RE: [IAC#RG] AAM AADMI PARTY'S STRANGE QUERIES

I think AAP is novice and no one of them has any experience to run the administration. Let them sit in opposition for at least for one term. It will be dangerous to hand over to them the administration of Indian Capital. They are likely to sweep every thing with the broom.

 

 

Gagan Sainani

 

From: indiaresists-request@lists.riseup.net [mailto:indiaresists-request@lists.riseup.net] On Behalf Of Venkatraman Ns
Sent: Saturday, December 14, 2013 7:00 PM
To: indiaresists@lists.riseup.net
Subject: [IAC#RG] AAM AADMI PARTY’S STRANGE QUERIES

 

To

 

India Against Corruption

 

                            AAM  AADMI PARTY’S  STRANGE QUERIES

BJP  cannot form government in Delhi , since  Aam  Aadmi party refused to extend issue based support.  However, Aam Aadmi party can form government ,since both BJP and Congress have extended issue based support.

Now,  it appears that Aam Aadmi party  tries to wriggle out of   forming government,  by asking BJP and Congress to clarify whether it would extend support for a few particular specific issues as a pre condition.  This question would be logical in case of coalition government,  where different parties join together with minimum action plans.

In the present case, both BJP and Congress would sit in opposition and therefore,  they would be logical in saying that they would extend support depending on performance of the ruling party and based on issues. If Aam  Aadmi party would be confident of its programmes and implement them in honest way, it is bound to get support from the people and the opposition parties would hesitate to oppose for the sake of opposition, particularly fearing rout in the next elections.

Many suspect that Aam Aadmi party has  made nearly impossible  promises like reducing the electricity tariff etc. without understanding the ground realities such as increasing cost of power generation . It promised to pass Lokpal bill in Delhi assembly , ignoring the fact  that Lokpal bill is a Central subject involving  inter state implications.

Perhaps, the party fears that it would be exposed if it would form government.

 

N.S.Venkataraman

nsvenkatchennai@gmail.com

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

http://beyondheadlines.in/2013/12/cias-trojan-horse-enters-the-heart-of-india/

CIA's Trojan Horse enters the Heart of India

Shelley Kasli

December 11, 2013

The CIA uses philanthropic foundations as the most effective conduit to channel large sums of money to Agency projects without alerting the recipients to their source. From the early 1950s to the present the CIA's intrusion into the foundation field was and is huge. A U.S. Congressional investigation in 1976 revealed that nearly 50% of the 700 grants in the field of international activities by the principal foundations were funded by the CIA. The CIA considers foundations such as Ford"The best and most plausible kind of funding cover". The collaboration of respectable and prestigious foundations, according to one former CIA operative, allowed the Agency to fund "a seemingly limitless range of covertaction programs affecting youth groups, labor unions, universities, publishing houses and other privateinstitutions". The latter included "human rights" groups beginning in the 1950s to the present. One of the most important "private foundations" collaborating with the CIA over a significant span of time in major projects in the cultural Cold War is the Ford Foundation.

CIA & The Ford Foundation

By the late 1950s the Ford Foundation possessed over $3 billion in assets. The leaders of the Foundation were in total agreement with Washington's post-WWII projection of world power. A noted scholar of the period writes:

"At times it seemed as if the Ford Foundation was simply an extension of government in the area of  international cultural propaganda. The foundation had a record of close involvement in covert actions inEurope, working closely with Marshall Plan and CIA officials on specific projects". This is graphicallyillustrated by the naming of Richard Bissell as President of the Foundation in 1952. In his two years inoffice Bissell met often with the head of the CIA, Allen Dulles, and other CIA officials in a "mutual search" for new ideas. In 1954 Bissell left Ford to become a special assistant to Allen Dulles in January 1954. Under Bissell, the Ford Foundation (FF) was the "vanguard of Cold War thinking".

One of the FF first Cold War projects was the establishment of a publishing house, Inter-cultural Publications, and the publication of a magazine Perspectives in Europe in four languages. The FF purpose according to Bissell was not "so much to defeat the leftist intellectuals in dialectical combat (sic) as to lure them away from their positions". The board of directors of the publishing house was completely dominated by cultural Cold Warriors. Given the strong leftist culture in Europe in the post-war period, Perspectives failed to attract readers and went bankrupt.

Another journal Der Monat funded by the Confidential Fund of the U.S. military and run by Melvin Lasky was taken over by the FF, to provide it with the appearance of independence.

