Saturday, November 27, 2010

Change in Political leadership is an excellent cover up game as FRAGMENTED Non Aryan Aboriginal Indigenous Non Brahmin nationality may not RESIST the CONSOLIDATED Global Strategic Alliance of Zionist fascist Imperialist Corporate Manusmriti Hegemony.

Change in Political leadership  is an excellent cover up game as FRAGMENTED Non Aryan Aboriginal Indigenous Non Brahmin nationality may not RESIST the CONSOLIDATED Global Strategic Alliance of Zionist fascist Imperialist Corporate Manusmriti Hegemony. Exposure of scams is part of the Power Politics Game. Exclusive Economy under Manusmriti Rule Intensify attacks on Aboriginal Human scape!

U.S. warns India about possible WikiLeaks release

Lavasa asked to explain 'violations' in project

Indian Holocaust My Father`s Life and Time - FIVE Hundred  Eighty

Palash Biswas

Change in Political leadership  is an excellent cover up game as FRAGMENTED Non Aryan Aboriginal Indigenous Non Brahmin nationality may not RESIST the CONSOLIDATED Global Strategic Allinace of Zionist fascist Imperialist Corporate Manusmriti Hegemony. Exposure of scams is part of the Power Politics Game. Exclusive Economy under Manusmriti Rule Intensify attacks on Aboriginal Humanscape!

I am just back from South India Tour with my wife Sabita. Landed in Kolkata only last Morning. It was a busy schedule across Tamilnadu, Kerala and Karnataka. Thus, I missed Newspapers and TV Channels and so many developments have taken meanwhile. I have to share my experiences of sustaining Non Aryna Aboriginal Indigenous landscape in detail step by step. It was also a rare opportunity to revisit TUMKUR once again and spending some time with REDS and Dalit Panchayat people. We visited towns as well as rural areas. Witnessed the assertion of Identities, Nationalities along with Empowerment and Awakening in a background of sustaining Manusmriti Rule all over the Geopolitics, Clash of Culture and Civilisation, Dynamics of Development, Poverty and Untouchability and the ongoing political drama in an EXCLUSIVE Economy. I realised the heat and dust of Rising Ethnonationalism and complicaing fragmented degenerated Nationality. I assure you to share and interact on all these topics very soon.

Our friends Jyothi and Raj, the respected Activist Couple from Tumkur have recieved KARMAVEERA Award in New Delhi.Congratulations! They cancelled their scheduled progrramme to recieve us. Thanks. Besides, Mr Mangesh Kumar and Dr. Shibani Barman in Coonoor, OONTY, Baldev Kumhar, Dr Subrhamanium, ASURAN and others in Coimbtore, Gopalana and Sudhir Nag in Chennai, Mr Muthu in Madurai and Rameshwaram, Dibyendu, Sameer, Gopal and other frinds in Kudan Kullam, I Chellam in Tirunavelli, P Manohar in Pallakad, kerala shared their precious time with us. We are obliged.

We did not learn any of the South Indian language and naturally had to face a little bit of Language Problem as North Indian. But the Tamil, Kannad and Malyalee speaking people everywhere specifically in rural areas were so much cooperative that we always felt at home. It also happened in Pondycherry.We are obliged.

In OONTY, thanks to Mangesh kumar, I rediscovered UDIT Raj, the Justice party leader as an OLD Friend form Allahabad. Returning home, I talked to him after almost Thirty One yeras!

Forgive me not going in details immediately as I have to deal the latest Economic, Political and Global developments as many more cases of Economic Political manipulation have been exposed.

Mumbai Police on Saturday said that they had registered a case of theft after a senior Maharashtra Government official informed them about the disappearance of key papers relating to the scam-tainted Adarsh housing. Change in Political leadership  is an excellent cover up game.

In Bihar, BJP JDU Coalition government led by Nitish kumar returned with three fourth majority as the state has not recovered for Food Insecurity and Unemployment so overwhelming despite the Development hype.

An Indian court ruled Saturday that award-winning author Arundhati Roy could face prosecution for allegedly speaking out on the disputed region of Kashmir, according to a report.This is so called democracy in which difference of opinion is considered as SEDITION as it opposes the Anarchy and Ethnic Cleansing!

We landed in krnataka amidst Graft Charges against Yedurappa. The Morality Flag Bearers of Hindutva Nationality defends the Corrupt Zionist regime there. Amusingly we were in Tamilnadu, while D raja had to resign after Neera Radia Rxposure. Meanwile banking Scams have floated. But the LPG mafia is Sustained shamelessly and the Rotten Brahaminical system supported by Media, Intelligentsia, Civil Society and India Incs as well as MNCs remain UNSCATHED. On the other hand, Monoplistic Aggression against Indigenous Aboriginal Humascape intensify even after so much focus on Environment thanks to jairam Ramesh.On the other hand, Political leadership in Andhra was also changed.Ironically,the Bharatiya Janata Party (BJP) Saturday accused the Congress of being engaged in a cover up operation in Mumbai's Adarsh Cooperative Housing scandal to shield 'some key people' involved in it.

Lvasa Project showcases the Development dynamics beyond Posco and Vedanta Empire, Sez drive, Deportation campaign, Indiscriminate Land acquisition, Displacement, FDI FII Raj, Nuclear Armament, AFPSA, Operation Green Hunt, Retail Chain, Realty Boom and sovereignty of market.

The Union Environment Ministry on Friday issued a show cause notice to the controversial Lavasa Corporation Limited (LCL), raising serious questions over a number of its constructions that it deems as 'violations.'

Lavasa, India's first hill city, is the ambitious project undertaken by Hindustan Construction Company (HCC) about 45 km from Pune. To be built over 25,000 acres, the luxurious city now faces a serious problem with the Ministry notice.

The company has 15 days to explain why it built structures in Mulshi and Velhe talukas between 2004 and 2006 in areas which lay 1,000 metres above the sea level, and thus required an environmental clearance from the Union Ministry. By doing so, the notice states, LCL has violated Section (5) of the Environmental Protection Act, 1986 as per the provisions of Environmental Impact Assessment (EIA) Notification 1994, as amended in 2004 and 2006.
The notice states that in case LCL fails to give satisfactory answers, the Ministry can direct "the unauthorised structures erected without any environmental clearance between 18.03.2004 till 7.07.2004, from 7.07.2004 to 14.09.2006 under EIA Notification 2004, and further constructions after EIA Notification 2006 by M/s Lavasa Corporation Limited in Mulshi and Velhe talukas, district Pune, Maharashtra be removed forthwith in entirety."

According to the notice, the Ministry can also direct a 'status quo' on further development and construction in Lavasa, pending the decision on the show cause notice. The Environment Ministry notice has asked LCL to show cause as to "why the Ministry's directions should not be made final."

The Environment Impact Assessment notification was amended in 2004, to mandate such clearance. The State government was only permitted to provide clearance for structures for projects below 1,000 metres, the notice states.

Even existing projects had to follow this amendment if their investment at the time amounted to less than 25 per cent of the total cost estimate. Maharashtra records show that Lavasa's expenditure amounted to only 5.3 per cent of the sanctioned cost at the time, hence requiring the Central Ministry's nod.

An official statement issued by Lavasa Corporation Limited 'in reference to media reports on the 'show cause notice' issued by the Ministry said: "We are still to receive the notice. As and when such a notice is received we will respond after studying the same." However, the notice is available on the website of the Ministry for public view.

Activists and locals who have long alleged major illegalities in Lavasa hailed the Ministry's decision.
Vishwambar Choudhari of the Oasis Environmental Foundation said: "We are glad that at least the Central government took notice, and considered the proof we had submitted regarding the illegal nature of the construction. The notice has been issued to Lavasa on the basis of this proof." The Pune Collector's letter stating that 47 hectares in Dasve, one of the townships in the lake city, is over 1,000 meters above sea level, was given by Dr. Choudhari to Environment Minister Jairam Ramesh.

Oasis Environmental Foundation, along with the National Alliance of People's Movement (NAPM) has filed a PIL against Maharashtra and the LCL in the Bombay High Court.

Medha Patkar, who heads NAPM, said: "We are happy that the Ministry has taken the first legal step against the project."

However, the notice only mentions the environmental aspect, while, according to Ms. Patkar, the LCL has also violated human rights. "Locals in the region have lost their land to the project. Their struggle is still on. All the bureaucrats and the politicians involved should be brought to book," she stated.

ETHNONATIONALIST RSS supported Icons like Bal Thakre and Narendra Modi best used Hindutva for Ethnic Cleansing while the DRAVID movement in the south has been drastically Brahaminised. Naveen Patnik behaves like a shameless sales agent and Promoter for the VEDANTA and POSCO.

At home, in West Bengal, the situation is more grim as Power Politics has inflicted like a Calamity uncontrolled!

Andhra Pradesh Chief Minister Konijeti Rosaiah on Wednesday stepped down after14-and-a-half months in office citing "advanced age and work pressure" and Speaker of the Assembly Nallari Kiran Kumar Reddy was chosen by the AICC leadership to succeed him.
Fifty-year-old Reddy will be sworn in as the 16th Chief Minister by Governor E.S.L Naraimhan at Raj Bhavan at 10 a.m. on Thursday. The Governor earlier accepted Mr. Rosaiah's resignation and requested him to continue in office till the formation of a new government.

On a day of swift developments, Mr. Rosaiah declared his intention to quit at a press conference in the Secretariat from where he drove to the Raj Bhavan and submitted his resignation. Mr. Rosaiah succeeded Y.S. Rajasekhara Reddy on September 3, 2009 after the latter was killed in a helicopter crash.

India says writer Arundhati Roy can be prosecuted: report

An Indian court ruled Saturday that award-winning author Arundhati Roy could face prosecution for allegedly speaking out on the disputed region of Kashmir, according to a report.

A court in Delhi allowed the registration of a case against Roy and hardline Kashmiri separatist Syed Ali Shah Geelani, the Press Trust of India reported, without giving further details.

Roy, winner of the prestigious Booker award for her novel "The God of Small Things" in 1997, is a fierce critic of Indian policy in Kashmir, where protests against New Delhi have claimed some 111 lives since June.

The writer and social activist shared a stage with Geelani in October and backed the idea of "azadi" or freedom for Kashmir, leading New Delhi police to look into charging her with sedition.

Originally, the Indian government was reported to be opposed to prosecuting her.

There was no immediate reaction from the writer.

In October, she said in a statement: "What I say (about Kashmir) comes from love and pride."

