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Mohan India has finalised its commitment to complete the Rs771 crore pay-in obligations with NSEL within a period of one year and would pay Rs11 crore as down payment
Mohan India Ltd has agreed to pay its dues of Rs771 crore to National Spot Exchange Ltd (NSEL) over the next 12 months. As per the agreement, Mohan India would pay Rs11 crore as down payment to NSEL. This is part of Mohan India's financial closure or settlement obligations towards NSEL.
Saji Cherian, managing director and chief executive, NSEL said, "The relentless efforts put in by the new team at NSEL along with the NSEL Investors' Forum (NIF) over the last few weeks is expected to show some positive results in terms of recovery of monies from the members. Some of the big members who have pay-in obligations are co-operating with NSEL and the various NIF teams. This is a positive development in the recovery process post the payment crisis."
NIF is a representative body of investors in NSEL.
Jagmohan Garg, director of Mohan India, said, "We are committed to pay-in and settle our dues over the next one year period, and I am happy that we have reached an understanding with NSEL."
NSEL, promoted by Jignesh Shah-headed Financial Technologies (India) Ltd (FTIL), is has failed to settle Rs5,600 crore due to 148 members/brokers, representing 13,000 investor clients, after it suspended trade on 31st July on government direction.
Last week, the economic offences wing (EOW) of Mumbai police arrested Nilesh K Patel, managing director of NK Proteins Ltd, one of the biggest defaulters of NSEL. NK Proteins owed Rs930 crore to the troubled NSEL.
In August, NSEL filed complaint against five of its defaulting members before the investigation authorities. This includes Ark Imports Pvt Ltd, Lotus Refineries Pvt Ltd, NK Proteins Ltd, Vimladevi Agrotech Ltd and Yathuri Associates.
During the same month, NSEL had declared 10 members, including Mohan India as defaulters. The other nine members were LOIL Continental Food Ltd, LOIL Health Foods Ltd, Namdhari Food International Pvt Ltd, Namdhari Rice and General Mills, White Water Foods Private Ltd, Shree Radhey Trading Company, PD Agroprocessors Pvt Ltd, Swastik Overseas Corporation and Juggernaut Projects Ltd.
The ‘right’ thinking people in the pharmaceutical lobby must have had a brilliant idea: why not use the Chinese red yeast rice plant to block essential cholesterol from the liver?
Small plants survive very precariously in a valley in north China, where the environment is cold, dark, hostile and lonely. Red yeast rice is one such plant that grows there. Nature equips all of us, including red yeast rice plants, to thrive in hostile environments. The red yeast rice produces a poison, known as lovastatin, which kills anyone who consumes it.
A researcher from the US government found that the poison was seen blocking a very important enzyme known as HMG-CoA reductase. This enzyme is known to be responsible for cholesterol production in the liver. The pharmaceuticals lobby found out that lovastatin, in smaller doses, blocks the cholesterol production in our liver.
The main lifeline of our existence, cholesterol, is being made into a demon to be killed at any cost. The ‘right’ thinking people in the pharmaceuticals lobby must have had a brilliant idea: Why not use the Chinese red yeast rice plant poison to block cholesterol from the liver? The other leading drug consumed is cholesteramyine, a sand-like powder which had to be taken three times a day in two large tablespoons. Majority of the patients used to vomit and stopped taking it.
Very soon, they created enough ‘evidence’ to show that lovastatin reduces cholesterol level. The US Food and Drug Administration (FDA) approved it. Industry-sponsored ‘thought leaders’ showed the benefits of the drug and went round the world delivering talks based on ‘science’ and succeeded in convincing the gullible medical world about the virtues of the poison. Lavish conferences were organised where the invited ‘scientists’ were feasted and entertained. Profits went up exponentially and executives laughed their way to their banks!
One such conference—Transatlantic Conference on Cholesterol—was presided over by the famous Scottish scientist, Sir Michael Oliver. He was a no-nonsense scientist and the conference ended in total disagreement about the role that fat plays in vascular disease. While on his flight back home, Sir Michael was reading the New York Times (NYT) which had a report on the conference with his name mentioned. He was surprised, and equally enraged, with the blatant lie. When he landed in Edinburgh, in an article published in The Lancet, he rebuked NYT. There was a long-drawn debate that raged for a long time. This will give you an idea as to how clouded cholesterol research is.
Now we have enough and more evidence to show how dangerous this red yeast rice poison is for the human body. While it definitely reduces the fat profile in the blood report, there is still no evidence that it reduces premature death. In fact, there is evidence to show that, in the long run, these drugs increase total mortality. In medical research, patient death is of no consequence. It is only a statistic! How does this happen? The enzyme HMG-CoA reductase blocks many routes in the liver including the most important one which produces mavalonic acid, a vital part of good health and longevity. There are rare births with congenital mavalonic acid deficiency children. The child looks like an old man at the age of one year and dies after a year or two! If a doctor has seen a child with that disease, s/he will never prescribe the poison. Another salient feature needs to be mentioned here: the cell wall in our body is made up of cholesterol. The wall has to be strong to be hydrophobic. Low cholesterol levels make cell walls weak inviting cell necrosis which abets cancer growth!
Although the final verdict on this controversial poison is yet to be established, there is enough and more evidence to show that the red rice plant is very powerful to survive in the extremely hostile terrain of the valley of north China. I dare not prescribe it, unless one has terminal illness.
Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS.