Thank you Nitin Gadkari for disclosing your friendly loans from IRB!

Business houses and politicians have always been bed fellows. They are two sides of corruption at the highest levels as all scams have proved

Politicians sometimes almost unwittingly, without realizing, seem to tell the truth! Of course it is in self-defence and certainly without realizing the consequences.
I heard Nitin Gadkari, president of Bharatiya Janata Party (BJP) telling Nikhil Wagale on IBN-Lokmat that since his companies’ balance sheets were not fit for any bank to lend him money; he requested his good friend DP Mhaiskar of infamous Ideal Road Builders (IRB) Group to help him out. The IRB Group then raised money on its balance sheet and lent it to Gadkari’s companies at a higher interest rate thus pocketing some profit in the bargain, provided these companies paid IRB or Mhaiskar the interest and the principal amount. This disclosure raises many questions.
Who are these banks which lent the money in complete violation of banking regulations? They obviously did no due diligence to find out the end use of loan. I wonder what security has been offered to them and what is its value? Now these banks must be investigated by the Reserve Bank of India (RBI) immediately and appropriate action must be initiated. The confession by Gadkari that such a transaction has taken place is sufficient to initiate action against these banks. 
This is a norm and many companies have been doing this. Loans are taken in one company’s name and then that amount is given as loan to a subsidiary with a weak balance sheet. This action of banks proves my belief once again that banks tend to create their own non-performing assets (NPAs).
I also wonder why the statutory auditors of IRB do not write any qualifications to their report. I am assuming here that they haven’t as I have not seen the financials. This again is violation of regulations. They also need to be pulled up.
This proves once again that Registrar of Companies (ROC) probably does nothing after regulatory filing. Does anyone there scrutinize financial statements at all? Same goes for the Department of Company Affairs (DCA) and Company Law Board (CLB) presumably.
And what about the shareholders of IRB? Did they know this at all? What was the “so-called” independent directors’ role in this? Corporate governance? 
And how come Kejariwal and his team, after detailed investigation could not find this out? They seem to get government documents at will but how come they missed this. His Indian Revenue Services (IRS) background means he is well-versed with all this.
Will RBI, CLB and Securities and Exchange Board of India (SEBI) wake up and take action? From their track record it is most unlikely. Would shareholders, at least the institutional kind and mutual funds (MFs) if they are invested, take this to its logical conclusion? Again not likely by the experience so far.
So it is not only that all political parties are hand-in-glove, we all are also responsible. Business houses and politicians have always been bed fellows. They are two sides of corruption at the highest levels as all scams have proved.
Any kind of Lokpal will also not be effective in such matters. The regulators have long abandoned their responsibility of regulation and they are responsible the most.
We owe a big thank you to Mr Gadkari for this disclosure which he subsequently repeated on NDTV!
(Prof Anil Agashe teaches at Symbiosis and other management schools in Pune.)




4 years ago

As per the above information which is really useful to us to know about corruption which goes raise day by day and politician increase corruption at the highest levels as all scams.
Business houses and politicians have always been bed fellows

Dayananda Kamath k

5 years ago

regarding minsitry of corporate affairs. it is less said better. a complaint with subject " a satyam in nationalised bank" was misinterpretated as claim from investor fund by the undersecretary in the department. a clarification was agains sent and he had the audacity to send the same reply with different reference no. which means whatever the complaint he will treat it as claim from investor education fund. this matter was informed to sri khurshid alam and agains to veerappa moily the minsiters of the dpartment but no action so far. if this is the attitude at the regulator and govt what you can is conspiracy to loot the public .

Krishnan B S

5 years ago

Coming back to this article, Lot of gaps are there in Nitin Gadkari's case. However when we see an amount of Rs. 60 / 68 crores involved for the same, it is to be fully investigated and the people concerned published.

However, what about Crores being diverted under the table, Gadkari can be asked to resign and his political career shunted like Bangaru Laxman.

I can only see the tail of the elephant being caught, when the full elephant is passing infront of you and nothing is being done.


5 years ago

There is all around chaos because whistleblowers are either eliminated or butcherd.

