Reliance Industries announces a Bonus of 1:1 !…Now ! Now ! Now !

Reliance surprised all yesterday with a post market bonus declaration of 1:1….It last gave a bonus in 1997…and before that in 1983 and 1980

Dhirubhai Ambani,the Founder was the dramatic architect for all these bonus issues…but he passed away in 2002……Investors were like Children in those days…and the father was Dhirubhai !….his bonus announcements were always dramatic…like breaking an AGM to have a board meeting to discuss Bonus and coming back to announce a 1:1 Bonus…all pre planned

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Nusli Wadia’s Interview in Economic Times Today….Finding it difficult to let Go of the Past !

I have audited a Wadia Group Company and lived the 1980s and 1990s through the bitter rivalry between Nusli Wadia and Dhirubhai Ambani….so it was with some Interest that I read Nusli Wadia’s Article and Interview in today’s edition of the Economic Times…..Brought back some Memories

He has chosen to be interviewed and communicate now after so many years..and amusingly he has done so through the Times group despite being very close to the Express Group

I remember the 1980s when I had joined the prestigious CA Firm,S B Billimoria and Co ( Now part of one of the Big 4, Deloitte Group) to begin my articles….my first audit was BRT ( Bombay Ring Tools),a Wadia Group Company….What I remember was the condescending attitude of their Chief Accountant…he was a very emotional Parsi Gentleman ,who held a strong view that Statutory Auditors were merely like Employees of the Company and should therefore behave as such…they had no right to ask questions and Wadias were even their Boss !….This irked my seniors quite a bit…I was a total newcomer…so I just observed…..My Seniors used to take great pleasure in never missing an opportunity to argue and work up steam with this Accountant…he used to get red in the face and very angry and even complained to our Firm Partner that the Audit team was getting Personal !…while most Lunches during the Audit were at ‘Shere-e-Punjab’,a lane away from Wadia Group’s ‘Neville House’  at Ballard Estate ( near the Docks) in South Mumbai,we were treated to ‘Khyber’ when our Firm Partner too was present.It was my first audit and I learnt that Ethics in Business and Personal Ethics are two separate Issues 

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Second Budget Reaction at Market closing a few Hours later….Pranab’s Budget has shorted the Market

Pranab’s Union Budget has shorted the Market !

Ironically It’s Reliance Group Founder’s Dhirubhai Ambani’s Death Anniversary today… Arguably the Father of Indian Equity… He was the King in Capital Formation through Equity….. we probably need him to resurrect… to resurrect our Markets !… he build his flagship on scaling up a Domestic Consumption Story… we need to stimulate the same today… his vision, experience, inspiration, motivation, ideas and leadership would have helped…. You can corelate our huge Fiscal Deficit with Dependency on Oil Imports and being victimised by the huge surge in Oil last year to US $ 145/barrel…. Reliance continues to lead the way in the Private Hydrocarbons Sector in building World Class Refineries and Exploration of Oil and Gas…. Clearly it was Dhirubhai’s Vision to help make India a World Class Country and less Dependent on Oil Imports… His guidance in aiding the Government in Capital Formation through Equity would have been invaluable… He would have had the crucial retail Investors support too.

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Pirated Edition of “The Polyester Prince”: The Rise of Dhirubhai Ambani

You’ll get the pirated edition of “The Polyester Prince “at the signals in South Mumbai…don’t pay more than Rs 100

Today’s Sunday Mid Day devotes a whole page to it…….The Book was written in 1998 by Hamish McDonald who in 1991 was appointed to run the India Country desk from New Delhi for “Far Eastern Econimc Review”. He now is the Asia-Pacific Editor of the “Sydney Morning Herald”

The idea of the book actually came in 1992 after the author had met the late Mr Dhirubhai Ambani a few times beginning in 1991 with the Invitation to the marriage of his son Anil Ambani with the Film Actress Tina Munim

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