Chits of Unaccounted : Margadarshi chits

s per some news sources RBI has found Margadarsi operations to be illegal after 30 years of its existence. So in these enitire 30 years of existence of Margadarsi in almost entire south India with its incessant advertisements in TV, Radio and Newsprint has RBI could not find anything wrong until NOW.

This is a systemic failure on behalf of RBI that it allowed a scam of this proportion for 30 years doing nothing. RBI present governer should resign for his criminal negligence in the last two years and all living RBI governers of past should be prosecuted for allowing this. Finance ministers in the last 30 years should also be prosecuted for allowing this activity

his an interesting observation. In matters of chit funds, RBI is no doubt is equipped with many regulations to serve notices to the erring, but I think they need some one to make a case of it to act. But the general adminstration and control of these chit companies is with State Govt. More than RBI, it is the State Administration which should be held accountable. What is interesting is the whole thing surfaced due to political rivalries that brought out this issue. What happened with Kolleru scam, where every politician or respected person of society was involved in land grab. Are these people behind bars? Public forgot about it over period. Same thing would happen soon with Margadarsi and the likes. What happened with Karvy on IPO scam. Karvy must have paid huge bribes to SEBI and are getting over it slowly. But in all these we need some public interest litigations filed to seek better justice. Where to find such one man heroes or syndicates outside movie screens? One man commission which is constituted to look into the matters of Margadarsi scam will come out with some middle of path solutions, which would be mild or moderate on Ramoji, due involvement of large number of small time investors. Ramoji is well aware of such cover (public interest), and he will survive, and perhaps would find another name to do same or similar business with another front, as there is a lot of black money in economy which needs some kind of existance and prospect to multiply too. Remember Ramoji is into film making. Afterall politicians are not cannibals. They only grab food (black money) from each other, not eat each other, unless the other is found to be life threatening.

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Undavalli Vs.Ramojii rao

Undavalli Arunkumar’s dirty demeanor

Published by rakshit 

Undavalli Arunkumar is known more as a ‘foul mouthed’ creature than as a member of the parliament. He is the one who kindled the Eenadu-Government fight and made a big issue out of nothing. Around two years back, he started this huge fuss about the financial collapse and the risk of investments in the Margadarsi bank, which is a part of the Eenadu group of companies. At that time, the state government which was waiting for a chance to take a revenge on the Eenadu newspaper which exposed many government scams started encouraging Undavalli and this guy had successfully tarnished the image of Ramoji Rao, at least to some extent. However, he could never prove a single case against Ramoji Rao nor that Margadarsi did not pay back a single investor.

Now that the Satyam Software is exposed, people were expecting Undavalli to expect similarly as this scam was exactly what Undavalli had been talking for years and hoping to see in Margadarsi. Alas! Undavalli started supporting ‘Satyam Software’ and said that he did not want to make any comments about ‘Satyam fraud’ as this will create panic among the employees of Satyam and he also added that, though Satyam is financially exposed, it has many ‘land assets’ and the company can be easily saved using these assets.

So, the obvious questions for Undavalli are the following -

- Did you think that there are no employees in Margadarsi who will be panic struck by your baseless arguments?

- Don’t you know that Eenadu group, that backs Margadarsi Chit Funds has 2000 acres of land in Hyderabad?

The reason why Undavalli is supporting Satyam Software is more than obvious. His party men have investments in the company and are also remotely and indirectly related to this scam. So, Undavalli finds everything fair in this ‘already exposed scam’. But he wouldn’t admit that Margadarsi, in which he couldn’t find a single fault for the last two years,  is following good corporate governance.

This is the best example of the dirty demeanor exhibited by Undavalli Arunkumar  in many instances. Hope that he will not be elected back as an MP in the next general elections and save the state from this watch dog (he described himself as a ‘watch dog’!).

