988 Musings and observations on some important subjects

Ms. Brinda Karat is Polit Bureau Member of Communist Party of India (Marxist), India. She has a reputation of being a Senior and sincere CPM Worker. It's all so good. But, what I wish to highlight is, that she cannot speak like Mr. Arvind Kejriwal, Chief Minister of Delhi, and President of the Aam Aadmi Party, who is now facing a defamation case for some crores from Mr. Arun Jaitley, Hon. Finance Minister, and is in a quandary on how to pay the hefty fee of his counsel Shri Ram Jet Malany, amounting to Rs. 3.4 crore (Rs. 34 million) from the Delhi Exchequer. In India, these days are very hard days, for the Opposition Leaders. In Telugu language spoken by 100 million people across the world, there is a proverb: "urumu urimi mangalam mIda paDi naTlu' (Approx. English: The thunder thundered, and fell on the kiln for making popped grains (similar to popcorn). This proverb is used when some misfortune befalls on a person or a thing, who/which is not much connected with the falling object. Context: Right now, the concentration of our Hon. Prime Minister, our Hon. Finance Minister, and the BJP President, is focused on hardnut-to-crack challengers like Arvind Kejriwal, and Ms. Mamata Banerjee. Our BJP trio seems to expect that Ms. Mamata Banerjee will take care of controlling the resurrection of CPIM in West Bengal. Ms. Brinda Karat is reported to have commented as under, while speaking at the "Meet the Press" Program organised by Telangana Working Journalists Federation, Hyderabad on 20th May 2017.

Relevant Links

Click here to go to http://www.deccanchronicle.com/nation/politics/200517/rs-72-thousand-crore-of-adani-loans-waived-cpm.html.

Quotes from Relevant Links

What Ms. Brinda Karat is reported to have said	=====yb-a-donkey=====
"...Party plans to increase women membership from the present 16 per cent to 25 per cent. Membership in the CPM is not the one like “missed call ...”	BJP has a separate parent organisation called RSS, and they educate BJP Workers, whatever that 'education' may mean. BUT CPIM cannot train its workers just to carry huge party flags, and get beaten by police with batons in processions Rallies, and dharnas. What is the use of having workers who will be ready to receive lathi (baton) blows, but who cannot convince their neighbors to vote for CPIM, without giving Rs. 1,500 per vote, and a liquor bottle? Stress should more be on votes and ballots, rather than flags and processions.
"...Modi government waived the Rs 72,000 crore bank loans of Adani group companies while waiver of loans for the entire farmer community in the country was Rs 75,000 crore. In the last three years, waiver of bank loans to the corporate sector touched Rs 6.8 lakh-crore. 70 per cent of loans waived were of corporates..."	Though this allegation may be factually correct, Ms. Karat has not given any details such as Names of the major borrowing Adani Companies, Names of Banks, Names of amounts. CPIM should have a data bank of this type on its website, to enable its leaders as well as public to have a look at the method of defaulting. Else, there will be risk of facing unnecessary defamation suits, and other court cases. In Telugu language, there is a proverb 'rAju talucukunTE debbalaku koduvA? Approx. English: If the king wills (and orders), can there be scarcity of blows? Implication is that: kings may not bestow gifts, but he can shower baton blows.
"...Gau rakshak dals in the BJP-ruled states were targeting Muslims and Dalits. CPM was also being targeted..."	CPIM cannot be like Congress and some other Regional Parties which are bent upon building Muslim and dalit vote banks. Though cow-protectors have become militant, prevention of cow, buffalo, camel, miltch-animal slaughter in the long run, makes India a gentler and nobler Nation, because cruelty to animals gets reduced. Beef, and some other meats which are being sold now in shops, and served in hotels, lack quality (quality neglected by everybody with eyes on profits), and such foods become 'rAjasa, tAmasa' Aharams. (Foods which make people arrogant, easily irritable, blood thirsty). When these foods get coupled with liquors, persons lose their self-control, and they will not hesitate to indulge in rapes, murders, tortures etc. CPIM can, NOT ON RELIGIOUS GROUNDS, but on SCARCITY OF RESOURCES grounds, try to convince people of all castes and religions to exercise some self-control in consuming beef.
"...There has been nothing to boast about in Modi’s three-year rule. It’s a rule of deceit. Modi promised 2 crore jobs but failed. All he managed was 2.3 lakh jobs. Due to problems in IT sector, we may lose 6 to 10 lakh jobs in next 4/5 years. ..."	People will know that whatever our Hon. Prime Minister and our BJP President promise are Election jumlas. But, people may not vote only in response to promises. Cash and Liquor, of course religious bigotry and fanatism, seem to be stronger than promises. Making unfulfillable promises, knowing them to be unfulfillable, is a trait of all political parties in India. Still, I wish that CPIM promises to people more hard-to-fulfill things like Removal of Private Property, Removal of Currency, State Capitalism, Treating every citizen as a Government Employee etc.
"...Centre has failed to handle the Kashmir issue and asserted that it needed a political solution. ..."	POlitical solutions may not work in Kashmir, because the militancy and terrorism in Kashmir, is propelled by money and men from not only Pakistan, but many other Gulf and Middle East countries. Military Action on POK is an important solution, even if it may be disastrous both to India and Pakistan.

