998 Pope Francis seems to be slightly different from his predecessors, but still he has a long way to go!

Pope Francis seems to be slightly different from his predecessor Popes in the sense that at least superficially he shows interest in workers, relationships between Employers and Workers, Entrepreneurship philosophies, whereas his predecessors were more seemed to be concerned with ecclesiastical matters. Some of the observations made by Pope Francis to Industrial Workers whom he met on 27th May 2017, during a visit to a struggling Steel Factory in Genova. This news link from Click here to go http://abcnews.go.com/International/wireStory/pope-meets-steel-workers-italian-port-city-genoa-47675276 is very important, in the context of today's troubled Capitalist World. What made me happy by Pope's action is, that he took pains and chose to visit the Steel Factory in Genoa, instead of confining himself to his Palace, and uttering some mumbo jumbo to those who visit his Theocratic Empire. Some sayings of Pope during this visit are worth remembering, observing for at least a decade to come.

Quotes from Relevant Links

Francis distinguished what he called the "real entrepreneur," a person who "shares the labors of workers and shares the joys of work" to create something together, and speculators who are not bothered when they fire workers in a search for profit.

"...One sickness of the economy is the gradual transformation of entrepreneurs into speculators..."

"...The speculator doesn't love his business, doesn't love the workers, but only sees the business and workers as the means to make profit. ..."

He decried a political system that "sometimes seems to encourage" speculators, "not those who invest and believe in work."

He also denounced those who claim that workers do their jobs only for the money, saying that "denies the dignity of work."

ybrao-a-donkey's personal views which are not intended to be imposed on others:

In my mother tongue Telugu language, spoken by 100 million people worldwide, there is a proverb: "E rOTi mundu A rOTi pATalu". Its approximate English literary meaning: Appropriate songs for the particular mortar, before that particular mortor". Explanation: Before freedom of India in 1947, villages and small towns did not have electric power. For grinding and pounding grains in stone mortars with pestles they used to employ manual workers especially women. Two to four women used stand around the mortars and grind/pound the grains, and to relax/refresh themselves from the strenuous labor, they used to sing songs. There used to be two or three more women sitting on the ground for sifting the grain / flour, with big sieves, who used to add their voices as choruses.

The songs used to vary from mortar to mortar, house to house, street to street, even village to village. Hence, a person who works on mortars had to be very familiar with different varieties of mortar songs rOTi pATalu, if he-she wants to get harmoniously employed wherever they go. These folklore songs do not carry much personal commitment, attachment or dedication, beyond melody, rhythm, acceptability to the other members of the mortar-team.

One feature of Orations and Orators, world-wide

Orations and Orators have evolved worldwide, among various sections and strata such as politicians, religious leaders, film stars, sports persons, diplomats, bureaucrats, etc. have evolved to specialise in these "E rOTi daggara A rOTi pATalu" (Singing the tunes of that particular mortar, depending upon the country, province, region, language, religion, culture etc).

I hope the Oration of Pope Francis will not go waste.

These Employer-Worker Relations-- and Business Goals, Philosophies and Practices are all 1000 page subjects each, which are important for my focused goals of this blog: True Total Socialism, and Atheism. We have to discuss these issues threadbare at this blog, in the days to come.

---

Vocabulary help from Net

sieve : sieve/sɪv/ noun .A utensil consisting of a wire or plastic mesh held in a frame, used for straining solids from liquids, for separating coarser from finer particles, or for reducing soft solids to a pulp. verb: put (a food substance or other material) through a sieve.

To come back, and continue adding / deleting / modifying. सशेष. ఇంకా ఉంది.

