Vijay Sardana Online

PNB-Nirav Modi Scam, Modus operandii, its Implications and the Way Forward By: Vijay Sardana [1] 1.     What is the PNB scam all about? One of the biggest scams in the country’s corporate history, Delhi-based Punjab National Bank (PNB), country’s second-largest public-sector bank (PSB), said on Wednesday it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a clutch of companies they own. Bank said two of its employees were involved in the scam, where the bank’s core banking system was bypassed to raise payment notes to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT. Case Details: The scam surfaced when companies of Modi and Choksi approached PNB's Brady Road branch, Mumbai, in January this year seeking Letter of Understanding (LoU) for payments to su...

Another Financial Scandal, Growing NPAs and Indian Political-Economy By: Vijay Sardana Are you surprised with PNB Bank - Nirva Modi scandal in Indian banking system? Maybe yes, but I am not. Are you surprised mounting NPAs in Indian Banking system?  Maybe yes, but I am not. Are you surprised with declining investments in the corporate sector?  Maybe yes, but I am not. Are you surprised with declining exports from India?  Maybe yes, but I am not. Barring few business houses may be a handful of them, most cannot be trusted.  The author, due to my proximity to various decision-making domains, was witness to many of these developments very closely and also in many cases the first-hand witness. Let us discuss the whole situation based on evidence . 1.   List all major companies which are loaded with NPAs, you will find they all were close to some political establishments or political leader a few years ago – during their peak time...

Can Budget 2018 address  Small Livestock Farmers’ Challenges? By: Vijay Sardana Do you know, animal population is more than human population in India. Why there is no feed and fodder policy, health and insurance services and what is the policy for aged animals? Stray animals will destroy field crops and will create law and order problem in villages and traffic and civic nuisance in cities.  Who will take care of unwanted animals?  In absence of clear policy and budget allocations, we may see sick and dead animals all around in coming days. This can be health risk to humans as well. Where are the data? How much Milk, egg, meat and fish is required by Indian consumers every year?  Where are the estimates?  Why Economic Survey is quite on demand estimates?  In absence of demand estimates, budget is also not giving any clear direction for feed, fodder and input requirements for livestock sector. According to Economic...

Regulatory Environment for Investments in Feed Industry