Is India’s Supreme Court Being Manipulated by Sinister, Criminal Bankers?

Is India’s Supreme Court being manipulated to suit evil designs of criminal wrongdoers – with special emphasis on the nation’s banking woes?

“The Judiciary is at loggerheads with the political establishment in a one upmanship game. But we need transparency and accountability in both institutions, not just Parliament,” is a comment published in the Times of India in September 2016 – some two months prior to the demonetisation move by Prime Minister Narendra Modi.

The Supreme Court asked the central government to reduce the inconvenience of the people of India, saying “you cannot have surgical strike” against the common public. “You (Centre) can have a surgical strike against black money but you cannot have surgical strike against the people of the country,” a bench comprising Chief Justice T S Thakur and Justice D Y Chandrachud said, pointing to the long queues at banks and ATMs within days of the demonetisation move by the Modi regime, a report in the website jantakareporter.com quoted the judges as saying on November 15 2016.

But, is the Apex Court doing its duty to curb the relentless acts of India’s worst criminal banker TM Bhasin – that seek to destroy India’s financial sector? The man has been left untouched since May 2016, despite a matter having been filed in July 2015.

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The case of Vigilance Commissioner and India’s only criminal banker TM Bhasin is curious to say the least.

Operative excerpts from a report published in The Times of India in May 2016:

The Supreme Court issued notice to the centre over a petition challenging the appointment of former banker TM Bhasin as Vigilance Commissioner in the Central Vigilance Commission (CVC).

Bhasin , who is a former chairman and managing director of Indian Bank, was appointed as Vigilance Commissioner in June last year by the Selection Committee, headed by Prime Minister Narendra Modi and including Home Minister Rajnath Singh and Leader of the Congress party in the Lok Sabha, Mallikarjun Kharge.

According to reports, BJP leader Subramanian Swamy, had sought the intervention of Prime Minister Narendra Modi through a letter sent on in June,2015, to render Bhasin’s appointment null and void on the grounds of “moral turpitude”. Swamy had cited correspondence which revealed a previous CVC had recommended departmental action against Bhasin.

Swamy was referring to a 2011 complaint against Bhasin for allegedly “deliberately tampering” with the appraisal of a subordinate.

The earlier CVC had recommended that Regular Departmental Action should be initiated against TM Bhasin.

Since July 2015, the Supreme Court is seized of a serious matter against Bhasin.

Excerpts from averments in the public interest litigation [PIL] being heard in the Apex Court against Bhasin:

Bhasin was indicted in a detailed inquiry by the Central Vigilance Commission in 2013 for forging and tampering with appraisal report of Malay Mukherjee– a former General Manager of the Indian Bank.

The Central Vigilance Commission recommended action against current CMD of Indian Bank – TM Bhasin as early as August 2013 asking the Union Finance Ministry to comply.

Operative excerpts:

The Central Vigilance Commission (CVC) has sought action against Indian Bank CMD TM Bhasin and former ED V Ramgopal for “high-handedness, arbitrariness and manipulation” of appraisal reports of Malay Mukherjee, a general manager in the bank, with a view to deny him a promotion.

The CVC also sought action against Shreya Guha [currently Secretary to Kalyan Singh, Governor, Rajasthan], a director in the ministry, for lapses in conducting enquiry against Bhasin and Ramgopal.

Seeking regular departmental action (RDA) against the two top-raking Indian Bank executives, CVC had told the finance ministry that Mukherjee’s performance for 2009 had been reviewed by the then ED A S Bhattacharya and M S Sundarrajan, who was then the CMD of the Chennai-headquartered bank. Bhasin and Ramgopal were not required to appraise Mukherjee for 2009-10 as he had not worked with the two executives, the report adds.

Despite this, Bhasin had “managed to get elected” as the Chairman of Indian Banks’ Association in 2014!

The missive from former Union Minister and currently senior member of the ruling party Dr Subramanian Swamy was strongly worded. It had been sent to the Prime Minister on 11.06.2015. It stated that charges against Bhasin were “very serious” and that the recommendation of the selection committee to appoint Bhasin as VC must be withdrawn on two grounds:

The first: “The finding of moral turpitude by CVC of Bhasin makes him unfit to keep the position of Vigilance Commissioner.

The second: Bhasin had allegedly collaborated with the nation’s enemy Dawood Ibrahim to ruin Bank of Baroda and thus destroy the Indian financial system.

Bhasin’s target in late 2014 had been reputed banker SS Mundra, who retired as one of the deputy governors in the Reserve Bank of India [RBI] recently. Bhasin had wanted the post Mundhra was scheduled to get as Bank of Baroda was larger and the position was more prestigious.  Bhasin had reportedly managed to keep Mundra waiting for several months.