Topic No.2. With no intent to hurt the sentiments of devotees and scholars

After studying the 'kalyANotsavam' program on SVBC TV channel, for about one year, from 12 noon to 1 pm, I am writing this. I appeal for forgiveness from devotees and scholars , if I am going to hurt their sentiments, by writing the following:

Submitting 'madhuparkams' during the wedding ceremony

SVBC channel, though broadcasts the ceremony live, 'commentary part', they seem to be playing recorded audio files. Two or three different commentators might have given these commentaries, as I hear, two or three different versions, on TV.

One commentator explains 'madhuparkams' are 'clothes/cloths (vastrams)'. Another commentator (example the commentary on 21.5.2017 wedding commentary) said that it is a preparation made of milk, honey, clarified butter etc.

Madhu means honey, and we can include preparations made of honey.
There is a general impression among the people of Andhra Pradesh, that 'madhuparkams' mean 'clothes/cloths'. During the ancient ages, madhuparkams seem to include even beef, as can be seen from the following quote:

Book: Sanskrit Drama Uttara Rama charitra, by Bhavabhuti mahAkavi, approx. 8th Century AD. Tritiya vishkambham. (3rd Intermission). Context: Disciples of Valmiki, by names Bhandayana and Saudamini were conversing with one another about the missing calf 'kalyANi kapili' and Sage vasishTha. These verses have been reproduced at our blog post No.124 Click here to go to post No. 124. I am quoting below the Uttara ramacharitram verses, for ready reference:

సౌధాతకి: తేన పారపతితేన ఇవ సా పరాకీ కల్యాణీ కపిలా మడ మడాయితా.

ఆయన వచ్చాడో లేదో, అప్పుడే ఆ అనాథ కల్యాణీ కపిల మడ మడాయించ బడింది.

నోట్స్: కల్యాణీ కపిల ఆవుదూడ పేరు. కల్యాణీ అంటే మంగళకరమైనది. కపిల అంటే నల్లనిది. అనాథ అనటంలో అయ్యో పాపం అనే అర్థం ద్యోతకం అవుతున్నది. మడమడాయించటం అంటే నమిలేయటం. చక్కటి ప్రయోగం. తెలుగుకి దగ్గరగా ఉన్నది. No sooner did he come, the orphan (poor) Kapila (black calf) Kalyaan`ii (auspicious name of the calf) was munched. (Meanings: parakikaa = orphan. Parapatiteena iva = the moment he came. Mad`a mad`aayita = was munched.).

భాండాయనుడు: Bhandayana (Senior disciple)
సమాంసో మధుపర్కం ఇతి అమ్నాయం samAmsO madhuparkam, iti AmnAyam
బహుమన్యమానా శ్రోత్రియా bahumanyamAnA SrOtriyA
యాభ్యాగతాయ వత్సతరీ మహోక్షంవా మహా అజం వా yAbhyAgatAya vatsatarI mahOksham vA mahA ajam vA
పచంతి గృహ మేథినా vachanti griha mEthinA
ఇతి ధర్మ సూత్ర కార సమామ్నతి. iti dharma sUtrakAra samAmnati.

అర్ధాలు: బహుమన్యమాన-- పలువురిచే మిక్కిలిగా గౌరవించబడే. ఆమ్నాయం-- వేదాలు. సమాంసో మధుపర్కం-- మాంసంతో కూడినది మధుపర్కం. శ్రోత్రియ -- పండితుడైన బ్రాహ్మణుడు. మూడు రకాల సంస్కారాలను పొందినవాడు. బ్రహ్మచర్యం, యజ్ఞోపవీతం, జ్ఞానోపదేశం మొ|| పొందినవాడు. అభ్యాగతుడు -- ముందు చెప్పకుండా వచ్చే అతిథి. ఒకరాత్రికన్నా ఎక్కువ ఉండడు. ఏక రాత్రం ఏవ పరగృహే నివసన్, అజ్ఞాతో బ్రాహ్మణః అతిథీ జ్ఞాతస్ తే అభ్యాగతః.

మిక్కిలి గౌరవనీయులు, శ్రోత్రియులైన బ్రాహ్మణులు, అతిథి అభ్యాగతులు విచ్చేసినపుడు ఒక ఆవు దూడనో, గొప్ప వృషభాన్నో, లేక గొప్ప మేకనో గృహస్థులు వండుతూ ఉంటారు. ఇలాగా ధర్మసూత్రకారులు నిర్ణయించారు.

Meanings: Bahumanyamaana = standardised, recognised by many people. Aamnaayam = Vedas. That which is accompanied by flesh as "Madhuparkam" - this, the Vedas and the Codemakers (such as Bodhayana and Apasthambha) have standardised. Srootriya = A well-learned Brahmin who has been anointed with all the purificatory ceremonies (sanskaaras: prescribed religious ceremonies and vows such as celibacy, sacred thread etc. Brahmano, gneeyaha, sanskarai)). Abhyagata = guest who arrives without notice and stays not more than one night. (Eeka raatram eeva paragrihee nivasan, agnaatoo brahmanaha atidhi gnaatastee abhyaagataha). Vatsatari = calf. Mahooksham = big bull. Maha ajam = big goat. Grihamethina nirrapanti = house holders feed. Gist: Householders feed venerable scholars and guests with calfs or big bull or big goat. Thus the code-makers prescribed.

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

Though it may be a custom during the days of Valmiki, or Bhavabhuti, to serve revered priests, sages with preparations made of beef, we need not do it now in 21st Century.

I pray to the TTD Scholars , commentators to study the whole issue of 'madhu parkams' afresh.

