Residents sent a message to Abigail Johnson – President and Chief Executive Officer of Fidelity Investments and Chairman of Fidelity Worldwide Investment email address that said:
To, 28th June 2016
The Head, Human Resources,
Fidelity Management and Research, India
Subject: Intimation about red-line conduct of one of your employees
Dear Sir/Madam,
We, the residents of Blossoms-2 Sector-51 Gurgaon 122018 India, are writing to you to intimate about consistent red-line conduct of one your employees, Mr Rakesh who happens to reside in the same complex. In routine matters, we won’t have reached you; however we thought it appropriate to notify you as the instances of red-line conduct also involve breach of responsibilities toward residents in position of financial trust and Fidelity operating in the highly critical area of financial services where trust is of utmost importance. We are confident you would have enough in-built alerts in your hiring and background check processes; it is also a truth that the critical checks are not repeated at regular intervals. We leave the appropriate verification and remedial action to you and submit some of the instances of his red-line conduct.
- Mr Rakesh, as the president of Residents Welfare Association (RWA) in multiple tenures failed to furnish the statements of financial accounts in timely manner despite explicit requests from residents. He also targeted those who insisted on the presentation of statements.
- He failed to have bare minimum controls in procurement of consumables. He also could not explain why the consumption of diesel for gensets had gone up as much as six times the average without an offsetting increase in the units consumed. He was happily spending the residents’ money the whole year. However, at the end of year he could not gather courage to fulfil his statutory responsibility of even signing the financial statements showing all the expenses he had made during the year. He also manipulated the audit process in connivance with the external auditor wherein he made the auditor sign the reports but avoided himself. He tried to make his subordinate committee members scapegoat, however the residents realized his game plan and forced him to evict office while debarring him forever to contest for any post of RWA in future.
- He has also been misusing his position by meeting non-eligible expenses (like contributory dinners) from the residents’ common pool of funds meant for just common expenses.
- He is also guilty of disposing off residents’ common assets at arbitrarily low values to pursue his personal relationship and other interests.
- Recently he has crossed all limits by siding with some unlawful elements that potentially risks safety of all residents who were vocal against his malpractices; the motive being just to regain his position by finding support from the so-called muscle-men.
We are taking up the issue with appropriate law enforcement authorities. We understand that the above mentioned red-line conduct has not been committed by Mr Rakesh Dahiya in the capacity of an employee of FMR India, however it is also important to realize that traits one exhibits as employee is only a subset of the traits one carries as a person. And, many of us have been investors of Fidelity AMC when it operated in India. Requesting you to validate the facts at your end and take appropriate action based on your considered judgement.
Sincerely,
Residents of Blossoms-2
Sector-51, Gurgaon India
