Home News BANKRUPTCY OF THE BPP BECAUSE OF ONE MAN!
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BANKRUPTCY OF THE BPP BECAUSE OF ONE MAN!

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bpp-kersiWhether it comes to doles to the poor, scholarships to students, help to mobeds, incentives for second and third child, costs for repairs of buildings, maintenance of colonies, our Apex Body – the BPP has only one answer to give to all: WE HAVE NO FUNDS!!

The reason for the drought of funds within the BPP is because there have been NO DONATIONS and NO DEPOSITS ever since the new Board took office in 2015.

DONATIONS

No right-thinking person would consider making any kind of deposit into a BPP which is led by a man who disrespects his colleagues, women, the deceased and the poor. As exposed earlier in this newspaper, the Chairman was caught using the foulest of language against his colleague Trustee’s deceased grandfather. With such bickering and backbiting within the BPP, no one would want to made donations to this body!

Also, why would anyone want to donate funds to a broken body who seems to have no funds for community well-being but ample funds (over Rs. 1 Crore a year) for senseless personal vengeful litigation!

DEPOSITS

One would have thought that this Board, with all its collective wisdom, would have by now realised the financial plight it is suffering from. A financial mess.

The Refundable Security Deposit Scheme was a scheme that brought deposits of large sums into the coffers of the BPP. Whilst these deposits were refundable in nature, what they did achieve is an interest earned on the deposits which brought in liquidity and cash flow. History has shown us that our members of the community want to reside in colonies; they want their children to grow up in a colony learning the parsipanu we are known for. Hence for this they are willing to offer high premiums for a select few flats such as 4 room flats at Cusrow Baug and Ness Baug, which can be given on a deposit of anywhere between Rs. 4-7 Crores.

The bonus of giving a few flats on the refundable deposit is so that the BPP can earn a more than satisfactory interest rate on these deposits. With an interest of anything close to 10% pa on a flat worth Rs. 6 Crores, the BPP can earn steady flow of income to take care of all its basic day to day needs.

The above is a no-brainer and a win-win for the community and the BPP.

However, everyone wonders why the BPP, in all its wisdom has till date not restarted the Refundable Security Deposit Scheme? The answer to the above – is the arrogance and selfishness of one man – Mr. Kersi Randeria!

We have been informed by multiple reliable sources including over 4 BPP Trustees and multiple staff that, whilst all the Trustees (barring the above one) are in principle in agreement to restart the Refundable Security Deposit Scheme, they are being stopped and threatened by Kersi Randeria. The selfishness of this one man has brought the entire machinery of the BPP to a grinding halt.

Today, probably for the first time in the history of our community under Adult Franchise, our Chairman is compelled to consider an overdraft facility from Zoroastrian Bank so as to pay its liabilities – which are mounting month on month.

The philanthropy and charity the BPP was known for – is dead – courtesy Mr. Kersi Randeria.

On this issue, we have been told that Kersi Raderia has been threatening his fellow Trustees of vengeful litigation in the name of proxies – financed by Randeria – who will oppose every action to introduce the Refundable Security Deposit Scheme. Such is the mindset and attitude of our dog in the manger trustee.

Randeria has done nothing to improve the financial condition of the BPP. However, he has worsened it by filing multiple meaningless cases to oppose those against him, of course using the funds of the BPP. Instead of settling long standing disputes with beneficiaries (which had been promised in his manifesto in 2015), Randeria is instrumental in initiating new cases against the poor – specially those who he does not like!

Let us not forget, Randeria is the same Trustee against who there are TWO pending FIRs and CHARGESHEETS against him filed by the Police for insulting women and for battery and abuse. This is the same Randeria who has been calling multiple people and threatening them time and again of dire consequences if they do not abide to his diktat. Randeria is known to record all conversations in person and over the phone and has during meetings proudly boasted how he has audio recordings of police officers and others.

In a recent and shocking revelation, we have learnt that Kersi Randeria threatened a Bombay High Court Lawyer who commutes on a motorbike by telling him the ‘roads are very slippery and there are many accidents on slippery roads so better beware’. These kinds of insinuations by a sitting Trustee who has no foresight for the community except to sooth his now battered and bruised ego is deplorable.

Today the BPP is in a undeniable financial crisis! Yet, instead of thinking for the betterment and future of the community, its beneficiaries, its aged, its poor, one man – Kersi Randeria is opposing the only move that will help save the community. Kersi Randeria is a sitting Trustee. He must be made answerable for his actions or RESIGN!

We do not need obstructionist narrow minded people on a board which now has a financial expert. We need people who will work as a team. If they cannot – they should be out!