Hemendra Kothari to sell his remaining 10% of DSPML to Bank of America…revived sour memories of DSPML

Saw Hemendra Kothari come on NDTV Profit today and confirm that he has sold the remaining 10% he held in DSPML to Bank of America….Some Years ago he had sold 40% to ML for US $ 500 Million…he refused to disclose at what price he sold this 10%,saying it’s an unlisted company….says he’s now 62 and wants to devote time to Philanthrophy(his family,he says,has been involved in it for years) and Environment and Wildlife Concerns…will remain as Non Executive Chairman of DSP Blackrock though…rubbished the notion that he is selling because he was apprehensive about clashing with the culture and way of operations of  Bank Of America,who has taken over ML

Years ago his DSPML refused to buyback from us shares of Namtech Systems…We had invested a significant amount.DSPML had placed these shares with us at Rs @ 55 with a promise that this Nambiar Group Company ( Nambiar was the Chief Secretary of the Karnataka Govt and whose flagship was the listed Namtech Electronics) would come out with an IPO within a year of placement and we could sell in the Markets or else they would buy back the Shares at Rs 113 if the IPO did not materialise or if the Listed price was lower than Rs 113….Those were heady times and being DSPML we trusted them,only to be let down as they dishonoured their word….When approached by us,Hemendra Kothari and the International Head of ML chose  to simply ignore and not respond and walk away from the buy back committment while Nambiar said that he had no role to play in this Buy back Committment even though we pointed out the MOU to him……It’s over Ten years now and Namtech Systems has gone kaput…no business and no IPO…Oh ! shares yet exist…Not sure of the company though !

That’s why we make icons of Narayan Murthy and Ratan Tata….whose word is their Bond  and whose Measure is not measured just by the Money ! 

      

Will Satyam Investigations deliberately reach a Dead End !?

I’ve been reading R Jagannathan’s Columns in the DNA more frequently than before…As Editor of DNA,he is fearlessly and without favour coming across strongly in his Opinions…..does not hesitate to pen them while calling a spade a spade…surely a big burden to bear in these vested times ! 

I’ve met R jagannathan in a professional capacity before he took over at DNA…He had struck me then as a quiet and unassuming and knowledgable Journalist….Good to see him in this ‘Roaring’ Avatar ! 

This is how he opens his column today in DNA on the ongoing Investigations in Satyam

“The Satyam fraud investigations are meandering into irrelevance. A curious convergence of political, regional and business interests is conspiring to derail the probe.”

He names ‘Names’ and brings up a ‘Bihar’ connection with RJD’s Laloo Prasad Yadav and the Minister of Corporate Affairs,Prem Chand Gupta….He is scathing about Andhra Pradesh’s Chief Minister,YS Reddy….Congress can ill afford a scandal around him in an Election Year

R jagannathan goes on to say that the Satyam Investigation is headed towards a stalemate and truth would be the casualty…the probe would have reached a dead end

In light of obvious attempts to delay and derail the Probe it is no wonder that the Opposition created a ruckus in the Andhra Pradesh Legislature,with one MLA even attempting to clamber up to the Speaker and also tring to seize his mike !

Sadly,I would have to agree with RJ….it just looks we may not get to the bottom of the ‘Satya’ in Satyam…atleast anytime soon…maybe never !

But RJ…I’m sure that those,atleast most of them, on this Newly Constituted Satyam Board by the Government,will not hesitate to resign if they sense or encounter any interference from the Government,as suggested by you.They would not compromise…In this context,Narayan Murthy of Infosys,seems to have been wise in not accepting to become a Director on Satyam,citing a conflict of Interest 

Sad that in a Country of 1.2 Billion People we have just 1 or 2….or 3 Business Role Models

Ratan Tata,Narayan Murthy and Deepak Parekh….Just Three Business Role Models who score top percentage on Personal and Business Ethics and Integrity and sense of Fairplay

What about all the rest in Business !?…Yes,we are patriotic,yes we are sensitive and self righteous…..but many in Business may succumb to the adage ” What’s Integrity to Opportunity !”

Something is adulterating our Value Systems…a lot of nexus in both public and private domains…. and scaringly it’s deep rooted…and worryingly the coalition era will continue even in the upcoming general elections…so governance constraints will continue too….so if you see our PM with his hands behind,he’s aware but can’t act as his hands appear tied…and if his hands are in front with fingers entwined,it’s like he’s standing humbly and helpless before a Judge!   

Maybe Corruption and Capitalism go together !

Thankfully in other disciplines than Business we have world icons and role models…be it in Sports,in the Fine Arts or in Science among others…the Genius of A R Rahman has just been globally recognised by a Golden Globe Award for his score in Slumdog Millionaire