Tag: Veerappa Moily

SBI and Hotel Leela

India, Media
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SBI did not get back the loan it gave to Kingfisher. Kingfisher was bailed out by converting the loan into shares. Now comes the news that SBI has referred 4,300 crore rupees loan taken by Hotel Leela to corporate debt restructuring (CDR). It is said that Hotel Leela has not defaulted. It wants interest rate reduced from 14% to 11% and longer schedule for payment. Perhaps the owner of Hotel Leela thinks he can default and get away just like Vijay Mallya of Kingfisher did. Hotel Leela perhaps wants the same treatment. Who is next in line for default? How is that SBI gave thousands of crores of rupees as loan and unable to recover them? Pilots of Air India and Jet Airways are likely to go on strike. Will SBI and other public sector banks bail out every airline, hotel, tea estate and so on? SBI and other public sector banks are not private property of Manmohan Singh, Veerappa Moily, Congress or UPA.

What is going on? Where are people who speak against loan write-offs, freebies and subsidies? Where are economists who speak of fiscal deficit?

There was no discussion on TV channels about CDR to Leela. What are they waiting for? Will they discuss after Leela defaults and asks for another loan?

SBI should stop CDR. Those who borrow must pay as per agreement. Interest should not be reduced. Payment period should not be extended. Hotel Leela must have pledged something as collateral for loan. SBI should attach the collateral.

Fast for Lokpal Bill

Corruption, India
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Anna Hazare is on an indefinite fast for Jan Lokpal Bill. This bill is different from the Lokpal Bill the government has in mind. The government is not ready to meet representatives of activists to reconcile the two bills.

Lokpal Bill is a small step in fighting corruption at the top. The bill has made occasional appears over the last 42 years. Many people have come forward in support of Anna Hazare and there are indefinite fasts in various cities. In California, Indians marched supporting the fast against corruption. Candle light vigil has taken place.

The activists do not want Sharad Pawar, Kapil Sibal and Veerappa Moily in the drafting committee of Lokpal Bill. They do not want politicians to join their movement. Om Prakash Chautala and Uma Bharti had to go back. The activists want the committee to have five ministers and five activists. Swami Agnivesh wants a new constitution for India. Arvind Kejriwal called the people to come to Jantar Mantar and make it the Tahrir Square of India. The movement is known as crusade against corruption.

Permission of Speaker or Chairman should not be a requirement for prosecution of MPs. Permission of President should not be a requirement for prosecution of Prime Minister and other ministers.

Sometimes the motives of people who fight against corruption are questioned. Indian Justice Party lead Udit Raj has said that actions against K. G. Balakrishnan and Dinakaran are because they are Dalits. He did not say the two judges were not corrupt. He said “There were serious complaints against former CJIs A. S. Anand and Y. K. Sabharwal too. In Sabhalwal’s case, there was documentary too… But no action was taken against them. In the case of Balakrishnan and Dinakaran, both have been dubbed guilty without any clinching evidence.” Udit Raj can try to prosecute A. S. Anand and Y. K. Sabharwal.

The judicial system we inherited from the British has failed us. The system’s foundation is wrong. It says. No innocent person shall be punished even though hundred criminals escape. Hundred criminals escaping is not justice. Even one criminal escaping is not justice. The system’s foundation should be, No innocent person shall be punished and no criminal shall escape.

Punishment for corruption should be proportionate to the amount. If the punishment for corruption involving 100 rupees is imprisonment for a day, then for 10,000 rupees it should be 100 days, for 1,00,00,000 rupees it should be 1,00,000 days and so on. The punishment period should not have parole or remission. Time spent in hospital should not be considered and period of imprisonment should be extended accordingly. If any loss is caused to the country the loss should be recovered from the corrupt person and that is separate from the punishment for corruption. For example, if a man has a 20 crore rupees bribe and caused 1,000 crore rupees loss he should be punished for the bribe and loss should be recovered from him and if after selling his property if the amount falls short there should be additional punishment. If the act of corruption has resulted in the death of a person, the corrupt person should he hanged.