Sissa’s request and Chess


Among the fascinating legends told about the origin of chess is the story of Sissa, a scientist and the inventor of the game. In western India, Raja Balhait had asked his advisers to create a game that demonstrated the values of prudence, diligence, foresight, and knowledge. Sissa brought a chessboard to the raja and explained that he had chosen war as a model for the game because war was the most effective school in which to learn the values of decision, vigor, endurance, circumspection, and courage. The raja was delighted with the game and ordered its preservation in temples. He considered its principles the foundation of all justice and held it to be the best training in the art of war.

Radha_Krishna_Playing_Chess

The raja said to his subject Sissa, “Ask any reward. It will be yours.” Being a scientist, Sissa felt rewarded by the pleasure his invention was giving others; but the kind insisted, and finally Sissa said, “Give me a reward in grains of corn on the chessboard (ashtapada). On the first square one grain, on the second two, on the third four, on the fourth double of that, and so on until the 64th and last square.”

The raja would not hear of it. He insisted that Sissa ask for something of more worth than grains of corn. But Sissa insisted he had no need of much and that the grains of corn would suffice. Thereupon the raja ordered the corn to be brought; but before they had reached the 30th square, all the corn of India was exhausted. Perturbed, he looked at Sissa, who laughed and told his raja that he knew perfectly well he could never receive the reward he had asked because the amount of corn involved would cover the whole surface of the earth to a depth of nine inches.

The raja did not know which to admire more: the invention of chess or the ingenuity of Sissa’s request. The number involved is 18,446,744,073,709,551,615 grains. This number had been previously calculated by the early Indian mathematicians, who incidentally, had invented the decimal system long before it reached the Arabs and Europe.

#2G Scam: DMK to Back Raja’s Request to Appear Before JPC


DMK will back former Telecom Minister A Raja if the issue of his request to appear before the Joint Parliamentary Committee as a witness on the 2G case is raised at the UPA Coordination Committee meeting here on Tuesday.
A_Raja3_20120516

“If the Congress raises the issue…, asks us, we have to stand by Raja,” party spokesman T K Elangovan, MP, told PTI when asked whether the issue could be raised by the DMK, a key constituent of the UPA, at the Coordination Committee meeting convened by Prime Minister Manmohan Singh.

Besides, Elangovan said Raja’s request to appear before the JPC was a “new development” and “our leader may advise us” about future course of action.

The DMK spokesman said his party would raise the issue of Sri Lankan Tamils and farmers suicides in Tamil Nadu at the UPA Coordination Committee meeting.

A DMK member of Lok Sabha, Raja is a prime accused in the 2G spectrum case who had been in Tihar jail for several months before being granted bail.

He had met Lok Sabha Speaker Meira Kumar some days back and handed her a letter expressing his willingness to appear as a witness before the JPC.

Raja has contended that while he has the “fullest respect” for the court, “the fact remains that I have been condemned unheard.” He has sent a copy of the letter to Congress leader P C Chacko, who heads the JPC.

Raja’s request to Kumar comes days after Attorney General G E Vahanvati blamed him for various issues before the JPC.

“The truth of the matter is being suppressed on the basis of preconceived notions, deliberate bias, faulty investigation and erroneous conclusions.

“…Perhaps the most telling example of this situation is the judgement of the Hon’ble Supreme Court dated 02.02.2012, where specific and prejudicial observations were made against me without giving me a hearing,” Raja wrote in the letter.

Chacko is likely to get back to Raja with a final decision soon on the issue after consulting other committee members, JPC sources said.

Reports had it that Raja’s desire to testify before the JPC could be extremely damaging for the ruling UPA, as it fuels a controversy which the government is now trying to give a quiet burial after over two years of turbulent parliamentary, judicial and media scrutiny since November 2010.

Chacko is likely to get back to Raja with a final decision soon on the issue after consulting other committee members, the sources said.

Raja’s request has come when the three-month-long Budget session has just commenced.

Congress has steered clear of the issue while an AIADMK has leader said it was a fight between DMK and Congress and his party would not get into it.

With Parliament reconvening on Tuesday and the JPC scheduled to meet soon after, Raja’s demand could become a major rallying point for the BJP and Left parties.

At the UPA meeting, besides several issues, the Telangana statehood demand is expected to figure. NCP chief Sharad Pawar had suggested the need for such an early meeting to discuss Telangana.