I suggest that the the word 'madhuparkams' may be totally avoided during the commentaries. I suggest that we may use the words and phrases like 'vastram' samarpayAmi. 'madhu samarpayAmi'. 'kshIram samarpayami'. 'dadhi samarpayAmi'.

I am unable to trace the word 'parkam' in Sanskrit dictionaries. The TTD scholars can retry. The word 'parkam' seems to mean '(animal) skin'. In ancient times, animal skins might have been used as garments (and also as paper rolls). Probably, we might have got the word 'parchment' to mean thick paper, from this word 'parkam', though 'parchment' may have several other etymological roots. Thus parkams can mean clothes. Madhu can mean honey preparations. Madhuparkams can mean both honey preparations + textiles/fabrics. (dvandva samAsam). Anyway better to avoid the phrase 'madhuparkams'.

Sacred chants recited at the time of wearing 'sacred threads' to SridEvi and bhUdEvi

Some priests seem to be reciting three times each 'mAngalyam tantunAnEnA loka rakshaNa hEtavE, kanThe Badhnami...." and 'mAngalyam tantunAnEnA jIva rakshaNa hEtavE, kanThe Badhnami....' for SrIdEvi and bhUdEvi respectively. It used to be very clear about the ceremony. This practice seems to have been discontinued by some priests. (Eg. 21.5.2017, 12.30 pm approx.). If so, scholars have to examine the relative merits of the two methods.

LAST BUT NOT THE LEAST

The premises/compound where the kalyANotsavam (wedding ceremony) is being conducted, does not seems to have AT PROMINENT PLACES FIRE FIGHTING EQUIPMENT. This ceremony may be in vogue since several Centuries, and no fire mishap might not have occurred so far. Audience/Spectators seem to be sitting in a crowded and congested manner. But there seems to be no alternative. But, we can do one thing. The grill gates behind the spectators seem to be closed, and probably locked. If that is true, if a fire mishap or a rumor of anything dangerous nature spreads, there will be stampedes, resulting in loss of lives. I hope the new EO will look into this, and arrange for some FIRE DRILLS, installation of FIRE FIGHTING EQUIPMENT WITH CO2 CYLINDERS, KEEP THE REAR GATES OPEN,TRAINING TO COMMENTATORS ON HOW TO GUIDE SPECTATORS IN THE EVENT OF MISHAPS/RUMORS OF MISHAPS.

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

984 Who gave horns and fangs to International Credit Rating Agencies?

Bulls, deer etc. have horns on their heads for self-defence. Dogs, Wolfs etc. have fangs to split steaks they eat. But International Credit Rating Agencies which are four or five in number, seem to have horns to intimidate developing and under-developed countries, and fangs to feed on timid countries. Who gave them these horns and fangs? Not the Affluent Nations like U.S.A., U.K., France, Germany, Japan, China. But, developing and underdeveloped, poor countries like India. Why did they give? For mobilising foreign investments from Foreign Portfolio Investors (FPIs), Foreign Institutional Investors (FIIs), Foreign Individual Investors, Foreign Governments, Foreign Banks, Foreign Investment Agencies, Merchant Bankers, some of whom seem to attach great values to the Ratings given by these International Rating Agencies. But how many of those FPIs, FIIs, Foreign Governments care to check whether the Ratings made by the International Rating Agencies are accurate, and are not based on whims and fancies of the Directors/Managers of the Rating Agencies? If such checking had been done, the 2008 World Recession, following the Sub-prime Lending Crises in American Banks and the Wall Street Investment Empires such as Goldman Sache would not have taken place. Ratings obtained from International Rating Agencies, might have helped the Investment Decision-makers from embarrassment-s and loss of fat jobs, which might have enabled such decision-makers to hide under the not-too-reliable expertise of the Rating Agencies.

Criticism of Rating Agencies, by Mr. Arvind Subramanian, the Chief Economic Adviser of India

CEA's Criticism	yb-a-donkey's view
Rating Agencies have not upgraded India "despite clear improvements in our economic fundamentals" which include inflation, growth, and current account performance. Despite its rapid growth, India still has a BBB rating. China's rating has been upgraded to AA, despite its slowing growth and rising debts.	India is a Sovereign Nation. It has vast human and natural resources. It can produce any goods and services on a massive scale for exports. The export profits can be used as 'fresh investments' for setting up new export-oriented businesses, both manufacturing, and service businesses. India can also use Keynesian Investment Multiplier, by pump-priming (introducing newly created Central Bank's moneys into productive, export-oriented ventures. It can also buy required technologies. Where is the need for canvassing for Foreign Portfolio Investments, and Foreign Institutional Investments. Mr. Manmohan Singh, the Former Prime Minister of India, and the intermittant Vajpayee Government might have committed an error of judgement, or forced by circumstances, to invite foreign investments. But, the new 2014 NDA Government, there is no such compulsion. Why are we continuously begging for Foreign Investments? Have we fallen in a Foreign Investment trap? (similar to Foreign Debt Trap).
"Given this record, what we call Poor Standards, my question is - why do we take these rating analysts seriously at all?"	Instead of asking the question himself, CEA ought to have tried to answer the question. Another important observation which can be made is: Even IN SPITE OF / NOTWITHSTANDING low/mediocre ratings given by Fitch, Moodys, and Standard & Poor, India could mobilise considerable foreign investments. Hence, we should stop hankering about the Ratings given by the International Agencies. We can ignore them. If we have been paying them some subscriptions, we should stop. If we have been paying some commissions to Lobbyists in U.S.A., and Europe, we should stop.
They consistently fail to provide advance warnings of financial crisis and downgrade a country after the fact. In the US, they had given AAA ratings to mortgage-ridden securities, which later dragged down the economy and created a crisis.	Have we understood this harsh truth, too late?