905 Not only the Corporate Governance issues pointed out by Mr. N.R. Narayana Murthy are to be addressed, but also at macro level Government has to conduct indepth studies of at least half of Corporates in India

There are some similarities and some variances between what is happening in the Board Rooms of Infosys and the Tata Group. We need not lay undue emphasis on differences among Board Members about matters relating to the Managements of their respective Companies. Reason: Differences are natural, and are bound to be there. Like the Meetings of India's Union Cabinet, or the Cabinets of States like Andhra Pradesh, Telangana State, Tamil Nadu, if every thing is conducted without arguments, dissent, some emotional outbursts, with bent heads, knelt knees, UNANIMOUSLY, then there must be something wrong. Whether it is in political democracies, or in Corporate Democracies, such blind-fold meetings can lead to incalculable damage and harm. Such blind-fold, dumb-fold meetings, when conducted in Corporate Bodies, can lead even to financial collapse of Companies. Such blind-fold, dumb-fold meetings, when conducted in Executive Bodies such as Cabinets, Legislatures, Advisory Councils of countries can lead to dictatorships and tyrannies, and finally lead to disintegration of countries.

Here is a link to HIndusthan Times, dated 14th Feb. 2017, which contains some observations made by Shri R. Seshasayee, the Chairman of Infosys, about 'differences' among Board Members, which he terms as "not conflict", but as "convergence". Click to go to Hindusthan Times, http://www.hindustantimes.com/business-news/infosys-management-vs-narayana-murthy-is-the-conflict-really-over/story-2czSEEwLX45xLapMixs4gO.html. Some of the observations:--

“...Something like this doesn’t happen again.”

"...I shall not quit unless asked by the board and the shareholders to do so. ..."

"...the Bansal episode has taught the board to insert severance details in contracts and not be subjective about them. Bansal, was eventually paid Rs. 5 crore as severance pay, not the previously agreed-upon Rs. 17 crore. It was not “hush” money to get Bansal to keep the peace. ..."

"...Sikka's salary has been approved by shareholders. ...".

"... The Board continues to address issues all stakeholders, including ones that the founders have, within the overall framework of the fiduciary responsibility it has to all shareholders. ...".

"...Board will treat the promoters just as it does 'any other shareholders' ...".

Here is a report which contains the observations of the Shri N.R. Narayana Murthy, one of the top five Founders of Infosys: Click to go to EconomicTimes.IndiaTimes,com to study what Mr. Narayana Murthy is reported to have said.

"...There is no let-up in my demand that the board of India’s second-largest software company satisfactorily address the issues of poor corporate governance pinpointed by me last week, striking a firm stance in what looks set to be a fractious corporate battle. ..."
“No, I have not withdrawn my concern,”

"...They (issues and concerns) have to be addressed properly by the board, and full transparency should be given and people responsible should become accountable...".

"...They are all good-intentioned people of high integrity, but obviously being human even good people sometimes make mistakes, this is one such case, ..."

"...But good leadership demands that they listen to all concerned shareholders, re-evaluate their decision and take corrective action. I hope they take corrective action soon and improve governance for a better future for the company..."

"...Such payments raise doubts whether the company is using such payments as hush money to hide something...".

Shri Balakrishnan: "... If investigations have proved there was nothing wrong, then why stop? Someone has to own this up. The chairman should take responsibility. ..."

"...Infosys board be recast with “some good people” like Marti Subrahmanyam. It should also induct unnamed former Infoscions, schooled in the Infosys values ...”.

ybrao-a-donkey's perceptions, which are not intended to be imposed on others

Out of the top four Info Giants in India of those days (TCS, Infosys, Wipro, Satyam Computers), the last i.e. Satyam Computers made an ignominous exit, as fudging of accounts by the then Satyam Management led by Shri Ramalinga Raju blew up, sending him to Jail. The remaining three IT Giants maintain a public profile which claim "honesty and truthfulness". While nobody knows what happens in those remaining Top Three Companies, and people go by revealed Financial Statements and Data, as certified by their Company Auditors.

One thing is definite. Since the 2008 Sub-Prime Lending Crisis which engulfed U.S.A. and the Wall Street, the Business Environment for Indian IT Companies has also undergone some unfavourable changes. In tune with those unfavourable changes, the three IT Companies ought to have made substantial provisions for unforeseen losses, but it is not clear to what extent they have made provisions.