In 1954 the new president of the FF was John McCloy. He epitomized imperial power. Prior to becoming president of the FF he had been Assistant Secretary of War, president of the World Bank, High Commissioner of occupied Germany, chairman of Rockefeller's Chase Manhattan Bank, Wall Street attorney for the big seven oil companies and director of numerous corporations. As High Commissioner in Germany, McCloy had provided cover for scores of CIA agents.

Than CIA's head Allen Dulles' best bud, John McCloy,is shown here with David Rockefeller and Chase Manhattan executives after he successfully merged the Warburg's Manhattan bank with Rockefeller's Chase bank. A top Rockefeller leutenant, McCloy acted for decades on the family's behalf as an adviser to presidents and dictators. He even shared a box with Hitler and Goering at the 1936 Olympics.

McCloy integrated the FF with CIA operations. He created an administrative unit within the FF specifically to deal with the CIA. McCloy headed a three person consultation committee with the CIA to facilitate the use of the FF for a cover and conduit of funds. With these structural linkages the FF was one of those organizations the CIA was able to mobilize for political warfare against the anti-imperialist and pro-communist left.

Official photo of Warren Commissioners that covered-up JFK Assassination. Allen Dulles(than head of the CIA) is seen second from left. To his right is John J. McCloy, lawyer and troubleshooter for both the Warburg and Rockefeller family. McCloy was appointed as a member of the Warren Commission, purely for the purposes of disguising Rockefeller's crime.

Numerous CIA "fronts" received major FF grants. Numerous supposedly "independent" CIA sponsored cultural organizations, human rights groups, artists and intellectuals received CIA/FF grants. One of the biggest donations of the FF was to the CIA organized Congress for Cultural Freedom which received $7 million by the early 1960s. Numerous CIA operatives secured employment in the FF and continued close collaboration with the Agency.

McCloy (extreme left) with the rest of the gang, the other six hacks & fraudsters, of the Warren Commission, as they present the phony report to President Ford.

From its very origins there was a close structural relation and interchange of personnel at the highest levels between the CIA and the FF. This structural tie was based on the common imperial interests which they shared. The result of their collaboration was the proliferation of a number of journals and access to the mass media which pro-U.S. intellectuals used to launch vituperative polemics against Marxists and other anti-imperialists. The FF funding of these anti-Marxists organizations and intellectuals provided a legal cover for their claims of being "independent" of government funding (CIA).

One prominent journalist, Andrew Kopkind, wrote of a deep sense of moral disillusionment with the
private foundation-funded CIA cultural fronts. Kopkind wrote

"The distance between the rhetoric of the open society and the reality of control was greater than  anyone thought. Everyone who went abroad for an American organization was, in one way or another, a witness to the theory that the world was torn between communism and democracy and anything in between was treason.The illusion of dissent was maintained: the CIA supported socialist cold warriors, fascist cold warriors, black and white cold warriors. The catholicity and flexibility of the CIA operations were major advantages. But it was a sham pluralism and it was utterly corrupting".

When a U.S. journalist Dwight Macdonald who was an editor of Encounter (a FF-CIA funded influential cultural journal) sent an article critical of U.S. culture and politics it was rejected by the editors, working closely with the CIA. In the field of painting and theater the CIA worked with the FF to promote abstract expressionism against any artistic expression with a social content, providing funds and contacts for highly publicized exhibits in Europe and favorable reviews by "sponsored" journalists. 

The interlocking directorate between the CIA, the Ford Foundation and the New York Museum of Modern Art lead to a lavish promotion of "individualistic" art remote from the people — and a vicious attack on European painters, writers and playwrights writing from a critical realist perspective. "Abstract Expressionism" whatever its artist's intention became a weapon in the Cold War.

The Ford Foundation's history of collaboration and interlock with the CIA in pursuit of U.S. world hegemony is now a well-documented fact. The remaining issue is whether that relationship continues into the new Millenium after the exposures of the 1960s? The FF made some superficial changes. They are more flexible in providing small grants to human rights groups and academic researchers who occasionally dissent from U.S. policy. They are not as likely to recruit CIA operatives to head the organization.

More significantly they are likely to collaborate more openly with the U.S. government in its cultural
and educational projects, particularly with the Agency of International Development.

The FF has in some ways refined their style of collaboration with Washington's attempt to produce world cultural domination, but retained the substance of that policy. For example the FF is very selective in the funding of educational institutions. Like the IMF, the FF imposes conditions such as the  "professionalization" of academic personnel and "raising standards." In effect this translates into the promotion of social scientific work based on the assumptions, values and orientations of the U.S.empire; to have professionals de-linked from the class struggle and connected with pro-imperial U.S. academics and foundation functionaries supporting the neo-liberal model.