Related news link

Click here to go to http://www.ndtv.com/india-news/chief-economic-advisor-arvind-subramanian-slams-rating-agencies-for-not-upgrading-india-1692288. A few quotes from this news report:

India has been consistently pushing for better ratings, which is expected to act as an endorsement to Prime Minister Narendra Modi's economic policies and help bring in much-needed investment. Since coming to power in 2014, the NDA government has aggressively chased investment - taking measures to streamline processes and bring down inflation.

But the three key ratings agencies --- Moody's, Standard & Poor's and Fitch - have not upgraded India, contending that the government needs to do more. In November, Moody's refused to upgrade India, said the economic initiatives of PM Modi's government are yet to produce results.

Among the issues the rating agencies have red-flagged are India's high debt-GDP ratio and bad assets of its banks. The agencies argue that the debt-GDP ratio, at 69%, is on the higher side and acts as a deterrent to private investment.

Personal views of ybrao-a-donkey, not intended to be imposed on others

Why should India have been consistently pushing for better ratings?
Why do Prime Minister of India's Economic Policies, need an endorsement from Foreign Rating Agencies?
Why should India aggressively chase foreign investments? We can chase domestic investments?

Is money-laundering of $100 million so easy?

Domestic Fund Flows may be moving abroad through Money Laundering Channels, and coming back to India as Foreign Investments from Hong kong, Singapore, China, Mauritius, etc. etc. If we can prevent outward flight of domestic funds, by plugging loop holes in our Foreign OUtward Remittance Systems, our Imports-payment systems, Export-Realisation Systems, there will be no need for us to beg for foreign investments.

One latest 2017 May example: A sum of Rs.6 billion (nearly $100 million) was remitted by a criminal business man in Visakhapatnam to Hong Kong, Singapore, China, ostensibly for import of software. The criminals are reported to have promoted about 30 shell Companies, opened accounts in various banks in Visakhapatnam, received funds from Kolkata collaborators, and remitted them to Hong Kong, Singapore, China, on the pretext of software imports. How easily and swiftly they could do ? Now those $100 million may be coming back to us as Foreign Portfolio / Institutional Investments.

Besides, we have to study why Indian domestic fund owners are hesitating to investment their funds in India directly, without sending them through the Money Laundering Route.

Who are these Moody's, S&P, and Fitch to prod and push India saying that "Government needs to do more". We need not do more. Who are they to say that our initiatives are not producing results?

If at all our Debt/GDP Ratio, bad assets of our banks are REALLY HIGH, that should be our headache. It is our duty to attend to them. Others need not PUSH us.

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

762 (Part 7/100 of Indian Economic Enigmas)- How can the bourgeoisie parties act against their own benefactors?

This is in continuation of our blog post No. 760 (Part 6/100 of Indian Economic Enigmas). . Merger of 27 Indian Public Sector Banks into 6 large Banks will only create chaos. Their efficiency will not improve. Here is a Deccan Chronicle.Com News Report which indicates that Centre is likely to ahead with merger of 27 Indian Public Sector Banks in 6 large Banks, as recommended by Shri Vinod Roy, a Former CAG (Comptroller and Auditor General of India). Click here to go to DC & Read the Report.. It appears that State Bank of India, India's and the World's largest Bank in terms of number of Branches, has already started the process of merging into itself its six Associate Banks-- State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala, and State Bank of Bikaneer and Jaipur.

In Telugu language, there is a proverb: "picci kudirindi, rOkali talaku cuTTanDi". Approx. English equivalent: "my idiocy (or lunacy, insanity) has been cured. Pl. roll this pezzle around my head". Here, the cured patient is asking his listener to bend the wooden pezzle used for pounding flour and grains in Indian Homes, and roll it around his head like a "head gear". Here, one question arises: picci kudirindA? picci mudirindA? Has the madness been cured? Or has the madness aggravated? This comment, which I am making, may appear to be rude.

Yet, with due respect to the Learned Former CAG who is said to have made some drastic recommendations for cleansing Indian Public Sector Banks, I am tempted to quote another Telugu proverb: "Dabbulu oka cOTa pArEsukoni inkO cOTa vetukkunnaTlu". Approx. English gist: Like a person who has lost money at one place, and who was searching for the lost money at another place. When an onlooker asked the money-loser, why he was searching at that particular place for the lost money, he replied: "Here, there are electric street lights. Where there are lights, we have to search".

Public Sector Banks lost their money, owing to their corruption, inefficiency and recklessness. In spite of that, they may be successful in recouping a part of the lost-monies, if the Legal System, Administrative System (both Central and respective State Governments) help them with earnestness and sincerity. The major drawback, both of the Judicial Systems and Administrative Systems involved in handling Huge Banks dues is: Both of them treat the Public Sector Banks and the Private Sector Banks equally.

