In India businesses evolve in a similar way. A person sets up a company privately. As the business improves he goes public and lists his company on the market to raise capital for expansion. At this time he is referred to as a Promoter which is like being God. He appoints the so called independent directors to the board who agree to whatever he says because they are handsomely paid for nodding their heads. Gradually the person dilutes his holding in the company until he is an extremely minority holder but retains his complete control because laws in the country prevent takeover. Satyam is a profitable IT company listed on the Nasdaq. Its Promoter Mr. Raju, who holds just 8.6% of the company, propsed to invest $ 1.6 billion or Rs. 68 billion to buy two property companies belonging to his two sons. According to analysts at today's prices the assets held by both companies would be about half of what Mr. Raju proposed to pay. Needless to say the Board unanimously agreed. Unfortunately other shareholders raised a huge stink and a British company has filed a case in a US court. Satyam shares halved in value in a matter of days. Shocked by the uproar Mr. Raju has cancelled the proposed purchase and is pondering exting the company. I am reminded of Lord Conrad Black who is serving a long prison sentence in the US for treating Hollinger International as his personal property. Could such a thing happen in Incredible India? Rubbish. Next people would be asking for politicians and kleptocrats to be punished. What cheek.