As in the 1950s and 60s the Ford Foundation today has developed a sophisticated strategy of funding human rights groups (HRGs) that appeal to Washington to change its policy while denouncing U.S. adversaries their "systematic" violations. The FF supports HRGs which equate massive state terror by the U.S. with individual excesses of anti-imperialist adversaries. The FF finances HRGs which do not participate in anti-globalization and anti-neoliberal mass actions and which defend the Ford Foundation as a legitimate and generous "non-governmental organization".

In the current period of a major U.S. military-political offensive, Washington has posed the issue as "terrorism or democracy," just as during the Cold War it posed the question as "Communism or Democracy."  In both instances the Empire recruited and funded "front organizations, intellectuals and journalists to attack its anti-imperialist adversaries and neutralize its democratic critics. The Ford Foundation is well situated to replay its role as collaborator to cover for the New Cultural Cold War.

CIA's Trojan Horse reaches India

India had been sucked into the spiral of this Cultural Cold War since a long time. However with the US economy already bust and the EU falling like dominos; it is again the East where the West would anchor  it's sinking ship of so called Exceptionalism that fuels the Western Civilization. The game on the  Indian side is very well crafted and carried out through CIA's Trojan Horse which has entered into the  heart of Indian Politics – Delhi.

A new political party pledging to sweep corruption from the Indian capital made surprising gains in
state elections, grabbing a huge share of votes from the incumbent Congress party and leaving Delhi with no clear leader on Monday — and no party willing to form a coalition.

The fledgling Aam Aadmi Party, or Common Man's Party, seized 28 of Delhi's 70 assembly seats just nine months after its formation. The Hindu nationalist Bharatiya Janata Party took first place with 31, while Congress was left with a meagre eight, a stunning decline from its previous 43.

All three ruled out entering into a governing alliance, leaving the capital in a leadership lurch and raising the possibility of new elections.

CIA lays the "Foundation" of Indian Policymaking

The Ford Foundation, which completes six decades in India next year, provides a continuing flow of
grants to institutions, think-tanks, civil society, and even farmer groups, to carry out research and advocacy work. 

The sums are not inconsequential—about $15 million (about Rs 70 crore) a year. And the recipients—320 grants, over the past four years—are the who's who of civil society and advocacy groups in India.

Its representative, Steven Solnick, said the Foundation's last installment to Kabir (an NGO run by Arvind Kejriwal and Manish Sisodia) was in 2010. "Our first grant to the NGO was of $1,72,000 in 2005 ; the second was in 2008 of $1,97,000," he told Business Standard.

Kabir, run by Arvind Kejriwal and Manish Sisodia, key figures in AAP(Aam Aadmi Party), has received $400,000 from the Ford Foundation in the last three years.

Link for $197,000 – now removed by Ford. Refer screenshot of the same below.

http://www.fordfoundation.org/grants/grantdetails?grantid=107117

In reply to an RTI query that questioned the funding and expenditure of Kabir, the organisation has disclosed that they have received funds from the Ford Foundation (Rs 86,61,742), PRIA (Rs 2,37,035), Manjunath Shanmugam Trust (Rs 3,70,000), Dutch Embassy (Rs 19,61,968), Association for India's Development (Rs 15,00,000), India's friends Association (Rs 7,86,500), United Nationals Development Programme (Rs12,52,742) while Rs 11,35,857 were collected from individual donations between 2007 to 2010.

Kejriwal Admits, His NGO Took Money From Ford Foundation 2 Years Back

Interestingly, a major part of the funding to an organisation that is prominent in the "War against corruption" has come from abroad and mainly from the United States. Apar from the UNDP, Ford Foundation and the India Friends Association are US-based organisations, while PRIA and Association for India's Development are headquartered in Asia.

The foundation, on its part, makes no bones about its neo-liberal agenda, broadly pro-market, seeking accountability in governance, and promoting marginalised groups. It funds a small number of institutions, but chooses effectively. At a post-budget meeting two years back, it was noted that all the think-tanks represented (NCAER, NIPFP, ICRIER and the Centre for Policy Research) on the dais received grants from the foundation. Academicians and scholars from these think-tanks are regularly consulted by the government on various policy issues.

