In the original story, Ali Baba is the protagonist, stumbling onto a treasure of 40 thieves and outwitting them with the help of a female slave to corner the riches. This modern-day version, as applicable to the twists and turns of the Politics and the Financial Markets of India, features Ali Baba who actually enabled 40 thieves to loot and plunder the nation, helping establish tax havens, finding new ways to launder money and be a conduit between the corrupt cabal of 40 Businessmen, Babus, Big Netas (BBB) and their kith and kin.
Ever wonder why it took forever to force Chanda Kochhar to go on leave?
First off, it was PGurus.com that brought the issue to the public domain on Mar 25, 2018[1]. It was four days later, on Mar 29 that Mainstream Media (MSM) picked it up[2]. After much pushing/ cajoling/ Board being in denial etc., Kochhar was finally asked to go on leave this week. Phew! Ms. Kochhar could have set an example to Indian industry by stepping aside as soon as the allegations surfaced and let the Reserve Bank of India (RBI) start an investigation. Why this delay of almost three months? The amount in question was 10% of the loan amount – a typical amount for a bribe (doubting Bantas can refer to the nickname of Asaf Ali Zardari when Benazir Bhutto was the Prime Minister of Pakistan).
Back to our modern day Ali Baba
In our story of the modern-day Ali Baba, these 40 thieves are hard at work, trying to save Ali Baba from going to the jail. What is so surprising about a person being taken into custody? Well, our hero needs to take high powered medication to be stable and when denied, the 40 thieves run the risk of Ali Baba speaking the truth and singing like a canary.
BBB is hard at work in India, Dubai and elsewhere desperately trying to cover their tracks just in case. There is no time to deliberate. Prime Minister (PM) Modi should ensure that Ali Baba is taken into custody (he is already named in a First Information Report (FIR)) as time is of the essence. PM Modi should remember his words Na Khaunga Na Khaane doonga. (न खाऊंगा न खाने दूंगा) This is an excellent opportunity to walk the talk. Will he?
References:
[1] ICICI Bank head Chanda Kochhar and husband on the radar of probe agencies for doubtful loans to debt-ridden Videocon Group? Mar 25, 2018, PGurus.com
[2] Videocon gets Rs. 3250-crore loan from ICICI Bank, bank CEO’s husband gets sweet deal from Venugopal Dhoot – Mar 31, 2018, Indian Express
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It is one thing that a probe must be ordered when major frauds and favours are detected. Still more important thing is also to immediately look into the activities and role of other directors, auditors, independent directors and 2nd level officials of the organisations who shall be invariably looking for promotions and foreign tours besides the percentages. Had they been vigilant, frauds wouldn’t have taken place. The Government of India should re-examine the safety provisions in the Indian Companies Act and Rules and take steps to plug such deficiencies and loop-holes in the enactment that afford scope of foul play and plundering the money of common man.
When a person’s career graph has links with political support, personal integrity does not matter. These English educated people read more shakysmear & other than Ramayana, Mahabharata & Bhavatam. They inherently lack personal integrity. The media & politicians gave her a halo image as if she has given birth to ICICI & nurtured it – so she is free to take & do anything. The board is nothing but sycophants who are selected to lick the foot of their boses & do not have any personal integrity.