"I said what millions of people here (in Kashmir) say every day. I said what I as well as other commentators have written and said for years," she said.

The main opposition Hindu nationalist Bharatiya Janata Party has called Roy's comments "seditious" and accused the Congress-led government of "looking the other way" by not taking any legal action against her.

Nuclear-armed India and Pakistan each hold part of Kashmir but claim it in full. India insists that Kashmir is an "integral part" of the country.

U.S. warns India about possible WikiLeaks release

The United States has warned India and other key governments across the world about a new potentially embarrassing release of classified documents by the whistle-blowing website WikiLeaks which may harm the American interests and create tension in its ties with its "friends".
"We have reached out to India to warn them about a possible release of documents," State Department Spokesman P.J. Crowley said.
"We do not know precisely what WikiLeaks has or what it plans to do. We have made our position clear. These documents should not be released," Mr. Crowley said, ahead of the expected release by the website of millions of sensitive diplomatic cables.
It is not known yet what is contained in these documents about India-related issues.
The WikiLeaks has said there would be "seven times" as many secret documents as the 400,000 Iraq war logs it published last month.
On his Twitter account, Mr. Crowley said the State Department officials have also contacted leaders in Germany, Saudi Arabia, the UAE, Britain, France and Afghanistan.
Secretary of State Hillary Clinton too reached out to Chinese Foreign Minister Yang Jiechi, as the WikiLeaks, the whistle-blower website, is expected to release some three million classified U.S. cables involving some of its key allies including Australia, Britain, Israel, Russia, Turkey and India.
Admiral Mike Mullen, Chairman of the Joint Chiefs of Staff, urged WikiLeaks to stop "dangerous" leaks.
"I would hope that those who are responsible for this would, at some point in time, think about the responsibility that they have for lives that they're exposing... and stop leaking this information," Admiral Mullen, Chairman of the Joint Chiefs of Staff, told CNN.
"It continues to be extremely dangerous," he said. "We are very mindful of the announcement that WikiLeaks made earlier this week, that there is a release of documents pending at some point in the future."
If the past is prologue, that would mean that certain news organisations may well already be in possession of specific documents, Mr. Crowley told reporters early this week.
"So we continue to work through, as we have throughout this process, evaluating both the material that we think was previously leaked from government sources to WikiLeaks and we continue to make clear that this is harmful to our national security. It does put lives at risk. It does put national interests at risk," he said.
"Inherent in this day-to-day action is trust that we can convey our perspective to other governments in confidence and that they can convey their perspective on events to us," Mr. Crowley said. "And when this confidence is betrayed and ends up on the front pages of newspapers or lead stories on television and radio it has an impact."
Harmful to U.S. interests
These revelations are "harmful" to the United States and its interests, he said. "They are going to create tension in our relationships between our diplomats and our friends around the world."
Without getting into any discussion of any specific cables, Mr. Crowley said the kinds of cables that U.S. missions across the world send to Washington are classified.
"They involve discussions that we've had with government officials, with private citizens. They contain analysis. They contain a record of the day-to-day diplomatic activity that our personnel undertake," he said.
"This back and forth between government, the government of the United States and governments around the world, it is diplomacy in action. It is part of the system through which we collaborate and cooperate with other countries," he said.

Lokayukta serves notice to Yeddyurappa

Karnataka Lokayukta Santosh Hegde has issued a notice to Chief Minister B.S. Yeddyurappa seeking his views on a complaint by the Janata Dal (Secular) on land denotification, saying there is a prima facie case.

"Since we have found a prima facie case in the complaint, we have issued a notice to the Chief Minister on November 21," he told reporters in Bangalore.

The anti-corruption watchdog's action has come as a further embarrassment to Mr. Yeddyurappa, who survived a threat to his position only recently.

The JD(S), which has been seeking Mr. Yeddyurappa's removal, had filed the complaint on November 18 seeking a probe into denotification of land, including some favouring his family members, which had been notified by the Bangalore Development Authority (BDA).

Mr. Hegde, who has been at loggerheads with the Yeddyurappa government accusing it of deciding "unilaterally" to order a judicial probe into alleged land scams when the issue was pending before the Lokayukta, rejected allegations of being biased against ruling BJP and favouring some political parties.

Mr. Hegde said in all 14 cases had been filed as on date before the Lokayukta against the Chief Minister, including those submitted very recently. "Eight have been closed without even issuing a notice to Chief Minister and in the remaining six cases, in one case pertaining to denotification of land, notice has been issued."

Mr. Hegde, who is also peeved with the government for seeking a status report on various cases entrusted to Lokayukta after he questioned the manner in which a judicial probe was ordered overlooking him, retorted "when there are 39 cases before me — between 2000 to 2010 — why does the government want to know the status of investigation only in seven cases?

"I have no doubt that it is with a view to project me as a pro-JD(S) or a pro-Congress person. I flatly deny it. I have no such prejudices."

Mr. Hegde said in response to a letter faxed to him by the government seeking the status of investigation, he has sent a reply that all these cases are ready for investigation and the probe would be conducted.

Court orders lodging of FIR for sedition against Geelani, Roy

New Delhi, Nov 27 (PTI) A local Court today directed the Delhi police to lodge an FIR against hardline Hurriyat leader Syed Ali Shah Geelani and writer Arundhati Roy on charge of sedition for their alleged anti-India speeches here recently.
Metropolitan Magistrate Navita Kumari Bagha also came down heavily on the police for their prolonged inaction and "weird" reply that no offence was made out against Geelani and Roy, whose speeches had triggered a controversy.
"After giving my thoughtful consideration to the submisisons made and the material on record, I have come to the conclusion that the complaint lodged with the police, clearly discloses commisison of cognizable offences," the court said, acting on a petition.
The court asked the police to conduct the investigation and submit a report on January six.
While slamming the police, the court said "But, in the present case, the police has utterly failed to register the FIR for no reasonable justification, though the complaint of the complainant clearly discloses the commision of cognizable offence."
Besides the Hurriyat hawk and the noted writer, other five accused, against whom the FIR would be lodged, are S A R Geelani, an accused in the Parliament attack case who was later acquitted, Sheikh Showkat Hussain, Shuddharbrata Sengupta and Sujato Bhadra.
They would he booked under various provisons of the IPC and the Unlawful Activities (Prevention) Act relating to sedition, waging war against Government of India, promoting enmity between classes and imputations against integrity of the nation.
Complainant Sushil Pandit in his petition had alleged that the Hurriyat leader and Roy had made anti-India speeches in a conference on "Azadi-the Only Way" held here on October 21.
Roy had termed India as "colonial ...upper caste Hindu state", the complainant alleged, adding that he was forced to approach the court for remedy as the police chose not to act.
The court was critical of the delay in lodging the FIR in the case saying "despite the grant of time till November 26, no status report was filed by police, rather a weird reply was given... in which they have either admitted or denied the contents of the complaint."
It considered the fact that even police, in the report, have admitted the fact that the speeches were against the state.
"Though, the police have admitted that the totality of the speech made by Geelani was regarding the independece of the people of Jammu and Kashmir, yet surprisingly it has been stated that no FIR could be registered because of mens rea (lack of motive) and evidence of malafide intention of Geelani and Roy."
"It is settled law that at the stage of registration of the case, the police has to only see if the complaint before it disclosed any cognizable offence or not...," the court said.

Jagan violating party discipline: Jaipal Reddy

Attacking rebel Congress MP Y.S. Jaganmohan Reddy, Union Minister and senior party leader from the state S. Jaipal Reddy today said he was violating party discipline and termed his actions as "very undesirable".
Mr. Reddy said the Sakshi channel owned by Mr. Jagan, which telecast programmes attacking Congress President Sonia Gandhi, Prime Minister Manmohan Singh and Rahul Gandhi was being "misused" to weaken the party.
"Everybody knows that the channel is owned by him (Jagan) and the channel is run for his own politics apparently. The channel is being misused to weaken the party. It is very undesirable," the minister said responding to questions about the programmes aired by the channel.
Mr. Reddy said while Mr. Jagan's father Y.S. Rajasekhara Reddy was a "tremendously loyal Congressman", his young son, "otherwise dynamic, seems to be confused".
Maintaining that "Jaganmohan Reddy is violating party discipline", he said, "Naturally the decision (about action on Jagan) has to be taken at the national level of the party." He was responding to queries on the likelihood of disciplinary action against the young MP.
The Minister's reactions have come on a day when newly-elected Andhra Pradesh Chief Minister N. Kiran Kumar Reddy is to meet Congress chief Sonia Gandhi here and also finalise the names of his cabinet colleagues, who are expected to take oath before the Assembly session begins on Monday.
Congress had earlier sought a report from the state on the Sakshi channel's show criticising the Congress President and the Prime Minister.
After receiving the report a few days back, AICC in-charge for the state and Law Minister M. Veerappa Moily had termed it as a "serious issue".
Sakshi, the 24-hour Telugu news channel owned by the 38-year-old Kadapa MP, had launched a frontal attack on Sonia as well as the organisation in the one-hour show. Prime Minister Manmohan Singh was also targeted along with the "coterie around Sonia" for the "sorry state of affairs in Congress."
Days after the programme was aired, Andhra Pradesh Chief Minister K. Rosaiah resigned from his post, which the party attributed to health reasons.
Meanwhile, the rebel Congress MP yesterday held parleys with his supporters, including several MLAs, apparently on the course of action to be taken in the wake of the change of guard in Andhra Pradesh.
It is understood that Mr. Jagan's group has decided to adopt a wait-and-watch policy on their stance vis-a-vis the new Chief Minister until the formation of his cabinet.