The five top promoters of the Infosys (Sarvashri N.R. Narayana Murthy, Nandan Nilekani, SD Shibulal, Kris Gopalakrishnan and K Dinesh, seem to have withdrawn a major part of their investments from Infosys. They are said to hold, all of them together, about 12.75% stake in the Company. It can also be observed that , when the going is good, when the Business Environment is favorable, everybody will come forward to work as Chairman, CEO, CFO, so that they can take credit for the good results. But, when there is a dwindling trend of fortunes, nobody will come forward; Those who are at the helm, may try to step down, and chose either to retire, or go in search of greener pastures.

Promoters , having tasted power all-the-days when they were at the steering, after leaving the Company, because of past attachments (Sanskrit and Telugu: "vAsanAs"), may want to drive their Companies from back seat. This type of approach, reflects a type of urge "to eat the cake and have it too", exercise some authority, without match responsibility.

REPORTED SHARE-HOLDING MIX

(Approx.) Shareholding Mix of Infosys
Top Promoters: 12.75%
Foreign Institutional Investors: 39%
Insurance Companies: 11%
Mutual Funds: 7%
Foreign Non-Institutions: 17%
Public: 10%

ybdonkey always believed

In India, Private Sector Companies are NOT REALLY PRIVATE SECTOR COMPANIES. In most Companies, Promoters hold very little share-holdings, often less than 20%. But, Promoters, and their benAmIes pull the strings in the Boards, hold most Executive positions, and draw huge amounts as perquisites/remuneration/salaries. Besides, they also ensure that their kith and kin, and the Companies promoted by them, get all the supply Contracts, Distributorships, sine cure jobs in the Company.

Independent Directors, Directors representing Financial Institutions such as Mutual Funds, Insurance Companies, Foreign Institutional Investors, do not take active interest in the Management of the Company. Even when they attend BOard Meetings, they just sign the Attendance, raise one or two unimportant questions and queries for formality and ritual sake, have the dinners/lunches/refreshments, collect the gifts, receive Sitting Fees, collect Flight Tickets, and leave. In Telugu language, there is a proverb: "SingaDu addanki pOnU pOyADu, rAnU vachchADu." Approx. English: A person named "SingaDu" went to a place called "Addanki" in Prakasham Dt., of Andhra Pradesh, and came back, with no outcome. Attending Board Meetings remains just a symbolic appearance.

"... The Board continues to address issues all stakeholders, including ones that the founders have, within the overall framework of the fiduciary responsibility it has to all shareholders. ...".

"...Board will treat the promoters just as it does 'any other shareholders' ...".

These words of the Chairman, seems to suggest that promoters will be shown their place, in proportion to their 12.75% shareholdings. If the (former) Promoters try to exercise their will on the Current Management, the Chairman may try to take shelter in the Foreign Institutional Investors who have 39% shareholding, apart from trying to get support from Mutual Funds and Insurance Companies.

Though SEBI seems to have started making some inquiries into the goings on, such enquiries seem to be too little, when a lot needs to be done.

To continue adding / deleting / editing. सशेष. ఇంకా ఉంది.

825 (Part 1/10) Will Mr. Ratan Tata become another Vijay Mallya? It is difficult to say!

It is difficult for ordinary donkeys like me to answer this question. To answer this question, one should have inside information of what has really happened, is happening, and will happen in Tata Group Companies. Even Federal Bureau of Investigation (FBI) of U.S.A., Scotland Yard of UK, KGB of Russia, (etc. etc. globally), Enforcement Directorate, CBI, Supreme Court of INdia, High Courts, SEBI, Ministry of Finance, Ministry of Commerce, in India, will not be able to answer this question, because most of them will start their work, after something happens, and that something comes out in a significant manner, and in any way after things become nearly UNSOLVABLE. They enter late. Proof: We have seen this in case of Sahara, Vijay Mallya's Borrowings, AgriGold, Sharada Chits (Bengal), Satyam Computers of RamaLinga Raju.

IMPORTANT CLARIFICATION

I do not wish to create here some panicky rumours about Tata Group of Companies, or some other Group of Companies. Writers, do not have such genius brains to create rumours. Writers, basically, are analyists. Then, their thoughts are influenced by some sort of ideas and ideologies, howsoever, anachronistic / outdated they may be. And those analyses are to be based on SOUND LOGICAL REASONING and not on HEARSAY or BASELESS APPREHENSIONS / FEARS.

