exceeds Rs 10 crores. This has not been done.
2. The GTB mamagement has openly flouted the stay orders passed by the Revenue department of Gujarat Government at the time of creation of charge in August 1998 for Rs 11 crores as evident from the record of right 7/12. The bank documentation has not shown that the stay was lifted by revenue department at the time of creation of charge. By this notice, the Department of Banking Dupervision of RBI is requested to explain in details as to what were the pressing reasons which prevented it to take necessary legal stage for financial mismanagement by a bank and its officeres who are working directly under RBI's control.
3. GTB management at the time of appraisal facilites in 1998 is supposed to have studied Core Health Care balance sheets and is supposed to have observed that a case was filed against for recovery of dues and hence, GTB manangement must not have sanctioned term loan facilities at all to Core Health care Ltd.( Directors report of Core Health care for 96-97 referred that … " One of the lenders also took harsh action by initiating legal proceedings." Oriental Bank of officers ought to have taken criminal action against all the concerned officials in sanctioning the facilites of Core Healthcare and in case OBC officers collude with the GTB management as well Core Healthcare , RBI cannot remain a mute spectator for all criminal activites.
4. GTB management of the time of appraisal facilties in 1998 must have observed that Core Healthcare had advanced interest-free loan to Technology Finance having Jatin Jalundhwala as the director of Technology Finance. Any prudent and conservative banker would have questioned the Board of Directors of Core Healthcare as to the reason why they are seeking interest bearing loan from GTB where Jatin Jalundhwala is signatory to creation of charge. This establishes collusion of GTB management with this group that GTB is helping them to siphon the funds to be utilized for the purpose other then those for which the loan was sought to be begged for.It would be apparent from the notice given to Core Healthcare on 12-1-2000 as referred in the link as under http://corehealthcare.blogspot.com/2004/08/notice-served-to-core-health-care-on.htmlThe extract of reply given by their advocate A D Shah makes it abundantly clear that that Core Healthcare do not have any valid explanation to offer. The reply extract is in form of a comment beneath the notice.
5. GTB management has not been able to explain in their letter dated 21-10-1999 as to the evidence of transfer of constructed portion of bunglow to Rupmanglam Investment Pvt Ltd being acquired by Dhanyushya Financial as referred in the letter addressed by Pankaj Mody on 24-7-1999 by producing registered sale deed document of constructed portion of bunglow in favour of Dhanyushya. By this notice, the Department of Banking Dupervision of RBI is requested to explain in details as to what were the pressing reasons which prevented it to take necessary legal stage for financial mismanagement by a bank and its officeres who are working directly under RBI's control.
6. GTB management vide their letter dated 21-10-1999 has facility committed the presence of Mody family members as shareholders in response to Pankaj Mody's letter dated 24-7-1999 and the bank managemnt would know very well that without the concurrence of shareholders, the charge cannot be created by the party. The RBI is requested to investigate that lapse to take necessary action in the matter.
7. GTB while creating charge on assets of Rupmanglam and Flovin has not deposited the original title deeds of both the companies as per the particulars of documentation furnished to the judiciary and hence the connected GTB management is liable for criminal action. Why Oriental Bank of Commerce is not taking criminal action on the management of GTB ? By this notice, the Department of Banking Supervision of RBI is requested to explain in details as to what were the pressing reasons which prevented it to take necessary legal stage fro financial mismanagement by GTB and its officeres who are working directly under RBI's control.
8. How come GTB management at the time of sanction has not obtained auditors report (Kashiparekhs) confirming that at the time of transfer of so called new directors (Jalundhwala and Ameet Desai ) that all the mody familydirectors have resigned? In case RBI fails to adduce auditors report (Kashiparekh's) along with the copy of minute book records of legal directors and legal shareholders from 1995 onwards then GTB management has colluded with Jalundhwala to create a fraudulent charge on the immoveable property and the managment of Oriental Bank of Commerce is compelled to initiate criminal action against scamsters while relieving illegal charge on the immoveable property immediately.
9. GTB has created charge for Rs 12.5 crores on the immoveable property of Rupmangalam even without a valuation report on immoveable property . By this notice, the Department of Banking Supervision of RBI is requested to explain in details as to what were the pressing reasons which prevented it to take necessary legal steps for financial mismanagement by a bank and its officeres who are working directly under RBI's control.
10. GTB management has not demanded from Dhanyushya and Jalundhwala 37-I permission under Chapter XX- C OF THE Income Tax Act for showing constructed portion of bunglow property in Dhanyushaya which exclusively belonged to Rupmanglam as per the charge documents created and filed with ROC. In absence of 37-I permission the transfer of constructed property to Dhanyushya is void ab initio.
11. GTB has failed to give reply to at to my notice dated 21-12-1999 which shows that they do not have any documentary evidence to show that JATIN JALUNDHWALA had authority to create charge on behalf of Rupmanglam Investment Private Ltd and Flovin Plastics Pvt Ltd.
12. GTB as well as Oriental Bank of Commerce cannot blindly and conveniently accept the so called amalgamation orders approved by the Honorable Lordships of Gujarat High Court. GTB as well as Oriental Bank of Commerce has to collect all supporting evidences from Jatin Jalundhwala , Core Health Care by obtaining written affidavits from the escrow persons (Mr. Hemant Kahiparekh and Mr. Saurabh Soparkar ) referred in the Memorandum of Understandings presented by Jalundhwala and Dhanyushya to the courts. It is a fact that GTB has not collected such evidences and presented the same to the courts during the court proceedings. As long as OBC does not susbstantiate the claim that Span Medicals by thoroughly collecting ,verifying the facts it can do nothing to snatch and grab my rights in the property and it is obligatory on the part of Department of Banking Supervision of Reserve Bank of India to restrain Oriental Bank of Commerce from doing so and in case Department of Banking Supervisionfails to do so then the officials of Department of Banking Supervision and the senior management of RBI are hand in glove with the management of Oriental Bank of Commerce.
