Re: [IAC#RG] Obscene: How Mittal could spend 60 million Euros on daughter's wedding in Spain

It is called Raajasa guns emanating from arrogance and showing off.Inhuman to Easter so much on a marriage.Instead he should have spent on charities and he and his family would have received the blessings of God and the beneficiaries.
TSRao

> On 16-Dec-2013, at 3:11 pm, "Jk Chaudhry" <jkchaudhry@gmail.com> wrote:
>
> So it is our ,own, and, old Ajit da!!!
> If you still remember,where I stay,
> Do drop in.
> J.K.Chaudhry
>
> Sent from my iPad
>
>> On Dec 15, 2013, at 11:50 AM, AK Bhattacharyya <ajitkbhattacharyya@yahoo.com> wrote:
>>
>> Convenor
>> This information will be of interest to Govt. of West Bengal who are deeply in debt and wants some relief.
>> With kind regards
>>
>>
>>
>> A.K.BHATTACHARYYA
>>
>> F.I.StructE (UK), FIE (India), FIBE, FIRT
>> H-2A, Hauzkhas, New Delhi -16, Ph:011-26854127
>>
>> --------------------------------------------
>> On Fri, 12/13/13, Sarbajit Roy <sroy.mb@gmail.com> wrote:
>>
>> Subject: [IAC#RG] Obscene: How Mittal could spend 60 million Euros on daughter's wedding in Spain
>> To: "indiaresists" <indiaresists@lists.riseup.net>, "indiamanager" <indiamanager@googlegroups.com>
>> Date: Friday, December 13, 2013, 10:05 PM
>>
>> Bully for the
>> Spaniards who are "upset at this obscene display of
>> wealth which trashes their culture", What
>> were we Indians doing ? Does the AAM AADMI PARTY have
>> anything to do with this, and why their deafening silence
>> on this scandal ? Did Sunita Kejriwal ever investigate this
>> serious fraud on the Hindustani nation ?
>> (http://www.jswispat.in/management.htm)
>> And why were the Karat's so quiet when
>> Hindustan's starving workers were angry but goras were
>> apparently chomping foie-de-gras (mashed goose liver)
>> secretly behind the shrubberys?
>>
>> http://www.moneylife.in/article/pramod-mittal-spent-60-million-euros-on-daughters-lavish-wedding/35570.html?
>>
>>
>> Pramod Mittal
>> represents but one example of the quiet,
>> high-stakes game of rich, influential bank defaulters that
>> often misuse
>> the CDR route without a slight change in their lavish
>> lifestyle or
>> spending
>>
>>
>>
>> Pramod Mittal, the younger brother of steel tycoon Lakshmi
>> Mittal, owes
>> a lot of money to Indian banks. However, instead of
>> repaying bank
>> loans, both Pramod and his brother Vinod
>> Mittal have managed to use the corporate debt restructuring
>> (CDR) route
>> repeatedly to escape unscathed. Surprisingly, despite being
>> a bank
>> defaulter, Pramod Mittal has reportedly spent 60 million
>> Euros (about
>> Rs505 crore) for his daughter's lavish wedding in
>> Barcelona.
>>
>>
>>
>> According to a report from
>> Vanitatis
>> (Spanish news portal), the wedding of investment banker
>> Gulraj Behl and
>> Shristi Mittal, the 26-year old daughter of Pramod Mittal
>> and exercise
>> director of Global Resources of Europe, could become one of
>> the five
>> most expensive weddings in history, as per the figures.
>> "One of the
>> employees of the municipality that is well connected to high
>> places told
>> us that probably the figure among all parties, lodging,
>> rental of
>> premises, hotel rooms and other expenses to be determined,
>> could exceed
>> 60 million Euros. So, according to Forbes, this
>> wedding would
>> be located in the second, between Mohammed bin Zayed Al
>> Nahyan, ruler of
>> Abu Dhabi, and Princess Salama, where it cost 76.25 million
>> Euros in
>> 1981 and of the Prince of Wales, for which 53 million Euros
>> was paid in
>> that year also. For now, Lakshmi Mittal's daughter,
>> Vanisha, holds third
>> place when she married in 2004 with Amit Bhatia, the Indian
>> billionaire
>> and disbursed no more and no less than 46 million
>> Euros," the report
>> says.
>>
>>
>>
>> Pramod Mittal wanted discretion for this wedding but his
>> ostentation made news. Mumbai Mirror,
>> using quotes from Spanish media had said politicians and
>> prominent
>> citizens trashed the whole affair (the Mittal wedding) as
>> 'obscene
>> display of wealth' for which 'the national pride was
>> on sale'.
>>
>>
>>
>> Coming back to Pramod Mittal's outstanding bank dues,
>> as reported by
>> Moneylife,
>> during the end 2010, State Bank of India (SBI) gave a fresh
>> loan worth
>> Rs130 crore to Ispat Industries (it was controlled by the
>> Mittals at
>> that time) adjusting Rs30 crore against earlier
>> dues.
>>
>>
>>
>> So, why would the bank sanction a fresh loan if it has to
>> take back
>> part of the money? Apparently, SBI was indulging in what is
>> called
>> 'evergreening'. By getting back part of the money, SBI
>> has avoided
>> classifying the loan as 'bad' which would have
>> forced a series of
>> actions. But SBI's action is in violation of the spirit
>> of the Reserve
>> Bank of India (RBI) guidelines. When Moneylife
>> contacted them about this largesse, both SBI and Ispat
>> Industries kept mum at that time.
