SEBI Fines Anil Ambani & Other ADAG company Director Rs. 50 Crore

For this news, I would really like to congratulate Mr. CB Bhave, the SEBI Chairman. Congratulations for the tough stand he (representing SEBI) has taken against the owners of business conglomerate like ADAG for their wrong doing.

And this massive amount of fine (Rs. 500 million or 11.11 million USD) will serve as an example to all market participants and remind everybody that there exits a watchdog!!

It was taken for granted by many big business houses (in conjunction with political members) that they can bend the rules as and when they want & get away with it. SEBI has ignored the size & reach of the company and showed that Rules are rules & they apply to all.

The securities market regulator of India, SEBI has initiated & carried out a thorough interrogation of Anil Ambani & group companies' actions since 2007. As these investigations revealed, Anil Ambani along with others raised money through foreign markets as debt for RNRL (in the name of corporation), instead, used this money to invest into stock market in India (for personal gains).

The story does not end here. In the financial reports of ADAG companies specifically Reliance Infrastructure & Reliance Natural Resource Ltd (RNRL) had misrepresented financial information (specifically: the number & nature of investments declared in Financial Statements) since 2007.

SEBI has also directed
- these companies to debar PwC from carrying out Audits of these companies & keep rotating the auditors
- Anil Ambani & other directors refrain from participating in securities market
- Allowed these 'companies' to carry out normal activities related to securities market (tried protecting investors....)

What is even worse,

• Mr. Anil Ambani calls for a press conference & declares that this amount Rs. 50 Crore i.e. approx 11.12 million USD is voluntary & will not have any additional burden on respective companies! Boss, pls stop fooling around!
• And that he claimed that such irregularities happens in almost all big business & gave example of Goldman Sachs. Mr. A Ambani, it's not any good way of defending your wrongdoing.
  
• And that Nira Radia tapes, if you have got to read the conversation between Mr. Tata & Ms. Radia: who talks about Mr. Anil Ambani, the very next moment you will realize why & 'what about' Mr. Anil Ambani had to call for a press conference.

I posted a blog entry (in Marathi) in July 2008, where it was highlighted how, Customs Department of India fined Mr. Anil Ambani for misrepresenting facts of chartering airplanes & tried to evade tax against the equivalent amount of approx Rs. 1000 Cr.

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Btw off-context: I got an opportunity to meet Mr. CB Bhave in my college when he visited IIMB to deliver a lecture. It was just couple of weeks before, he was appointed as a SEBI Chairman. He appeared to be cool headed and composed.

-:Dhan

Aamir Khan - Striving for perfection

Aamir Khan for his upcoming movie was shooting in my hostel campus, we were fortunate enough to see him performing live. So I was watching his schedule at 3:45 am. He was inside the hostel room (this room was designed specifically for shooting, and it is almost like any other of hostel room around and ensured not to disturb hostelites as far as possible) and there he was, completely involved into his character. Once The take was okay'ed he would rush outside the room and sit just in front of the room, he joined the chess game which he left unfinished before going for the next take. And he started playing it with the same concentration and zeal. When director called up for the next take, he was pretty much there with his whole energy and engrossment into it. This quick transformation from one role for reel to another in reality was amazing. His game continued for whole night and the guys in front of him kept changing, obviously there were first year students who were having some breathing time.

 
Aamir has been playing every possible game in campus. He was seen playing Baddy with us, then cricket, Long tennis, football, TT, volley ball, and of course chess. and almost, after each game, he is smiling with his posture upon the request of fellow IIMB'ians to have a snap with him.

I guess his body is now toned down. It's no longer like what we have seen in Gajini. It's obvious since he hasn't got access to well equipped gym and probably his character in this movie doesn't need that. Even Sherman Joshi and R madhavan are simple & down to earth, they are easy to access and ready to talk general things.

In front of our canteen, Boman Irani was asking whether he can smoke there or not. And with little apprehension, he lit his sigar (it wasn't some simple sigarrette but something like that).
Raju hirani, I felt is good human being. Very considerate.