On whether the views of these intellectuals actually get reflected in subsequent policies, Planning Commission deputy chairman Montek Singh Ahluwalia declines to comment. "I don't really have a view on it," he says. He does, however, concede that India's association with the foundation "is something that has been on for a long time".

Moreover, three of core members ( Arvind Kejriwal, Kiran Bedi and Manish Sisodia) are also Magsaysay award winners which are endowed by the Ford Foundation and Rockefeller.

As far as the Magsaysay Award winners are concerned, this award is an American award for Asians established and funded by the Rockefeller Foundation ostensibly in memory of Ramon Magsaysay, the former President of Philippines.

According to well-placed sources in  the U. S.  Intelligence community opposed to the State Department's policy toward the Philippines, $30 million in covert funds was supplied to the Philippine opposition to  help finance  its presidential campaign.  This  $30 million was  laundered through Hong Kong,  where the money was converted into  the Philippine peso at the black market rate of 20 pesos to the dollar.

Philippine  sources reported that  the money  had, been  in part funneled  into the CIA-controlled citizens elec­tion watch group,  called Namfrel ,  the National Movement for a Free Election, which was originally created  in  1953 in order  to  bring Ramon Magsaysay into power.  Namfrel  was central  in the State Department's policy of intervening  into the Philippines 

---

Date: Sat, 14 Dec 2013 13:03:52 +0530
From: jagjit.ahuja@gmail.com
To: indiaresists@lists.riseup.net
Subject: Re: [IAC#RG] Obscene: How Mittal could spend 60 million Euros on daughter's wedding in Spain

This is what Political Parties in power and the bureaucrats of our  Governments have been closing their eyes in taking action  during the last 66 years giving rise to multiplication of such society tycoons every day.

Now Kejriwal Government when formed should catch and punish  the top few to set an example for others to follow.

Jagjit

Brig J S Ahuja (Retd)

Consultant Resources

91 9885723618 / 91 9676506639

On Fri, Dec 13, 2013 at 10:05 PM, Sarbajit Roy <sroy.mb@gmail.com> wrote:

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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Re: [IAC#RG] AAM AADMI PARTY’S STRANGE QUERIES

AAP is highy unrealistic
I am sure they will not form Govt
Just to camoflage the public they are using all tricks easy to understand for an educated person but for aam admi that constitute majority of our electorate.
They throw catchy catchy slogan populist promises extremely difficult to practically implement what a great lie and they pretend to be highly sincere and honest. Impossible promises, unaccetping responsibilities and only to point out; others are all bad & dishonest except themselves, a condition familiar to mental health practitioners.
Let us urge them to form Govt implement those time bound programmes as promised and see the real colours Kshechriwal and Apna Apna Party, at least the mango people of India will either welcome or be gone forever.

Dr Elangbam K S
Shillong

On 14 Dec 2013 22:50, "Venkatraman Ns" <nsvenkatchennai@gmail.com> wrote:

To

 

India Against Corruption

 

                            AAM  AADMI PARTY'S  STRANGE QUERIES

BJP  cannot form government in Delhi , since  Aam  Aadmi party refused to extend issue based support.  However, Aam Aadmi party can form government ,since both BJP and Congress have extended issue based support.

Now,  it appears that Aam Aadmi party  tries to wriggle out of   forming government,  by asking BJP and Congress to clarify whether it would extend support for a few particular specific issues as a pre condition.  This question would be logical in case of coalition government,  where different parties join together with minimum action plans.

In the present case, both BJP and Congress would sit in opposition and therefore,  they would be logical in saying that they would extend support depending on performance of the ruling party and based on issues. If Aam  Aadmi party would be confident of its programmes and implement them in honest way, it is bound to get support from the people and the opposition parties would hesitate to oppose for the sake of opposition, particularly fearing rout in the next elections.

Many suspect that Aam Aadmi party has  made nearly impossible  promises like reducing the electricity tariff etc. without understanding the ground realities such as increasing cost of power generation . It promised to pass Lokpal bill in Delhi assembly , ignoring the fact  that Lokpal bill is a Central subject involving  inter state implications.

Perhaps, the party fears that it would be exposed if it would form government.

 

N.S.Venkataraman

nsvenkatchennai@gmail.com

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

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.