The meeting will be the first formal interaction between Congress and allies after the AgustaWestland helicopter scam broke out .

Meanwhile, another ally National Conference is apparently upset over the way the execution of Parliament attack convict Afzal Guru was carried out. Chief Minister Omar Abdullah had said it would increase alienation of Kashmiris from the Indian mainstream.

PTI

Ten Scams That Knocked India Off Its Feet


India shrugs at yet another scam in the country that involves people who represent honor and integrity and who rather chose to act on the contrary. However their lack of etiquette has not only cost India big sum of money but it has also cost the people the trust they have invested in the system. The scams in India that involve politicians, financial moguls, defence personnel, corporate honchos are many.

Here are the ten scams that knocked India off its feet, as reported by Apoorva Sripathi and Mowna Ravikumar for Yahoo.com

1 Chopper Deal Scam

  chopper
The most recent of all scams in the country dealing with Rs 74.5 crore, is the Chopper deal scam. As per Reuters, the investigation which started more than a year ago against the Italian firm Finmeccanica has finally culminated to the arrest of the Italian firm head, also the former IAF Chief Air Chief Marshal S P Tyagi confessed meeting the middle man, however he did claim to be innocent.

2 Tatra

tatra
Over 7000 trucks were manufactured by Bharat Earth Movers Ltd (BEML) in collaboration with Tatra Vectra Motors in 2010. It was disclosed by the retired General VK Singh that he was offered a bribe of Rs 14 crore in his office in order to clear the purchase of 1,676 substandard Tatra BEML trucks. The estimated amount of the scam is 750 crore.

3 Coalgate

coalgate
Coalgate is the political scandal involving the government’s allocation of the nation’s coal deposits to public sector entities and private companies between 2004 and 2009, also called the coal allocation scam. It is one of the most infamous scams in India that estimated a loss of Rs 185,591 crore. The comptroller and Auditor General (CGA) has accused the government of India for distributing 155 coal acres to companies in an arbitrary manner instead of auctioning it out to the highest bidder.

4 Antrix Devas Deal

isro
The former ISRO chairman G Madhavan Nair and three other scientists were responsible for controversies created over the deal between the Indian Space Research Organisation (ISRO) and commercial arm Antrix Corporation and Devas Multimedia, which was signed in 2005. The scam involved ISRO leasing the S-band transponders on two satellites, GSAT6 and GSAT6A, for broadcasting purposes to Devas Multimedia. The controversy led to G Madhavan Nair being barred from holding any government jobs in January 2012, until further review.

5 The 2G Scam

raja
The Telecom Ministry in 2008 under the supervision of A.Raja sanctioned about 122 Licenses of the 2 G Spectrum to 85 companies which also included many new Telecom Companies with non or little experience at a price set in the year 2001.This illegal undercharging to various telecom companies of the allocated 2G licenses for cell phone subscriptions gave way to the 2G spectrum scam. The report prepared by the CAG estimating the scam amount to about Rs 176,000 crore, however, the CBI report estimates it to be Rs 30,984 crore.

6 Satyam Scam

satyam
The satyam scam, considered to be the biggest scam in Indian corporate history came out in the early 2009 which shook the Indian stock market. Satyam Computers Chief B. Ramalinga Raju manipulated the accounts which he later confessed. The misrepresentation of the accounts included showing of company’s balance sheet as Rs 5,040 crore and non- existent interest of Rs 376 crore in September 2008. Ultimately the scam that began with misappropriate books and inflated figures led to a loss of

Rs 8000 crore suffered by the Satyam chief.

7 CWG

cwg

CWG is another one of the major political scams in India. In the 2010 Commonwealth Games (CWG) Suresh Kalmadi the former chairman of the Organizing Committee of the Commonwealth Games was accused for the CWG scam. There were number of corrupt deals involved including overstated contracts. For the timing equipment from Swiss Timing, Kalmadi handed out a contract of Rs 141 crore, which was inflated by Rs 95 crores. The athletes were asked to relocate into shabby and unkempt apartments just 10 days before the games.

8 Adarsh Housing Society

asharsh

In 2002, the chief minister of Maharashtra allotted land to construct a cooperative society in the heart of the Mumbai city for the ‘welfare of serving and retired personnel of the Defence Services’. Instead of the defence personnel getting flats in the society, top politicians, bureaucrats and military officials took the flats at low prices. It was found by the CBI, IT department and the ED that among the involved in the scam were Ashok Chavan, Sushilkumar Shinde and Late Vilasrao Deshmukh.