The Judicial System treats Public Sector Banks just as ordinary litigants, and on par with private money lenders. Our Government Administrators both in Centre and States, view Public Sector Banks as "miltch cows" when it comes to new loans, and as "intruders and trespasers" when it comes to help the PSBs in Recoveries. Consequently, Public Sector Banks, with regard to the problem of recovery of their bad debts, have become orphans and endless sufferers like "raped women".

This particular blog post will not be spatially sufficient to discuss all the problems involved. First we shall see some of the problems which are said to be, at present, receiving the attention of the Central Government.

"...Stronger banks should decide which of their bad loans to shift off their balance sheets, while weaker banks need fresh capital before a round of consolidation that would cut the number of state banks to no more than six from 27 now. In the current budget, the government has put in about Rs 25,000 crores, but it has not said that this is the end. "

"...Consolidation has already begun with State Bank of India’s move to absorb five subsidiaries and Bharatiya Mahila Bank, a bank for women set up in 2013. ..."

"...More mergers are expected. But no timeframes. Well-performing larger banks could tie up with one another ..."

"... Troubled lenders could be taken over once recapitalised — if they offered good value to suitors. Specifically, Bank of India — the country’s third-largest state bank by assets — would not be considered a merger candidate until it was recapitalised. "

"...State banks trading at just 0.5 times book value, valuations were attractive for minority shareholders to subscribe to planned rights issues, alongside the government. ..."

"... India’s state banks have been reluctant to write down loans, especially to high-profile borrowers like liquor tycoon Vijay Mallya. ... Talks were well advanced on creating a separate mechanism to review such cases and expedite balance sheet cleanups. ..."

"... This mechanism could be a committee, involve an existing joint lenders’ forum, or new guidelines from the RBI ...".

"...No plans to create a “bad bank” to relieve lenders of dud loans. ..."

"...India has more than a dozen asset reconstruction companies, or ARCs, with state banks owning stakes in four. The government has let promoters take full control of ARCs and scrapped caps on foreign direct investment. ..."

"... There is sufficient financial interest to invest in the ARCs. But all are waiting to see whether the PSBs are willing to transfer their stressed assets. "

ybrao-a-donkey's humble comments. वैबीराव एक गधे के विनम्र राय . వైబీరావ్ గాడిద వినమ్ర వాణి. You have every right to differ with me. I respect your right. आपको मेरे मत से भिन्न राय रखने के संपूर्ण हक है। मै उस अधिकार को परिपूर्ण रूप से गौरव देता हुँ. మీకు, మీ భిన్నమైన అభిప్రాయాన్ని కలిగిఉండే సంపూర్ణ హక్కు ఉంది. దానిని ఎంతో నేను గౌరవిస్తాను. However, pl. examine this donkey's views also. परन्तु एस गधे के दृष्टिकोण को भी अनुशीलन कीजिये. కానీ ఈ గాడిద దృష్టికోణాన్ని కూడ ఓర చూపుతో కంటజూడుమీ, క్రీగంట జూడమీ.

Nothing significant can be achieved with the above measures. Merging Banks will only create numerous problems, including resistance from Employee Trade Unions.

SUGGESTIONS

Depending upon Public Sector Bank Overdues workload in each State, at least one new High Court Judge should be appointed to exclusively deal with Public Sector Bank Suits for Recoveries, and Criminal cases for prosecution of cheating borrowers and Bank Executives.

At Supreme Court, there should be at least 10 Judges, to exclusively handle Public Sector Bank Suits for Recoveries, and Criminal cases for prosecution of cheating borrowers and Bank Executives.

Govt. of India should first make necessary Statutes (laws) / ordinances / Constitutional amendments to increase the number of Supreme Court and High Court Judges to exclusively handle PSB cases and suits. If necessary, Special Sessions of Lok Sabha and Rajya Sabha should be held for the purpose. Then, GOI should issue necessary Notifications for executing the Legislations.

Government of India should then pray the Supreme Court Collegium to take up appointments of all the required Judges. When Supreme Court Collegium suggests names, GOI should unconditionally accept the appointments and speed up the whole process.

For each Public Sector Bank, Govt. of India should get a list of DEFAULTERS ACCOUNTING FOR TOP 50% IN TERMS OF AMOUNTS. Govt. of India should then establish a SIT (Special Investigation Team) for each Bank, consisting of Top Lawyers, full-time Special Top Police Officials, full-time Special- Central Govt. Officers, full-time Special- State Govt. Officers, for monitoring the dues. The SITs should have special office in the concerned Public Sector Bank. Case by case reviews should be done everyday.

Wherever, assets are available and can be sold without intervention of courts, they should be sold through Public Auctions without delay. Minimum bid prices should be kept low. Under no circumstances, auctions should not be cancelled repeatedly. Unless there are reasons to suspect foul play, irrespective of whether full market value is realised or not, bids should be accepted, and the amounts realised should be credited to loan accounts with no further delay.

Normally, Public Sector Banks take personal guarantees and personal assets of principal promoters and Directors, in addition to the assets of the Company. Wherever such personal assets and guarantees are available, they are to be enforced immediately. Wherever such personal assets / guarantees have not been obtained as security, the Bank's directors and Top Bank Officials should be held accountable. Where there is gross negligence, or connivance of the Bank Directors and Officials with the Borrowing Company promoters, all of them should be arrested immediately, after booking necessary cases.

Passports of all the defaulting business persons, industrialists, their collaborating bank directors and top officials , should be impounded PROVISIONALLY. Red Alerts are to be sent to Airports, principal Railway Stations, Sea Ports, as an additional precaution.

