The manner in which the Indian government, across political formations, deals with large financial frauds is a wonderland that would stump Lewis Carroll himself. Take the example of Sahara and Pancard Club or even PACL. After the death of Sahara founder Subrata Roy on 14th November, the government has quickly begun to explore the possibility of transferring funds with the market regulator to the Consolidated Fund of India (CFI).
The Mumbai bench of National Company Law Tribunal ordered initiation of Corporate Insolvency Resolution Process against Pancard Clubs Ltd on Friday after the company defaulted on repayments to investors