Discover Top Posts Tagged with #il&fs

I have been at Big 4 firms for almost my entire career spanning more than two decades. Things were in the usual steady state till mid of…

This is a real story of how I was victimized by Deloitte for raising a major ethics concern related to conflict of interest and criminal business practice. I was made to leave the firm.

#deloitte #india #ethics #whistleblower #attack on whistleblowers #data leak #panama papers #data theft #conflict of interest #nishith desai #nda #ilfs #il&fs #scam #silverglades #big4 #pwc

In November 2016, Modi performed a high-voltage stunt: He outlawed 86% of the country’s cash, presumably to unearth illicit wealth. People queued up for days to return their worthless notes. New currency was in short supply. Small businesses couldn’t pay workers. Ultimately, demonetization was a fruitless exercise. Most of the outlawed money came back to banks, but the pain Modi inflicted on society helped launch his cult. As Arvind Subramanian, then Modi’s chief economic adviser, would argue later in a book, sacrifice, “as a necessary condition for achieving a larger, loftier objective,” resonated with the population because it harked backed to Mahatma Gandhi’s strategies during India’s freedom struggle. That elevation of Modi in the public consciousness was a turning point in the citizen-state relationship. Unquestioning devotion was in; critical examination was out. Gone was the pre-poll promise of “minimum government, maximum governance.” The dirigisme of the ’60s and ’70s was back. “We are now entering the politics of ‘permanent revolution’,” Pratap Bhanu Mehta, a political scientist and commentator, presciently warned after Modi’s currency ban. Since then, the government’s whimsical decision-making has intensified. Don’t like what a consumption survey shows? Suppress it. Getting flak for a slowing economy? Publish unbelievably rosy GDP data. Think Covid could get out of control? Impose a nationwide lockdown on four-hours notice. Before IL&FS went belly up, the overextended Indian private sector was putting up a brave face, chanting “Modi, Modi,” and trying to retain its best assets with cheap refinancing. Now the entrepreneur just wants to avoid going to jail. Economic power is concentrating in fewer hands. When I was growing up, telecommunications was a government monopoly. Then came a bustling wireless market hosting a dozen operators. Now the player count is once again down to three effectively. One of them is in serious stress, and the other says it may not be able to bid for 5G spectrum next year. Another private group is establishing a chokehold on seaports and airports, which also were once the state’s preserve. Conglomerates may also be allowed to enter banking because government-run lenders don’t have capital to grow. For my generation, swapping one form of concentration with another doesn’t look like progress.

Andy Mukherjee, ‘Why I’m Losing Hope in India’, Bloomberg

#Bloomberg #Andy Mukherjee #India #Narendra Modi #demonetisation #Arvind Subramanian #public consciousness #devotion #permanent revolution #Pratap Bhanu Mehta #IL&FS #Indian private sector #refinancing #Economic power #telecommunications #Reliance Jio Infocomm #Adani Ports and SEZ #Conglomerates #banking

A startup with a superb organizational idea needs to set up its tasks. Notwithstanding, new companies are needing cash, and it is on the gro

#siddharth mehta bay capital #siddharth mehta il&fs #siddharth mehta #il&fs #bay capital #siddharth #mehta #tumblr #tumpik #series a #funding #india

Figuring out how to execute something inaccurately carries you one bit nearer to dominating it accurately, says Siddharth Mehta, Bay Capital

Here are some mistakes you should avoid while on an enterprise excursion, according to Siddharth Mehta IL&FS former director.

1: Overlooking your own requirements 2: Depending just on your instinct 3: An inferior organization 4: Not paying the experts 5: Want to do everything without help from anyone else 6: Disappointment

#siddharth mehta il&fs #siddharth mehta bay capital #siddharth mehta #il&fs #bay capital #siddharth #mehta #tumblr #tumpik

According to Siddharth Mehta, former IL&FS director, fintech startups are the new unicorns

Fintech startups have indeed been making significant waves in the market and have been attracting considerable attention from investors says Siddharth Mehta IL&FS former director. While it's not accurate to say that they are the "new" unicorns of the market since the term "unicorn" refers to privately-held startups valued at over $1 billion, fintech startups have certainly been contributing to the growing number of unicorns in recent years.