I have only one grievance and grouse. Year by year, writers are becoming slaves of Capitalists, because writers for their livelihood and survival, depend on the Capitalists. Media Business Analysts, Credit RAting Analysers etc. have lost their sense of reasoning after their socialisation with the Corporate Empires.

NEED FOR WRITERS TO HAVE IDEOLOGIES

My ideology is True-Complete Socialism which may be anachronistic and sometimes seem day-dreaming. What I write here therefore, is an examination of global scenario, UK scenario, Indian Scenario, European Scenario, African scenario etc. from the point of view of attainment of True Complete Socialism through civilised unbarbaric / legally permitted ways, through intellectual upgradation of people, particularly those who take voting decisions. What I write, I intend to make them useful not only to INdian voters, but also global voters, particularly, contextually, now, the American Voters who are going to "DECIDE" their voters in a week's time.

Decisions taken by Heads of Governments / Institutions / Businesses / Corporates, have been, now are, and will continue, to be complex. They will have long term implications affecting economies / political state(s) of countries and Nations. Hence, whether in Capitalism , or in True Complete Socialism, or something else, decisions are to be taken COLLECTIVELY, and not at the fancies and whims of some charismatic individuals, howsoever great their geniuses may be.

LOCAL KNOWLEDGE OF 'CLAN' OR 'DYNASTIC' AFFAIRS

We shall start with an interesting link. Click to go to Deccanchronicle.com dated 29.10.16 containing an Opinion of Ms. Shobhaa Dey about the fallout between Mr. Cyrus Mistry and Shri Ratan Tata. Here is one quote from the article of Ms. Shobhaa which highlights the need for local knowledge, and interest of locals into the affairs of our Corporate Emperors.

"...In India, it’s difficult to get bigger than the reticent Shapoorji Pallonji family. I am not going to trace the family tree to show how exactly the main protagonists in this messy sacking are related — through marriage and otherwise. Even for someone like myself, living in South Mumbai, and not too far from where these billionaires reside, I can tell you confidently, most people wouldn’t recognise anybody from the Pallonji family besides Cyrus Mistry’s bête noire — the larger-than-life, living legend Ratan Tata. Here’s an intricate and complex saga waiting for a television series — so many intriguing players playing such complex games! The mind boggles.. ..."

Ms. Shobhaa Dey has not given the relationship betwee Mr. Cyrus Mistry and Shri Ratan Tata: This information can be studied at the link Click to go to Wikipedia for studying more about Shri Cyrus Pallonji Mistry..

"...Mistry was born to a Parsi family in Mumbai, the younger son of Indian billionaire and construction magnate Pallonji Mistry by his wife Patsy Perin Dubash. Both his parents belong to the Zoroastrian faith and have roots in India. However, Mistry's mother was born in Ireland, and his father chose to take up Irish citizenship. Mistry has an elder brother, Shapoor Mistry, who is also an Irish citizen, and is married to Behroze Sethna, the daughter of Parsi lawyer Rusi Sethna. Mistry also has two sisters, Laila and Aloo. Laila is married to Rustom Jehangir, a London-based portfolio fund manager. Aloo is married to Noel Tata, the half-brother of Ratan Tata. ..."

yb-donkey's personal views, not intended to be imposed on others, but there is nothing wrong in publishing them

Like elsewhere in the world, particularly the USA, Canada, Europe, ANZ, South East Asia, the Corporate Governance in India also is FUMID and MURKY. The only difference is in US-Can, Europe, ANZ, dynastic puppety controls of Corporates are kept closed secrets, whereas in India there is no such "siggu biLLa (Telugu language phrase)". Approximate English for the Telugu word 'siggu biLLa': siggu=shame, shyness. biLLa=a small plate. In old days it was a custom in Telugu language spoken areas, to tie to the waist of cradle-baby-girls and toddler-baby-girls, with a banian-leaf shaped silver-leaf to hide its genitals from the view of elders.

