Indian companies are sometimes victims of world circumstances but most often they are victims of their own hubris, greed and shortsighted behavior. Indian companies borrowed money abroad in 2006-7 through what are known as Foreign Currency Convertible Bonds which pay fixed rates of interest for a fixed period following which the lender has the option of converting the bonds to shares of the company. About $5.6 billion of these FCCBs will be up for redemption till end of 2012 and companies do not have the money to pay. The stock market is down reducing share values of these companies so the lenders are refusing to accept shares at higher values. The rupee has devalued 14% which increases cost and interest rates in India have gone up making borrowing at home extremely expensive. Already Zenith Infotech has defaulted on its debts and other companies may follow suit which will make foreigners reluctant to invest in India. The government is so desperate for foreign exchange that it is increasing investment limit in government securities to $15 billion and on corporate bonds to $20 billion. But will foreign investors bite? After stalling number portability for cell phones for 3 years by various stratagems telecom companies are doing their best to frustrate customers with frivolous excuses. TOI, November 9. The telecom regulator, TRAI wants telecom companies to drop roaming charges but companies are fighting. A person moving residence to another state is not allowed to register his number in the new state. To avoid roaming charges he opens a new account with another company. A customer is lost. Stupid and myopic!