Where’s your father, country waiting to give him red carpet: SC to Choksi’s son
The Supreme Court of India has dismissed a petition filed by Mehul Choksi’s son, in a significant development that has sent shockwaves through the business community. The petition was filed against the National Spot Exchange Limited’s (NSEL) decision to include him in a ₹937-crore recovery suit. The court’s response was scathing, with the judges asking the son of the fugitive businessman, “Where’s your respected father nowadays? The country is waiting to give him a red-carpet welcome.”
Mehul Choksi, the father, is an accused in the Punjab National Bank (PNB) scam, one of the largest banking scams in Indian history. He is being pursued for extradition by the Indian authorities, but has managed to evade capture so far. The PNB scam, which involved the fraudulent issuance of letters of undertaking (LoUs) to Choksi’s companies, resulted in a loss of over ₹13,000 crore to the bank.
The NSEL, a spot exchange that allowed trading in commodities, had filed a recovery suit against Mehul Choksi and his companies, including his son, to recover the amount of ₹937 crore. The suit was filed after the NSEL discovered that Choksi’s companies had defaulted on payments to the exchange. The son had filed a petition against the inclusion of his name in the recovery suit, arguing that he was not involved in the business dealings of his father.
However, the Supreme Court was unsympathetic to the son’s plea. The court observed that the son was a director in one of Choksi’s companies and had received payments from the company. The court also noted that the son had not provided any evidence to prove that he was not involved in the business dealings of his father.
The court’s response, “Where’s your respected father nowadays? The country is waiting to give him a red-carpet welcome,” was a clear indication of the frustration and anger felt by the judiciary towards Mehul Choksi. The comment was also a reference to the fact that Choksi is still at large, despite being wanted by the Indian authorities.
The PNB scam, in which Choksi is an accused, has been a major embarrassment for the Indian banking system. The scam involved the issuance of LoUs to Choksi’s companies, which were then used to raise funds from other banks. The funds were then used to pay off earlier loans, creating a cycle of debt that ultimately resulted in a huge loss to the PNB.
The Indian authorities have been trying to extradite Choksi from Antigua, where he has taken citizenship. However, the process has been slow, and Choksi has managed to evade capture so far. The Indian government has also been criticized for its handling of the case, with many questioning why Choksi was allowed to leave the country in the first place.
The Supreme Court’s decision to dismiss the petition filed by Choksi’s son is a significant development in the case. It sends a clear message that the judiciary will not tolerate any attempts to evade justice, and that those involved in the PNB scam will be held accountable.
In conclusion, the Supreme Court’s response to Choksi’s son, “Where’s your respected father nowadays? The country is waiting to give him a red-carpet welcome,” is a clear indication of the frustration and anger felt by the judiciary towards Mehul Choksi. The decision to dismiss the petition filed by Choksi’s son is a significant development in the case, and sends a clear message that the judiciary will not tolerate any attempts to evade justice.
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