Different Strokes

Does this mean that the Jindals defied the FIs8217; fatwa? Or did the FIs permit the acquisition even as they funded a bail out? Or, is it that Jindal Steel and Power, formed by spinning off a division of Jindal Strips managed by Ratan Jindal is not part of the group? Earlier, a business magazine had written about the Ratan Jindal group as being separate from those controlled by Sajjan Jindal, which were seeking a bailout. When I asked Sajjan Jindal to confirm if the group has split, he denied it and said that Ratan Jindal had assured him that he had nothing to do with the magazine8217;s report. There was no official denial. What then does the acquisition of the mills mean? Willthe FIs or maybe the RBI ask this question and provide an answer to investors?

The countdown goes on

THE regulators8217; disciplinary action against the BSE has not ended with the resignation of its executive director, R. C. Mathur. In fact, it has barely touched the half-way mark. Mathur resigned, instead of explaining his role in sanctioning doubtful methods of covering up the June payment crisis, as well as his deals in the scrips which were rigged up. SEBI has not initiated any action. The former vice president Rajendra Bhantia too resigned because one broking firm associated with him was caught being involved in the price rigging and subsequent cover up. He has only received a show-cause notice, the personal hearing has yet to happen. This is just the first phase of the action. The equally important part is against company managements who aided the ramping up of their share prices. The probe has been complete for months now 8212; the mystery is the delay in initiating action.

Saving BSE8217;sbadla

Even as new President Anand Rathi struggles to make BSE a professional institution, it is beginning to lose support from influential outsiders too for its antiquated badla8217; system. The most open change of heart comes from a business paper whose eminent writers were big supporters of badla. The paper now blames all of the BSE8217;s problem on badla. Next to change sides will probably be the badla-brigade among the academics. They too are coming around to the view that retaining a highly manipulated and antiquated system makes little sense, particularly when it is delaying the introduction of derivatives trading. However, the pro-badla lobby continues to be supported by a far stronger authority. Last week, when the BSE representative on the uniform settlements committee agreed to a rolling settlement starting November 1, SEBI officials were flustered. They decided to seek the concurrence of chairman D. R. Mehta, who was then in Tokyo.

Guruspeak confuses

India is morphing, said managementguru C. K. Prahalad at the CII annual day event in Mumbai recently. A number of weak signals, at the lowest end of the economic pyramid were adding up to a massive change, he said, which could change the country. Growing rural incomes and the staggering spread of high technology had reversed the growth engine, and for the 50 years put it at the bottom of the pyramid said the guru. According to him, the stock market was the first to catch these signals and were 8220;voting with their pockets8221; while valuing companies. The next day, he was quoted in a newspaper saying that companies like ICICI were making the right changes to ensure survival. We then looked at how the market valued ICICI its price is a low Rs 40 and wondered what was happening. Had the market got ICICI all wrong or did the guru simply use the wrong example?

Author8217;s email: suchetadalalyahoo.com

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