9 Vanishing Companies Scam

crD0L5xd
In 1998, Over 600 companies on the Dalal Street disappeared after raising money from the public. A probe was ordered by P Chidambaram to look into the matter. The SEBI probe revealed that at least 80 of the companies had raised Rs 330.78 crore. Later the Department of Company Affairs (DCA) was asked to start investigation and penalize the scamming company. The investigation still remains open.

10 Hawala scam

advani
The scandal that involved Indian politicians allegedly receiving payment through four hawala brokers, the Jain brothers. An estimated Rs 1000 crore was involved in the bribery scandal implicating some India’s leading politicians like L K Advani, Sharad Yadav, Madan Lal Khurana, V C Shukla, Balram Jakhar and P Shiv Shankar. The arrest of militants in Kashmir in 1991 led to a raid on hawala brokers which revealed evidence of heavy payments made to many politicians in the country. The court case on the scandal ultimately collapsed without convictions.

Since independence the number of scams and scandals India has witnessed can leave anyone dumbstruck, with the amount of money involved India could have boosted its economy. As Gandhi said, “There is enough to satisfy every man’s need, but not every man’s greed,” only if the people scamming the country could understand.

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The 2g spectrum scam not just 1 lakh but 1.7 lakh crores!
If put in figure, a whole lot of 1,70,00,00,00,00,000

Do you think a telecom minister can earn this much? or is this his father’s property? Sure it isn’t.Or you wondering if this belongs to Mr Karunanidhi who has been supporting him all along? sure not!

According to Indian television reports Mr. Raja, the Telecom Minister, made a loss of around 2 lakh crores to Indian government by selling the 2g spectrum for cheap bucks to corporates that have no standard at all.

With the Auditor General and comptroller charging Mr. Raja, the telecom minister, against the 2g spectrum scam has raised high the country. He was being held as personally responsible for the loss of over 1.7 lakh crore to the country selling 2g spectrum at dead cheap rates in 2008.

This incident blasted the issue more seriously adding to the intense interrogation by the civil society, supreme court and the Telecom watchdog against Raja.

This has been the biggest scam in India and in the world. This has substantially marked a dead black spot in the history of scams. Until now, the value of all the scams is not more than 20 lakh crore rupees (RS: 20,00,00,00,00,00,000) that made this a big buzz in the world of scams.

Countries like America and Europe were almost shocked to the 2g spectrum scam which is over a “whole 40 billion dollars”.

  1. No rules in the game! His game is the only rule.
  2. He played with dates and changed everything that can make his story strong and bring him all the money.
  3. Sold completely surrender to money and selling the country to cheap hands.
  4. No proper auction followed
  5. Above all, the highlights are his ignorance to Prime Minister Mr.Manmohan advice, TRAI who recommended to auction 2g spectrum properly at market rates and not the dead rates!

Finally, he was completely sold to lobbyists!

Wondering how much we can do with this money to a country?

  • 4 golden square projects connecting metropolitan cities like Delhi, Mumbai, Chennai, kolkata
  • 23 samshabad airports
  • 30 lakh buses
  • 11 crores buffaloes to raithlu
  • Construct 1868 dams just like nagarjuna sagar
  • 25 lakh hospitals
  • 65 lakh ambulances
  • 30 lakh schools
  • 35 crore computers
  • 504 fighter jet aeroplanes

Society is fighting for its right and get back the money to the government. Should hold all the 2g spectrum projects

A national campaign is being held against corruption and everybody can make their contribution through the online voting system and let the higher officials know society is aware of the facts

Postal cards to kill corruption are being send to Prime Minister in the hope of taking strict action against the persons involved in the scam.

All accussed in this case are out of jail on bail, including A Raja.

 

 

 

Bail Granted for A.Raja in 2G Spectrum Case


Over 15 months after his arrest, former telecom minister A Raja was on Tuesday granted bail by a Delhi court in the 2G spectrum case.

“The bail application is allowed,” Special CBI Judge O P Saini said. The court granted bail to the DMK MP on a personal bond of Rs 20 lakh and two sureties of the same amount.

The court while granting bail imposed conditions on Raja that he will not visit Tamil Nadu without its prior permission and will not go to the office of the Department of Telecom (DoT).