Interestingly, his own party men are disappointed with the barking of this watch dog and have suggested him to stop attacking Ramoji Rao and his group of companies. The parties seniors feel that Undavalli is the reason for teh strong retaliation their party faces from the Eenadu newsgroup. They believe that Eenadu would not have gone completely against them, if Undavalli did not irk its authorities.

http://andhrapolitics.today.com/2009/01/12/undavalli-arunkumars-dirty-demeanor/

OMC row: TD, Left leaders meet Rosaiah

A delegation of leaders of Telugu Desam, CPI and CPI (M) called on Chief Minister K. Rosaiah here on Sunday and submitted a memorandum seeking further action in the iron ore mining issue. The parties accused Obulapuram Mining Company (OMC) of looting the State’s wealth by resorting to large scale irregularities in mining in Anantapur district.
The delegation comprising N. Janardhan Reddy, Kodela Sivaprasada Rao, Ravula Chandrasekhar Reddy, K. Pratibha Bharati, M. Narasimhulu, Revanth Reddy and Zahed Ali Khan of TD, K. Ramakrishna and Ramnarendar Rao of CPI and Y.V. Rao and Ch. Seetaramulu of CPI (M) told the Chief Minister that the delay in initiating further (criminal) proceedings against those responsible for irregularities was sending wrong signals to the people. and giving rise to suspicion over the government’s sincerity in dealing with the matter adeptly.
Further, the delegation criticised the Advocate General for what they described his inability to clarify queries of the A.P. High Court in the OMC’s petition questioning the suspension of mining activity.
The Chief Minister told the delegation that the State government was preparing to present its case before the Supreme Court in compliance with the CEC’s recommendations. He assured that the government would take all measures to protect the interests of the State
TDP an others also should take initiative of Ramoji and others in the un accounted money depoits of Margadarshi with the same spirit.

Dubai debt crisis may not cause huge job losses: Ravi

The government said on Sunday that it was closely tracking the fallout of the current financial crisis in Dubai and directed its missions in the region to provide all necessary help to the vulnerable sections of the Indian workforce in the Gulf.
Overseas Indian Affairs Minister Vayalar Ravi, however, said the government was not anticipating a surge of returnees to India from the region. It was confident that the current crisis would blow over, because it was much less in magnitude compared to the worst period of the global financial meltdown. “There is no need for undue panic. We are closely monitoring the situation. The crisis had actually started one year back,” Mr. Ravi told PTI.
He said preliminary reports suggested that although the huge debt of a State-owned investment holding firm impacted markets the world over, it may not result in huge job losses.
Global financial markets plunged on Thursday after Dubai World, the government investment firm burdened with $59 billion in liabilities, requested deferment of the debt. Stock markets in India too were affected.
Asian markets were battered badly by the crisis with the shares of financial institutions and the real estate sector tanking the most.
Mr. Ravi dismissed fears of the debt crisis impacting remittances, saying remittances by expatriates had only increased during the worst period of the economic recession. “Against all the odds, the remittances actually increased last year. I do not think remittances will be affected because of the debt repayment crisis.”
Indians living in the Gulf remitted $27 billion in 2007 to make India the top receiver of migrant remittances. The United Arab Emirates, of which Dubai is one of the seven emirates, has nearly two million Indian population and is the country’s largest export destination with shipments of about $24 billion in fiscal 2008-09.
According to estimates, nearly 65 per cent of the Indians residing in the country are blue-collar workers.
Secretary in the Overseas Indian Ministry K. Mohandas also felt that there would not be a major impact on the job market in the region. “It is not that they are going to close down everything as result of the crisis. We are studying the impact of the crisis and have asked all our Missions to provide necessary help to Indians in distress.”
However, Mr. Mohandas admitted that there may be some kind of impact on Indians working in the real estate sector as it was hit hard by the crisis. “It will take time to get the real impact of the crisis.”
Indians constitute as high as 42.3 per cent of the population of Dubai. An estimated five million workers stayed in the Gulf region.
The Overseas Indian Affairs Ministry plans to announce a comprehensive package to rehabilitate Indian workers who have returned to the country following job losses due to the economic downturn. Mr. Ravi said the government was in the final stage of establishing a ‘Return and Resettlement Fund’ that would provide a “reasonable level of financial security” to the overseas returnees. “It will take some more time to operationalise the fund.”

