Indian corporate world has been shaken miserably with the unfolding of the Satyam misgovernment case.This has set inquires by government over the bank accounts of other major business houses in India. Let me tell you what Raju did recently is being done all around the corporate world but only thing is Satyam was involved in multiple frauds and due to this investors lost all his confidence on Satyam.
If these inquiries are carried on properly then be sure of big big defaulters ahead. And the bigger than the biggest is also among one of them,Mr. Mukesh Ambani. Recently he acquired more shares of RIL and his share in RIL rose to 49.03%. Now in last two years he has bought shares of his own company worth $12 Billion(Rs.570 billion). From where did he get this much money??? It certainly came from RIL only through some channels which were disclosed to SEBI but nobody said anything because of the respect which is attached with the name AMBANI.
If we look at the recent earnings of Mukesh Ambani we will find that he never earned anything near to 12 billion to buy these many shares of RIL.
Mr. Ambani has received only Rs. 500 million (USD 11 million) as salary
and commission from RIL, and dividend of Rs. 750 million (USD 16
million) from his shareholding in RIL in past 2 years.
It is the investors money that is being used to buy back the shares of RIL by Mr. Ambani, same that happened in the case of Satyam Computers.
Things doesn't seem to be going well for Indian Corporate giants.We hope Mukesh Ambani would not be next Raju or this will ruin the image of India's honchos which were very recently considered to be the poster boys of new vibrant India.
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if this happens to be surfaced like the satyam fiasco, then possibly forget india's brand image, the entire world will put its back and the industry will suffer heavier than the ongoing recession with possibly a hundred thousand jobs going the garbage way!!! just hope it doesn't happen
ReplyDeleteya...I think he knows about this problem better than us and will use his power of money and status to the max to come out of this cleanly.
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