01-14-2009, 10:55 AM
<!--QuoteBegin-Savithri+Jan 14 2009, 12:51 AM-->QUOTE(Savithri @ Jan 14 2009, 12:51 AM)<!--QuoteEBegin--><b>Truth about Indiaâs corporate success</b>
Subramanian Swamy
Last Updated : 13 Jan 2009 07:23:22 AM IST
Indians have about $ 1.5 trillion in banks in Switzerland, Liechtenstein, the Isle of Man, the Cayman Islands, Macao, etc. All this money can be brought back legally within two months, but who will cast the first stone? Earlier this money used to lie in bank vaults, but now thanks to Participatory Notes (PNs) and the Mauritius route, this money is returning to India and in the BSE to earn windfall profits. This money enables politicians and businesspersons to carry cash around the world for pleasure, and sometimes caught with it. For example, on September 27, 2001, <b>Rahul Gandhi and his girlfriend were arrested by the FBI at Bostonâs Logan Airport with $ 1,60,000 in cash, without declaring it to the US Customs. US law requires cash at hand of more than $10,000 to be declared.</b>
[right][snapback]93106[/snapback][/right]<!--QuoteEnd--><!--QuoteEEnd-->
<b>At last ! some body has the guts to report the real base of Venture Funding in India untill 2005. Its nothing but recycled money from black to white via window dressing of Venture capital beside the genuine funds sourced .Many Venture funds are started with a corpus fund out of real investment money but gradually as it grows wide illgotten wealth is also accomodated from political honchos and no one has the guts to point it out . This is how the unholy nexus is developed by the politicians and business men to later encash it and throw their weight around.Isnt it natural that at some point of time political judgements will over power business judgements.
hardly any one is aware that in 1991-93 the then Infosys Ltd was almost on the verge of closure due to financial crisis and they got a life line of Rs 300 crore investment which saved them and Lo !! we today see infosys in its present day avatar.
The funding was done by the then Siven Securities headed by one Siddharth who happens to to be SM Krishnas son in law. Who? SM Krishna you may ask. well the former CM of Karnataka and former governor of Maharastra and a congress man.
If Delaware (USA) alone accounts $0.5 trillion in holding by Indians then surely the over figure of all tax havens like mauritius, Dubai, Caymen islands, etc will be over $ 5 trillion. Not to mention the IFC (International financial corporation) USA funds that were diverted from developmental work in infrastructure to political activity by the Congress leader PVN Narashima Rao in 1986-1996 over one whole decade amounting to $ 950 million . Where did that fund go ????
Or How did Deve Gowda our former PM get Rs 600 crore that he gave to a seer of a Lingayat mutt in Karnataka for safe keeping and instead the Seer diverted that fund for public welfare.Even today they publicly rebuke each other as sworn enemies. Put around 10 honchos of Indian political leaders and the financial fraud of Satyam will look like a joke. </b>
Unless the government punishes the Satyam Board severely and sets a precedent that such things will not be tolerated and gives the right indication to the world, we may simply invite more ridule and bashing on the corporate world which will demotivate even the business houses that have high ethical standards and will suffer equally out of the Satyam fallout.
Let the rest of the corporate world also learn from this episode that if they dont set their house right now by this experience and correct themselves from doing similiar mistakes then they will also end up like this
Just like Bollywood was cleaned with the nexus with underworld funding we have to steer our corporates away from illgotten wealth to allow the corporates to work on the principle of business dynamics only and not political.
Subramanian Swamy
Last Updated : 13 Jan 2009 07:23:22 AM IST
Indians have about $ 1.5 trillion in banks in Switzerland, Liechtenstein, the Isle of Man, the Cayman Islands, Macao, etc. All this money can be brought back legally within two months, but who will cast the first stone? Earlier this money used to lie in bank vaults, but now thanks to Participatory Notes (PNs) and the Mauritius route, this money is returning to India and in the BSE to earn windfall profits. This money enables politicians and businesspersons to carry cash around the world for pleasure, and sometimes caught with it. For example, on September 27, 2001, <b>Rahul Gandhi and his girlfriend were arrested by the FBI at Bostonâs Logan Airport with $ 1,60,000 in cash, without declaring it to the US Customs. US law requires cash at hand of more than $10,000 to be declared.</b>
[right][snapback]93106[/snapback][/right]<!--QuoteEnd--><!--QuoteEEnd-->
<b>At last ! some body has the guts to report the real base of Venture Funding in India untill 2005. Its nothing but recycled money from black to white via window dressing of Venture capital beside the genuine funds sourced .Many Venture funds are started with a corpus fund out of real investment money but gradually as it grows wide illgotten wealth is also accomodated from political honchos and no one has the guts to point it out . This is how the unholy nexus is developed by the politicians and business men to later encash it and throw their weight around.Isnt it natural that at some point of time political judgements will over power business judgements.
hardly any one is aware that in 1991-93 the then Infosys Ltd was almost on the verge of closure due to financial crisis and they got a life line of Rs 300 crore investment which saved them and Lo !! we today see infosys in its present day avatar.
The funding was done by the then Siven Securities headed by one Siddharth who happens to to be SM Krishnas son in law. Who? SM Krishna you may ask. well the former CM of Karnataka and former governor of Maharastra and a congress man.
If Delaware (USA) alone accounts $0.5 trillion in holding by Indians then surely the over figure of all tax havens like mauritius, Dubai, Caymen islands, etc will be over $ 5 trillion. Not to mention the IFC (International financial corporation) USA funds that were diverted from developmental work in infrastructure to political activity by the Congress leader PVN Narashima Rao in 1986-1996 over one whole decade amounting to $ 950 million . Where did that fund go ????
Or How did Deve Gowda our former PM get Rs 600 crore that he gave to a seer of a Lingayat mutt in Karnataka for safe keeping and instead the Seer diverted that fund for public welfare.Even today they publicly rebuke each other as sworn enemies. Put around 10 honchos of Indian political leaders and the financial fraud of Satyam will look like a joke. </b>
Unless the government punishes the Satyam Board severely and sets a precedent that such things will not be tolerated and gives the right indication to the world, we may simply invite more ridule and bashing on the corporate world which will demotivate even the business houses that have high ethical standards and will suffer equally out of the Satyam fallout.
Let the rest of the corporate world also learn from this episode that if they dont set their house right now by this experience and correct themselves from doing similiar mistakes then they will also end up like this
Just like Bollywood was cleaned with the nexus with underworld funding we have to steer our corporates away from illgotten wealth to allow the corporates to work on the principle of business dynamics only and not political.