Dr Anantha K Ramdas

5 years ago

Thank you Mrs Shanti Patel for being frank in your comments.

I have a case in point. After getting "SEBI approval" a company goes about getting shares on a "buy-out" plan. Then, quietly, a few months later, has a private equity participation by a third party at a much higher than the buy-out plan. From the balance sheet, I believe a bonus issue follows. The shareholders who did not sell their shares to the company do get their dividends, and of course, the shares are not listed.

Can you comment on this sort of situation as what is to be done by the shareholders? My attempts have been in vain and I have means of knowing what is the current sharevalue, as there is "no market" to know. Yet, a broker keeps sending notices of his willingness to pay cash and buy the very shares!

What should shareholders do?


R Balakrishnan

In Reply to Dr Anantha K Ramdas 5 years ago

The best solution a shareholder has is to vote with his feet. Sell the shares of such companies ( I will not go in to whether one should have invested at all).

shanti Patel

In Reply to Dr Anantha K Ramdas 5 years ago

Dear Dr. Ramdas,
Please give me the details about such company. I am a member of managing committee of Bombay Shareholders" Association.
We will look in to the matter and take appropriate action.
Give me your mobile no./Email Id.
If we follow the matter,we get success. It is a matter of time because we do not like CHANGE!
Mrs. Sucheta Dalal should form a committee of members consisting professionals such as Chartered Accountants, Lawyers and retired Honest Government Officers such as Ex.Commissioner of Police Mr. Ribero.
Chartered Account
[email protected]

Babubhai Vaghela

In Reply to Dr Anantha K Ramdas 5 years ago

While individual minority shareholders do try in AGMs and through SEBI or MCA but not succeed much as Brute Majority Overpowers the minority shareholder. However, CLASS ACTION is one way for minority shareholders to take decisive action but so far not in practice in India. That can help curb Corporate Frauds.

shanti Patel

5 years ago

Well done Mr.Aghashe,

The Auditors of Companies have to Annexure a statement on matters specified in paragraphs 4 and 5 of the Companies (Auditor"s Report) order 2003(CARO)issued by the Central Government in terms of Section 227(4A).
One of the matters is-Whether in the opinion of the Auditor and according to the information and explanations given, the terms loans have been applied for the purposes for which they were obtained?
If the statement of Mr.Gadkari is what is stated above, the Auditor has to QUALIFY his audit report and report the matter in his report.If not, the auditor has failed in his duty and may be held held guilty in disciplinary action.
In our country CHLTA HAY attitude is very common. No-body wants to come forward to take action!
I fought against a very well known audit firm, having audits of TATA GROUP companies for last three years.Pursued the matter very vigorously and ultimately they have to resigned from Tata Chemicals Ltd., Indian Hotels Ltd., Tata Global beverages Ltd., Nelco Ltd.Whipro Ltd.But you have to give time,energy and money for a long battle to fight.
I request Mrs.SUCHETA DALAL,who has expose large number of corporate frauds in the past,should also devote time and expose such Audit Firms and Directors and specially Independent Directors who do nothing except collect sitting fees and commission at the expense of shareholders.
Shanti Patel
Chartered Accountant
[email protected]


Anil Agashe

In Reply to shanti Patel 5 years ago

Thanks a lot.

Vaibhav Dhoka

5 years ago

All public figures as well as regulators behave as three monkeys of our Mahatma.
1-Bura Mat Dekho
2_Bura Mat Suno
3-Bura Mat Bolo.
Meaning all are mute spectactors.

Babubhai Vaghela

5 years ago

I appealed Prime Minister Dr Manmohan Singh for investigation into Loan of Rs 1100 Crores by RPL to Reema.
There has been no response.


5 years ago

Who will protect the interest of the investors when everybody, who is in charge of protecting public interest, do not see the obvious ! One feels helpless

Bollywood bids adieu to Yash Chopra, poet of evergreen love

As Yash Chopra, the man who taught the country how to fall in love passed away, entire Bollywood expressed shock and grief saying that Yashji was a legendary romantic, the poet of evergreen love and the magician who created the greatest love stories

Mumbai: The entire Hindi film industry or Bollywood is mourning the death of legendary filmmaker Yash Chopra, hailing him as one of the giants of Indian cinema and a poet of 'evergreen love', reports PTI.