In case of Court cases, "attachments before judgement" should be obtained not only against the defaulting Company's assets, but also against the personal assets of the Promoters, depending on whether personal guarantee is available or not.

Doing all these things on a war-footing, will send shiverings into the bodies of willful defaulters, and their collaborating Bank Directors and Officials. These campaigns will also work as deterrents against new business and industrial loans becoming bad.

Asset Reconstruction Companies will be useless paper-tigers. They can be closed.

The problem with bourgeoisie parties at Centre is, they want to please the defaulting business persons and industrialists at all costs and by all means. How can the bourgeoisie political parties and leaders act tough against their own benefactors, patrons and fund-givers?

Incomplete. Subject to thorough future revision depending upon availability of evidence.

691 Part 3 of the Episode of Mr. Vijay Mallya

Mr. Vijay Mallya, the Indian Industrialist, who has borrowed from 17 Indian Banks, and is said to have become a Willful-defaulter to the extent of Rs. 90 billion ($1.3 billion approx.), has been issued summons by the Supreme Court of India. He has tweeted that he has not fled away from India. He does not want a Media Trial. His reported remark about the Editor of "Times Now" Channel is worth noting: "...The editor of Times Now needs to be in prison clothes and eat prison food for libel, deceit, slander and absolutely sensational lies. ..." — Vijay Mallya (@TheVijayMallya) March 10, 2016.

LINKS TO PREVIOUS POSTS ON THE SAME SUBJECT

Post No. 443 of March 2015. Highlighted, banks' lethargy in recovering overdues from Mr. Vijay Mallya.

According to the News Reports, bulk of the wealth owned by Mr. Vijay Mallya, has been stashed abroad. Only paltry amounts and properties, are available in India, for attachment towards satisfaction of his debts.

If Mr. Mallya is so sincere, so honest, so indignant, so much of a lover of Indian Judicial System and Indian Law Courts,

1. he can repatriate to India, all his funds stashed abroad. He can also make available for attachment all his foreign assets to Supreme Court of India.

2. he can attend every hearing of Debt Recovery Tribunals, High Courts and Supreme Court, without making frequent representations of his "non-availability" on medical grounds, or business grounds.

3. he should not enter into any secret arrangements with foreign Corporates and industrialists to fraudulantly transfer his assets, so as to escape attachment by Indian Courts.

4. Airlines Business is a highly risky business, this everybody knows. As a seasoned business-person, Mr. Vijay Mallya knows this, and he also knows that his liquor empire is highly profitable, and less risky. Thus, with a high risk Airline, and low risk liquor business (apart from other low risk businesses such as Fertilisers, Real Estate, Resorts, etc.), Mr. Mallya has sufficient hedging, and cushion, to overcome unforeseen losses. But, by entering into gambling sort of businesses such as purchasing Cricket Teams, Formula Racing, he seems to have squandered the public funds with the help of 17 Banks, which failed in their Credit Delivery and Supervision duties.

5. Anyway, here is a great opportunity for Mr. Mallya to resurrect the whole situation, which is not beyond redemption. The only thing is, he should be willing to co-operate with the judiciary, and the Banks. By doing so, he will be proving to the world a) the honesty of Indian Business persons b) the Respectability and Trust which Indian Judiciary enjoys c) the Business-Judgement-abilities (Credit Appraisal, Project Appraisal etc.) of the Indian Banks.

6. If he acts with 100% honesty, though he loses all his assets, he will have his honor in tact. In Indian History, his name gets written with Gold Letters, as an Exemplary Business Person. He can live with peace of mind in India, rather than living like a fugitive and a thief in England and dying there unsung. In reality, if he chooses to settle in England, after evading all his loans in India, though the Foreign Governments, Foreign Banks may respect him externally and superficially, he will, still, be regarded as a thief, notwithstanding Media Trials.

7. Leaving aside the politics of Congress, BJP and other parties in Indian Parliament and outside, Indian intellectuals are watching with bated breath, what Mr. Mallya is going to do.

8. This will also set a trend and role-model, to other Defaulting Indian Industrialists.

9. If Mr. Mallya avoids Indian Banks and Indian Judiciary, and goes further to fish into England and its London Den of Global Financial-Offenders, one wishes that Govt. of India, State Governments, Indian Courts, Indian Banks, INdian Share Markets and Bond Markets, whether they learn long term lessons from their errors of judgement, omissions and commissions, or not, for sometime to come, must exercise great caution in taking up fresh Corporate Loan proposals.

Indian Banks will have to reveal the details of other large Indian Corporate Defaulters and deal with them sternly. Else, Other Defaulters may take Mr. Mallya as their Leader. They may even form an Association of Indian Industrialists being hounded by Indian Government, and may seek a REFUGEE Status in Europe, North America, Australia and New Zealand. Foreign Governments may support such nefarious Associations, for the fun of teasing the Indian Government, and also extract some concessions under each head of G-8/G-20, WTO, IMF, World Bank, BIS etc.