Dynastic Successions in India take place quite openly, though some pretensions are made of first admitting the Princes and Princesses into the Companies as Junior Levels, and make them to work two or three years to gain a first hand experience of ground level working of their Empire. To make this siggu biLLa more meaningful, some Company Patriarchs make their Princes and Princesses to acquire prestigious Business School Degrees from High Profile Institutions and Business Schools like ISB, or foreign degrees from High Profile Degree Merchants like Harvard, Cambridge, Oxford, Yale. Everything proceeds swiftly, to facilitate anointment and coronation of the Princes and Princesses, and to make the crowning ceremonies as legitimate-looking as possible.

Consequently, there are very very few Corporates in India, which do not have dynastic bosses. This is particularly true, even where Professionals are appointed as Chair persons, CEOs or CFOs. They will have to function only as puppets, and should get ready to resign / step down, when strings are pulled by dynastic bosses. This moribund / morient decay continues, in spite of lofty speeches delivered by dynastic bosses, as a part of their Public Relations Exercises.

INDIAN POLITICS

The umbrageousness of the Corporate Governance in India is not different from the umbrageous Country Governance in India. When Mr. Manmohan Singh was made Prime Minister of India for two terms, at least some innocent persons expected that there will be a true professional governance of the country, and there will be little dynastic interference. What is the outcome of the ten year rule of Mr. Manmohan Singh, with his acquiescence to the incursions and intrusions from the Congress President, Vice President, and their coteries? When accusations of corruption in scams such as Telecom Scam, CoalMines Scam, swarmed Mr. Singh, he tried to save himself by referring to ERRORS OF JUDGEMENT, compulsions of coalition Governments, etc. During the tenure of Mr. Singh, decisions which were supposed to be taken on COLLECTIVE DECISIONS, ON THE BASIS OF RECOMMENDATIONS OF EXPERT COMMITTEES AFTER DUE STUDIES, everything was stage-managed to appear as though procedures were meticulously followed, on paper.

As can be seen from the Wikipedia information above, Tatas , while five years back choosing and inducting Mr. Mistry, as successor of Shri Ratan Tata, seem to have taken into account his Zorashtrian faith, and the marital relationship of his sister to Shri Noel Tata of Tata Clan. It is not clear, whether Mr. Mistry conducted himself as an Independent Professional Manager, or as a puppet Manager. Had he conducted himself as a 100% Professional, with its concomitant ethics, probably, he might have been sacked in no time. Instead, he ruled the Company nearly five years, and that long tenure gives an impression that he might have acted only as a symbolic de jurie Head, while the strings remained in the hands of Tata Emperors. Today, probably because as things have gone wrong with some of the businesses of the Group in India and Overseas, when the need for taking up responsibility for decisions arose, the axe seem to have fallen on Mr. Mistry.

Anyway, this blog or this blogpost is not about Mr. Ratan Tata, or the Tata Empire, or Mr. Vijay Mallya or his Brewery Empires. Tatas and Mallyas are only the TIPS of the ICEBERGS in global Business Oceans. Even 10,000 pages will not be enough to discuss the Global Corporate Governance or the Indian Corporate Governance. My remaining active life of about 5/6 years will not be sufficient to discuss. But, there is nothing wrong in trying. To continue. सशेष. ఇంకా ఉంది.

425 Prodyut Bora could do what greats Advani and Murali Manohar Joshi could not do!!!

Prodyut Bora, photo courtesy Wikipedia.org.

For those who will like to read more about Prodyut Bora can click this Wikipedia.org link.

http://en.wikipedia.org/wiki/Prodyut_Bora.

प्रोद्यूत बोरा कौन है, यह पढने के लिये आप उपरोक्त लिंक क्लिक कीजिये.  ప్రోద్ యూత్ బోరా ఎవరో తెలుసుకోవాలనుకుంటే పై లింకును క్లిక్ చేయండి.

What is the greatness of Prodyut Bora?  प्रोद्यूत बोरा के महनीयता क्या है  ప్రోద్యూత్ బోరా గారి మాహాత్మ్యం ఏమిటి

This gentleman's age is just 40 years.  He was in BJP for ten years.  Till yesterday, he was the National Executive Member of BJP,  Yesterday he quit the party .  In his Facebook page, he has given reasons for his quitting.