Obama sending FBI team

n Board PM’s Special Aircraft: U.S. President Barrack Obama is sending a high-level Federal Bureau of Investigation (FBI) team to India in a week to share “all details” of its probe into the plans and network of U.S. terror suspect David Headley and his Pakistani-Canadian associate Tahawwur Rana.
National Security Adviser M.K. Narayanan on Sunday said Mr. Obama told Prime Minister Manmohan Singh that he was seized of the case related to Headley and Rana, Lashkar-e-Taiba operatives arrested on the charge of plotting attacks in India.
Mr. Obama told Dr. Singh during their summit talks in Washington on Tuesday that he would send an FBI team to India within a week with “all details,” Mr. Narayanan told journalists.

CAT cancelled at 2 AP centres

he online common admission test (CAT) for entry in to the prestigious Indian Institutes of Management (IIMs) had to be cancelled at two centres in the state on Sunday due to technical glitches.

About 2,000 aspirants in the state, who were appearing for the exam at the Siddhartha Institute of Engineering at Vinobha Nagar in Ibrahimpatnam and Vidya Vikas Institute of Technology at Chevella, could not appear for the test on Sunday because the computers in the 24 exam centres across the country were infected by virus. There are 104 CAT centres across the country.

Candidates who could not appear for the test have been notified and their tests are currently being rescheduled within the testing period, said Prometric, the American firm entrusted with the task of conducting the tests for around 2.41 lakh candidates.

Prometric said it has generated new appointments for aspirants who could not take the test and they are being contacted through SMS and e-mail. It said technicians have been sent to sort out the computer problems.

Even on Saturday, though the exam went of smoothly in the Andhra Pradesh, some centres in other states experience problems and had to be cancelled.

“Exhaustive plans were developed and put in place well in advance of the start of the testing window. Unfortunately, the particular viruses and malware (malicious software) that attacked the test delivery system were not detected by the anti-virus software at the testing centres,” said Mr Ramesh Nava, the vice-president and general manager, Asia Pacific, Japan and Africa, Prometric.

CAT, being conducted through computers for a period of 10 days from November 28 to December 7, got off on Saturday to a troubled start. Though students in AP had a problem-free first day, aspirants at the exam centres in Delhi, Mumbai, Pune, Chennai, Bengaluru, Kolkata and Bhopal faced problems on Saturday.

“We understand how stressful it is for the candidates to adapt to this new computer-based format. We truly regret the additional stress that candidates were subjected to over the first weekend of the CAT 2009, and are doing everything we can to make the rest of the testing experience as smooth as possible,” said Mr Soumitra Roy, MD, India, Prometric.

 

Maytas to seek new CDR deal

IL&FS Infrastru-cture, the new promoter of Maytas Infra, has chalked out a comprehensive plan to revive the Hyderabad-based infrastructure company, which plunged into crisis in the aftermath of the fraud.

The intervention plan includes cost cutting, new orders, diversification of order book and renegotiation of the CDR package. In the long term, IL&FS is planning to boost Maytas’ market capitalisation to Rs 5,000 crore from the current Rs 800 crore.

“IL&FS is contemplating to give a big push to Maytas Infra’s order book by outsourcing its contracts to the Hyderabad-based infra firm. Recently, IL&FS has awarded Rs 800 crore order to Maytas Infra and plans to outsource Rs 2,000 crore worth of projects in two to three months,” sources told this correspondent quoting the chairman, Mr Ravi Parthasarathy.

The Mumbai-based Mayt-as promoter is currently executing projects totalling around Rs 10,000 crore across India.

New contracts could probably be in the power sector as the promoter wants Maytas to diversify its order book, which currently consists of predominantly irrigation projects awarded by the Andhra Pradesh government. “Maytas will also focus its attention on getting orders from the private sector,” the source said, adding that IL&FS plans to increase Maytas’ market capitalisation to Rs 5,000 crore from the current Rs 882 crore.

Earlier under the management of the Ramalinga Ra-ju family, Maytas Infra us-ed to attract criticism from analysts due to its excessive dependence on government projects, which they felt could land the company in trouble, if the government delays its payments.

On the finance front, Maytas will have to cut down its overheads and improve its costing. The new Maytas management, the source said, will renegotiate the Corporate Debt Restructuring, which imposed stringent conditions on the company, including a clause that requires the Maytas management to seek permission from lenders for every important decision.

