Public Interest   Exclusive
Pramod Mittal spent 60 million Euros on daughter's lavish wedding?

Pramod Mittal represents but one example of the quiet, high-stakes game of rich, influential bank defaulters that often misuse the CDR route without a slight change in their lavish lifestyle or spending

Pramod Mittal, the younger brother of steel tycoon Lakshmi Mittal, owes a lot of money to Indian banks. However, instead of repaying bank loans, both Pramod and his brother Vinod Mittal have managed to use the corporate debt restructuring (CDR) route repeatedly to escape unscathed. Surprisingly, despite being a bank defaulter, Pramod Mittal has reportedly spent 60 million Euros (about Rs505 crore) for his daughter’s lavish wedding in Barcelona.

 

According to a report from Vanitatis (Spanish news portal), the wedding of investment banker Gulraj Behl and Shristi Mittal, the 26-year old daughter of Pramod Mittal and exercise director of Global Resources of Europe, could become one of the five most expensive weddings in history, as per the figures. "One of the employees of the municipality that is well connected to high places told us that probably the figure among all parties, lodging, rental of premises, hotel rooms and other expenses to be determined, could...

Like this story? Get our top stories by email.

User

COMMENTS

jaideep shirali

2 years ago

The question us, now what will follow? Will the so called clean government, which 'does not tolerate corruption' act, or will Pramod Mittal join the club of crony capitalists ? The properties and assets of these people must first be seized and they should be entangled in so many court cases that require their physical presence, that they should regret cheating the Indian taxpayer, as that is what the case is really about. For those who are arrogant because of their money, the elimination of this wealth must be the first priority.

shadi katyal

3 years ago

It is well knonw that Indian Banks will need $ 70-80 billions in next few years to stay afloat but such rate of default and no one to follow the money,one can see the results.
After all all these new Maharahs with stolen funds can show their splendor as they wish
Why has such fraudesters been allowed to get away and one wonder how many others in high posts took the advanage of it.
The list of guest should tell us who was there and what his rank was in the Govt.
It is unfortunate that such loot can be wasted instead of invested into some educational or research and industry to provide education.
Indian Govt is impotent as greed rules and one can buy majority of these officers with right amoiunt of money
Greed Rules India and not Laws

Ravi Sharma

3 years ago

Pramod Mittal is a crook who uses his connections with underworld and politicians to stymie the investigation and hood wink its employees. About 400 employees of Global steel are still to get their dues for working under tough conditions in Libya, Nigeria etc while these promoters are having a ball

R Nandy

5 years ago

Some questions: Is Ispat a corporation or a privately held company of the Mittals? If Ispat is a Corporation do the promoters have unlimited liability for the company? Isn't a promoter of a corporation just a shareholder with liabilities limited to his investments in the corporation?

I think we are mixing up issues here,whether it is Mallya or Mittal.How they use their private wealth is their own business.The question is did they mismanage the companies if yes? can they be prosecuted under company law?

Veeresh Malik

5 years ago

Here's a copy of one of the RTI Application filed by me which people are welcome to check and read on status as it proceeds.

DOFSR/R/2013/61065
dtd 23dec'13

To the Department of Financial Services.

Please provide me with the following information:-

1) Full details of outstandings from ISPAT PROFILES LTD to State bank of Bikaner and Jaipur including names & designations of the board members and bank officials responsible for these outstandings.

2) Full details of outstandings from ISPAT PROFILES LTD to Dena Bank including names & designations of the board members and bank officials responsible for these outstandings.

3) Full details of outstandings from ISPAT PROFILES LTD to Indian Bank including names & designations of the board members and bank officials responsible for these outstandings.

Thank you.

REPLY

Gopalakrishnan T V

In Reply to Veeresh Malik 5 years ago

Banks have umpteen ways to camouflage bad loans and write off of loans. Pramod Mittal is one case that came to light because of his display of wealth for his daughter's marriage.There are several other cases where the Companies are defaulters and sick but the men behind them are strong and financially very sound and healthy. As this sort of loot was going on unchecked, I had with an intention to have a lasting solution to this ever increasing menace did a research and got my Ph D awarded from Madras University. The solution suggested was found simple practical,easily implementable without any scope for bias, favour and corruption. It was an inbuilt mechanism to discipline borrowers and lenders as well.The solution was appreciated by the top barons of banking and ended with that. Had they shown some inclination to prevent this NPA formation, the solution could have been implemented in the year 2003 and by now, this festering problem would have been contained to a great extent for the benefit of the economy, banks borrowers and other stakeholders of the economy who include the Government first and many others.Now RBI has come out with a discussion paper to beat about the bush and without any scope for minimising the menace.The means proposed would not justify the ends as the procedures involved are cumbersome,expensive and not result oriented. The authorities do not want any solution as they have their own axe to grind if the system in vogue is in chaos.
Happy to note that the subject has attracted attention and through money life lot of discussion takes place.