Jagan's Sakshi channel attacks Sonia

Belligerent Kadapa MP Y S Jaganmohan Reddy's television channel today launched a frontal attack on Congress chief Sonia Gandhi as well as the party, days after he claimed to be "running out of patience."
Prime Minister Manmohan Singh was also targeted along with the "coterie around Sonia" for the "sorry state of affairs in Congress."
Though Mr. Jagan himself has not said anything directly against Ms. Gandhi, Mr. Singh or Congress, Sakshi television news channel owned by him ran an hour-long special programme last night and this morning targeting Ms. Gandhi's leadership and "rapid degeneration" of the party under her.
Ever since Mr. Jagan was denied the Chief Minister's post after his father Y S Rajashekara Reddy's death, Sakshi newspaper and television channel have been running stories severely criticising Andhra Pradesh Chief Minister K Rosaiah and his government's policies.
Mr. Jagan's rival groups in the party too have been subjected to attacks in his media but this is for the first time that Sakshi chose to take on the Congress high command directly.
Political observers here see Sakshi's story as a prelude to Mr. Jagan's ambitious future political plans.
"That he has chosen to target the party high command in general and Sonia Gandhi in particular through his television channel is an obvious indication that Mr. Jagan is preparing ground for his exit from Congress," one political observer said.
"Ms. Sonia is neither the President of India nor the Prime Minister but she is dictating the politics of the country," screamed a headline even as several critical remarks were made against her in the voice-over in the Telugu news channel.
"He has been just a rubber stamp," Sakshi remarked, taking potshots at Manmohan Singh in the light of the recent observations of Supreme Court in the 2G spectrum case.
The snide remarks against their leaders have left many a Congress leader in the state seething.
Known Sonia loyalist and Jagan-baiter, V Hanumantha Rao, was the first to spit fire against his young parliamentary colleague for trying to pour scorn on a "great leader" like Sonia.
"This is an unpardonable mistake that Jagan has committed. The time has come to expose him," Hanumantha Rao, a member of Rajya Sabha, said and appealed to Congress workers to boycott Sakshi newspaper and television channel run by the Kadapa MP.
The special story was telecast to mark the 125th anniversary celebrations of the Congress party.
The report said the grand old party was on a "rapid degeneration" across the country and even Ms. Sonia Gandhi herself was facing rough weather in Rae Bareilly constituency.
"Ms. Sonia is not a good orator and cannot address a gathering fluently. Her mass following is on the decline," it claimed.
"The various scandals that broke out under the United Progressive Alliance regime over the last six years have become a noose around the Congress' neck. The party high command is facing a torrid time as the situation is going out of hand," the Sakshi story said.
In fact, the story also had reference to the Bofors scandal. Ms. Sonia's political secretary Ahmed Patel was singled out from among the "coterie" for the attack.
"In Mr. Patel's native Gujarat, the Congress has been decimated completely," the story said.
Mr. Hanumantha Rao said: "Jagan's father Rajasekhara Reddy remained loyal to the Congress high command and never criticised it. We shall not tolerate if Mr. Jagan displays such temerity to lampoon Ms. Gandhi who sacrificed everything for the sake of the country."
He said all the scandals that were alleged to have happened during Y S Rajasekhara Reddy's tenure would be dug out and exposed.
"As loyal party workers, we shall not keep quiet. We are ready to take on him head-on," the Rajya Sabha member asserted.
Meanwhile, senior leaders in the State party like Palvai Govardhan Reddy, P Shankar Rao and others are getting ready to petition the high command against Mr. Jagan with reference to the story telecast in Sakshi.

'Rot' in Allahabad High Court: Law Minister promises action

NDTV Correspondent, Updated: November 27, 2010 22:18 IST
Ads by Google
Wildy's Law Books Online – Selling Legal Books for 180 Years! We Ship Law Books Worldwide.
www.wildy.comClick to Expand & Play
New Delhi:  Several questions have emerged a day after the Supreme Court said that there were lots of complaints about the functioning of the Allahabad High Court and that 'something was rotten in the Allahabad High Court'.

The top court also said there were a lot of complaints about the integrity of some of the judges of the high court basically what's known as the Uncle Judge Syndrome.

NDTV has learnt that of the 51 judges on the Allahabad bench the sons and daughters of at least 9 judges are practising lawyers in the same Court.

The Supreme Court says within a few years of practice the relatives of judges become multi-millionaires though the Court made it clear not all lawyers having close relations with Judges are misusing the relationship. Rediff.comTwitterNDTV SocialLive MessengerGmail BuzzPrint

The government says it's worried.

"The government is seriously concerned about the issue. And after discussions the government will take whatever steps are necessary for greater accountability in the judiciary," said Law Minister Veerappa Moily.

"We should pick only those members from the bar for elevation who have made their goodwill of a true professional, as advocate," cautioned K Yog, Retired Judge, Allahabad High Court.

But experts from the legal fraternity point out, that it also expresses the Court's helplessness as there is no effective mechanism to deal with the problem.

"I mean the maximum that one can do is impeach them, and the transfers are also according to procedure and take place in their own due course of time," said Rajiv Dhawan, Senior Advocate, Supreme Court.

The Supreme Court has said the Allahabad High Court really needs some house cleaning. It has also asked the High Court Chief Justice to take strong measures.

The Chief Justice of India may have assured that during his tenure good judges will be appointed but even he admits he has a lot of cleaning work to do.

Loan scam: LIC likely to suspend arrested officers pending probe

NDTV Correspondent, Updated: November 25, 2010 09:52 IST
Ads by Google
Keesing Fight Fraud – All you need to check the world's identity documents
New Delhi:  After two of its top officers were arrested by the Central Bureau of Investigation (CBI) for allegedly sanctioning loans in return for bribes, the LIC is likely to suspend them pending probe. The LIC board will meet on the issue soon.

A total of eight people have been arrested by the CBI.  Among them: Ramchandran Nair, the Chief Executive Officer (CEO) of LIC Housing Finance; RN Tayal , General Manager  of Bank of India;  and  Venkoba Gujjal , Deputy General Manager  of Punjab National Bank. (Read: Top bank managers arrested for loans-for-bribes scam)

"A private financial services company, its CMD and other associates were allegedly bribing senior officials of public sector banks and financial institutions for facilitating large scale corporate loans. They were also gathering confidential business information from financial institutions," the CBI had said.

The private company involved is Money Matters, and three of its senior-most officials, including Chairman and Managing Director Rajesh Sharma have been arrested. Rediff.comTwitterNDTV SocialLive MessengerGmail BuzzPrint

The men at Money Matters allegedly acted as middlemen, bribing officials at public sector banks to get loans worth crores sanctioned for private firms, mainly real estate companies. The bank officials are also accused of selling confidential information.

In another case, Naresh Chopra of LIC Mumbai has been accused of receiving Rs. 16 lakhs from Money Matters' Rajesh Sharma. Chopra allegedly traded confidential information on LIC investments into the Adani Group.

Meanwhile, LIC's Vigilance arm is also investigating the case independently. Sources in LIC have told NDTV that the frauds were committed in the officers' own capacity, and no norms were violated. In a statement released after the arrests on Wednesday, LIC had said, "All procedures and approved guidelines were adhered to in approving the loans. All loans have been secured by underlying assets to the satisfaction of approving authority. Steps will be taken to protect interests of various stakeholders."

''These are cases of bribery. These are cases of corruption. Bribery by public officials, by people working in public sector organisations, and facilitating and sanctioning loans by taking money. And they have zeroed in on real-estate sector and certain developers who must have paid money to get loans sanctioned,'' said Deepak Parekh, the chairman of HDFC Bank.

The government has sought to play down the episode. Speaking about the finance racket, Banking Secretary R Gopalan said it was a bribery case involving some individuals and not a large-scale scam. "It's a case of individual greed not a systematic failure," he added. (Watch)

The arrests came after a CBI investigation that covered five cities and lasted over a year.

Taped conversations referred to in the CBI's First Information Report (FIR) revealed incriminating details.

The CBI charges that Rajesh Sharma of Money Matters paid a Rs. 25-lakh bribe to RN Tayal at the Bank of India. In return, Tayal allegedly assured him of two loans worth Rs. 500 crore for two different companies.

"If you can't get a 300-crore project passed... what is the use of you being in this position?" asks Sharma brazenly.

Top bank managers arrested for loans-for-bribes scam

Rashmi Rajput, Miloni Bhatt, Updated: November 25, 2010 07:34 IST
Ads by Google
HDFC™ Home Loan @ 8.50% – HDFC Home Loan-8.50% till Mar 2011. Apply & Get E-Approved In Minutes
HDFCInstantHomeLoans.comClick to Expand & Play
New Delhi:  The very top rung of some of India's public sector banks and financial institutions have been arrested by the CBI for allegedly sanctioning loans in return for bribes.

A total of eight people have been arrested by the CBI.  Among them: Ramchandran Nair, the Chief Executive Officer (CEO) of LIC Housing Finance;  R. N. Tayal , General Manager    of Bank of India; and  Venkoba Gujjal , Deputy General Manager  of Punjab National Bank.

"A private financial services company, its CMD and other associates were allegedly bribing senior officials of public sector banks and financial institutions for facilitating large scale corporate loans. They were also gathering confidential business information from financial institutions," said the CBI.

The private company involved is Money Matters, and three of its senior-most officials, including Chairman and Managing Director Rajesh Sharma have been arrested. Rediff.comTwitterNDTV SocialLive MessengerGmail BuzzPrint

The men at Money Matters allegedly acted  middlemen, bribing officials at public sector banks to get loans worth crores sanctioned for private firms, mainly real estate companies. The bank officials are also accused of selling  confidential information.

During the day, the news of the raids and the arrests hit the stock prices of LIC Housing Finance and the Central Bank.

''These are cases of bribery. These are cases of corruption. Bribery by public officials, by people working in public sector organisations, and facilitating and sanctioning loans by taking money. And they have zeroed in on real-estate sector and certain developers who must have paid money to get loans sanctioned,'' said Deepak Parekh, the chairman of HDFC Bank.

The arrests come after a CBI investigation that covered five cities and lasted over a year.

Taped conversations referred to in the CBI's First Information Report (FIR) reveal incriminating details.

The CBI charges that Rajesh Sharma of Money Matters paid a 25-lakh bribe to  RN Tayal at the Bank of India. In return, Tayal allegedly assured him of two loans worth 500 crores for two different companies.

"If you can't get a 300-crore project passed... what is the use of you being in this position?" asks Sharma brazenly.

In another case, Naresh Chopra of LIC Mumbai is accused of receiving 16 lakhs from Money Matters' Rajesh Sharma. Chopra allegedly traded confidential information on LIC investments into the Adani Group.

After the arrests, LIC offered this statement. "All procedures and approved guidelines were adhered to in approving the loans All loans have been secured by underlying assets to the satisfaction of approving authority. Steps will be taken to protect interests of various stakeholders."

Read more at:

Full text: Ratan Tata speaks to NDTV on 2G scam

NDTV Correspondent, Updated: November 27, 2010 22:26 IST
Ads by Google
Lenovo V460/ B460 Laptops – Intel® Core™ i3 powered affordable Notebooks for growing businesses.
New Delhi:  Hello and welcome to Walk The Talk. I am Shekhar Gupta at Taj Wellington view Mumbai, and my guest today is Ratan Tata, who has removed time in an unusual time on a very special day, there is a candle lit right behind you because it is the second anniversary of the terrorist attack. I understand your reluctance to walk in the corridors of the Taj today, it's all very fresh.