>>
>>
>>
>> Ispat Industries has failed to live up to every commitment
>> it made as
>> part of the corporate debt restructuring package so
>> generously approved
>> by lenders in 2003.
>>
>>
>>
>> Pointing out that the credit appraisal committees of public
>> sector
>> banks (PSBs) had powers to sanction single loans up to Rs400
>> crore in
>> the case of large banks and up to Rs250 crore in the case of
>> small
>> banks, Vishwas Utagi, general secretary, Maharashtra State
>> Bank
>> Employees Federation, an affiliate of All India Bank
>> Employees'
>> Association (AIBEA), alleged that promoters of large defaulting
>> companies diverted bank loans into real estate
>> and floated cricket outfits for competing in domestic league
>> matches.
>>
>>
>>
>>
>> According to the bank employee union, over the past seven
>> years, there
>> are fresh bad loans worth Rs4.95 lakh crore only in PSBs,
>> while during
>> the same period, these lenders wrote off band debts worth
>> Rs1.4 lakh
>> crore. Top four defaulters of state-run banks constitute
>> Rs23,000 crore
>> of NPAs, the AIBEA said.
>>
>>
>>
>> On 15 September 2010, Ispat shares soared in the
>> foolish hope of
>> a lender-blessed takeover, but fell immediately when the
>> company denied
>> as 'baseless' a report claiming that lending
>> institutions had
>> threatened to sell Ispat's debt-converted-to-equity to
>> rivals such as
>> Arcelor Mittal or Tata Steel. The Mittals claimed in a
>> statement that
>> "the lenders have reposed tremendous faith in the company
>> since its
>> incorporation"—a fact that ought to trigger a
>> full-fledged government
>> investigation.
>>
>>
>>
>> This was just repetition of earlier scene. In July 2006,
>> when Ispat
>> wasn't repaying lenders, a media report said that ICICI
>> Bank wanted to
>> force Ispat's merger with Jindal Steel. At that time, it
>> was already
>> clear that the Mittals had squandered an excellent
>> opportunity to ride
>> the commodity boom and take advantage of the massive
>> write-offs granted
>> to all steel companies under what was to be a one-time CDR
>> exercise.
>> Within hours, the Mittals denied the report and the lenders
>> didn't
>> attempt to change the management either. Instead, they
>> quietly cleared
>> an unprecedented second CDR, which was officially disallowed
>> under the
>> Reserve Bank of India (RBI) rules unless it was accompanied
>> by a change
>> in management.
>>
>>
>>
>> In the same year, the lenders watched silently as Ispat's
>> losses
>> continued to mount but the Mittals splurged 14 million Euros
>> to acquire a
>> Bulgarian football club.
>>
>>
>>
>> Quoting business analyst and author Alam Srinivas from
>> Governance Now, the Hindustan Times,
>> said, "Instead of trying to get back their money lent to
>> Ispat, the
>> banks helped the promoters to continue their unviable
>> ways."
>>
>>
>>
>> As on 30 June 2010, Ispat Industries owed over Rs7,200
>> crore to 15
>> lenders and had overdues exceeding Rs400 crore while its
>> consolidated
>> loss stood at Rs323 crore for a 15-month
>> period.
>>
>>
>>
>> However, both Pramod and Vinod Mittal ran out of their luck
>> by the end of 2010. Three things sealed the fate of Ispat as it was taken over by
>> Sajjan Jindal-led JSW Steel.
>> Firstly, pressure from government agencies, especially the
>> Income Tax
>> department that conducted nationwide raids/searches on the
>> company and
>> its promoters. Secondly, lenders were under severe pressure
>> because they
>> would have to declare over Rs10,000 crore of outstanding
>> borrowings as
>> bad loans if some solution was not found before 31 March
>> 2011. Also,
>> with the loan-for-share scam having badly burned lenders
>> such as Life
>> Insurance Corp of India (LIC) and LIC Housing Finance, even
>> the most
>> sympathetic lenders were scared to bend the rules for the
>> Mittal
>> brothers once again. Finally, Ispat was unable to pay
>> salaries and
>> utility bills and it was clear that any delay in selling the
>> plant would
>> have led to vandalisation and reduced
>> value.
>>
>>
>>
>> Ispat Industries got their debt restructured in 2003 and
>> 2009, with
>> promises to complete unfinished parts of their steel
>> projects and even
>> sell expensive flats.
>>
>>
>>
>> Samar Halarnkar wrote in his article in Hindustan
>> Times, that
>> "In small towns, we found angry workers and rusting
>> factories, but the
>> owners led unchanging, caviar lifestyles. We found heated
>> swimming
>> pools, rooftop helipads, foreign homes, fast cars — and
>> humungous
>> loans."
>>
>>
>>
>> "It was only in 2010, when the Mittal brothers asked
>> for another debt
>> restructuring that banks — after more than a decade of
>> throwing good
>> money after bad — forced them to sell the company. A year
>> later, in an
>> Istanbul palace, Pramod organised for his daughter one of
>> the biggest,
>> fattest Indian weddings the Turks had ever seen," the
>> report says.
>>
>>
>>
>> In short, while lenders use all methods to recover dues
>> from aam admi
>> or the common man, when it comes to rich, influential and
>> resourceful
>> defaulters, there are different rules for extending the debt
>> line and
>> life.
>>
>>
>>
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