Dayananda Kamath k

In Reply to Gopalakrishnan T V 5 years ago

does bankers dont know these methods. it is being deliberately flauted so that the pockets of the concerned can be lined up. there was a case where the textile company was being given almost 100% of its limits as concealed tod by the branch because of systemic failure. they were enjoying and running the business mainly on this free fund. they provided safari suit to all executives of the bank and bank employees were given a 20% discount at their showroms.when it was detected and reported in internal audit report bank was forced to stop this practice and within 2 year bank has to writeoff the loan.

pushkar kulkarni

5 years ago

seems like Pramod Mittal is in wrong profession.
he should be in politics, in the august company of Kalmadi / lalu's and of course Vijay Mallya.

Living life kingsize or jumbo size., at Indian tax payer's expense.

the Indian government would of course sleep on it , as usual.

Normal Indian person who does not pay tax or does not transfer ST/ ED is penalised while the likes of PM/ VM are getting scotfree.

Veeresh Malik

5 years ago

More information on understanding the Pramod Mittal group of companies, especially Global Steel Holdings Ltd. and Ispat. "Red Marks this bunch" . . . but that's on our taxpayer funding!

http://reyadel.wordpress.com/2009/07/16/...

Veeresh Malik

5 years ago

And here is more information on Pramod Mittal's activities in context with what he really uis and does.

http://reyadel.wordpress.com/tag/stemcor...

Ofcourse, there are volumes online!!

shadi katyal

5 years ago

One wonders that how big brother Mittal who is well known as Steel Czar feels about this loot by his brother's copy. Does he appreciate that he has looted India's banks or India??
Has Indian Govt taken any action after reading this lavish wedding with Bank's loot.
What is so great if one has stolen money from others. How can any honest person even attend such event???

REPLY

rajivahuja

In Reply to shadi katyal 5 years ago

Do you think that Indian Govt will ?

c r paranjape

5 years ago

When all his businesses in India have been incurring huge losses year after year and have accumulated huge NPA loans to the Indian banks how come these London based businessman have so much wealth? The truth is his wealth is generated by siphoning the funds from the companies to the tax heavens like Man of Isle.

Mahesh S Bhatt

5 years ago

Crass show of wealth,degrading Values of our times.Sad & Bad.

That's the price we pay for revering rich & disrespecting/not honouring honest/prudent people.

This shall grow till some poor shall bring revolution.
Mahesh

Gopalakrishnan T V

5 years ago

Looting banks through big loans has been going on for decades and the loss on account of bad loans has been borne by the tax payers and the banks stakeholders who include depositors, employees and shareholders. To prevent this loot and to improve the banks credit management system, their balance sheets and also to discipline the borrowers, i did a research and brought out a very practical and easy solution to contain the formation of NPAS. The statistical model suggested was experimented on some banks advances portfolio and it proved to be very practical and useful to improve the conduct of credit portfolio of banks and discipline the borrowers without giving scope for any corrupt practices. The solution was appreciated for its merits but as is always the case in our system discipline is either not wanted or not encouraged because of ulterior motives.As long as the burden on account of bad loans can be easily passed on to innocent stakeholders who do not have any voice to protest no solution would be attempted even in our corrupt system. If the bad loans written off by banks particularly public Sector banks since nationalisation of banks in the early 1970s had been avoided, the economy would have been in far superior position than what is today. The loots are going on with the blessings of authorities is a well known secret. The loss on account of bad loans to the economy is something mind boggling and recurring by nature without any incremental benefits .

Veeresh Malik

5 years ago

Here's a relevant article on the same subject from another newspaper, HT, by Samar Halarnkar

http://www.hindustantimes.com/comment/sa...

S K Agarwal

5 years ago

Banks can kill their employees even for a slight lapse. The top executives of Banks go scot free despite committing any big mistakes knowingly and in connivance with corporates

REPLY

Dayananda Kamath k

In Reply to S K Agarwal 5 years ago

because they are protected by their appointees the rbi, primeministers office, and cvc. other wise their decision to appoint them is proved wrong.

captainjohann

5 years ago

Mittal, Mallayya with F! and all those Bank defaluters and the Finance Ministry sleeps.It goes to high court for equal treatment for deaf and dumb disabled as according the Babus they do not deserve that much sympathy like other disabilities. This same argument applied to Mentally ill who do not thank even thank the donors but none care when they eat their own shit in front of temples.