Ratan Tata: Thank you for honouring that wish. Thank you very much for having this session today, it's always an honour, it's always a pleasure to be with you.

Shekhar Gupta: I also said unusual times, you know why. Because there is a certain murkiness in the air right now, particularly when it comes to government-business interface...

Ratan Tata: Yes, it is a murky time, you are right. It's a confusing time for me because just a couple of weeks ago, we were sitting sort of on top of a summit or a mountain top with President Obama showering praise on what we had done, talking about maturity, talking of our having emerged, and not being an emerging force... and then we have somewhat slipped into a morass of a series of allegations... unauthorised tapes flooding... the media going crazy on alleging, convicting, executing... literally character assassination. In fact the whole thing in so doing - there has been a smoke screen behind what is really the so-called scam - which really is out-of-turn allocation of spectrum, hoarding of spectrum by important players for free... and things of this nature. So I think it's a bad time. I wish the government would take a stand, bring  an auditor... have an investigation and  book people who are guilty of something, but stop this sort of Banana Republic kind of attack on whoever one chooses to attack on a basis unsubstantiated even before the person has a very Indian right - namely to be considered innocent until found guilty in a court of law. Rediff.comTwitterNDTV SocialLive MessengerGmail BuzzPrint

Shekhar Gupta: The government has the power to tap somebody's phone, and that power has to be exercised with a great deal of caution - the Supreme Court has set down the law very strictly. Shouldn't there also be responsibility to protect somebody's privacy, even if they are involved in criminality? They can only use that information specifically in case of prosecution.

Ratan Tata: I totally agree, government also has a responsibility; the agencies also have a responsibility. They have been given a special right to be able to invade people's privacy for national security or for enforcement of law, whatever it may be. So they can do so. That additional power is a very special power which has to be exercised with a sense of responsibility. The content needs to be held for prosecution purposes and not to be misused, and certainly not to go out to have a field day with. There doesn't seem to be prosecution on one end and there doesn't seem to be confidentiality on the other. Perhaps as things will emerge, not even knowledge of how it was disseminated, nor admission of even having conducted such telephone tapping. So we are going to be in a dead man's zone on this, which I think is unfortunate. Here I just want to put what you have said quite rightly in juxtaposition to feeling I have as an Indian, perhaps a law abiding Indian, I wouldn't even try to work my way out of a speeding ticket. We have all to be proud of what we have done in India, we have got to be proud of our Prime Minister, we have got to be proud of the success we have. It's terrible if we as a nation destroy ourselves and whoever is doing this kind of thing needs to consider themselves not as hero of the nation but in fact as one of the villains who would bring down this nation after the good that is being done.

Shekhar Gupta: Do you see the danger in that? Do you see where the murkiness can lead to...

Ratan Tata: I think if it's not controlled, I think yes. I used the word Banana Republic, I did not use it lightly.

Shekhar Gupta: I was coming to that, because that is a very serious expression.

Ratan Tata: Banana republics are run on cronyism. People of great power wield great power, but people of lesser power or people who have fallen out of power go to jail without adequate evidence or their bodies are found in the trunks of cars. The danger is that you could degenerate into that kind of atmosphere unless the necessary parts of government play their role in upholding the law and fine, let no one be above the law. I would happily have that happen, various other people would not like to see that happen but I would feel very happy to see that, I would feel very proud. So I think it can happen, I mean a Banana Republic kind of an environment could emerge, if we don't put an end to this kind of thing and under the guise of freedom of speech or the guise of many other numbers of so-called rights of democracy abused, the luxury of a democracy.

Shekhar Gupta: While the government does not do its job?

Ratan Tata: The government should do its job, the government's job is in fact to run the country, to manage the country, to govern the country. And governance is an important thing not application where it suits one so to micro control where it suits them on the other hand.

Shekhar Gupta: So you see a lot of crony capitalism, since you used the expression.

Ratan Tata: Yes I see the evidence of it. I am not in a position to say a lot of it but it's certainly evident.

Shekhar Gupta: Will you say some of it?

Ratan Tata: Yes.

Shekhar Gupta: Will you describe some of the evidence that you've seen?

Ratan Tata: You see, large contracts being awarded, we see conditions of contracts becoming a little vague, implemented funnily, eligibility of capability being abused. You know, very often I wondered there are some countries for example where favouritism doesn't apply but you actually pay into the government if you get a contract. But the nice thing about those countries is that you get the best contractor, it becomes like a tax. It's an open tax, you pay not to individuals but an agency. I'm not condoning that but am saying that's one form.

Shekhar Gupta: That's corruption by tariff card... transparent.

Ratan Tata: Yes, here, who pays the cost of giving something to a person with less capability - the customer. We get something that takes five more years to finish than it should. It costs five times more to complete than it should. So this is not the time we should do this, this is the time we should build our nation. And we should build it as many other emerging nations have built theirs, on the basis of meritocracy.

Shekhar Gupta: How do you manage? How does the group of Tatas manage in this environment?

Ratan Tata: Well, we have endeavoured to uphold a value system that has been a part of our tradition. And we've been disadvantaged repeatedly. In that we have lost projects, projects have been delayed, we have ingratiated ourselves in some cases with some politicians but we will stay that course. Sorry, annoyed them. And in that sense we would like to keep the group ferociously protecting this one asset that we have.

Shekhar Gupta: Do you sometimes pay if you have to pay?

Ratan Tata: We've never done so. Never.

Shekhar Gupta: Be it on the tariff cards... as you say in countries where they charge it almost like a surcharge.

Ratan Tata: No, we have not actually operated in those countries... I have myself introspected what happens here which is a little fussy. I can't say that it's something else. What happens here, it makes you believe that there is an undercurrent that is subjective against what you see in some countries, which is out in the open, and as I said earlier that I don't condone that. At least I see that the country gets the best that is for that particular project.

Shekhar Gupta: I understand some of our Chief Ministers have started doing that now, they have open biddings, but whoever wins the bids knows that a certain part of it has to be contributed back somewhere.

Ratan Tata: Well again, that's off the table. Whereas what I was talking of... it's there... it's in the invoice. It's out in the open.

Shekhar Gupta: But if we come back to the banana republic, would you say that to the Prime Minister, whom you said that you respect?

Ratan Tata: I think what has happened in the last few weeks is an indication of what can happen anytime... then we are really going down the route into a banana republic. I would have no hesitation of telling the PM this because I don't believe the PM is contributing to this. I think he should be concerned about the nation going in that direction. And he's a tremendously good man. We are lucky to have him as a PM. I want to say that it has hurt me to see what he has gone through in the past weeks... in Parliament... the pressure... the innuendoes and the pressures he's been going through to resign and so on. He is one person who is truly above any of the allegations thrown at him... the person whom we are lucky to have to because it's his face that has been the face of transforming India. And it is this person who has commanded the respect of the leaders in major countries. He doesn't deserve to face this kind of humiliation.

Shekhar Gupta: And the Gandhi family has spent a lot of capital in building his image and sustaining it.

Ratan Tata: And I was very pleased to see Mrs. Sonia Gandhi supporting him publically because he doesn't deserve this kind of thing... this kind of pressure in Parliament. And here again I think this is the responsibility of the Parliamentarians to transact, to govern the country and not to adjourn the Parliament everyday to meet some.

Shekhar Gupta: Everybody knows you in the world of business... in the world of finance. Do you find some of the investors of foreign lands getting worried or wary of India now?

Ratan Tata: I think it has just happened... so truthfully, I have no knowledge. But I have a feeling that everybody would be having it on their lips and would be hearing it when I go abroad, that would be in a couple of days. People would be asking about all what is going on... this scam and that scam. People are now well informed about India through the Internet. They will think of India as a scandal-riddled country, which it is not. And you can easily make it that way... make everybody's mindset operate from one scandal to the other. You can make that unfortunately the fodder... that the media needs to sell publications or to attract viewing on televisions. And my experience has been that more noise comes from those who have the most to hide. So we should not fall into the trap of becoming a nation that is destroying itself by making everything into a scam.

Shekhar Gupta: Have you seen any increasing unpredictability in the government policy or governance in India, again from the point of view of an investor?

Ratan Tata: Yes I think so, I've always felt and said this openly that behind it is not government policy, what's behind it is the vested interests. I think the FDI limits in a whole series of areas - some of them promised by the government - have not been done, insurance for example. Retail has been promised, and that is another area. The banks are the third. These are things that the free world has come to accept as areas of participation. India is a nation that everyone is looking at today. People want to invest and it's not unusual now for a foreign investor to ask when do you think the FDI limits on this will change? And you can't give them an answer because there's nothing today standing in the way of the government doing that. So there are those areas that...

Shekhar Gupta: ...that you find are inconsistent...

Ratan Tata: Telecom is another example. Through the years... through ten years... if one really went and looked whether the stated government policy has been implemented in the manner and spirit it was intended, the answer is no. It's been modified several times to suit individuals. Initially it may have been public sector incumbencies, then it was one segment or another.

Shekhar Gupta: So you say it has been changed at whim?

Ratan Tata: Usually behind any change, behind any deviation, is a vested interest.

Shekhar Gupta: I remember two things you said at our last conversation referring to corridors. I'm taking the second one first - you said that we have come a long way but things still happen in dark corridors in Delhi and you said that we don't know that much about them. The other thing you said that corridors of power don't matter as much as they do... as they used to... but they still matter too much. How have the things changed in six years, have they gotten better or worse?

Ratan Tata: In some ways it has got better, but I think in many ways it is worse.

Shekhar Gupta: Tell us those, some of those.

Ratan Tata: Well you know there used to be grater adherence to policy. Today the interpretation of policy has become very vague, so eventually you find that you are arguing on something that the other side interprets in manner that is so bully and vague that you come away of that meeting thinking that I'm never going to be able to do this.

Shekhar Gupta: Any specific example?