The court, in its 14-page bail order, also said that Raja would not try to influence any witnesses while on bail. Raja was arrested on February 2, 2011.

Reacting to the news, Tamil Nadu chief minister J Jayalalithaa said the 2G scam case was getting diluted.

Meanwhile, the DMK welcomed the decision. “We welcome the court’s verdict and are hopeful that he will come out and prove his innocence,” DMK leader Tiruchi Siva said.

Asked if Raja would attend Parliament or do party work, Siva said that he will take part in activities as per conditions laid by the court for his bail. Siva said that some DMK leaders may visit the jail at the time of the release of the former telecom minister.

The court, while granting bail to 49-year-old Raja, said all the co-accused in the case have already been granted bail and his further detention would not serve any purpose.

“In the end considering the progress of the trial, period of the custody of the accused and the fact that all other accused have been released on bail, I am of the opinion that further detention of the accused would not serve any purpose and for these reasons, I am inclined to admit the applicant/ accused (Raja) to bail,” the special judge said.

On the apprehension of the CBI that if granted bail Raja may influence witnesses and tamper with evidence, the court said it addressed them by imposing conditions and restrictions on the accused. The court noted that entire evidence in the case was documentary and was in its custody.

“Moreover, this apprehension of the prosecution (that Raja may influence the witnesses and tamper with the evidence) can be addressed by imposing conditions and restrictions on the accused.

“Furthermore, almost entire evidence in the case is documentary in nature and the same is in the custody of the court,” the judge said. The court also directed Raja to surrender his passport as a prerequisite for bail.

Raja, who has remained in judicial custody for over 15 months since his arrest, had sought bail on the ground of parity as other 13 co-accused have already secured bail either from the Supreme Court, the Delhi high court or the trial court.

Raja has alleged the case against him is “false and fabricated” and “not sustainable in law.”

The CBI had vehemently opposed Raja’s bail, saying he could not be released on the ground of parity as the charges levelled against him were of serious nature. The agency has alleged that DMK-run Kalaignar TV had received Rs 200 crore as bribe from Shahid Balwa‘s DB Group through a circuitous route as a quid pro quo for favours shown by Raja in spectrum allocation.

The agency has also claimed that during the probe, it had come to light that Raja and others had received a bribe of another Rs 200 crore from certain companies under its scanner in connection with the spectrum scam.

The CBI had raised questions on Raja’s alleged links with Mauritius-based Delphi Investment Ltd, in which Reliance Telecom Ltd had allegedly transferred its shares and said if released on bail at this stage, he might tamper with evidence.

Raja had sought bail, saying the Supreme Court, while granting bail to former telecom secretary Siddharth Behura, had not distinguished the case of public servant from that of others. He had submitted that he and Behura were facing similar charges of abetment, conspiracy and criminal breach of trust.

Raja’s counsel had submitted that as his client was no longer a Union cabinet minister, he could not tamper with the evidence or influence the witnesses.

Besides Raja, his private secretary R K Chandolia, Behura, DMK MP Kanimozhi, corporate honchos — Reliance Anil Dhirubhai Ambani group’s MD Gautam Doshi, ADAG group President Surendra Pipara and Senior Vice President Hari Nair, Unitech MD Sanjay Chandra and Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka–are facing trial in the case.

The court has also put on trial Kalaignar TV MD Sharad Kumar, Director of Cineyug Media and Entertainment Pvt Ltd Karim Morani and Directors of Kusegaon Fruits and Vegetables Pvt Ltd Asif Balwa and Rajeev Agarwal.

Besides these 14 persons, three telecom firms – Swan Telecom Pvt Ltd, Reliance Telecom Ltd and Unitech Wireless (Tamil Nadu) Pvt Ltd, are also facing trial in the case.

Raja and others have been charged for the offence of cheating, forgery, criminal conspiracy and corruption besides criminal breach of trust that entails a maximum punishment of life imprisonment.

Source: PTI

2G: SC Refuses to Grant 400 Days to Centre for Licence Auction


The Supreme Court refused to grant 400 days to the government to complete the process of fresh auctioning of the 2G spectrum licences but extended the deadline for it from June 2 to August 31, 2012.

A bench of justices G S Singvhi and K S Radhakrishnan also said the existing licences for 2G spectrum will continue to be operational till September 7, 2012.

“In our view, it will be just and proper to partially accept the averments made in the application (by the Centre).