-----Inline Attachment Follows-----

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Re: [IAC#RG] AAM AADMI PARTY’S STRANGE QUERIES

Sir, why Congress  is not giving in writing if they support AAP unconditionally ?.  if congress  accepts in writing the 18 points and that it will not create trouble for AAP later,  Then AAP should form govt. and prove its promises over next few months. If APP fails we will know and kick them out in coming elections.  we are surprised  of AAP asking support on 18 points before forming govt., because we never had such swaraj way of govt. We are still used to be ordered the colonial way.   Congress and BJP and all other parties, once elected , have been working as Dictators.   except AAP no one came back to people/voter as to  what we want.  Most   MPs/MLAs  till date have  audacity to tell people that once we are elected WE will decide your/peoples fate. Please Let us rule our self and not allow elected representatives to decide my/our needs and fate.  they must speak and debate in parliament/assembly  what "we the people" want our representative to speak, no more no less. we pay them for that job. each and every  bill must be first debated by we the people before its put on tables on the parliament.   we will decide what and how much pay and perks MPs/MLAs to get. Asking to be elected is Asking for a job. The servant/ employee(MPs/MLAs)  must listen to employer/we the people,  if he/she wants the job.  every question and answer concerning our life  must come  from we the people.
 rgds. beniwal            

On Saturday, 14 December 2013 10:51 PM, Venkatraman Ns <nsvenkatchennai@gmail.com> wrote:

To

 

India Against Corruption

 

                            AAM  AADMI PARTY'S  STRANGE QUERIES

BJP  cannot form government in Delhi , since  Aam  Aadmi party refused to extend issue based support.  However, Aam Aadmi party can form government ,since both BJP and Congress have extended issue based support.

Now,  it appears that Aam Aadmi party  tries to wriggle out of   forming government,  by asking BJP and Congress to clarify whether it would extend support for a few particular specific issues as a pre condition.  This question would be logical in case of coalition government,  where different parties join together with minimum action plans.

In the present case, both BJP and Congress would sit in opposition and therefore,  they would be logical in saying that they would extend support depending on performance of the ruling party and based on issues. If Aam  Aadmi party would be confident of its programmes and implement them in honest way, it is bound to get support from the people and the opposition parties would hesitate to oppose for the sake of opposition, particularly fearing rout in the next elections.

Many suspect that Aam Aadmi party has  made nearly impossible  promises like reducing the electricity tariff etc. without understanding the ground realities such as increasing cost of power generation . It promised to pass Lokpal bill in Delhi assembly , ignoring the fact  that Lokpal bill is a Central subject involving  inter state implications.

Perhaps, the party fears that it would be exposed if it would form government.

 

N.S.Venkataraman

nsvenkatchennai@gmail.com

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RE: [IAC#RG] AAM AADMI PARTY'S STRANGE QUERIES

Just a  suggestion.

AAP should form a Govt after exposing  both the major parties. Should pass LOKAYUKTHA BILL and Implement in Delhi just like the Gen ( BJP ) did about two years ago. . Reduce Power tariff for small consumers ( Including middle class ) and take strict action against leakages and the corrupt in all departments of POWE< Water, Municipality Staff and village officers and including Sub Registrars. As a start AAP should abolish cash transactions in all these departments and immediately introduce electronic systems which are transparent.

I notice that AAP is trying to strengthen the organization in Gujarat for challenging MODI. This is a bad move. Instead they should challenge SP who is trying to block LOK PAL bill just as BJP was trying to stall the Parliament to the amusement of Congress which welcomed inaction by Parliament.  Once the Parliament starts functioning smoothly , the only party which will be in trouble is Congress .  AAP  and even BJP should realize this. I also suggest BJP should now seriously think of changing her policies and try and remove all those die hard small timers who are communal and even merge with AAP or become really close associates . We can then expect the demise of all regional parties like Telugu Desam, YSR congress , even DMK and AIADMK and so on. There is an urgent need  for good politicians joining together ( after a through screening ) to form a coalition of c lean political parties.

  And now AAP should   descend in UP in strength , go to all   villages and expose both SP and BSP who have been winning only on caste basis  . This will also send M and M to retirement with hope of holding on to their wealth which I am sure will be good enough for their three generations .  
ALL of UP and even Bihar are just as they were in 50s. AAP will certainly succeed .    And India will be better off without these regional parties. Thanks  Seshadri .

 

From: indiaresists-request@lists.riseup.net [mailto:indiaresists-request@lists.riseup.net] On Behalf Of Venkatraman Ns
Sent: Saturday, December 14, 2013 7:00 PM
To: indiaresists@lists.riseup.net
Subject: [IAC#RG] AAM AADMI PARTY’S STRANGE QUERIES

 

To

 

India Against Corruption

 

                            AAM  AADMI PARTY’S  STRANGE QUERIES

BJP  cannot form government in Delhi , since  Aam  Aadmi party refused to extend issue based support.  However, Aam Aadmi party can form government ,since both BJP and Congress have extended issue based support.