Sexual Harassment: Complex Questions

For every sexual harassment cases like Tarun Tejpal, Phaneesh Murthy and David Davidar, there are others that have been quietly settled, allowing the perpetrator to move to high-paying jobs

Most of India has watched, and read with grim fascination, the two high-profile sexual assault complaints. One, against Tarun Tejpal, the controversial founder of Tehelka and another against a highly respected retired judge of the Supreme Court. But, in corporate corridors, the non-stop coverage has triggered a different sort of worry. Senior officials are worried about the systems and procedures that need to be put in place, while experts in gender law say that the duties and obligations of employers are not yet crystal clear. Consequently, there is a sense of panic about being dragged into unanticipated situations; precautions are often veering to the other extreme.

Dr Hemant Morparia’s cartoons on the Tehelka issue seem exaggerated to evoke laughter (see alongside); but consider what is happening in the corporate world today.
    A CEO pulls up a woman employee for walking away without completing an important presentation to be delivered the next day. The boss had to sit...

Like this story? Get our top stories by email.

User

COMMENTS

Mahesh S Bhatt

5 years ago

Women are source of Energy ie Shakti & Shiv without Shakti is Shava(dead body).

Why donot we inculcate the Values of revering/ respecting/ complementing/supplementing women force in our lives.

Sex battle has no end bed becomes battlefield & world crumbles.

Work on mutual respect /love.God has made them for each other & not against each other.Respect/Enjoy divine signatures/differences.

Mahesh

Dayananda Kamath k

5 years ago

when you create laws based on lobbying by powerful and vested interests it will happen and everybody will try to take advantage of special rights. when the constitution has the principal of equality passing special laws benefiting a certain section will only lead to its misuse.

REPLY

nagesh kini

In Reply to Dayananda Kamath k 5 years ago

We still blindly hang on to the archaic and hackneyed over century and half framed by the 'goras' just because our present generation is not qualified to enact right language - why should the Lok Pal Bill be hanging for 42 years, the DTC and Womens Reservation Bills for God knows how long. The Companies Act 2013 seeking to replace its 1956 predecessor was held up by a powerful business and auditor lobby because they perceived that there were many provsions that would hit them hard.
Will the AAP broom sweep them clean is the moot point!

Nihar Mody

5 years ago

Definitely a sorry state of affairs. Remember there are two sides of the coin, as we have repeatedly seen in Anti Dowry laws being misused.

The best thing is not to hire Ladies for work.

Has the law considered, how many ladies use ulterior methods for advancing their careers? and then use these laws to blackmail?

Media wants to sell their product or wants viewership. They sensationalise. Have they forgotten "Vishvamitra-Menka" episode? or for that reason "Matahari".

Rember "Madhur Bhandarkar - Preeti Jain" case. It is a very old use the sex for getting the job done/advancements etc, when things go sour accuse of rape.

REPLY

nagesh kini

In Reply to Nihar Mody 5 years ago

Nihar - you're echoing what Dr. Farooq Abdullah said and this was called a 'sexiest' remark even his son Omar!

MOHAN

In Reply to nagesh kini 5 years ago

It is a fact that fear complex have started creeping into the minds of office heads who have lady subordinates.

nagesh kini

5 years ago

The Ganguli case has exposed our apex court that doesn't have in place a Committee despite it's own Vishaka verdict and this indicates the chicks in the armour for implementation and enforcement of good intensioned regulations.
Agreed there are many more Phaneeshs and Davids, but what happened to these high profile exposures ? They are simply let off scot free even without a simple knuckle hit only to move up notwithstanding their gross misdemenours!
Why have the State/national Commissions not moved suo moto against them both in the absence of any effective action by the companies?

Vaibhav Dhoka

5 years ago

In most cases where aberration of law or settled practice in day to day affair takes place it is justice system which takes very very long time to punish violator and therefore higher % of victims avoid to make formal complaint.Our judicial system is too lethargic and extremely slow when justice is sought by common man.The stand Supreme court took in Justice Ganguli will be seen as cowardice and will help other institutions umbrage as Retired.Supreme courts stand is conflicting in respect of judgement and stand it takes in giving judgement in sexual harassment cases.

Survey: Gender sensitivity in media and advertising fraternity

Only 50% of companies in the advertising and media world in Mumbai have a committee to address sexual harassment reveals a survey

Only half of the companies in the advertising and media fraternity in Mumbai have a committee to address sexual harassment. Over 60% of women feel their commitment to an organization would be questioned if they opted for flexible working hours. Inversely, 35% of men felt uncomfortable to opt for a flexible work schedule. These are some extremely relevant findings from a perception study of gender equality in the media and advertising industry in Mumbai.

 

The “Gender Equality in the Workplace Survey” was conducted among mid to senior level professionals, by Social Access Communications, a communication firm that works for social change on behalf of NGO Population First, which tackles population and health issues within the framework of women’s rights and social development. The survey was circulated among over 600 professionals, and received 130 responses.

 

 

The survey results were revealed as part of a larger agenda to sensitise advertising professionals to be more gender neutral, through a workshop ‘Men are from...

Like this story? Get our top stories by email.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)