Veteran actor Dilip Kumar, who acted in Chopra's 'Mashaal' (1984), tweeted, "Shattering, hard to accept. Yash was more than a friend, a brother. I am numb and have no words to express my grief."


Singer Lata Mangeshkar remembered him as a brother with jovial personality and good heart.


"Yash Chopra was like a brother to me. His filmmaking had a unique style and musically they used to be a hit. His music never used to fade. He had a jovial personality and a good person at heart. I spoke last on his birthday and after that he fell ill. I thought he will be alright," Lata said.


"Just got the news that Yashji passed on. He was one of the giants of cinema. My deepest condolences to his family. We will all miss him," posted actress Madhuri Dixit.


"Yash Uncle we will miss you. May god give peace to your soul. RIP," tweeted Preity Zinta, who worked with Chopra in 'Veer-Zara'.


Filmmaker Mahesh Bhatt said, "Post independence, Yash Chopra's contribution to Indian cinema has been immmense. In his last project 'Jab Tak Hai Jaan' he gave his everything. He was a very active man."


Shabana Azmi said, "Yashji! How could you just go? On your 80th birthday we wished for you to make 80 more's heartbreaking.


"My heart goes out for his sons Adi (Aditya) and Uday. Anything that we say is so trite and inconsequential to the body of work he has done," she added.


"I'm in shock and numb, can't believe the news, the man who immortalised love, Mr Yash Chopra is no more. May his soul rest in peace. My deepest condolences to the family," tweeted actor Akshay Kumar.


"Yash Chopra passes away... Just now an hour ago," tweeted Amitabh Bachchan.


"The legendary romantic, the poet of evergreen love, the magician who created the greatest love stories... RIP Yash uncle... you will be missed!," tweeted Vivek Oberoi.


Actress Sridevi, who worked with Chopra in 'Chandni' and 'Lamhe', tweeted, "Deeply saddened by the shocking news of Yashji passing away, he was full of warmth and affection whenever we met, he will be missed forever."


Veteran singer Asha Bhosle, whose daughter Varsha passed away earlier this month, tweeted, "Just as I was getting over the grief of my daughter, my brother Yash Chopra Bhaisaab has left me. Sad year."


"My mornings will never be the same. My learnings of life will never be the same. LOVE never be the same. And cinema will NEVER be the Same. Yash ji was my anchor, my quiet strength & my father figure in Mumbai. Never realised when our relationship shifted from films to family," said Anupam Kher.


Farhan Akhtar said, "Today I understand the phrase 'The end of an era'. RIP Yash uncle."


Filmmaker Anurag Kashyap said, "Yash Ji passed away before his last film came to the theatres.. Not done."


Ram Gopal Varma tweeted, "Jab tak tha yash tab tak tha cinema (Till the time Yash was there, cinema was too)."


"The man who taught the country how to fall in love passes away - you will always be with us through our work - King of Romance - RIP YASHJI," Riteish Deshmukh.


Prakash Jha said, "An institution has passed away today. He is an important chapter to the history of Indian cinema. Ironically he said two days ago that 'Jab Tak hai Jaan' is my last project. I am all numbed."


Actress Bipasha Basu said, "We lost the iconic, inspiring and always smiling Yash Chopra today. Saddened and shocked by this news.He will be missed forever. RIP Yash Uncle."


"I'm shocked and saddened by the loss of Hindi Cinema's legend - Yash ji. Romance in cinema will always be incomplete without you. RIP," said Madhur Bhandarkar.


Director Anurag Basu tweeted, "Yash Chopra - Human relations will never be the same on Indian screen... the way he potrayed, nobody did, nobody could... suppose nobody ever will."


"Saddened and numbed! Oh Yash Uncle... we will miss you," said Boman Irani.