Now,  it appears that Aam Aadmi party  tries to wriggle out of   forming government,  by asking BJP and Congress to clarify whether it would extend support for a few particular specific issues as a pre condition.  This question would be logical in case of coalition government,  where different parties join together with minimum action plans.

In the present case, both BJP and Congress would sit in opposition and therefore,  they would be logical in saying that they would extend support depending on performance of the ruling party and based on issues. If Aam  Aadmi party would be confident of its programmes and implement them in honest way, it is bound to get support from the people and the opposition parties would hesitate to oppose for the sake of opposition, particularly fearing rout in the next elections.

Many suspect that Aam Aadmi party has  made nearly impossible  promises like reducing the electricity tariff etc. without understanding the ground realities such as increasing cost of power generation . It promised to pass Lokpal bill in Delhi assembly , ignoring the fact  that Lokpal bill is a Central subject involving  inter state implications.

Perhaps, the party fears that it would be exposed if it would form government.

 

N.S.Venkataraman

nsvenkatchennai@gmail.com

Re: [IAC#RG] AAM AADMI PARTY’S STRANGE QUERIES

in my view AAP now playing too much idealisam & puritans now it,s time to perform as government to preach is always easy than to practice we indians preach more to others than to act & perform world does not live by idea & morals but practical solutions as swami vivekanand says real test of charecter is when despite chances to pray fall to corruption one remains honest

On Sat, Dec 14, 2013 at 6:59 PM, Venkatraman Ns <nsvenkatchennai@gmail.com> wrote:

To

 

India Against Corruption

 

                            AAM  AADMI PARTY'S  STRANGE QUERIES

BJP  cannot form government in Delhi , since  Aam  Aadmi party refused to extend issue based support.  However, Aam Aadmi party can form government ,since both BJP and Congress have extended issue based support.

Now,  it appears that Aam Aadmi party  tries to wriggle out of   forming government,  by asking BJP and Congress to clarify whether it would extend support for a few particular specific issues as a pre condition.  This question would be logical in case of coalition government,  where different parties join together with minimum action plans.

In the present case, both BJP and Congress would sit in opposition and therefore,  they would be logical in saying that they would extend support depending on performance of the ruling party and based on issues. If Aam  Aadmi party would be confident of its programmes and implement them in honest way, it is bound to get support from the people and the opposition parties would hesitate to oppose for the sake of opposition, particularly fearing rout in the next elections.

Many suspect that Aam Aadmi party has  made nearly impossible  promises like reducing the electricity tariff etc. without understanding the ground realities such as increasing cost of power generation . It promised to pass Lokpal bill in Delhi assembly , ignoring the fact  that Lokpal bill is a Central subject involving  inter state implications.

Perhaps, the party fears that it would be exposed if it would form government.

 

N.S.Venkataraman

nsvenkatchennai@gmail.com

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Re: [IAC#RG] Recent state elections

Three guilty persons who worked angainst the interest of the party are Shri Vijay Kumar Malhotra,who insisted a ticket for his son and supported Pauchauri as President of Olympic Association inspite of the corruption Charges.The other who is still not reconciled to Modi Wave is Shri L.K.Advani.Dr.Harsh Wardhan is not an inspiring Leade of BJP in Delhi.

On Sat, Dec 14, 2013 at 7:13 PM, vinod kharbanda <kvk7547@gmail.com> wrote:

I fully endorse the views



On Tuesday, December 10, 2013, Mohan Kamath <jmkamath09@gmail.com> wrote:
> I agree with Mr. Satya. This complacent in choosing the Delhi Chief Minister cost the BJP by losing  Delhi. Had it be two months earlier  BJP would have won atlest 38-40 seats. At least now they should realise and rise above all petty bad politics. If they really  want to come to power which people of this country also largely wish they should not be complancent with the recent victory in three states they should work unitely with double vigour . Now Congress will defintely will give strong fight and they should not under estimate their inherant strength. I hope better sense will prevail upon the BJP  leadership.
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Dr. J.C. Batra

M.A., LL.M., Ph. D., Barrister-At-Law

Senior Advocate, Supreme Court of India

Residence: G-109, Saket, New Delhi – 110017, India. Tele: +91-11-26961666

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