“Accordingly, the time specified for conducting the auction and grant of licences is extended upto August 31, 2012,” said the bench.

The bench also said its February 2 order cancelling 122 licences, allocated during the tenure of A Raja, will remain operational.

The bench made it clear that it was not going to accept the Centre’s prayer for allowing it 400 days to complete the process of auctioning radio waves.

The bench was hearing the Centre’s application, seeking clarification of its direction in the February 2, 2012 judgement which had fixed June 2 as the deadline, when the 122 2G spectrum licenses, issued in 2008, would stand quashed.

The court had asked the Centre to complete the process of fresh actioning by June 2.

During the hearing, Attorney General G E Vahanvati tried to explain the practical difficulties and implication of the apex court order, which had asked the government to complete the entire exercise of fresh auctioning by June 2.

Vahanvati also appraised the bench about the Telecom Regulatory Authority of India‘s (TRAI) recommendation which were announced yesterday.
Source: PTI

Chidambaram: Caught by courts, bowled by Swamy?


As the trial begins in the special court on the 2G spectrum scam, there is a riveting side story — perhaps more interesting than trial itself.

The special court last week directed the Central Bureau of Investigation to provide documents related to ‘equity dilution‘ by telecom operators that were allotted telecom licenses in 2008 to Janata Party chief Subramanian Swamy.

Swamy, it may be recalled, had petitioned the special court to provide him with the correspondences between the then telecommunications minister A Raja and the then finance minister P Chidambaram. Naturally, this has set the Yamuna on fire.

What is so extraordinary about this equity dilution? Why is the nation riveted to the contents of the file? Why has this issue increased the political temperature in the already surcharged atmosphere, especially days before the Parliament is supposed to meet for the Winter Session?

To understand, one must revisit the sequence leading to the alleged scam. It may be recalled that Swan Telecom was allotted a license for a mere Rs 1,500 crore (Rs 15 billion). Swan subsequently sold 45 per cent of equity to Etisalat, a foreign company for a whopping amount of Rs 4,200 crore (Rs 42 billion), merely months after it was allotted spectrum.

Similarly, companies promoted by the Unitech Group purchased licenses for approximately Rs 1,600 crore (Rs 16 billion) per license. Almost instantly, they sold 60 per cent of their stake for Rs 6,200 crore (Rs 62 billion) to Telenor, another foreign company.

That implies the value of each company to be close to Rs 10,000 crore (Rs 100 billion)!

Significantly, these companies did not have any assets other then licenses which they had acquired. Apparently, these sales at such elevated prices to foreign layers imply that the licenses were originally sold by the government at throwaway prices.

But the value of the license is half the issue: the dilution is the crux of the issue — the conclusive evidence of the scam. And this requires some elaboration.

According to the arguments put forward by the accused, the existing promoters have not sold their shares to these foreign players. Rather, it is the companies in which they owned shares (and also licenses) sold fresh shares to these foreign players.

In the process, the promoter’s holding was at best diluted, not sold. Interestingly, while there was a three-year lock-in period for the sale of shares by the promoters, there was no stipulation on allowing ‘strategic partners’ and ‘equity dilution’ by existing promoters.

That, in turn, meant that Telenor and Etisalat had acquired licenses indirectly in October 2008.

Importantly, the former telecom minister is on record stating that dilution of equities by the alleged beneficiaries of 2G spectrum scam to foreign firms was first cleared by the government and did not constitute any offence.

Assuming for a moment that the former telecom minister and by extension the former finance minister are right, then it brings us to the next logical question: in a country where a second-class berth allotted to you for a mere Rs 100 by Indian Railways cannot be transferred to another person, how can such licenses valued at several hundred crores (billions) of rupees be indirectly transferred?

Rs 500 crore of expenditure at Rs 8,400 crore

The counsel for the former telecom minister had reportedly stated in the open court that “the matter (about sale of equity by spectrum licensees) was discussed between the prime minister and the then finance minister.”

According to him, “The then finance minister had himself told the prime minister that the dilution of equity was not sale and was completely allowed under corporate law.”

And that in turn has brought the then finance minister directly into the fire.

“The then finance minister( who is now home minister) had said in front of the prime minister that dilution of shares does not amount to sale of 2G license as per the corporate law,” and added to good effect, “Let the prime minister deny this.” [Source: Several press reports]

Fascinatingly, these arguments about dilution of shares were made even as early as in November 2008, days after Swan and Unitech entered into the ill-fated agreement.