Mundra’s elevation to RBI became possible after Dr Kamalesh Chandra Chakrabarty – another ex-Indian Bank head quit his RBI post 3 months ahead of schedule. Having spent most of his years in BoB, Chakrabarty has an impeccable record as a banker.

Bhasin took charge as the VC on June 11 2015.

In recent times, the Supreme Court has slammed the financial sector – with special emphasis on RBI.

“RBI is supposed to uphold public interest and not the interest of individual banks. We have surmised that many financial institutions have resorted to such acts which are neither clean nor transparent. The RBI in association with them has been trying to cover up their acts from public scrutiny,” said a bench comprising Justices M Y Eqbal and C Nagappan.

According to official RBI communiqués, the total write-offs in the 133 scheduled banks in India include a huge chunk of technically written-off accounts. The trotted out reason is: “After technical write-offs, there is no incentive for banks to pursue recovery.”

Rs. 1,14,000 crores worth ‘bad loans’ have been technically written off during the last 3 financial years (2012-13 to 2014-15). The write-offs exceed the previous nine years’ dubiously written off debts.

Of the total bad loan stock of Rs 4,43,691 crores in the banking industry, between 65-70 percent is linked to the corporate sector.

According to official RBI communiqués, the total write-offs in the 133 scheduled banks in India include a huge chunk of technically written-off accounts. The trotted out reason is: “After technical write-offs, there is no incentive for banks to pursue recovery.”

“We have to go after corrupt bank managements as well as corrupt promoters. There is no doubt that we need to do it. We do not have enough teeth. There are these promoters who have diverted funds. “Diverted fund” is a euphemism. I would say plainly that they have stolen the funds, and we cannot go after them. It takes too long,” so said Raghuram Rajan, former Governor of RBI, who is ill-disposed towards the demonetization process and is the blue-eyed boy of ace criminal lawyer P Chidambaram.

Even as all this was happening private sector foreign banks have ‘sold’ their bad debts of small borrowers to private banks in India. The buyer of such debts is a private bank – Kotak Mahindra. It has begun hounding those hurt by the financial downturn, despite its acts being in-congruent with India’s debt recovery laws.

If one takes a close look at how Satyam Computers morphed into Mahindra Satyam, one’s hackles would be raised!

Bhasin’s current protector-in-chief is Union Finance Minister Arun Jaitley!

Removing Bhasin ought to be child’s play for the President of India on the basis of the above. Operative excerpts from the relevant rule book:

Subject to the provisions of sub-section (3), the Central Vigilance Commissioner or any Vigilance Commissioner shall be removed from his office only by order of the President on the ground of proved misbehaviour or incapacity after the Supreme Court, on a reference made to it by the President, has, on inquiry, reported that the Central Vigilance Commissioner or any Vigilance Commissioner, as the case may be, ought on such ground be removed. The President may suspend from office, and if deem necessary prohibit also from attending the office during inquiry, the Central Vigilance Commissioner or any Vigilance Commissioner in respect of whom a reference has been made to the Supreme Court under sub-section (1) until the President has passed orders on receipt of the report of the Supreme Court on such reference. (3) Notwithstanding anything contained in sub-section (1), the President may by order remove from office the Central Vigilance Commissioner or any Vigilance Commissioner if the said Central Vigilance Commissioner or such Vigilance Commissioners is and/or are involved in offences of moral turpitude.

[Emphasis added]

Excerpts from CJI TS Thakur’s thoughts on the functioning of the Apex Court:

The Constitution tells us that what would be the works to be done by the government. It has fixed the duties and responsibilities for judiciary, executive and legislature. “The judiciary has been given the duty to keep a watch that nobody crosses that limit. Any order which is against the Constitution, judiciary can set it aside to maintain the rule of law.

The obvious scofflaw Bhasin is being simply overlooked by the judiciary – and surprisingly even by the President – Pranab Mukherjee. Both have the powers to initiate action suo motu.

Yet, it hasn’t been done. Both Bhasin and his saviour Shreya Guha have been left untouched.

It is a matter of public knowledge that Bhasin is a favourite of FM Jaitley.

Jaitley also happens to be a senior lawyer whose spheres of influence encompass many rooms in India’s Supreme Court.

Jaitley’s utterances have embarrassed the PM on the demonetisation endeavour.

Banking sector is yet to rise up to the challenge of making life of the suffering common laity simpler. The likes of Vijay Mallya, of course make merry beyond the borders of India.

So, should India’s Apex Court judges look at themselves in the mirror and ask: “are we being manipulated to suit evil designs of criminal wrongdoers – with special emphasis on the nation’s banking woes?”

Author: haritsv

42 years' unblemished record of being an investigative journalist. Print quality journalist in 3 languages - English, Tamil, Hindi. Widely travelled, worldwide. Cantankerous and completely honest.

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