Friday, October 26, 2012

Whiter than white.

Couple of weeks back there was enormous commotion when it was revealed that Mr Robert Vadra, only son in law of Congress President, Ms Sonia Gandhi, had bought land and apartments worth hundreds of millions of rupees at throwaway prices from the construction company, DLF. There was speculation as to what riches DLF were given in return. The suspense is over. A group of 12 Deputy Commissioners of Gurgaon, Faridabad, Palwal and Mewat were asked to investigate documents registered by Mr Vadra and his companies, either as buyer and seller, from 2005 onwards. TOI, 26 October. Guess what? Mr Vadra has come out squeaky clean. Even more. " In one deal, Vadra paid more than Rs 221 thousand as stamp duty for buying 9 acres of land, though he was liable to pay only Rs 67,500," said one officer. Wow, what sacrifice! He actually paid Rs 153,500 more than was necessary. Does that make him a saint or merely foolish? There were 11 registrations involving 52 acres related to Vadra companies in Faridabad district. " There was not even a single case of undervaluation or theft of stamp duty," said another official. Brings tears to our eyes, what? Of course, we have to remember that Haryana has a Congress government led by one Mr Bhupinder Singh Hooda and we must remember that to rise in the Congress party one must know how to lick. The better the licker the higher he shall rise. Meanwhile the entire business community in India is in a state of shock at the news that Mr Rajat Gupta has been sentenced to 2 years in prison on charges of insider trading. What is the point of being an insider if you cannot trade on it? What is especially shocking is that Mr Gupta merely discussed confidential information with his friend Mr Raj Rajaratnam, founder of the Galleon hedge fund, who is serving a 11 year sentence, and had no interest in any personal gain. This is terrifying stuff. Firstly, this means that anyone wanting to do business in the US has not only to be honest but can be locked up for passing on interest stuff to friends and cronies to make a few bucks on the side. What is capitalism if cronies cannot gain from it? Secondly, if similar laws were to be introduced in India life would become really difficult. No one would be able to manipulate the stock market and even the most ordinary Ms Ram Dulari would be able to make profits if she is clever enough. Life would become very difficult for  children of businessmen who would not be able to enhance their pocket money with an occasional flutter. But business fellows now have a role model in Mr Vadra. Just follow his saintliness and rejoice.

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