Tatas, SBI, HDFC, L&T, Axis, ILFS, ICICI.
A common set of bad actors seem to be in control of these organisations. And these bad actors neither seem to have ownership or any apparent loci standing. But they seem to be supported by some hidden forces with unknown interests.
RBI declared a person unfit and improper to run a bank. And forced him to resign. They even fined the bank for violation of KYC guidelines etc. Yet soon after this very same individual becomes a trustee of Tata Trusts, a independent director in L&T and the karta dharta of Bajaj Finance. There are 140 crore Indians. And from all of them, these three marquee companies could only find this tainted individual to get as independent Director.
It doesn’t stop there, the annual report of L&T records that he has to pass the independent Directors exam. It even mentions that he is not exempt from passing the exam. Yet he doesn’t pass the exam. And continues as Director. Best of all he is an extremely sincere Director attending more board meetings than any other Director. Who recommended his name ? Who head hunted him ? This is like a political party. There is zero transparency on how party tickets are given to contest elections in the worlds largest democracy. Or how Rahul Gandhi is elected to be the head of the party.
If political parties don’t have any internal democracy – then why should corporates. It is all a case of somehow getting possession. Possession is nine tenth’s law.
We have had some serious bad actors. Dewan Housing, Srei, Reliance Capital. In all three govt banks have lost tens of thousands of crores. How is it that the Citi HDFC combo did not lose a penny.
Yet Citi had announced joint ventures with all. And based on this equity commitment, the govt banks were taken for a further ride.
Of course the promised money never came. But all the siphoning of money or export of the rupee happened through the Citi ecosystem only. So the model was to get their rupee export promotion council to help these companies to raise money from govt banks and then hand it over to them for keeping. Yet whilst all the charge sheets say promoters siphoned off money overseas, no one records how ? Or through whom ? You can’t carry Rs 22,000 crores in your hand baggage. You need a bank to move this money. And you don’t want any reporting to the RBI.
The situation got so bad that even to do csr, these companies needed the partnership of Citibank:
And the joke of the year goes to SBI saying they need to partner Citibank to give loans to poor marginal farmers in India.
The biggest data theft in the history of independent India are by Cibil and by Perfios. Without doing anything illegal. Yet credit details of every living Indian left India via Cibil and the bank statement of every Individual in SBI from account opening to date has leaked out as well.