Every Corporate Applicant is going to be viewed with suspicion and X-Rayed about his-her personal integrity, by Indian Banks, till their old wounds heal. Of course, Time though is not the best healer, it is a definitely, a sort of a healer.

ybrao-a-donkey's humble comments. वैबीराव एक गधे के विनम्र राय . వైబీరావ్ గాడిద వినమ్ర వాణి. You have every right to differ with me. I respect your right. आपको मेरे मत से भिन्न राय रखने के संपूर्ण हक है। मै उस अधिकार को परिपूर्ण रूप से गौरव देता हुँ. మీకు, మీ భిన్నమైన అభిప్రాయాన్ని కలిగిఉండే సంపూర్ణ హక్కు ఉంది. దానిని ఎంతో నేను గౌరవిస్తాను. However, pl. examine this donkey's views also. परन्तु एस गधे के दृष्टिकोण को भी अनुशीलन कीजिये. కానీ ఈ గాడిద దృష్టికోణాన్ని కూడ ఓర చూపుతో కంటజూడుమీ, క్రీగంట జూడమీ.

Media Trials are well known for their overzealousness. Anchors, and Moderators of Discussions, often behave as though are HIgh Court and Supreme Court Judges, or even above them.

The Anchors and Moderators of Discussions may be doing it, under pressure from their Corporate bosses, who themselves are not above suspicion. The Anchors and Moderators, are after all, just paid servants and slaves. The Circus Masters are the owners of the Media Channels. Anchor-Moderator Lions and Elephants will get their marching orders and pink slips, if they do not dance on the stools provided by the Ring Masters.

TAILPIECE धूमकेतु తోక చుక్క

In Telugu language, there are two proverbs.

1. "kukka tOka vankara." Approx. English: "A dog's tail (always remains) is twisted". Anecdote: A person wanted to straighten his dog's tail, tied it with bamboo slices and ropes, just as fractured legs and hands are bound with bandages. After some months, hoping that the dog's tail might have straightened, he opened it cutting the ropes and removing the bamboo. The dog's tail went back to its spiral shape. Indian (Why Indian? even Global) Industrialists, are like irreparable dog tails.

2. "akka ASE kAni bAva batakaDu". Approx. English: akka = elder sister. bAva = elder sister's husband. A bAva became sick. He was being taken to numerous doctors and hospitals by "akka", and her younger brother. After several visits of several Cities and Towns, and several hospitals, the younger brother might have been exhausted and become wiery. When villagers inquired from him, about his bAva's health , the youth said : "akka ASE kAni bAva batakaDu". Gist: Sister hopes, but Brother-in-law will not survive.

We, Indians, are like "akkAs". We hope, hope and hope. But our industrialists, business tycoons, Banks, Courts, Lawyers, of course Media which is also run by Industrialists, all let us down. This happened in the past, is happening now, and is going to happen in future.

Subject to substantial Revision, additions and deletions. To continue and revise this, with more proof.. सशेष. సశేషం.

675 We should see how NDA is going to handle Mr. Vijay Mallya श्रीमान विजय माल्या को ऎन डि ऎ सर्कार कैसा हेंडिल करता, देखने के लिये हम और चालीस साल जीना శ్రీ విజయ మాల్యా గారిని రాబోయే ప్రభుత్వాలు ఎలా హ్యాండిల్ చేస్తాయో చూడటానికి మనం ఇంకా ౪౦ ఏళ్ళు బతకాలి

Who is dES bhakta (patriot)? Who is dES bharta (Husband of the country, may not be rAshTrapati)? Who is dEs drOhi? (Traitor of the country who may be charged with sedition)? Ms. Smriti Irani spent a lot of time trying to make a mountain out of a mole-hill, in Lok Sabha showing her histrionics to the MPs of her own Party to their great delight, to the MPs of other Parties to their great irritation, to millions of INdians watching TV Screens who were AWESTRUCK . Our beloved Prime Minister has also sent a Twitter message "satyamEva jayatE" in appreciation of her efforts. Okay, the Delhi Police and the Patiala Courts may decide that Kanhaiah Kumar is a dEs drOhi, because he failed to alert himself that his Students' Union Meeting was being hyjacked by the Agents of the ISI and the Pak motivated-Terrorists. We shall also concede that Mr. Modi, Ms. Irani, Mr. Rajmohan Singh, Mr. Venkaiah Naidu, have all saved this wretched country, and the JNU. We shall also concede that Mr. Rahul Gandhi and Mr. Sitaram Yechury are all also traitors of this Nation.

SOMETHING PERSONAL OF YBRAO-A-DONKEY

My father is 90 years approx. He knows neither English nor Hindi, in which Ms. Irani spoke, on both the days. But he was greatly delighted to see and hear her speaking in Parliament, with all her postures. After listening to the speech, on the first day he asked me in a tone of great appreciation, about how I felt. Shortsightedly, I immediately reacted saying in may natural cynical manner that she was just showing her histrionic talent. My father was deeply disappointed. I realised my error. With very aged persons, we should not tell unpleasant things. There is a Sanskrit saying: "satyam brUyAt, priyam brUyat, na brUyAt satyam apriyam". I forgot this. The second day after Ms. Irani's speech, he had again asked me for my opinion, forgetting his disappointment of the previous day, when I didn't agree with him. On the second day, I agreed with him and made him feel happy. This is one way of correcting ourselves.

Now, here is a news which says that Mr. Vijay Mallya, the Alcohol Emperor of India, has not only sold out his "Spiritual Empire (Empire of Spirits?)"*** to some Foreign Giant by name DIAGEO for several billions of Rupees, and now settled for a princely SEPARATION FEE of Rs. 5.12 billion ! While he has already shifted to U.K. with his family sometime back, now he says:

***According to our Hon. Prime Minister, India exports Spirituality to the World. We can give a Top Exporter Award to Mr. Vijay Mallya.

