Day: September 4, 2012

The scams never seem to stop.

Nalini Chidambaram and Karti P Chidambaram, wife and son of Chidambaram have grabbed the Government poramboke and grazing lands abutting the Muttukadu

backwaters. They have built a high compound wall making it difficult for the fishermen to go to sea for their livelihood,” Jayapalayan, president, South Indian Federation of Fishermen Societies (SIFFS), told The Pioneer.

“We submitted a complaint to the Chief Minister, City Police Commissioner and other Government officials on Monday. The livelihood of more than 500 families have been threatened by the action of the Chidambaram family,” said Jayapalayan.

He said more than 12 acres of prime property have been grabbed by the family members of the Union Finance Minister. “The compound wall has been built violating the Coastal Regulation Zone Act. Though we had complained to the authorities long back about the land grab, the then Government ignored the same,”said Jayapalayan.

Sources said that the Chidambarams were planning to construct a super deluxe hotel at Muttukadu, which lies along the Bay of Bengal. “It is prime property abutting the beach. Though theprevious State administration had given the go-ahead  for construction, it got delayed for some reason or the other,” they said.Palani, a fisherman, said though they had demolished a part of the

compound wall twice, the Union Minister’s family rebuilt the same. “In the past, some of the police officials had warned us against antagonising the Chidambarams,” he said.- from the Daily Pioneer

If you’re a fund manager, you can sit there and bemoan how difficult life is, or you can say, ‘this is still the best way to make money’, and have fun doing so. What else are you going to go and do?”-from the FT

If you look at the history of India’s credit cycles, most of the time companies have gone bad, but not their promoters,” Mr Uday Kotak said, referring to the owners of India’s largest industrial houses. “This time the banks must ensure that the pain is shared fairly between the banks and equity owners.”