If you thought Indian realty sucked…

An Iranian Shi’ite Muslim businessman now living abroad, who asked to remain anonymous because he still travels to Iran, said he attempted two years ago to sell a piece of land near Tehran that his family had long owned. Local authorities informed him that he needed a “no objection letter” from Setad.

The businessman said he visited Setad’s local office and was required to pay a bribe of several hundred dollars to the clerks to locate his file and expedite the process. He said he then was told he had to pay a fee, because Setad had “protected” his family’s land from squatters for decades. He would be assessed between 2 percent and 2.5 percent of the property’s value for every year.

Setad sent an appraiser to determine the property’s current worth. The appraisal came in at $90,000. The protection fee, he said, totaled $50,000.

The businessman said he balked, arguing there was no evidence Setad had done anything to protect the land. He said the Setad representatives wouldn’t budge on the amount but offered to facilitate the transaction by selling the land itself to recover its fee. He said he hired a lawyer who advised him to pay the fee, which he reluctantly did last year.-from Reuters

How Dharmendra almost shot Amitabh Bachchan

Again, we felt let’s raise the ante. So, we got Jim Allen and Gerry Crampton and their team. They did wonders to all the action sequences… the train sequence… they are all remembered scenes. We were shooting this climax sequence where Dharamji is tied up and Hema sings a song.

 

‘In kutton ke saamne mat nachna Basanti’.

 

She is almost collapsing from exhaustion and she is with Dharamji. The shot was that, at that precise moment, Amitabh comes and frees Dharamji. So a whole new life, a spirit is awakened at that moment. He rushes to Hema.

 

There was a box — a metallic box — lying there and Jim insisted he wanted a shot of real bullets. So Veeru kicks it open, pulls out all the bullets and fills them in and goes on. And then the marathon shooting sequence takes place. But in that moment, what happened was, because he (Dharmendra) was high, he kept coming.

 

High, as in he had a drink? On the sets? How did you allow that?

Yes. In a coconut (both laugh). We didn’t know. We only realised after this moment.

That’s a Punjabi Jat!

(Laughs) He was determined to do it because Jim had said, ‘This is the way it’s got to be done.’ So he had to do it.

There were about 12 or 13 retakes. Either the box wouldn’t kick open, or if he finally got his hands in, the bullets fell. You know, it didn’t come right.

That’s when he actually took a real bullet, put it in the gun, and fired (in the air). He was frustrated with himself. Right up there was Amitabh and the bullet grazed past him by inches.

Jim Allen took off his hat and said, ‘I’m not shooting. He can’t be drinking on the sets. He could have killed anybody. It could have been me, it could have been you, it could have been any worker. This is not right.’ Of course, Dharamji apologised and was perfect after that… he would do everything right.-said Ramesh Sippy in IE

New regulations to benefit Ratnakar Bank

Disclaimer:I am market making in Ratnakar Bank

Allowing foreign banks greater operational ground may both help protect the interests of depositors and fund capital projects in India. It may even bring about cost-effective banking backed by technology, thus increasing banking penetration.

While mergers and acquisitions may be some time away, smaller banks like IndusInd Bank, ING Vysya, Yes Bank, Dhanalakshmi Bank, Karnataka Bank and Ratnakar Bank — which are looking for capital to expand their footprint or scouting for investors — will see their valuations rise dramatically.

A senior official in a foreign bank said, “Asking banks to be wholly-owned subsidiaries and to get a letter of comfort from the parent is like creating a one-way street for the banks. RBI wants to ring-fence and a guarantee from parent banks. It will be good news to the smaller banks like Ratnakar, IndusInd and others of similar size that are looking for funds to expand.”-from DigitalFC

 

Chidambaram on the NSEL scam

Since the matter came to me, I have said there are three entities; the National Spot Exchange Ltd (NSEL), the Multi Commodity Exchange (MCX) and the MCX-SX; all of which are owned or controlled by the Financial Technologies , the parent company.
MCX-SX is a stock exchange. It is regulated by Sebi and they have taken action, they have replaced the board, appointed outside Directors and it is now under better supervision.
Then, we have MCX, which is a commodity exchange. That is under Forward Markets Commission (FMC). The persons who are suspected to have committed illegality have all been removed or resigned. The FMC has replaced them with other Directors and MCX is now a commodity exchange under very-very strict supervision. There is almost daily supervision and both regulators did surprise checks and will continue to do surprise checks to detect any illegality or any irregularity.
NSEL is a company. It is not a commodity exchange; it is not a stock exchange. It is a company which even before it started business was exempted from the act. So when it entered business, it was not regulated at all. People may have thought it was regulated and I do not blame them; I sympathise with them. Many of them may have lost money believing that this is a good company but I know that many of them put in money knowing it is not the regulated company and knowing that the money was being diverted. So, you must divide the investors into two categories- people who knew what was happening and people who did not know what was happening. I think people who have put in money must get their money back.
The Economic Offence Wing (EOW), Maharashtra police, the Enforcement Directorate, the central government and to some extent the Income Tax Department are working on them. A number of people have been arrested, they have been interrogated, properties have been attached, bank accounts have been attached. Whatever money we collect, we will now place it before the court. The matter is before court. Let the court pass whatever order it has to pass on how the money should be distributed. We are not coming in their way. Let the law take its course and let the money be distributed. Whatever money we collect either from ED, Income Tax Department or even the Economic Offense Wing of Maharashtra police, that money will be available for the depositors.-from MoneyControl

Why the Congress targetted Kumarmangalam Birla

“The corporate world is shocked because of the way the CBI has filed an FIR against Kumar mangalam Birla in the Coalgate matter. And in a way, a few voices against the Congress are raising their voices. Its first effect is being seen on the election donations; the corporate world is spending money for the BJP with both hands, but is clenching its fists tight when it comes to the Congress. Kumarmangalam Birla has 35 per cent shares in a media company. Kumarmangalam’s son has come back from New York armed with a media management degree and his aim is to become a media baron. Keeping his son’s wishes in mind. Kumarmangalam was about to give him 51 per cent shares of this media company so that he could control the company. For a while now, this media group’s three channels and a multi-language news magazine has been taking an anti-government and anti-Congress stance. Once in a while, the news anchors would directly attack the Congress crown-prince Rahul Gandhi, too, and this was just not going down well with the Congress. Sources reveal that several warning were issued to Kumarmangalam from the Congress so that his channel mends its ways, but Kumarmangalam washed his hands off the affair saying he did not control the media group at present. Thus, the Congress and the UPA government started to feel that Kumar, too, has an anti-Congress and pro-Modi take and a political strategy was drawn to teach him a lesson. Setting Kumarmangalam as an example, the Congress wants to pass on the message to another top industrialist who has a big share in several media groups that he get over his Modi love while there’s still time, or he could face the same fate as Kumarmangalam”.-from GossipGuru