Showing posts with label Ambani. Show all posts
Showing posts with label Ambani. Show all posts

Sunday, November 11, 2012

Conflict of Interest


Why did one have to wait so long to know that Mukesh Ambani is one amongst the list of black money dealers?

Guess it is conflict of interest and this afflicts not just the major parties: Congress and BJP but the media and even the voters!

One can understand the reluctance of the Congress since the list would have contained their favourites, but why did the BJP not make it public? Did they not have an access to it?

I remember how only 6 names were offered to be revealed and the promise that the rest would be revealed once a case is registered. I did wonder in my blog how they selected the 6!

http://under-the-tree-of-tranquility.blogspot.com/2011/04/now-you-may-have-6.html
Yesterday, the government has offered to reveal 6 names, while they have yet again given the same old excuse for not revealing the rest.

The Centre has assured the Supreme Court that it would reveal the names of persons who have stashed black money in foreign banks after registering a formal case against them.
Solicitor General Gopal Subramanium, appearing before a bench headed by Justice B Sudershan Reddy, said the government has issued show cause notices against the persons accused of having black money in foreign banks and once a case is registered against them, their names will be made public.

In case of the media, Reliance now has its own media mouth. All they have to do is either twist the facts or suppress the facts. Not that other national media is devoid of corporate or party interests.

http://www.thehindu.com/business/companies/article2772487.ece
Reliance makes a major foray into media sector

Reliance Industries, India's biggest listed company, is expanding its footprint in the media sector, with a major investment in the TV18 group which will effectively fund a consolidation with the Eenadu TV media group.
In return, the Reliance will get preferential access to content from TV18, which runs television channels and websites including CNN-IBN, CNBC-TV18 and Colors. This content can then be distributed through Reliance subsidiary firm Infotel, which is setting up a 4G wireless broadband network across the country.
With Tuesday's deal, the Reliance, controlled by billionaire businessman Mukesh Ambani, will have a major stake in a cross-media enterprise, spanning digital divides to encompass print publications, news and entertainment broadcasting, consumer Internet, film production and e-commerce.

As for the voters, at least a major chunk of the middle class is heavily invested with Reliance and its likes. I am sure most of them were painfully looking at the stock market when Arwind Kejriwal made the expose twice. If there is someone looting, one might as well share the loot!

But to BJP’s credit, it did make an attempt to give more attention to the black money. In fact Adwani promised the voters that if BJP comes to power at the center, they will pursue the same seriously. But unfortunately the voters did not take BJP seriously. Or was there a vote rigging. These days one is not sure of anything!

http://under-the-tree-of-tranquility.blogspot.com/2009/04/vote-for-bjp.html
Why am I saying that?
Did it suddenly dawn on me that BJP is better than Congress? (2 main National parties).
Frankly speaking it hasn’t. Sitting far away from the election heat and die hard voters who may influence my opinion, it was easy to watch both parties impartially. And none of them scored better until I picked up just this from Adwani.
"If NDA returns to power then we’ll force Indian citizens to bring back their wealth to India and use the money here.”
 Even before Kejriwal’s revelation, reliance was already under scanner but nothing further happened.

http://under-the-tree-of-tranquility.blogspot.com/2011/06/cost-of-being-richest.html

The Comptroller and Auditor General (CAG) of India has come down hard on Mukesh Ambani-controlled Reliance Industries Limited (RIL), suggesting the company grossly overstated its development costs in India's largest gas field, possibly causing "significant" financial losses to the exchequer.

As the production-sharing contract involves profit-sharing with the government, a higher capital expenditure results in the profit being lower for the government than it would be otherwise, which the CAG has explained in its 200-page June 7 report to the petroleum ministry.
The CAG report has revealed severe irregularities and violations on part of private operators and government departments and ministries.

And now the government is seriously trying to gag the CAG!

New Delhi, November 11: Battered by various CAG reports on alleged scams, government says it is "actively" considering a proposal to make the official auditor a multi-member body. Minister of State in Prime Minister's Office V Narayanasamy says Comptroller and Auditor General of India (CAG) has become "more impatient" and he wants that all constitutional bodies to work within their parameters. "It (making CAG a multi-member body) is under active consideration. The government is actively considering it," he told PTI in an interview.
Will this conflict of interest ever be resolved? I think not in a democracy!

Friday, June 17, 2011

The cost of being the richest...

“The real measure of your wealth is how much you’d be worth if you lost all your money.”


Have always thought that the following building was ugly.



It may be the world’s priciest private residence owned by the world’s fifth richest man and it may have started when Mrs. Nita Ambani was relaxing at a spa at the Mandarin Hotel, New York, and when the Asian interiors struck her, she inquired about the designer.
Source:therichtimes.com


But now we know for sure that this building shall stand as the ugliest image of corruption in India. It was indeed at the cost of millions of Indians who have been enduring the vagaries and the blatant disregard of a few, who managed to be at the helm of this business of corruption.

Source: www.panoramio.com by joelnewell

And sadly, those who suffer shall continue to do so for many more years to come.




The Comptroller and Auditor General (CAG) of India has come down hard on Mukesh Ambani-controlled Reliance Industries Limited (RIL), suggesting the company grossly overstated its development costs in India's largest gas field, possibly causing "significant" financial losses to the exchequer.

As the production-sharing contract involves profit-sharing with the government, a higher capital expenditure results in the profit being lower for the government than it would be otherwise, which the CAG has explained in its 200-page June 7 report to the petroleum ministry.

The CAG report has revealed severe irregularities and violations on part of private operators and government departments and ministries.

Source: Hindustantimes.com

And while reading certain news, one is made to believe that these super rich are magnanimous/benevolent since they are investing their “hard earned” money in India.

Ambani Invests $16.9 Billion In The Heart Of India



But then life shall go on and one should only wait for the next increase in fuel price. One can also wait for the other brother to come up with his idea of a home.

Barely weeks after Mukesh Ambani moved out of Sea Wind, the family’s joint home, into his own 27-story tower that has been billed as the world’s most expensive private residence, comes the news that younger brother Anil is planning to construct his own palace in the sky.

Source: Forbes.com

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