Tuesday, May 10, 2011

Sushil Suri, owner of pharma company, Morepen Lab is to face trail for forgery and cheating as directed by the Supreme Court. He had taken a loan from Punjab and Sind Bank to buy new machinery but diverted the funds to other uses as is common in India. He then used forged papers to show purchase of machinery to claim large depreciations on his tax. His lawyer argued in court that since he had repaid his loan on time and the bank is not a party to the complaint so there is no case to answer. Suri must be feeling aggrieved because this is standard practice in India. That he forged papers to show purchase of new machinery and cheated on his tax by claiming false depreciation on machinery that did not exist would not seem a criminal or immoral act to him because everyone is doing it so why pick on him. Not fair. Meanwhile the former chief of the Securities and Exchange Board of India or SEBI, CB Bhave allowed tens of thousands of fake depository accounts to be opened in December 2008. This would have allowed crooks to corner the market in Initial Public Offerings which followed. An NGO filed a Public Interest Litigation in Delhi High Court which rejected the charge and fined the NGO Rs 50000 for filing a frivolous case. The SEBI board tried to shield Bhave by closing its investigation but now the court has asked SEBI to reopen it. The government has embarked on a project to force a Unique Identity card with biometric details on every citizen. When every politician and civil servant is a criminal what is the guarantee that someone's identity will not be sold to a criminal or terrorist? India has never been in such danger.

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