From: S. Kalyanaraman
Polls and asatyam
Prof. Vaidyanathan provides a refreshingly candid perspective on why 8k crores vanished from Satyam (say, in the context of switch to real estate enterprises).
One point which Vaidya fails to mention is the money Amar Singh paid to Clinton Foundation (which was said to be between 2 to 5 million US Dollars). It is also a fact that a few weeks before the Vote-for-cash vote which made the UPA survive in Parliament, Amar Singh was seen with Hillary Clinton. There is no effective investigative journalism tracking the favors he got in return. Surely, there is evidence that some MPs were paid at the rate of Rs. 25 crores per vote-switch. This is how the damage caused by the loss of 60-odd votes of the Commies was made good by the mid-night switch of allegiance of Amar Singh's party to support the UPA. Assuming that at least 30 MPs got so paid, the amount which had transferred hands should have been about Rs. 750 crores. Apparently, the unit of Rs. 25 crores is what it costs to 'win' a Lok Sabha seat.
Surely, the high-value land needed for the IT boomers is a cash-cow for the parties controlling the porambok land which can be 'sold' for a song (the rest is for the imperative of 'winning' a Lok Sabha seat or an Assembly seat, as the case may be).
The dramatic switch of Satyam into Maytas (anagram) is a clear indication that Maytas was a better cash-cow than the body-shopping of IT slaves. After all, the state controlled the allocation of porambok land.
Thanks to Vaidya for the insight. Hopefully, all land deals of all Sensex companies will be reviewed and the money trail established by the State surrogates such as SEBI or MCA.
Meanwhile, Election Commission can sit back and watch as the envelopes are distributed to prospective voters or arati plates are filled as the ladies do arati.
What the voter needs in corporate governance is NOT protection through promoters' false affidavits but sending the entire criminal political class to jail to save dharma and start afresh a janapada.
Impending polls may have pushed Satyam off cliff
R Vaidyanathan (DNA, Saturday, January 10, 2009 3:35:00 AM)
The first casualty of any election is Satyam (the Truth).
Financial wizards, accounting tigers and company law gurus are all having discussions on the fall and fall of the Raju kingdom. There are debates about international financial reporting standards — since Satyam was one of the first companies to adopt this — besides audit committees, independent directors and the role of regulators such as Sebi.
Either these experts are all from Mars and know nothing about the political economy of our country, or they are really shy of talking about it.
Let us assemble the facts first.
Tirumangalam is a constituency in Tamil Nadu where a by-election took place on Friday for electing an MLA. Reports suggest that each voter is given at least Rs 500 in cash. The local minister and son of the current chief minister has been accused of distributing cash and caught on camera. The state election commissioner bemoans that Tamil Nadu is "excelling" Bihar and UP in electoral malpractices.