Among the fivc reasons, third reason is very important, in ybrao a donkey's view point:

Subversion of the democratic tradition by the Modi-Shah duo.

For those who want to study the lengthy letter addressed by him to Amit Shah, BJP President,  the following link is worth studyiing.

http://www.dailyo.in/opinion/prodyut-bora-the-bjps-national-executive-member-tells-you-why-hes-quitting-the-party-assam-himanta-biswa-sarma/story/1/2119.html

Question: You have not explained why Prodyut Bora is more courageous than than Advani and Murali Manohar Joshi.
अद्वाणी और मुरळी मनोहर जोशी महोदयों से बोरा किस तरह मैं ज्यादा हिम्मतवाला, आप विवरण नहीं दिये।
శ్రీ అద్వాణీ మరియు జోషీ గారి కన్నా,  ప్రోద్యూత్ బోరా గారు ఏవిధంగా  ధైర్యశాలియో మీరు వివరించలేదు.


ANSWER: Subversion of democratic traditions by Narendra Modi and Amit Shah is not a secret.  When Advani and Murali Manohar Joshi were sidelined, unceremoniously, they did not have the courage to speak out and resign from the Margadarsak Mandal which never met, of which they were made members.
May be because of young age and inexperience, Bora has the courage to resign, notwithstanding the consequences.  Of course, Bora was an alumni of IIM Ahmedabad, some fellow of Yale University (may not be similar to the studies of  our HRD Minister Smriti Irani), he might have thought that he was taking a business-management decision, whereas political survival decisions often needs a person to swallow arrogance.  Even in Corporates, bosses tend to be arrogant, throughout the hierarchial ladder.  Middle and Senior Business level Managers survive by silently receiving insults, and echo them to their subordinates without disclosing the source.

Most bourgeoise parties tend to be Corporate minded parties, with hierarchial ladders, and arrogant bosses. A person who cannot swallow the insults, if he-she is in a business management job, will have to hop jobs, if his qualifications and cv have some glamour, and if he-she is in politics will have to change parties, finally getting an image of turncoat or an ayaram-gayaram.

చాలా బూర్జువా పార్టీలు సహజంగానే కార్పోరేట్ మనస్తత్వం గల పార్టీలు గానే ఉంటాయి. సంస్థాగత నిచ్చెనలు, పాములు ఉంటాయి. అహంకార పూరితులైన బాసులు ఉంటారు. అవమానాలను మింగలేని వ్యక్తులు, మామూలుగా వ్యాపార నిర్వహణ ఉద్యోగాలలో ఉన్న వాళ్ళైతే , వాళ్ళకి గ్లామర్ ఉన్న విద్యార్హతలు, అనుభవం, సీవీలు ఉన్నట్లయితే, ఒక ఉద్యోగంలోంచి మరో ఉద్యోగంలోకి దూకుతూ పోవచ్చు. రాజకీయాలలోనైనా, స్వంత అనుచరులు, విసిరేయటానికి డబ్బులు ఉన్న వాడు, వాటిని తిరిగి సంపాదించుకుకునే శక్తి ఉన్నవాడు, ఒక పార్టీలోంచి మరొక పార్టీలోకి దూకుతూ పోవచ్చు. చివరికి ఆయారాం గయారాంగా మారవలసి కూడ రావచ్చు. కెసీఆర్ లాగా ప్రాంతీయ ఉద్రేకాలను రెచ్చగొట్టో, మమతా బెనర్జీలాగా మసిపూసి మారేడు కాయలను చేసో, మాయావతి, మూలాయం యాదవ్, రాంబిలాస్ పశ్వాన్ వంటి వారిలాగా కులాన్ని ఆశ్రయించుకునో వైభవోపేతులు కావచ్చు. ఏది ఏమైనా ప్రద్యోత్ బోరా ధైర్యం అభినందనీయం. ఎంతమేరకు విజయం సాధిస్తాడో చూడాలి.
(Note: Even CPI and CPM, this ybrao-a-donkey views as bourgeoise parties, and they also suffer from the above ill of hierarchial arrogance.)