R Madhavan said, "RIP Yash Ji. Romance and Love shall forever miss you. Farewell and may the heavens above learn Love from you."


Actress Shilpa Shetty said, "Just heard the tragic news of Yash uncle passing away. The epitome of Romance a great man... will miss him dearly."


Yash Chopra: King of romance leaves a void in Bollywood

'Jab Tak Hai Jaan' is the last work and words from legendary filmmaker Yash Chopra, who as director and producer gave support and fillip to many an artiste's career and making them into superstars

Mumbai: A legendary filmmaker, Yash Chopra changed the face of romance in Hindi cinema to become a brand in Bollywood with numerous hits under his belt in his five-decade long illustrious career, reports PTI.
Chopra (80), who was one of the pillars in Bollywood, directed some of Indian cinema's most successful and iconic films, including the action thriller "Deewar" which established megastar Amitabh Bachchan as the "angry young man".
The hit duo of Chopra and Bachchan worked together again in romantic drama "Kabhi Kabhie" and drama "Trishul".
If Shah Rukh Khan is called the King, Chopra was definitely the kingmaker and gave support and fillip to many an artiste's career and making them into superstars.
Although he began his career making different kinds of films, Chopra is today known mostly for the romantic films like 'Silsila', 'Chandni' and 'Dilwale Duhania Le Jayenge'.
The term 'Yash Chopra romance' is used to typify the kind of romantic films the filmmaker gave birth to in Bollywood.
Considered among one of the greatest filmmakers in the history of Hindi cinema, Chopra's career has spanned over five decades and over 50 films.
Beginning his career as an assistant director, Chopra made his directorial debut with "Dhool Ka Phool" in 1959, a melodrama about illegitimacy.
Chopra has won several film awards, including six National Film Awards and eleven Filmfare awards including four Filmfare Award for Best Director. 
Born in Lahore to a Punjabi family on 27 September 1932, Chopra moved to India after the Partition. Chopra's original plan was to pursue a career in engineering.
However, his passion for filmmaking led him to travel to Mumbai where he initially worked as an assistant director to IS Johar, and then for his director-producer brother BR Chopra.
Encouraged by the success of his films, the Chopra brothers made several more movies together during the late 50s and 60s.
Chopra rose to fame in 1965 after the commercially and critically successful drama, "Waqt", which pioneered the concept of multi-starrers in Bollywood.
In 1973, Chopra founded his own production company, Yash Raj Films, and launched it with "Daag: A Poem of Love" with the hit onscreen pair of Sharmila Tagore and Rajesh Khanna.
However, in the '80s several films he directed and produced failed to leave a mark at the box office, notably "Mashaal" and "Vijay".
But Chopra rose like phoenix with the commercially and critically successful film "Chandni" thus beginning his journey of making romantic Hindi films. He then directed and produced the cult classic 'Lamhe' in 1991.
His association with Shah Rukh Khan began with the 1993 romantic psychological thriller film 'Darr', which turned out to be a superhit with SRK playing the role of an obsessed lover.
Since then, Chopra has directed three more romantic films, all starring Khan - 'Dil To Pagal Hai' (1997), 'Veer-Zaara' (2004) and 'Jab Tak Hai Jaan' (2012) before he announced his retirement from directing this year.
"I have always had great experience working with him. He is one actor who has never asked me what the story is about, how much money he will charge... whatever amount I sent him through cheque he takes that and rather asks me why did I give such a huge amount," Chopra said last month during an interview with Shah Rukh on his 80th birthday.
Shah Rukh has also been a part of films like 'Dilwale Dulhania Le Jayenge' (1995), 'Dil To Pagal Hai' (1997), 'Mohabbatein' (2000) and Rab Ne Bana Di Jodi (2008), which were produced by Chopra's Yash Raj banner.
His last film 'Jab Tak Hai Jaan' is set to hit theatres on 13 November.
Chopra's elder son Aditya Chopra is a successful director, carrying forward his legacy and taking care of the Yash Raj banner. His younger son Uday is now handling the international branch of their production house, besides breif stints in films.


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