Ratan Tata: No, but let me give you an example that has been bandied and used in the press because they all give me a chance to clarify. It may be known to many, or some, that when Narsimha Rao was the Prime Minister, an accord was signed in Singapore to form a joint venture airline. JRD Tata was called by Mr. A N Verma (who was the Principal Secretary to the PM) to put up a proposal for such an airline. And we went to Singapore Airlines... we made a great progress... we put a proposal before the government. There was no policy for FDI at that time and a fifty-fifty joint venture was, I wouldn't say approved, but informally accepted. Then vested interest brought about a change and fifty-fifty became sixty-forty as a new policy. No reason, no grounds given. Singapore Airlines accepted that to become a minority player. So sixty-forty - a new proposal was made. In this period of time, many governments also changed. I can't specifically say which happened when but it started in Narsimha Rao's time, then Mr. Gowda then Mr. Gujral.

Shekhar Gupta: In between that 13 days of Mr. Vajpayee.

Ratan Tata: Yes. Then finally we met every requirement that the government had... and then the last change was no, no foreign airline can participate. If you are a diaper manufacturer or P-cap manufacturer, you could invest... but as an airline, you couldn't.  And this is the kind of change and you see that is an example. You see cases where you just don't get any attraction, nothing happens... the minister may tell you that I will do this, we will deal with this but it doesn't take place.

Shekhar Gupta: I know you have struggled with defense for some time.

Ratan Tata: Yes, then again it's an issue of not knowing where you stand, though I think in defense things are truly opening up now in more transparent manner.

Shekhar Gupta: And your group has expanded that a great deal...

Ratan Tata: Yes and I hope that we get away from this concept - which I think I even said in defense meetings  - where I or you are not considered  less nationalist than the public sector and that only they conserve the nation all over the world and free world. The private sector does the most sensitive defense work and it isn't only the public sector.

Shekhar Gupta: All over the world... in free world... except France.

Ratan Tata: But in France, even in France, most of that... except most of the labs etc in the public sector... but there are private sectors that do sensitive work.

Shekhar Gupta: But you see changes there in the defense.

Ratan Tata: Yes, I have seen huge changes.

Shekhar Gupta: Do you regret for being in telecom? Do you sometimes say that I'm doing 20 things by Telecom?

Ratan Tata: Yes, because of the inconsistency of policy... because of the bias that exists... yes sometimes I do. But it's a great area. It's a wonderful thing that the government opened it up to everyone and it's travesty that policy got subverted in a manner that it helps you, disadvantages others.

Shekhar Gupta: And when you can subvert policy and now sought of extra policing and editorialising, when you have the freedom to subvert the policy then that opens the market for rent seeking?

Ratan Tata: May be yes, theoretically yes.

Shekhar Gupta: Has anybody asked for money in telecom?

Ratan Tata: In telecom... no.

Shekhar Gupta: In aviation, you made a remark that somebody sitting next to you said something...

Ratan Tata: Yes, I said that somebody sitting next to me... what I said was not what the media reported. What I said was a fellow industrialist, in a flight sitting on the seat next to me, said that why don't you pay money to the minister? You know that he wants - Rs. 15 crore. No one had ever asked us for any amount of money.

Shekhar Gupta: Those were very good times. Rs. 15 crore would be small change now.

Ratan Tata: Yes, I realise that. And the person said you people want the airline, don't you? You want the airline, so pay Rs. 15 crore. How does that matter to you? And I said - what I was trying to say in answer to the question that - how do you avoid corruption. I said that ought to be self-regulating. I told this person that you will never understand we just don't do that. He said you are stupid. I said no, I want to go to bed at night feeling that I have not succumbed.

Shekhar Gupta: And you have never done it even for a mining lease anywhere? Because now it is considered to be the normal thing for mining leases.

Ratan Tata: No, it is not... on our part, no.

Shekhar Gupta: Tatas have never done that, and have you suffered because of that?

Ratan Tata: Yes. We have several mining leases that are still not extended - old mining leases that have not been extended. Questions have been asked. We are an expanding steel company. We need iron ore in terms of assured supply. If we are allowed to expand in iron and steel, one may think, if one looks back the 100-odd years that Tata Steel has been in existence, have we once exploited or usurped in any way the mining interest that we have? Have we profited? Have we destroyed the environment? Have we done any of those things? We have not. But we are the ones that are picked out and it's unfortunate. I think our effort has been to be good corporate citizens.

Shekhar Gupta: There is another story floating is that a group of Tatas paid a sizeable amount of money to Madhu Koda...

Ratan Tata: It's absolutely untrue. As the Chairman of Tata steel, I can say, we have not done any such thing - directly or indirectly.

Shekhar Gupta: Did you get many leases in his time?

Ratan Tata: Actually we have got no leases in his time which should in itself be an indication of the veracity, or the lack of veracity, of the stories being circulated.

Shekhar Gupta: But you have heard this charge?

Ratan Tata: Yes, we heard about the charge. I believe Tata Steel has even been called and asked those questions by the enforcement agencies and we have given them a response, which is the same as I have told you.

Shekhar Gupta: This is the first public response. You know, I'm pushing the envelope and I'm also digressing a little bit. India is a funny country. While we have so many raw materials, yet countries like China, and Korea for that matter which has no recourse, processes a lot more of it. So are we in effect transferring our jobs, our taxes, our revenues to smarter countries?

Ratan Tata: In terms of meeting the needs of our own goals?

Shekhar Gupta: Yes, and also in terms of creating a value-added wealth here. Instead of exporting a lot of this ore, if we had allowed our own capacity to expand in India, it would be a lot better for us?

Ratan Tata: Absolutely, it would. In fact we are going counter to many years (of) Mr Nehru's and Mrs Gandhi's national criterion of being self-sufficient, where we have the capability to be self-sufficient, where today we can equal the best manufacturing facility anywhere in the world. Now as an open country we can acquire technology (and) that's the time when we have our wealth - kept either on the ground or under-ground - and ore going to people who are exporting that natural resource. Natural resource today should be one of our key issues. It should have value added and, as you say, what we should gain is to finish product as an input.

Shekhar Gupta: Have you raised it with policy makers?

Ratan Tata: At various times, yes. (Do you find direction?) Find understanding, but one of the ills we have is the issues - that are state issues and there are central issues, and between the two sometimes nothing happens.

Shekhar Gupta: But mining leases is also the biggest ATMs in our politics for last few years. Besides land, mining leases have become most productive ATM that never runs out of cash.

Ratan Tata: Yes, because natural resources globally have gone through the roof. For years and years, nobody bothered about iron ore. Suddenly iron ore and coal... Coal India has been sitting on the sea of coal all these years (but suddenly it has become the issue) value of which on the global basis is considered to be enormous.

Shekhar Gupta: Back to Delhi. At which point you realised that you needed someone in Delhi to work for you and then you hired Niira Radia. How did that happen?

Ratan Tata: I forget how many years ago. Ten-fifteen years ago, we found ourselves, like just now, under attack - all kinds of statements being made. In fact I'd go back home wondering where did these stories come from. We haven't done this, we haven't done that - it would go on and on. One example is, I think you are aware of, the story about me having hob-knobbed with the extremists in Assam...

Shekhar Gupta: That story, if I may say so, was broken by Express in 1996, I think...

Ratan Tata: No no, the story was not broken. It was a prosecution by the Assamese government at that time. We thought where it is coming from. So those kinds of issues led us to say that we need to protect ourselves and get our point of view across to the media. Every time we had tried to do something, it was a defensive move - rebutting or denying - or usually we got relegated to back page in newspapers. So we decided we go out and seek a firm to represent us and that is how we in fact came together with Niira Radia who formed this company. Never once in our association with her, have we ever tried to subvert policies, move policy in our favour. Yes we have advocated level playing fields, we advocated changes in policy through her or directly, but never once have we done something to exploit a policy issue. Never once have we used her to make payments or to seek favours, and we have had a good professional relationship with her. I think she is being attacked just now in a manner... As I said, every citizen deserves the right to be innocent until proven guilty, not to be considered guilty by the media.

Shekhar Gupta: And you think that it is unfair... the situation you find right now...

Ratan Tata: It would appear so. I can't really say, but I think all the sense one gets (that) there is someone and something behind it. It's not just natural thing.

Shekhar Gupta: And what (who) could it be? Rivals?

Ratan Tata: I do not know. It could be - could be rivals, enemies in the government, the corporate rivals. I could not say but it's not a natural thing.

Shekhar Gupta: In your interactions with her, did you ever worry that since she was working for the corporate world , you might get conflicted at some point?

Ratan Tata: Yes, and in fact, from time to time, I have voiced my concerns to Niira. In my statements, I confined it to our relationship. Because she represents more companies, statements are restricted to our professional relationship with her which has been very good.

Shekhar Gupta: Because much later than she started working for you, she started to work for the Mukesh Ambani group, which was again involved in a fairly messy situation. Did you see either a conflict or division of time and mind space that may have affected your interest?

Ratan Tata: Certainly division of time. Yes, undoubtedly because she did it through a different company. I'm sure it took some of our time. In terms of conflict, Reliance industries at that time had no conflict. They were in oil and gas and not in power, not in telecom and not in financial services.

Shekhar Gupta: But you were in conflict with the other Reliance in a way, in the marketplace...

Ratan Tata: Yes, we were in competition but she didn't represent them (Anil Ambani group).

Shekhar Gupta: But you see she was representing you and the other body on the other side. The two brothers were engaged in a combat of a kind. It is complicated?

Ratan Tata: It could be complicated. I can't say.  I'm aware of what pressures or focus Niira was facing on the other side. Today the two sides coming together, I think there is more of a chance of conflict. Today Niira would eventually have to make up her mind what she wants to do...

Shekhar Gupta: Two sides coming together means that Anil and Mukesh have had a settlement. Is that what you are saying?

Ratan Tata: Yes. So now that Mukesh is in a position to enter the field of telecom or power we have a potential conflict.

Shekhar Gupta: If you look at these tapes, such as they are, I think what caught public imagination is the idea of somebody - you can call her lobbyist or PR person or a representative -  is talking to people to influence a Cabinet appointment.

Ratan Tata: I have listened to some of the tapes... I'm not a Delhi resident... (Shekhar Gupta: Good for you) I wonder if other people's phones were tapped, whether we got similar kinds of conversation. I don't know that she has the power to influence cabinet appointments or anything of this nature.

Shekhar Gupta: But certainly if anybody thought  this could be done to a journalist, I find  it very touching...(laughs). Think about that - a journalist can call somebody and say make so-and-so a minister and don't make so-and-so a minister. I've been in the business much longer than those people now, and I don't think I could do that. As you said, I would have had hard time getting somebody a ticket.

Ratan Tata: I really believe that Delhi is full of people whose life revolves around politics and what has happened today and what is going to happen and who does what in political circles... so I really don't know. (Shekhar Gupta: Dark corridors at 11 pm as they say) Correct. Now I think corridors are replaced by telephone lines.

