Reversal of fortune
- IPL spot-fixing case: Net widens, police watching 3 more players, other bookies
- IPL 2013: Imperious Brad Hodge powers Rajasthan Royals to qualifier
- Sonia Gandhi, PM Manmohan Singh slam BJP for disrupting Parliament, stalling bills
- IPL spot-fixing: 'Bookie' Vindoo was close to BCCI chief's son-in-law, say cops
- Jessica Lall case: Shayan Munshi to face perjury trial
It's only when the tide goes out that you learn who's been swimming naked." Warren Buffett, simultaneously the world's most cynical and its most successful investor, has a way of summarising broad trends in pithy phrases that befit someone who still lives in a small Nebraska town. The tide, of easy credit and sloshing liquidity, has very definitely receded, laying bare the multitude of sins that it earlier obscured: the trusted Wall Street insider running a pyramid scheme; the investment banks insuring people against their own collapse; and, in India, the outright farce that some "promoters" make of corporate governance.
Satyam's abortive attempt to buy out the Maytas real estate and infrastructure companies is one such example. Satyam's chairman and founder is B. Ramalinga Raju. His sons own the Maytas companies (Maytas is Satyam spelled backwards, as the more acrostically inclined will have immediately noticed). He is also the largest single shareholder, if with less than 9 per cent equity. Satyam is cash-rich, sitting on Rs 8,235 crore; it was proposed that that cash pile be pushed into acquiring the Maytas companies. This would have been, as every institutional investor and analyst immediately pointed out, a blatant violation of Satyam's shareholders' rights: in effect, the cash that they held in common as owners of 90 per cent of Satyam would be transferred to companies under the sole control of the Rajus, in what would have been a heist of truly epic proportions.
- Fixing probe now reaches Bollywood, son of Dara Singh held
- BCCI cashes Pune Warriors guarantee, 'disgusted' Sahara walks out of IPL
- Sreesanth spent Rs 1.95L on clothes, bought friend BlackBerry, paid in cash: Police
- Delhi firm with MoD as client is linked to Pak cyberattacks
- After Infosys, iGATE sacks Phaneesh Murthy for sexual misconduct
- 2 weeks after harassment, Haryana schoolgirls return, cops in tow