"...HAVING RECENTLY TURNED 60, I HAVE DECIDED TO SPEND MORE TIME IN ENGLAND, CLOSER TO MY CHILDREN ..."

What the Public and Private Sector Banks of India will do with the NPAs (Non Performing Assets) of the Mallya's Companies, and the Companies for which Mr. Mallya personally stood as guarantor? In Telugu language there is a proverb: "తూర్పు తిరిగి దణ్ణం పెట్టాలి. English: Should turn to the East, and salute to the Sun God."

If Mr. Vijaya Mallya is to be classified, under which class, the NDA Government will classify him? dEs bhakta (patriot) and a savior of a Nation called India? dEs bharta (Husband and bearer of the Nation)? dEs drOhi? (anti-National)? dEsOddhAraka (Uplifter of the Nation)? India can introduce some new award categories, above Bharat Ratna. Actually, Awards given by Govt. of India, may not have any value to Mr. Mallya. The British Government, French Government will shower on him the Top-Awards of their countries.

Let us set aside, why Mr. Mallya could not pay his debts to Indian Public Sector Banks, may be a "Willful Defaulter" or a "Circumstantial Defaulter", may be a personal failure or may be a systemic failure (failure of the Indian Economic System or Indian Banking System or the Indian Judicial System or the Indian Administrative System, whatever Systemic Failure it may be. To that extent, it is an internal matter of India, which will be decided by the concerned Banks. RBI, SEBI, CBI if entrusted with, Enforcement Directorate, Top-to-bottom Courts over a period of 40 years till Mr. Mallya reaches his 100 years, where Great Great Great Great Lawyers like Nariman, Ram Jeth Malany, et al , et al will argue recovering their fee of some millions per hour, till the Magistrates and Judges feel sleepy in all the Sessions. Then there will be some Letters seeking Mr. Mallya's Extradition to India.

We shall, then, have some Sessions in Lok Sabha and Rajya Sabha, where Mr. Arun Jaitley, Mr. Manmohan Singh, Mr. Sitaram Yechury, Mr. Jyothiradithya Sindhia, Mr. Mallikarjun Khadge, probably Ms. Aruna Irani also, Ms. Sushma Swaraj also, show their histrionic talents and oratorial skills.

It has already been two years, since Mr. Narendra Modi promised to bring back to India all the wealth stashed abroad, and credit to the accounts of Indians @ Rs. 1.5 million each.

Now, Mr. Mallya has made it very clear, where his heart lies. It is in England, the Great Britain, the United Kingdom. He does not any longer want to live in this damned country called India.

Everybody knows that Europe, North America, Australia, Singapore, Hong Kong, Shanghai, outshine one another in inviting Economic Offenders to buy properties, invest in their countries. Great Global Statesmen (Salesmen) Mr. Barack Obama, David Cameroon, Mr. Francois Hollande may preach sermons. But when it comes to practice, they all have the same run-of-the-Mill behaviors. Their legal systems also shield the Economic Offenders who take azylum /asile /asilo under their shade.

We have to wait how Mr. Narendra Modi, Mr. Arun Jaitley, Ms. Sonia Gandhi, Mr. Sitaram Yechury and Mr. Suravaram Sudhakar Reddy are going to handle him, while they use their throats and fists to (s)mash one another. We have to see How Ms. Mayawati, Ms. Mamata Banerjee, Ms. Jayalalitaa are going to react. Above all of this, any of our politicians such as Mr. Rahul Gandhi, may also in future, get a shouk (fashionable need) to settle down in London a la the politicians of our neighborhood Indonesia, Philippines, Maldives (Male), Malaysia, Thailand.

How many of us are going to live another 40 years, with bated breaths retenant son souffle, disminiur respiracion !

Readers may recall the Statement of Sushma Swaraj claiming to help fugitive Lalit Modi on humanitarian grounds to travel from London to Portugal. Indian Parliament wasted several valuable days of its session in mutual Reprisals, and finally everybody cooled their heels, eating biriyani in Subsidised Parliament Canteen.

Can we say "The bird flew off searching for cashews elsewhere, leaving its mess in India. Indian Banks nay Depositors of Indian Banks and the Indian Public have to clean the mess now.

Why Mr. Vijay Mallya could not be arrested, on the lines of what was done to Sahara Emperor? What legal processes are stopping it?

TAIL PIECE धूमकेतु తోకచుక్క

As far as I can recollect, Mr. Vijay Mallya has promised to cover all the walls of the Sanctum Sanctorum of Lord Venkateswara Rao Temple, Tirumala with gold sheets. Will he, now do it, from England?

నాకు గుర్తు ఉన్నంత వరకు, శ్రీ విజయ్ మాల్యా గారు, శ్రీ తిరుమల తిరుపతి దేవస్థానం వారి శ్రీ వేంకటేశ్వర మందిరం యొక్క గోడలను బంగారపు రేకులతో తాపడం చేయిస్తానని వాగ్దానం చేసినట్లు గుర్తు. ఇపుడు శ్రీ మాల్యా గారు ఆ మొక్కును లండన్ నుండి చెల్లించుకుంటారా ? ఇంకా ౪౦ ఏళ్ళు మనలో బ్రతికే వాళ్ళకు మాత్రమే అది తెలుస్తుంది.

Subject to substantial Revision, additions and deletions. To continue and revise this, with more proof.. सशेष. సశేషం.