More interestingly, both these companies wrote to the ministry of telecommunications on November 4, 2008 after several press reports raised inconvenient questions on these agreements.

The crux of the arguments put forth by these two companies at that time (as it is even to this date) was that the foreign players were ‘not investing into an entity where the only value is the spectrum that it holds’.

This meant that substantial amount of work had gone about between January 2008 (when the licenses were allotted) and November 2008, when this communication was sent.

Unitech, for instance, claimed that it set about building a team of Indian telecom professionals to build the company, its network, its business processes, offices, distribution channels — in short do everything for launching a successful telecom operation.

Simultaneously, it also claimed that it engaged a banker of international repute to identify a strategic partner which ultimately led to the agreement with Telenor.

For all these efforts, Unitech declared that as at September 30, 2008, its total expenditure on all these accounts aggregated to approximately Rs 2,100 crore (Rs 21 billion).

In short, according to Unitech, Telenor, its strategic partner was partnering with it at a stage “where about 6 months of effort and Rs 2,100 crore (Rs 21 billion) of expenses have already been expended.”

Put simply, Telenor was investing into a company that was already up and running and not merely an entity that had acquired licenses.

But the letter also concedes that the Rs 2,100 crore (Rs 12 billion) of expenditure includes the license fee of approximately Rs 1,600 crore (Rs 16 billion)! In short, till September, Rs 500 crore (Rs 5 billion) were spent on setting up the business and Rs 1,600 crore were spent on licenses.

Remember that the company had not yet commenced commercial operations. In effect, Unitech wants us to swallow their logic that Rs 500 crore of expenditure along with the licenses was to be valued at Rs 10,000 crore (Rs 100 billion).

Simultaneously, they also want to us believe that the licenses were not resold at higher prices! That means the licenses allotted to them in January 2008 at approximately Rs 1,600 crore (Rs 16 billion) was even as at September 30, 2008 valued at RS 1,600 crore.

That in turn implies hat out of Rs 10,000 crore (Rs 100 billion) valuation of the company, the spectrum valuation remains a mere Rs 1,600 crore.

The balance Rs 8,400 crore (Rs 84 billion) represented the value of expenditure (representing salaries, travel and other sundry expenses to put the operations in place) aggregating to about Rs 500 crore!

Will an investor value expenditure 16-17 times its original value? Remember all these expenditure are nothing special — every company incurs some start up expenditure to put in place its team, arranges logistics and possibly attempts to identify potential partners.

Every finance professional will concede that the aggregate cost of several expenditures incurred in a planned manner is much more than the each one of them incurred independently. But 16 times?

Well, that is stretching the issue too far. But fortunately for Unitech and Swan, it had a willing listener in the telecommunication ministry.

But what about the finance ministry?

Incidentally, the Unitech-Telenor deal was initially objected by the home ministry on security grounds, only to retract in 2009. The finance minister who maintained a stoic silence then blessed the deal as the Union home minister.

According to information available in public domain, in face of strong objections from the IB and RAW, the Foreign Investment Promotion Board had deferred the approval on this matter but the home ministry diluted all objections by placing a ‘flimsy’ clause.

Accordingly, Telenor’s staff affiliated to its Pakistani arm would not be permitted to work in India! That in turn paved the way for approval by the CCEA in 2009.

It is pertinent to note that all these information was in the public domain for long. Surely, the correspondence between the then finance minister and the then telecommunications minister — and to be provided by the CBI to Swamy — will possibly provide more clues as to what was the opinion of the finance ministry, crucially its minister about the share valuation, unless there was no communication in the first place!

Was it simply a case of issue of fresh capital leading to equity dilution of promoters? Or was it a case of transferring the control of companies and by extension precious spectrum that it had obtained — fair or foul to another by circumventing the law of the land?

Assuming that such companies (and not the promoters) were indeed the beneficiaries of the share dilution, was the then finance minister also tacitly approving the same? Either way, the revenue was lost. Possibly someone made money, but that is irrelevant.

Crucially, while all these were been played out in full public glare what was the then finance minister doing? Was the ministry party to all this by its tacit silence?

Or has the then finance minister provided the necessary approval after consultations with the prime minister? Inconvenient questions indeed that the former finance minister may have to answer in the coming days.

The author is a Chennai-based chartered accountant. He can be contacted at mrv@mrv.net.in