UPA Govt. May Not Have A Case Against Nira Radia ...

Hasty to call Nira Radia a spy. Thus spake Pranab Mukherjee, Finance Minister. The phone tapping was started precisely for that reason – spying.  If Pranab Mukherjee, the man in the middle of everything could say that, one can safely assume the complaint to the then Finance Minster, P. Chidambaram, on the basis of which the phone tapping commenced might as well be fabricated. Else, Chidambaram can and should reveal who the complainant was. That is neither a matter of national secrecy nor a matter of grave danger. I wonder if the complaint was signed by anyone or was an anonymous one.

In the affidavit filed with the Supreme Court  the UPA government has stated: “Ms. Radia had within a short span of 9 years built up a business empire worth 300 crores, that she was an agent of foreign intelligence agencies and that she was indulging in anti-national activities”.  Let’s see, Rahul Gandhi, the clown-prince, had assets worth 22 lakhs in 2004 and 2.25 crores in 2009. On his known income, isn’t that a big leap? Subrata Roy Sahara’s business group grew from Rs.1500/- ($43) in 1978 to over billions of dollars in just over two decades. Isn’t that a big leap? In comparison, Radia’s growth doesn’t seem all that spectacular considering she was the PR agent for some big business groups. As for being anti-national, Subramanian Swamy has frequently accused Sonia Gandhi of being anti-national and of having received money from the KGB.  And that, is in the public domain. Where are the inquiries on Rahul, Sahara and Sonia?

It shouldn’t fool any one in the least that the spy here may not be Nira Radia at all. The spies here appear to be obviously the ministers or departments of the UPA government.  I have repeatedly emphasised that P. Chidambaram has to come clean on the phone tapping and selective leaks.  We have to wonder if the UPA government IS the spy. And  if so, what or who all were they spying on?

On another note, it is frivolous for the Union Home Secretary or a State Home Secretary to have the authority to sanction surveillance. Such officers are usually ones that do the bidding of the political party in power or the ministers in charge. No one less than a High Court judge should authorise such surveillance. It took the CBI over a year to raid the homes/offices of A. Raja and other officials in the telecom case.  Why wasn’t Nira Radia ever raided or questioned till recently? Following the complaint against her and the phone tapping, was nothing incriminating found in the first month itself? Why phone-tapping over a two year period?

It is extremely probable that the phone tapping was initiated and meant to be used by the Congress to embarrass, expose or even blackmail some businessmen, media-persons and political allies or enemies.  It seems more and more likely that the government may have no real case against Nira Radia. The exposures are welcome, but the motives remain suspect. Will the media now push Chidambaram for facts?

Sahara Group : A Bubble The Media Avoids?

The Sahara group, headed by Subrata Roy Sahara, is a large diversified business group with interests in Finance, Media, Entertainment, Real Estate, and till sometime ago Aviation, besides many other businesses. The group appears to be well connected to politicians, film stars, sports-persons and, of course, the media.  The group also sponsors the Indian cricket team. With a humble asset base of around Rs.1500/- in 1978, the group is now worth billions of dollars. That would make an amazing and inspirational story. But it’s a story that the media or Sahara hasn’t really made public. The journeys of a Dhirubhai or Narayanamurthy are pretty much folklore. The story of Subrata Roy Sahara, at best, is intriguing. Is there a bubble around the corner that might burst, that the media is avoiding?

Much of the group’s funding, activities and finances are shrouded in mystery and not much is known in the public domain. Recently SEBI had banned the group from raising public funds. In its order SEBI mentioned: “ It is crucial to probe into how the companies could have raised huge amount of money running into thousands of crores without conforming to prudent disclosure norms that govern public issues. Prima facie, it appears that in the guise of private placements, these companies are rampantly tapping huge amount of money by not disclosing the source of funds by circumventing the applicable framework of law”.

 

Sahara, of course, protested and the Allahabad High Court stayed the SEBI ban on December 13, 2010. Not too long ago, on August 21, 2010, Outlook magazine carried a story on consumers facing problems with Sahara’s housing schemes and how buyers had complained about Sahara not disclosing complete information in their offerings. A blogger tries a bit more to understand the mysteries surrounding this group. And there are also happy investors who claim to have higher earnings on their deposits with the group than regular banks would offer.

In the current season of scams it is important that most financial mysteries are looked into under a microscope. If nothing else, to doubly ensure public at large is not subjected to another mishap. This is not to suggest in any way  that Sahara group might be a scam, far from it. This only seeks to unravel the mysteries for the benefit of investors and stake holders. At the very least it could enlighten people on a business model that might help inspire others.

Will the media now follow the money of the Sahara group?