anti corruption crusades

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Reliance companies banned

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MUMBAI: Market regulator Securities & Exchange Board of India (Sebi) on Friday barred two Anil Ambani group companies, Reliance Infrastructure (R-Infra) and Reliance Natural Resources Ltd (RNRL), from investing in the secondary markets till December 2012 for alleged unfair market dealings. Ambani and four senior executives face a similar ban that ends this December. In addition, a penalty of Rs 50 crore was imposed on the companies, the executives and Ambani. The executives include Satish Seth, S C Gupta, J P Chalasani and Lalit Jalan, Sebi said in an order posted on its website. The regulator said the companies and the executives paid the penalty "without admitting or denying the charges". An R-Infra spokesperson said the Sebi order did not bar the companies from raising money from the market through equity or equity-linked instruments, but these companies could not invest in stocks of other companies. Also because RNRL has since been merged with R-Power, th...
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KARNATAKA ELECTIONS

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Recently concluded Assembly elections in Karnataka was a great Natak. The election results saw BJP garner 104 seats Congress 78 and JD(S) Led by Shri Kumaraswamy 38 and two independents in the house of 224 where 3 seats will see by election in June. Immediately after the results the congress announced that it would support Shri Kumaraswamy of JD(S) as Chief Minister, the two independents also assured support to Kumaraswamy. The total became 118. six more than the simple majority. The irony is both Congress and JD(S) fought fiercely against each other but now joined to defeat the BJP. Politics they say has strange bedfellows. But the Governor had other ideas. He invited B.S.Yedurappa of the BJP to form the Govt. beng the single largest party and gave him time for 15 days to prove his majority. The other two parties cried hoarse. Along with them the entire opposition Mamta, Chandrababu Naidu, Chandrasekara Rao, Sharad Pawar, Sitaram Yechury, Farooq Abdullah et al. They resorted to res...
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Extract from Shri L.K.Advani's blog

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A recent book on India by Patrick French is titled “India: An intimate biography of 1.2 billion people”.  The reviews earned by the book are mixed. But I found an episode narrated by the author in his preface very interesting. It runs as follows: An Indian man walks into a bank in New York City and asks for the loan officer. He tells the loan officer that he is going to India on business for two weeks and needs to borrow $ 5,000. The bank officer tells him that the bank will need some form of security for the loan, so the Indian man hands over the keys of a new Ferrari parked on the street in front of the bank. He produces the title and everything checks out. The loan officer agrees to accept the car as collateral for the loan. The bank’s President and its officer all enjoy a good laugh at the Indian for using a $250,000 Ferrari as collateral against a $5000 loan. An employee of the bank then drives the Ferrari into the bank’s underground garage and parks it there. Two weeks lat...
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