Shekhar Gupta: (The) Late J N Dixit used to tell me (the National Security Advisor who passed away) that Shekhar it takes you a lifetime to understand the ways of this city, and by the time I understood it was too late for me to help you. It takes another life time. Did it (the tapes) come as a shock to you?

Ratan Tata: Some of them have come as a shock to me but the tapes have been around for a long long time in one form or another. The parts of it (Shekhar Gupta: You knew that tapes were there?) I knew that there were some tapes - the fact that some included conversation with me. I realised that her phone had been tapped. We have had many conversations as with many other people, and what bothers me is that we are living in a state in this country where that kind of thing happens on an official basis

Shekhar Gupta: And then it gets leaked...

Ratan Tata: Yes, that's a new phenomenon.

Shekhar Gupta: India is a funny country. We don't declassify something that happened 60 years back. Nehru's letters to Kennedy (for example) we have to get them from Kennedy's family's archive, we just got it two weeks back because Kennedy's family's archive had it. We still have that classified in India. Here we leak some information that were recorded few months back.

Ratan Tata: I think the porosity in Delhi also is something of great concern. Telephone tapes are leaked, official documents get leaked, files disappear. I think there is a great deal that the government has to look internally into.

Shekhar Gupta: All that happens in a corporate situations. Can you imagine what happens to the Pakistani, the Chinese, the CIA, if they get involved. Have you raised it with Prime Minister or Finance Minister yet?

Ratan Tata: Not to this extent. (Shekhar Gupta: Do you intend to?) Yes. (Shekhar Gupta: How would you do it?) I think at present moment, I would like to register my concern as an Indian that this is happening. I don't have enough knowledge to profess to the Government what they should  do, but I think as an Indian and as a caring Indian who is proud of my country, I feel I should register. (Shekhar Gupta: Formally would you write to them?) I have been toying with whether to write or try to speak. Probably the better thing to do is to put on paper my concern and register my concern with them. I'm not seeking anything for myself from this. I'm not asking anything to be done for me. I'm asking the Government to consider that there is an Indian who has concerns for his country that feels that this kind of thing should not happen; and our country is such that we should honor the responsibility the agencies have and take the necessary prosecuting actions that need to be taken. But this free for all and sort of media blitz with seemingly evident agenda and what looks more and more like a smokescreen, one should put an end to that, and get down to taking the culprits to justice and getting over with this.

Shekhar Gupta: It is flooding the environment with things that are very seditious. It may be interesting to others but of no real consequence. In the little conversation between you and Niira - you are showing wearing a black tie/dress and she is wearing a black gown - it's funny but it's funny like a sequence in a movie.

Ratan Tata: But was that subverting policy? Was that in fact influencing the induction or removal of a minister? Was that toppling Government? how is that of any relevance and how do you correlate that with putting my picture on the cover saying 2G scam.

Shekhar Gupta: Did it matter to you who became telecom minister?

Ratan Tata: From the standpoint of wanting to see, you know, a policy and a level playing field - yes, it would matter. If you say did I want to see Mr Raja in or Mr, whoever we thought was going to be ...(Shekhar Gupta: But you have history with Maran...) Yes, unfortunately because I think he is a very intelligent person and we just had, if I might be honest with you,  what seems to be a  chemistry problem more than anything else. He is extremely intelligent, extremely sophisticated (Shekhar Gupta: And very smart and articulate ...) Yes.

Shekhar Gupta: Will you take us to what happened, because that is again something we have heard? What happened between you and Maran?

Ratan Tata: I would not want to go into that because I think that has been abused at various times. It was not my intention to abuse. So I think that should just be left alone but we had differences. I don't know why. If Raja was going to create a more level playing field - in a way he may have done many things wrong, but he did some things right. He opened up the industry, took away a very powerful thing (if I might say this) and made it a part of a bigger  industry. He or whoever it may be need to deal with people who have excess spectrum. They should they pay for it or return it. They have deprived others of that spectrum. As of now, we still do not have any spectrum in Delhi and 39 other areas for no reason. Other people have got it - other people are holding spectrum for free. So there are inequalities and inequities in telecom area which still need to be solved.

Shekhar Gupta: Will you give me your description of what you think the scam is?

Ratan Tata: I really don't know. When it started, I thought it was Mr Raja's alleged deeds, then it seemed the scam related to Niira Radia's conversations with various people, which were more innuendos than anything else, and Mr Raja's scam was the loss to the exchequer. I don't want to comment on the rights or wrongs, but loss to the exchequer was computed on the basis of 3G auction. 2G spectrum was allocated before the auctions, so it looks somewhat like a hindsight issue but the media has said that he robbed the nation of X... (Shekhar Gupta: $40 billion) OK, so if that is so, somebody will need to show that there has been a sort of visionary view before the event took place that cost him to cause that much loss to the exchequer. These are things I think the media has blown up. What is unclear to me is what really is the scam? Was it the manner in which he implemented the policy?

Shekhar Gupta: The one is spectrum and the other is licenses issued in arbitrary manner...

Ratan Tata: Right, others feel that... So that should raise a question that all the accusations to Niira, they culminated in her client going to court. So it's not clear what the scam is.

Shekhar Gupta: Going to court as a victim?

Ratan Tata: Yes, as a victim and not as a beneficiary.

Shekhar Gupta: Give your solution to the Government. 3 things the Government should do now to calm down situation and also to take it to right conclusion.

Ratan Tata: I think the government has a new minister in place, who I admire for his ability to think through the situation. There should be first the calming down. The Government should take over the control over the tapes and there should be strictures on the media to not use the tapes the way they have been using them. I think the Government should institute a public inquiry on whatever they wish to do relating to the licenses, the manner in which they were implemented, the allotment of spectrum and far beyond the eligibility of certain players - that should not be ignored. In (retrospect), in 2005, I was the person who advocated that spectrum should not be free. It upset Mr Maran and some of the operators made statements that if I have so much of money, I should donate to the PM relief fund (Shekhar Gupta: Sunil Mittal?) Yes. I said at that time that spectrum is a scarce resource and should be paid for, and I'm the only one who did not get any spectrum (laughter). So the point is I think there be an inquiry to go into what has really happened and it should go back to 1999 or 2003 when policy were embedded in certain areas, and whoever the minister or the Government  was at that time. It should be a holistic view because the industry deserves a consistent policy, not a chop-chop policy - not a kind of review of what Raja did and what Maran did.

Shekhar Gupta: If investigation happens, you will fully cooperate with them...

Ratan Tata: Of course, if asked to.

Shekhar Gupta: We spend lot of time on what's wrong. Talk about your group. From 1991 to now your turnover has grown 40 times but nearly 60% of it now is overseas, is that the different?

Ratan Tata: To some extent it is, and in some extent it happens because the reason that the so much of our turn over is overseas is because we made two large acquisition overseas.

Shekhar Gupta: Prime Minister Cameron told us that you are the largest employer in private sectors.

Ratan Tata: That's turned out, yes, we are between Corus and JLR. JLR was the acquisition based strategically on products that we make - not the Jaguar part , but the Land Rover part. As both came together, we were obliged to take both; and I'm very pleased to Jaguar because I think it's the company with tremendous technology embedded in it. And it's been a very exciting period of time after we got over the down turn, which I think was weight around our neck which would in fact sink us

Shekhar Gupta: Was there moment when you thought that you had bit off too much.

Ratan Tata: Actually, I never thought that we are bit off too much. I just didn't know that we could go through the deep water of the down turn. My main concern was that all the initiatives that were in the pipeline should not stop, otherwise it would come out of the down turn the same ways we went in. The product development plans, the research-and-development program should continue

Shekhar Gupta: 26/11 came on top of that?

Ratan Tata: 26/11 came on top of that and that affected the hospitality end of our business. The steel market collapsed worldwide coming out of this and the banking system vapourised so you got hit the worse way from all sides

Shekhar Gupta: What was the toughest night that you face?

Ratan Tata: There were no toughest nights but there were several instances where we had to turn to Tata Sons to back us up or to back stop situation or give a guarantee. And Tata Sons is also not an infinitely deep pocket and so I had in fact double responsibilities - one is to see these companies through and second,  to make sure that I didn't in any way endanger the security of Tata Sons.  I think that was my toughest period.

Shekhar Gupta: And then the attack came on top of that.

Ratan Tata: And then the attack came on top of it. Very emotional and in fact something, even now, I feel difficult to control in thinking back to the misery that was caused. It is such a needless loss of life...

Shekhar Gupta: Do you see a real danger of Indian entrepreneurs now actually preferring to go overseas then invest in India.

Ratan Tata: It's possible because today we have the ability to go overseas opportunity for investments are there and countries are very investment friendly trying to bring in investment. In India states it wishes to be investment friendly but when you look at fine prints you get stuck

Shekhar Gupta: What was your experience in investment commission, if I say that it may not have achieved that much.

Ratan Tata: Well it didn't achieve that much because...

Shekhar Gupta: That you, Ashok Ganguly, Deepak Parekh were formidable people...

Ratan Tata: I think we produced two documents that were worthy of view that I don't think they ever had, we had about 140 specific recommendations to improve the investment climate. We have never heard one way or another that  A has been approved or B has been disapproved, etc. It's just a black box in which it is gone and I just think that it was one of these commissions that have been established we help some companies, what was our local standard and what was our span of authority, zero. That apart, I think it was a terrific exercise to look at the opportunities that there were in India and pin-pointing the areas, the road blocks that we could take away that would make that happen; and I think there is a frustration that it didn't do what it could do.

Shekhar Gupta: Did you share it with the Prime Minister?

Ratan Tata: Yes, the Prime Minister is very supportive, although it didn't go into details, he has been very supportive and I think really wanted to see this happen, the goal he has set of having $10 billion investments actually took place, but I in humility must say not because of the investment commission, India itself just became more attractive.

Shekhar Gupta: Actually 10 billion became a much smaller figure and the world changed so rapidly.

Ratan Tata: That's right yes..

Shekhar Gupta: So Ratan hopefully the murkiness would go, life would be back to normal. When that happens what's next on agenda?

Ratan Tata: I don't know Shekhar, I think one way is, not to make too many plans because the world gives you an opportunity to be quite flexible. And I think as one grows older, one wants to have the luxury of being more flexible and more tentative about what they want to do. So, as we go forward, what is next is an issue of what the country, or...

Shekhar Gupta: I think defense and aerospace is on your mind right now...

