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Saturday, November 28, 2020

Discordant notes

The lead editorial in the Republic Day special issue of CPM mouthpiece People’s Democracy says as the country moves into the 60th year....

Written by Manoj C G | January 28, 2009 2:47:38 am

The lead editorial in the Republic Day special issue of CPM mouthpiece People’s Democracy says as the country moves into the 60th year,the strains of cacophony are growing louder.”Communalism and terrorism,growing and feeding each other,chauvinistic and separatist tendencies raising their ugly head,Left adventurist violent activities unleashed by various streams of the Naxalites are one aspect of such cacophony.  Another relates to the widening hiatus between the ‘shining’ and ‘suffering’ India,” it says.

 “The challenge in this 60th year is,therefore,whether we are able to convert this growing cacophony into a melodious harmony.  However,this is crucially dependent upon a decisive shift in the country’s policy trajectory” the article says.

Satyam’s state benefactors                        

An article titled ‘Satyam,Maytas and state players’ says while investigations into the multi-crore Satyam scam are mostly centred around non-state players like Satyam management,the independent directors and statutory auditor Pricewaterhouse Coopers,the role of central government and its agencies also needs to be looked into.”After observing the gross deficiencies in the statutory audit conducted by PwC in the case of Global Trust Bank,the Reserve Bank of India advised all its banks in 2004 that “as Institute of Chartered Accountants of India (ICAI) is conducting an enquiry,PwC should not be engaged for audit work till further advice….That enquiry is still not over”.

“Why is the government shy about openly declaring that PwC will be blacklisted,if the deficiencies in auditing are proved correct?” it asks. “The role of Montek Singh Ahluwalia,the then finance secretary during the infamous Dabhol project of Enron,would have cost him his job in other countries after Enron became bankrupt and the exchequer had to pay more than Rs 12,000 crore for the costliest,and still unviable Dabhol project. But in India Montek got a reward as deputy chairman of Planning Commission,thanks to his closeness to the present prime minister. “Now look at his role in the Indian Enron case i.e. Satyam,” it says referring to the letter written by the chairman of Delhi Metro Rail Corporation Ltd.,the prime consultant for Hyderabad Metro project wrote to Montek,alleging that the BoT operator has a hidden agenda which “appears to be to extend the metro network to a large tract of his private land holdings so as to reap a windfall profit of 4 to 5 times the land price.” The visible fallout was only: “Within 15 days i.e. on September 23,2008,DMRC’s contract with Hyderabad Metro worth Rs 19 crores was terminated… Today it is clear that the developer against whom charges were made by DMRC of making windfall profit out of a deal of commercial lands,is none other than Maytas Infra Ltd whose business dealing and finances are now under investigation.” “Today’s investigation could have started four months back if only Montek Singh Ahluwalia,the deputy chairman of Planning Commission would have acted if not proactively but only in an unbiased manner.”

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