The Tata Saga – part 5
The Tata saga has three poles – FM & RBI, Chandrasekhar along with the compromised directors/ professionals / agencies and the Tatas / Parsis/ Trusts. There is a fourth pole in the SP group who have still to recover from the sacking and death of Cyrus Mistry.
The first act in the drama was the sacking of Cyrus Mistry as Chairman of Tata Sons. Cyrus controlled 18% of the stock. The second act in the drama is the sacking of Noel Tata. Noel thinks he has 66% of the stock.
The third act in the drama will be the backdoor entry of A1 or A2 (not to be confused for types of milk) through the acquisition of SP shares which they are willing to sell to anyone.
However the SP group is happy if the preferential rights of the Tata Trusts are taken away. So they can sell their shares.
The alliances are now all on the table.
If Chandra goes – the FM will be next in line. RBI – the less said the better. Just like the Planning Commission had to be replaced by Niti Aayog – the RBI will probably have to be replaced by a new entity. For one India needs a Debt office to replace CAAA.
Change is sometimes good. Niti Ayog is a really impressive organisation – something the Planning Commission never was. And it is getting better by the day. Now they even have a IITian CEO.
RBI is a disappointment . Their handling of matters from Srei to Reliance Capital to Yes Bank to Dewan Housing leaves a lot to be desired. One can say that no news is good news. But there is no point reaching after the scam has been completed.
As and when a new Finance Minister is brought in which should be a matter of time – given the way public perception is unfolding – the issue is now going to be one of honesty. And unfortunately if the key criteria is honesty, there is very little choice. Manohar Parikar is no more. And there is only one IITian in the political system who can fit the role. Bureaucrats don’t work.
The Tata Saga will leave implications which go way beyond what the search committee can handle. And shock waves will travel to South Block.
The man now in the hot seat is the new Chief Justice of Bombay High Court – a legal luminary from Allahabad High Court. Harish Salve has little equity with him. But Dhananjay Chandrachud is the former Chief Justice of Allahabad High Court.
He can either go down in history as a man who stood for justice. Or join the list of professionals and professional firms who have got compromised.
This is now a matter at the door of the highest office. Will the Finance Minister last beyond this fiasco. Or will Chandrasekhar.
Being apolitical or secular is hard. And getting harder by the day. Being a political or corporate leader is not easy. And being a philanthropist is much harder.
No matter where this goes – it has dented the image of both India and the judiciary. The CJI acts suo moto to penalise a Professor for saying “corruption is a challenge for the judiciary”. But does nothing when they see daylight robbery.