Under the current CDR, a consortium of lenders incl-uding ICICI Bank, SBI and IDBI released Rs 100 crore working capital, Rs 200 crore loan guarantees and a three year moratorium on the Rs 1,600 crore debt.

Maytas promoter’s prescription
w IL&FS plans to give Rs 2,000 crore worth projects to Maytas in two to three months.

* Diversification of Maytas order by focusing on power projects.

* The market capitalisation will be boosted to Rs 5,000 crore in the long run.

* Renegotiation of Rs 1,600 crore CDR package to give more freedom to the management to run the company.

 

Telangana varsities turn battle zone

University campuses in the Telangana region saw student unrest following the arrest of the TRS chief, Mr K. Chandrasekhar Rao, on Sunday. Observers said the student violence at the Osmania University campus was the worst in four decades.

Trouble started when students gathered outside Krishnaveni Hostel on the OU campus at 10 am to take out a rally protesting against the arrest of Mr Rao. They burnt chairs and tables near the hostel, which is 150 yards from the Osmania University police station.

The students also ignored a request to not take out a procession, and police began a lathicharge to disperse them. Some personnel entered the hostel and beat the students. This triggered an angry response from the students from other hostels who joined the protests. Soon, about 2,000 hostellers gathered at the spot.

But the police caned them too near the NCC office on the campus and again entered the hostels. Police sealed off the campus by closing the points at Tarnaka and Nallakunta.

There were at least five incidents of stone pelting which triggered retaliation from the police. The two fought a pitched battle for nearly five hours. About 20 students were injured the lathicharge and taken to Gandhi Hospital. Two student leaders were examined for internal injuries at Osmania General Hospital. Six physically handicapped students who were caught in the melee were lathicharged.

The students ransacked the quarters of Mr Christopher, secretary of AP State Higher Education Council. Mr Christopher and his family were not at home at that time.

All student unions joined hands to protest the police action and called for ‘OU bandh’ on Monday and gheraoed the OU Arts College principal, Mr Sudharshan Rao.

“Police is not supposed to enter the hostel blocks without the permission of the vice-chancellor,” said Mr J. Kalyan, ABVP leader. OU Teachers Association also joined the protests.

The principal agreed that police should not enter the hostels without permission, but added, “if the situation goes out of control, they can take action. We are not sure whose fault was it. We will look into the matter.”

OU officials later declared a holiday to all campus colleges except the College of Engineering till December 3. Even as this was on, 500 candidates took an entrance exam for jobs as engineers in BHEL.

Geeta may be House leader

he Chief Minister, Mr K. Rosaiah, has decided to hold the winter session of the Assembly from December 7.
The state Cabinet is expected to take a final decision at its meeting on Monday. The session will have 13 working days in order to meet the 52 day schedule in the year.

Sources close to the Chief Minister said that the minister for information and culture, Dr J. Geeta Reddy, will be made Leader of the House in the Assembly.

Sources said the Chief Minister will write to the Speaker, Mr N. Kiran Kumar Reddy, informing him of this decision.
Dr Geeta Reddy is the senior-most minister from Telangana in the present Cabinet and is from the SC community.

 

osaiah defends KCR arrest

Hyderabad: The Andhra Pradesh Chief Minister, Mr K. Rosaiah, on Sunday night justified the arrest of Telangana Rashtra Samiti (TRS), Mr K. Chandrasekhar Rao, ahead of his fast-unto-death demanding separate Telangana, saying it is the responsibility of the state government to maintain law and order.

"His (Chandrasekhar Rao) speeches and the language he is using over the last one week are not correct. We have the responsibility to maintain law and order. We waited patiently. We had to take this action only to ensure that the situation does not go out of control. In a way, this is like a preventive arrest," Mr Rosaiah said.

The way the TRS chief prepared for the fast and the tense atmosphere that built up warranted the arrest, he said.

Maintaining that Congress is not opposed to the formation of separate Telangana, he said the TRS should wait for the Congress high command to take a decision.