Ratan Tata: Yes, that's of considerable interest. Also what occupies my mind just now is new ways to propel a motor car, you know, be electric, be it hybrid - those new technologies are of great interest to me.

Shekhar Gupta: So are we waiting to see a Tata hybrid?

Ratan Tata: Yes, actually, there will be a Tata electric car on sale in the UK next year, that is, in the next few months - an Indica, but an electric Indica. And yes, you will see hybrids in our stable in the next couple of years. JLR will have a hybrid and so will Landrover. These are interesting and intriguing technologies.

Shekhar Gupta: And the inevitable question, December 2012?

Ratan Tata: It will fall in November 2012. The search is on. I'm not on the committee. I consciously decided to stay away from it. And this is something that is going to emerge through a list of people, whom they would look at. And I keep saying, let them come forward with something, lets not prejudge.

Shekhar Gupta: But in 2012, as you hang up your boots in active management, do you see Tata as a global company, an Indian company, or a foreign company?

Ratan Tata: It's not a foreign company; it will always be an Indian company, with an important international footprint. I will like to see it be considered as an international company of Indian origin.

Shekhar Gupta: So an Indian MNC?

Ratan Tata: Yes.

Shekhar Gupta: And how do you spend your time, I know you are interested in flying and swimming, and certainly dogs that's the interest we share but you have plans.?

Ratan Tata: No I don't have any plans, you know sometimes in case like that you don't want to make plans, I said publicly that I would like to continue my interest in design and thats something I'll think through

Shekhar Gupta: And what's the point of retiring if you have to plan?

Ratan Tata: (Laughs) Good Point... but you know Sunday is a kind of day that you don't want to make any plans and I hope that applies after December.

Shekhar Gupta: A week of seven Sundays...

Ratan Tata: That's right. At least for a period of time that will be a luxury and then it might drag, in which time I'll find something to do

Shekhar Gupta: Ratan, you deserve it and I hope you get your seven Sundays and I know they will be seven working Sundays.

Ratan Tata: I hope not.

Shekhar Gupta: Working on something that there are many opportunities to do...

Ratan Tata: Sure it's something.

Shekhar Gupta: Having this conversation with you is always such a privilege because besides everything else one learn so much

Ratan Tata: Thank You.

Shekhar Gupta: (It's) Always inspirational talking to you.

Ratan Tata: Let me just tell you that you come to be somebody that I really respect because of the fact you stand for, what you believe in and I have  enjoyed every moment that we have been able to share together, I hope that friendship will grow as we go forward

Shekhar Gupta: Inshallah.

Ratan Tata: It's something I'll cherish. Thank You.

For NDTV Updates, follow us on Twitter or join us on Facebook

Story first published:
November 27, 2010 19:52 IST

Tags: 2G scam, A Raja, Ratan Tata

  • Also See

Comments: Read|Post

Read more at:


AP Syrian President Bashar al-Assad at a Press conference with his Indian counterpart Pratibha Devisingh Patil in Damascus on Saturday. President Patil is on a 9-day regional tour to the United Arab Emirates and Syria.

Patil, Bashar seek upgradation of economic ties

Syria appreciative of Indian stand on Arab causes, return of Golan Heights »
Related: Pratibha in Syria, to focus on economic ties and investment Related: Pratibha launches Indian Workers Resource Centre

ISRO's communication satellite HYLAS launched successfully

An advanced communication satellite HYLAS (Highly Adaptable Satellite), built by ISRO on a commercial basis in partnership with EADS-Astrium of Europe, was successfully launched today (November 27, 2010) at 00.09 hours Indian Standard Time (IST) by the European Ariane-5 V198 launch vehicle »

Jagan violating party discipline: Jaipal Reddy

Attacking rebel Congress MP Y.S. Jaganmohan Reddy, Union Minister and senior party leader from the state S. Jaipal Reddy today said he was violating party discipline and termed his actions as "very undesirable" »
Related: Jagan holds fresh parleys with legislators
Related: New Andhra CM meets Sonia, PM

U.S. warns India about possible WikiLeaks release

"We have reached out to India to warn them about a possible release of documents," State Department Spokesman P.J. Crowley said. »
Editorial: More Iraq lies exposed
Opinion: Behind the biggest leak in intelligence history

'Somali-born teen plotted car-bombing in Oregon'

Federal agents in a sting operation stopped a Somali-born teenager from blowing up a van full of explosives at a crowded Christmas tree lighting ceremony in Portland on Friday, authorities s... »
Related: Two convicted of JFK plot
Related: Shahzad received $ 5,000 from a co-conspirator


Delhi Police directed to register FIR against Geelani, Roy

The court rejected the status report submitted by the Delhi Police, which said no offence relating to sedition and other charges were made out against the Hurriyat leader and others. »

Yeddyurappa camp sought compromise deal, says Kumaraswamy

CWG scam: Ex-OC official sent to 11-day judicial custody

CBI interrogates 'Swami Asimanand' in Mecca Masjid blast case

Terms of govt.-ULFA talks being worked out: Baruah


Ashes: Uphill taks for England

England has survived tense final overs on day three of the first test at the Gabba, reaching 19 without no loss, but are still 202 runs adrift of Australia »

The Asiad Closing Ceremony – As it happened

Asiad, Day 15 - As it happened

Indian women's relay team wins gold

Vijender garners boxing gold


When age stops at 40

A look at what happens when some women refuse to acknowledge the ageing process. Continuing the series on the various facets of the urban woman's life. »

Take a healthy stride

No more a taboo on celluloid

More than 6 lakh people killed every year by passive smoking

Six years after angioplasty, Aizawl man celebrates 100th birthday

Life & Style

Egyptian escapade

Cairo has a lot more to offer than the pyramids, markets and cruises. »

Desert fantasy

Weaving jamdani wonders

Stamp of uniqueness

Raja on sale


U.S. and South Korea push ahead with war games

The United States and South Korea prepared for war games on Sunday as South Koreans demanded vengeance over a deadly North Korean artillery bombardment that has raised fears of more clashes... »

Vijay Nambiar meets Aung San Suu Kyi

Bushehr nuclear plant fuelled: Iran

Warm welcome for Zardari in Colombo

U.S. tense over WikiLeaks plan


'Economic legislation must be tuned with global norms'

Globally acceptable accounting standard is of great importance, says Pranab »

FDI inflows drop 26 % in January-September

Qantas A380 returns to air after engine blowout

CEA efforts to renovate power projects

Pratibha Patil urges UAE investors to take part in India's growth story


Plans afoot to protect giant squirrel habitat

A conservation plan for the endangered giant squirrel is being chalked out which inhabits the Bhimashankar Wildlife Sanctuary near Pune »

Oxygen found on Saturn's moon Rhea

My husband and other animals - Bird impersonators

PM to inaugurate Indian Science Congress in January in Chennai

Google's newest features explained


The school of tomorrow

Ashish Rajpal, educational entrepreneur and CEO of iDiscoveri talks about other forms of experiential learning »

Community colleges are here

TEQIP funding potential underutilised

IIT-M students strike gold at synthetic biology competition

Secure your data against cyber threats

<a target="_blank" href=""><img src="" border="0" alt="" ></a>

Latest in this section

Warm welcome for Zardari in Colombo 'Economic legislation must be tuned with global norms' U.S. tense over WikiLeaks plan Heavy rush at Sabarimala Skill training registration: Youth throng collectorate Samba, Thaladi crops raised in 1,44,817 hectares Minister seeks report on pesticides Terms of govt.-ULFA talks being worked out: Baruah Taiwan's ruling party wins three of five mayoral races Scientists solve a mystery
Violence against women: breaking the silence
In 1999, the U.N. General Assembly designated November 25 as the International Day for the Elimination of Violence against Women. Fearing violence and harassment, women have lost their individual, social and economic independence. A snapshot of events that marked the day, from around the world. Source: WHO
more slideshows »
Two years on, 26/11 remembered
Mumbai observed the second anniversary of the terror attacks that left 166 people dead and several wounded. A parade by security personnel in Mumbai, a Prime Ministerial assertion in New Delhi to step up efforts to bring the perpetrators to justice were among the day's highlights.
more slideshows »
Most Popular Most Commented
India bags four more golds India changed its vote at U.N. for some other reason: Iran Jagan violating party discipline: Jaipal Reddy U.S. warns India about possible WikiLeaks release Obama suffers basketball injury; gets 12 stitches Artillery heard on tense Yellow Sea island Delhi Police directed to register FIR against Geelani, Roy Third attempt at breaking Parliamentary deadlock next week Training camps in Pakistan and PoK were shifted after 26/11, says top LeT militant Lokayukta serves notice to Yeddyurappa
I don't know how to end Parliament impasse: Pranab India bags four more golds Blast victims' bodies sent to native places Rahul: Manmohan is 'the cleanest man' in national politics Swamy to file criminal case against Raja Ramasundaram to retire voluntarily India's absence at cricket's Asiad debut draws criticism Kiran Kumar Reddy to meet Congress leaders in Delhi Action Plan for 60 Naxal-hit districts Third attempt at breaking Parliamentary deadlock next week

Loan fraud won't hit LIC investors: Pranab

The Hindu - ‎3 hours ago‎
PTI Union Finance Minister Pranab Mukherjee at a meeting in Kochi on Saturday. Allaying fears of investors, Mukherjee said "the functioning of LIC will not be affected by aberrations of one or two officers". Photo: Vipin Chandran Finance Minister ...

Pranab assures LIC investors on safety of money - ‎4 hours ago‎
PTI, 27 November, 2010 (Thrissur) Union Finance Minister Pranab Mukherjee on Saturday assured the investors of Life Insurance Corporation of India that they would not lose any money on account of the recent unearthing of the housing loan racket ...

Pranab plays down housing loan scam

Economic Times - ‎17 hours ago‎
NEW DELHI: Finance minister Pranab Mukherjee on Friday sought to play down the magnitude of the kickbacks-for loan scandal involving senior executives of state-run financial institutions saying that so far, no instances of insider trading have been ...

"There is no cause for any anxiety for the investors as not even a single paise would be lost by them due to aberrations of one or two officers in the organisation," Mukherjee said, inaugurating the 109th divisional office of LIC here.
more by Pranab Mukherjee - 4 hours ago - (5 occurrences)

Sebi probes insider trading in scam

Times of India - ‎17 hours ago‎
MUMBAI/ NEW DELHI: Market regulator Sebi has begun an investigation into insider trading in shares of companies which have been named by the CBI in the kickbacksfor-loan scam. Sebi has begun a probe to ascertain whether officials in these companies had ...

