June 27, 2021
March 4, 2020
From the Editor: Anil Tyagi
THIS is another face of capitalism, albeit
an ugly one. But it is as much an inherent part of the various moods and hues
of ideology. Large companies, on the brink of bankruptcy, are trying to make
last-minute deals to remain profitable, or survive. But if the logic of
capitalism is that the government has no business to be in business, and the
private sector should run to the policy makers to be bailed out, there is only
one way – keep your head above the water, or declare bankruptcy. After the
Supreme Court forced the telecom companies to pay their huge dues on
revenue-share to the government, this is, in fact, the way forward for several
reasons.
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Corruption: FROM RAJ TO RAFALE 17: The Twin Curses Of Earth and Sky
Some of the biggest scandals in independent India took
place in the cases of illegal mining, stealing oil and gas from neighbouring
interconnected reserves, gold-plating of projects, and sale of such precious
resources at rock-bottom prices. If one includes telecom
spectrum, which too is a limited resource, the circle of corrupt, cruel,
violent carnage, cashing-in through human labour, and the twin curses of the
earth and sky is complete.
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Governance: Surviving a financial storm
Media baron Subhash Chandra had to fall back on the last
resort of selling Essel Group promoter stake in November 2019 to save his jewel
in the crown, Zee Entertainment Enterprises Limited from sinking under the debt
burden of Rs. 11,000 crore. His fight back, though commendable, holds a
cautionary tale for India Inc and promoters with overreaching ambitions who expended
too fast, piggy backing on easy capital when the going was good. But when the
economic slowdown triggered by the ill-fated demonetisation decision and dodgy
financial practices came back to haunt the non-banking financial sector,
trouble came storming at the doorsteps of these promoters.
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Governance: RANA SUGARS How they duped the investors
THE GDR (global depository receipt) scam, which was
perpetrated by dozens of companies between 2002 and 2014, was as simple as it
gets. Float a GDR issue—the amount raised is meaningless and can be a few
million dollars. It is better if the GDR is listed in a not-so-prominent
exchange like the Dubai International Financial Exchange. Before the issue, ink
a deal with a single buyer to purchase all the GDRs. Arrange for a bank in a
slightly shadowy nation to issue a loan to the buyer.
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State scan: Land mafia runs for cover
MADHYA PRADESH has never seen such a sustained and
coordinated crackdown on organised, white collar crime since the state came
into being in 1956. Of course, there have been sporadic and selective campaigns
against mafias, particularly land-grabbers, under previous governments but they
evoked more cynicism than trust in the state’s people.
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