Categories
Links

Linkfest: March 13,2018

Some stuff I am reading today morning:

Bharat Dynamics IPO opens today (Quint)

IPO Review: Sandhar Technologies (My Investment Ideas)

DGCA grounds 11 A320neo aircraft (MC)

Public Sector Banking mess is here to stay (ET)

Tata Sons to sell TCS stake worth $1.25 Billion (Mint)

E-Commerce firms may have to give full refund to duped customers (BS)

Interview with V Srivatsa (BL)

How Saudis used coercion to seize Billions (ET)

Japanese Bubble Bursting Playbook (Macro Tourist)

Ideas that changed my life (Morgan Housel)

Categories
Observations

CESC Demerger in Trouble

The West Bengal Electricity Commission has put a spoke in the spinoff plans of CESC Ltd.

The detailed order of the Commission is dated 16 Feb, 2018 and can be downloaded from here.

As per the order:

“The above petition of CESC limited is not in line and is far from the provisions under section 17(3) of the Electricity Act, 2003 and regulation 5.11.3 of the West Bengal Electricity Regulatory Commission (Licensing and Conditions of License) Regulations,2013 which spell that CESC Limited is required to submit petition seeking prior approval of the Commission for the above arrangement.

The instant petition does not meet the Criteria of the Act and the regulations made thereunder and as such cannot be admitted and thus rejected.”

The surprising part is that CESC did not inform the exchanges about this very material order and kept the investors in the dark.

Categories
BookReview

Book Review: My days in the rise of Bengaluru Mafia

The Book ‘My Days in the rise of the Bengaluru Mafia’ is written by Agni Sreedhar,who once was the key don of Bengaluru’s under world.

In India, many businessmen are subject to extortion, threats etc from various politicians, criminals and other rent seekers.As such, it would be good to know how the criminal underworld works.

The Book captures the underworld activities of Bengaluru from 1970s to 2000s

Its a very gripping read and gives a fantastic insight into how our society (politics,criminals,police and judiciary) actually work

The author had spent many years amongst criminals (‘rowdies’ in Karnataka parlance) and had even committed many crimes, including murders.

One thing that strikes me is how easy it is commit a murder and get away with it  in our country. One example in the Book gave an instance where a murder was committed and the police were lead to a site where the murdered person’s bones lay.The entire case was built around it.The case collapsed after a few months when it was pointed out the bones were not human’s but a dog’s ! The murderers had buried dog’s bones there and had disposed the body in the sea !

The Book also narrates the various petty crimes that the Bangalore mafia used to indulge in  like extorting from gays,fake currency rackets etc

The Bengaluru Mafia became bigger and deadlier after the Mumbai Mafia got involved with their guns, sharp shooters etc.

The author offers this remarkable piece about the criminal-politician-police nexus:

“It is the politicians who play a very important role in the underworld.A winning legislator, if he belongs to the ruling party, will get a police officer of his choice  appointed to his constituency.Hence, the local small-time rowdies support politicians”

And

“The politicians pamper the underworld because they are of use during elections.The police play up to politicians because they can be used for transfers.The underworld controls the police through politicians and the politicians control the underworld through the police !”

The Book is littered with instances of how the Bengaluru Mafia was supported by various Congress politicians and Chief Ministers. Reminded me of how Dawood Ibrahim was continuously supported by a Maharashtra CM in his rise to power.

I am reminded of a famous anecdote of Dhirubhai Ambani.

Rupert Murdoch, the Media Billionaire, was just entering India and he met Dhirubhai Ambani in Mumbai.

Ambani asked Murdoch whom he had met in the capital, and Murdoch listed the Prime Minister, the Finance Minister, and others. “Ah, you’ve met all the right people,” replied Ambani. “But if you want to get anywhere in India you must meet all the wrong people”

Do buy this book if interested in knowing more about the wrong people.

 

Categories
MegaTrends

Mega Trend: India’s Domestic Tourism

Source: Kotak Research

Categories
Links

Linkfest: 12 March, 2018

Some stuff I am reading today morning:

SEBI seeks to cut F&O bets (ET)

PSU Banks stare at mounting losses, eroding capital (Tamal)

FPI outflow in March already at 6000 Crores (BL)

RBI turns up heat on lenders (Reuters)

Jet Airways Consortium to bid for Air India (Quint)

Stock Analysis: Skipper Ltd (Dr Vijay Malik)

Dude, shall I cut my equity exposure? (8020Investor)

The curse of intelligence in investing (Ben Carlson)

How a volatile stock market turns investors into gamblers (Value Walk)

From rich to middle class: We lost 96% of our money (Jago Investor)