"Before 2004 elections, Congress and TRS had reached an understanding and entrusted the responsibility of solving the issue with Congress president Sonia Gandhi. Rao agreed for that. Congress high command is thinking on the matter. They have appointed a committee and trying for consensus. While that process is on, it is not fair to resort to extreme action.

"It is not easy for the Centre to take quick decisions on division of a state. They have to take into consideration various issues. So we cannot find fault with anyone over the delay in taking a decision at the Central level. The process of consultation is on," he said.

TRS shutdown paralyses life

Normal life was thrown out of gear at several places across Andhra Pradesh on Monday due to the shutdown called by Telangana Rashtra Samithi to protest the arrest of their leader, Mr K. Chandrasekhar Rao, who continued his fast in prison.

Andhra Pradesh State Road Transport cancelled its bus services in Hyderabad and other Telangana districts like Medak, Karimnagar, Nizamabad and Warangal, leaving many commuters stranded.

Many educational institutions and business establishments remained closed in the city due to the bandh. TRS leaders and activists squatted in front of bus stations in various districts in Telangana region resulting in severe disruption of services.

"We are expressing our protest by sitting in front of bus stations. People of Telangana are moved by the arrest of Chandrasekhara Rao. TV footage of lathicharge on students and TRS workers is disturbing. We are getting voluntary support from employees, teachers, students, businessmen and all sections of the society," senior TRS legislator T. Harish Rao claimed at Siddipet.

Chandrasekara Rao, meanwhile, continued his fast in prison at Khammam for a separate Telangana. "His (Chandrasekhara Rao's) health is being monitored round-the-clock by a team of doctors from Khammam Government Hospital as well as specialists from Warangal. His blood pressure is under control," Parimala Nutan, Additional Superintendent of Police of Khammam district said.

Harish Rao appealed to party men and supporters to observe restrain and not to resort to violence. However, there were reports of bandh supporters damaging buses in Hyderabad, Nalgonda, Karimnagar and other places in the region.

Private buses coming from coastal districts bore the burnt of the bandh supporters at few places. A report from Karimnagar said TRS leaders blocked roads and staged demonstrations in front of the bus stations there. Road transport corporation employees have expressed their support to the dharna staged by the TRS leaders. BJP is also planning a peace rally in the town.

Media mafia: Media war in Andhra pradesh

In the name of Journalism, Media has become Mafia endangering the existance of Democaracy..

In the Veil of Eenadu minted money through.. various business like wise Sakshi.. andhr Jyothi....

its time to get the True news rather than their openion in the name of Breaking stories.. PTI, ANI, GOvt. of  India authorities shall look into this mater

 

Parents push kids to become prodigies

In an ill-advised bid to create a record, parents of an eight-year-old in Chennai insisted the child drive a car at 125 kms an hour. An extreme case yes, but it is indicative of an alarming nascent trend with parents — prodding progeny to turn prodigy. An academic topper is so last generation — now parents want (their kids) to have it all.
Sports, tuitions, computer classes, dance, martial arts, mental math competitions — parents pile on the extra-curricular activities with a ‘what does not break you will only make you stronger’ attitude. “There are more opportunities available today. Earlier parents would dissuade their kids from extra curricular activities. But times have changed and kids are expected to do it all,” observes Dr Hyma Moorty, a teacher at Gitanjali Senior School.
In doing it all though, the kids’ are being spread thin. “Attending several tutorials and also juggling other activities puts too much pressure on them,” says Phani Kumar, a geography teacher, adding, “Besides tuitions can reduce concentration at school.”
Youngsters feel the brunt of parental pressure. “I often hear my parents praising a friend’s child, who is good at a lot of things. Thankfully they don’t force me to take up things of their choice as I won’t be able to give it my 100 per cent,” says Neelasha Nemani, a class XI student.
Though they’re not ecstatic about being moulded into ‘all-rounders’ they’re matter-of-fact about the training needed to face a competitive world. “With the stiff competition that we have to face, parents are concerned that we may be left behind in the rat race. So they want us to take up as many courses as possible. This also means we need to manage our time better,” reasons Sahari Cherukuri, a high school student.
Murtaza Chass, a 15-year-old, agrees that being forced into something can put undue pressure, “It is tough paying attention to your needs and your parents’ too. We have to live up to their expectations.”
While encouragement can yield results, too much can be detrimental. Dr Kalyan Chakravarty, child psychiatrist at Rainbow Hospital cites a recent case, “A six-year-old was being taught horse riding at his school when he fell and hurt his head. Though the child is still on medication, his parents are concerned that a break from the activity would mean he might discontinue it for good. So, they insist he continues.” The fall out, says Dr Chakravarty, is that the child might only do things half-heartedly. “Either that or, kids won’t be able to excel in anything, which defeats the purpose. Excessive pressure can also depress them.”

