Depending on the scope of its mandate, the KPMG team has plenty to investigate and unearth. For instance, we have recently learnt that SHCIL had been in touch with a leading investment bank to find buyers for the shareholding of its government-owned institutional investors. Similarly, it came up with the idea of investing in a wind mill project in Karnataka as a tax-planning measure (wind mills are entitled to 100 per cent depreciation). A proposal was taken to the board early this year, but was rightly rejected.

Meanwhile, the group that is aggrieved at the actions by the new management is busy with many dirty tricks. Over the last week, I have received two sets of anonymously couriered papers, which try to pin the blame on various officials who were charge-sheeted in the 2001 scam. The documents also contain suggestions and innuendoes about the IDBI top management, probably unaware that its decision to take over the management was not of its own volition but under instructions from the Prime Minister’s Office (PMO).