Regulators, IT too probing cash for loans

Times of India - ‎21 hours ago‎
NEW DELHI: The kickbacks-for-loan racket involving senior bankers and LIC executives has led to a multi-agency probe with regulatory and investigative agencies and the tax department entering the scene. While CBI had busted the racket by arresting ...

Indian Investigators Probing $349 Million LIC, Unit Loans, Official Says

Bloomberg - Unni Krishnan - ‎12 hours ago‎
Indian federal investigators are probing 16 billion rupees ($349 million) of loans extended by Life Insurance Corp. of India and LIC Housing Finance Ltd., said a finance ministry official who declined to ...

LIC Housing Finance's corporate loan exposure only 11%

Hindu Business Line - ‎Nov 26, 2010‎
The corporate loan portfolio of LIC Housing Finance Company, whose CEO is accused in a bribery case, constitutes only 11 per cent of its total loan book, as against around eight per cent last year. The retail portfolio, at 89 per cent, constitutes the ...

Housing got scammed too

Indian Express - ‎16 hours ago‎
The housing finance scam that has sent shock waves across the banking, real estate and the stock markets for the second day is assuming huge proportions. Even the finance minister has asked banks and financial institutions to look into their exposures ...

Centre says no direction to lenders to cut housing loans

The Hindu - ‎Nov 26, 2010‎
PTI The Centre on Friday said it had not directed banks and financial institutions to cut down on their exposure to the housing sector while emphasising on the need for stronger regulatory mechanism to avert recurrence of the housing finance scam. ...

Did excess loans go into stock market?

Hindustan Times - ‎21 hours ago‎
The Central Bureau of Investigation (CBI) is coordinating with the Securities and Exchange Board of India (SEBI) to find out which of the companies accused in the cash-for-loans scam have diverted the money to the stock market. ...
All 242 related articles »


LIC Housing Finance
Central Bureau of Investigation
Money Matters

Timeline of articles

Number of sources covering this story

Loan fraud won't hit LIC investors: Pranab
‎3 hours ago‎ - The Hindu

Loan scam: SEBI initiates probe into insider trading charges
‎Nov 25, 2010‎ -

Ambit view on housing scam impact on real estate stocks
‎Nov 25, 2010‎ -

A case of individual misconduct, no system failure: LIC
‎Nov 24, 2010‎ -

Money Matters syndicated loans for 4 projects: DB Realty
‎Nov 24, 2010‎ -

Housing loan scam: How do experts see stocks reacting?
‎Nov 24, 2010‎ -


The Hindu
Indian Express
Hindu Business ...
Hindu Business ...
Hindu Business ...
The Hindu
The Hindu
All related images »


Loan scam: 17 companies on CBI radar  -  Nov 25, 2010 Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="">Loan scam: 17 companies on CBI radar</a> <span class="source"></span> &nbsp;-&nbsp; Nov 25, 2010 <div class="icon video-icon"></div> <a href="">Watch video</a></div>

All related videos »

Search this story

Scams take toll on Sensex as sentiments go for a six

Deccan Herald - ‎2 hours ago‎
The unearthing of a major bribery scandal involving officials of some top PSU banks and finance firms rattled bourses with key benchmark indices — BSE Sensex and S&P CNX Nifty plunging to two-and-a-half-month lows during the week. ...

Bribery scandal rattles market; Sensex tanks 449 points

Hindu Business Line - ‎8 hours ago‎
MUMBAI: The unearthing of a major bribery scandal by the Central Bureau of Investigation on Wednesday involving the officials of some top PSU banks and finance firms rattled the bourses with key benchmark indices — the BSE Sensex and S&P CNX Nifty ...

Sensex continues to bleed on loan scandal

Economic Times - ‎7 hours ago‎
MUMBAI: A benchmark index of Indian equities markets shed 449 points this week, taking the last three weeks' loss to 1868 points as 2G spectrum allocation scan and housing loan bribery scandal dampened sentiments and weighed heavy on the markets. ...

Housing loan scam triggers sell-off in realty stocks

Times of India - ‎8 hours ago‎
The benchmark indices are hiding the damage the loan-for-bribe scandal has done, with midcap stocks losing more than proportionately and eroding the wealth of individual investors who favour them more than large capitalised ones such as Bharti Airtel ...
BOM:500209 - BOM:532454 - NSE:BHARTIARTL

Sensex bounces back early trade; ICICI Bk, RIL rise - ‎Nov 25, 2010‎
Indian equities bounced back in early trade on Friday snapping earlier losses. At 9.19.,am the Sensex was trading up 52.12 points or 0.27% at 19370.28 with 15 components gaining. Meanwhile, the Nifty was trading higher by 28.80 points or 0.50% at ...
BOM:500325 - BOM:532174 - NSE:ICICIBANK

Nifty ends at 5750; loan scam hits realty hard

Economic Times - ‎Nov 26, 2010‎
MUMBAI: Equities failed to hold on to intraday gains and ended near crucial support levels Friday as sentiment turned bearish after media reports that the Central Bureau of Investigation will widen its investigations into a bribe-for-loan scam. ...

Scam-hit stocks send Sensex 448 pts lower this week - Varun Sinha - ‎9 hours ago‎
The markets have closed lower for a fourth straight week suggesting a deep rooted correction has set in. The Sensex fell 182 points to 19137 and the Nifty declined 48 points to 5752 in trade today. This week, the markets were rocked by the realty ...

Loan scandal drags Sensex 142pts down

Economic Times - ‎Nov 25, 2010‎
The BSE's benchmark index Sensex fell 0.7% on Thursday to its lowest close in more than two months as a new corruption scandal rocked the country, hitting shares of banks and other companies allegedly involved in exchanging bribes for large corporate ...

Sensex drops 4% in four days on loan scam, euro-zone debt woes

India - ‎Nov 26, 2010‎
Weakness persisted on the bourses as the key benchmark indices extended losses for the fourth day in a row, with a bank loans bribery scandal and weak global stocks weighing on investor sentiment. The barometer index BSE Sensex and the 50-unit S&P CNX ...

Nifty recoups SAIL SBI ICICI Bk TCS lead recovery - ‎Nov 25, 2010‎
At 13.11 hrs IST, the Nifty staged a smart recovery of more than 100 points from its intraday low of 5690. Selective buying was seen in IT and banks. Selling pressure continued in realty stocks. BSE Realty index had lost nearly 7%. ...
All 29 related articles »

Lavasa may challenge MoEF order in court

Business Standard - Sanjay Jog - ‎49 minutes ago‎
Undeterred by the show cause notice served by the Ministry of Environment and Forests (MoEF) to Lavasa Corporation, the Hindustan Construction Company (HCC) today said it would explore legal action. HCC, whose arm, Lavasa Corporation, was engaged in ...

Lavasa expresses shock at Environment Ministry's notice

Economic Times - ‎1 hour ago‎
NEW DELHI: Pune-based Lavasa Corporation , a subsidiary of HCC , today expressed shock over the Environment Ministry .s showcause notice to it for allegedly carrying out construction activities without approval. "Lavasa Corporation Ltd is shocked at ...

Lavasa lands in trouble for flouting green laws

Economic Times - ‎21 hours ago‎
NEW DELHI: The Union environment ministry has issued a show-cause notice to Lavasa Corporation, which is constructing a 25000-acre hill township near Pune, alleging myriad violation of environmental laws. The company, promoted by a clutch of investors ...

Medha Patkar, who heads NAPM, said: "We are happy that the Ministry has taken the first legal step against the project."
more by Medha Patkar - 20 hours ago - The Hindu (1 occurrences)

Lavasa asked to explain 'violations' in project

The Hindu - Amruta Byatnal - ‎20 hours ago‎
The Union Environment Ministry on Friday issued a show cause notice to the controversial Lavasa Corporation Limited (LCL), raising serious questions over a number of its constructions that it deems as 'violations.' Lavasa, India's first hill city, ...

Green show-cause notice to Lavasa

Times of India - ‎21 hours ago‎
NEW DELHI: The Rs 2153-crore Lavasa hill city project has been served a show-cause notice by the Union environment ministry asking why the illegal structures on the 25000 acre complex in Pune district should not be demolished for violation of the ...

Lavasa gets Jairam Ramesh blow: All work in lake city illegal

Daily News & Analysis - Harish Gupta - ‎22 hours ago‎
In a major blow to the ambitious Lavasa lake city project near Pune, the Union environment ministry headed by Jairam Ramesh has termed all construction activities in the 25000-hectare project illegal. ...

Notice leaves state red-faced

Hindustan Times - ‎22 hours ago‎
The show-cause notice from the Ministry of Environment and Forests (MoEF) to the Lavasa hill city spread across 25000 acres of land in Pune district comes as an embarrassment to the state that has been maintaining that the clearances given to the ...

Lavasa illegal, may be razed: Green ministry

Hindustan Times - ‎22 hours ago‎
The much advertised, high end Lake City Project in Lavasa, 65 km east of Pune, never sought clearance from the union environment ministry and could be demolished, the ministry said in a show cause notice sent to the developers on Friday. ...

MoEF stalls Lavasa project for flouting norms - ‎Nov 26, 2010‎
Hindustan Construction Company (HCC) has taken a double blow. In addition to the alleged collusion in the housing loan scam, which has taken a toll on the company's stocks, the environment ministry has asked the company to stop work at the much-hyped ...

Environment ministry puts Lavasa Lake City on hold

Sify - ‎Nov 26, 2010‎
New Delhi, Nov 26 (IANS) The environment ministry has issued a show cause notice to Lavasa Corporation Limited for violating environmental laws, putting a stop to any further construction on its Lake City project near Pune, officials said Friday. ...
All 27 related articles »



Timeline of articles

Number of sources covering this story

Lavasa may challenge MoEF order in court
‎49 minutes ago‎ - Business Standard

Lavasa has nothing to do with LIC Housing: HCC
‎Nov 26, 2010‎ - Economic Times

Lavasa project near Pune runs into green trouble
‎Nov 26, 2010‎ -

All related images »


Lavasa project near Pune in green trouble  -  9 hours ago Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="">Lavasa project near Pune in green trouble</a> <span class="source"></span> &nbsp;-&nbsp; 9 hours ago <div class="icon video-icon"></div> <a href="">Watch video</a></div>

All related videos »

Palash Biswas
Pl Read:

No comments:

Post a Comment