Source:IndiaMaps
Source:IndiaMaps
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What’s a 1000 Crore between friends?
The impairments and write downs at Tata Sons were due to legacy issues, largely relating to TTSL.
There were also other investments of questionable nature such as Nagarjuna refineries (Rs. 400 Cr.) and SASOL JV.
One investment in Piaggio Aero, a company in the aerospace sector with a friend of Mr. Tata, was especially distressing. Tata Sons decided to exit the company at a commercial loss of Rs 1,150 Cr. This was after the efforts of Mr. Bharat Vasani and Mr. Farokh Subedar who managed to recover Rs. 1,500 Cr., overcoming the objections of Mr. Ratan Tata who in contrast favoured increasing investments in that company.
Today, the company is, for all practical purposes, nearly bankrupt.
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Is Modi watching Aastha Channel?
This was aired a couple of years back.
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Linkfest: November 16,2016
Some stuff I am reading today morning:
Italy polls gets worse as referendum nears (Reuters)
ATM chaos,demonetisation woes (FirstPost)
Drop in Dabba market trades add to liquidity crisis (Money Control)
Cyrus Mistry: Ratan Tata paid Nira Radia 40 Cr/year ! (ET)
Why DVRs have failed in India (BL)
Demonetisation and the Equity Markets (Subramoney)
Tax & Penalty on Cash Deposits (Be Money Aware)
Long-Short investing may shorten your investment life-span (AA)
Warren Buffett is now bullish on airlines (Climateer)
Lawsuits against Welspun,Walmart roil cotton industry (Mint)
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Checkmate
Find it interesting how the Modi Govt has moved fast to checkmate the legendary Indian Jugaad
Jugaad: Buy gold with cash.
Govt Response: IT raids on Jewellers
Jugaad: Buy $ with cash.
Govt Response: IT raids on Hawala Dealers
Jugaad: Buy Appliances/Mobile Phones with cash.
Govt Response: IT scrutiny on all back dated purchases
Jugaad: Buy Railways Tickets with cash and then cancel and claim refund
Govt Response: All cancellations above 50K to be directly deposited in bank accounts
Jugaad: Buy Airline Tickets with cash and then cancel and claim refund
Govt Response: Only non-cancellable airline tickets can be purchased with cash
Jugaad: Rent out Jan Dhan accounts.
Govt Response: Not more than 50,000 Rs deposit in Jan Dhan accounts
Jugaad: Pay people money to stand in line and exchange cash.
Govt Response: Indelible ink to mark people exchanging cash
CHECKMATE