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

We can all pontificate when we are poor as church mice. We do not know what we would do if we had as much of the filthy lucre as the Mittals. So, pease rest in peace!
Sent on my BlackBerry® from Vodafone

-----Original Message-----
From: talluri srao <tallurisrao@hotmail.com>
Sender: indiaresists-request@lists.riseup.net
Date: Mon, 16 Dec 2013 20:26:10
To: indiaresists@lists.riseup.net<indiaresists@lists.riseup.net>
Reply-To: indiaresists@lists.riseup.net
Cc: indiaresists@lists.riseup.net<indiaresists@lists.riseup.net>
Subject: 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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