 

Rosaiah to be elected CLP chief

The much-awaited Congress Legislature Party meeting to elect a new leader will be held on Friday.
It is no secret that the Chief Minister, Mr K. Rosaiah, will be elected as CLP leader, but in the time-honoured tradition, the CLP will pass a single-line resolution authorising the Congress president, Mrs Sonia Gandhi, to name the successor to the late Dr Y.S. Rajasekhar Reddy.
The Congress high command decided to hold the CLP meeting even as
the results of the GHMC polls came in and also deputed the Union finance minister, Mr Pranab Mukherjee, and the Union law minister, Mr Veerappa Moily, to attend it.
As is the Congress routine, the observers will inform the Congress president on the single-line resolution and then return to the meeting to disclose her choice.
The decision to hold the CLP meeting on Friday came as a surprise to the state leaders as the PCC president, Mr D. Srinivas, had said the other day that it would be held only after elections to the posts of mayor and deputy mayor of Hyderabad on December 4.
Mr Rosaiah’s position would be strengthened once he is elected as CLP leader. He is expected to name one minister from his Cabinet as leader of the Assembly.
Mrs Gandhi has already started addressing the vexed succession issue in the state by choosing Ms Vijayalakshmi, wife of late YSR, as candidate for the Pulivendula bypoll.
She also reportedly told YSR’s son, Mr Jagan Mohan Reddy, that he has to wait for the Chief Minister’s post and allow Mr Rosaiah to continue for a reasonable length of time.
In fact, Mr Jagan is also expected to attend the CLP meeting and is likely to propose the name of Mr Rosaiah.

TD punctures Congress progress

Nov. 26: The Congress secured a so-so win in the Greater Hyderabad Municipal Corporation (GHMC) polls by wresting just 52 of the total 150 wards it contested, while the main Opposition Telugu Desam bounced back by winning 45 municipal wards, setting of alarm in the ruling party.

This was the first election for the Congress after the death of its charismatic leader, Dr Y.S. Rajasekhar Reddy, and the poor show in the civic polls will give the party much food for thought. Though the Congress did emerge as the single largest party in the polls, there is not much joy in its camp.

The Majlis-e-Ittehadul Muslimeen (MIM) retained its hold in the old city and also made inroads into the new city and has 43 seats in its kitty. With this, the MIM can play kingmaker or bag the post of mayor with the support of the Congress or the TD.

The BJP managed to win only five wards this time and Chiranjeevi’s Praja Rajyam won one. While four Independents secured victories, the Lok Satta drew a blank.

Even as trends started pouring in, the Greater Hyderabad Congress president, Mr Danam Nagender, admitted that YSR’s death had affected the party’s fortunes. The Congress has 14 MLAs and three Lok Sabha MPs in Greater Hyderabad, which has 24 Assembly segments. The TD has only one MLA. But the Opposition turned the tables with its performance.

The TD attributed its victory to the development works it took up during its nine-year rule, and the failure of the Congress in improving civic amenities and controlling rising prices of essential commodities.

The Congress had fielded 150 candidates, TD 141, BJP 137, Lok Satta 126, MIM 70, PR 64, CPM 35 and CPI 13. The TRS,
however, did not contest the election. Senior Congress leaders admitted that infighting in the party and failure on its part to convince the settlers that the party will stand by them in case of the Telangana factor also cost it dearly in GHMC polls. Protests by candidates who were denied tickets and allegations of tickets being sold did not go well with the voters. The media’s coverage of protest demonstrations by the candidates gave bad publicity to the Congress, the leaders said.