Even that stature is in doubt, now that Ratan Tata has already sought special contingency funds in banks for ‘credit-worthy’ Indian companies to rescue them if the dollar and euro loans they have taken are recalled or have to be repaid in a hurry in the face of global financial meltdown. Don’t have to look far to know which companies he meant once we observe how Tata has recently sought a bailout for JLR and is finding the Corus acquisition too hard to digest! And such cases abound across sectors & companies. Consider some of the more prominent ones: • The case of Ramalinga Raju’s cooking of Satyam’s account books is known to all. The real estate company Maytas, which was led by his sons is an equally interesting case in point. Underhand dealings with the Andhra Pradesh state government are being scrutinised, which gave Maytas Infra so many key infrastructure projects in the state, despite Maytas having very little in terms of background experience in infrastructure development. Now, of course, the state government is looking to keep a safe distance from the tainted company.For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).
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