Iyer Sree - C-Company: How Jignesh Shah became the No. 1 target of P. Chidambaram: A case study of Annihilation of a true ‘Made in India’ story by a nexus of Babus, Bankers and Businessmen with Politicians

C-Company: How Jignesh Shah became the No. 1 target of P. Chidambaram: A case study of Annihilation of a true ‘Made in India’ story by a nexus of Babus, Bankers and Businessmen with Politicians — read online for free the complete book (whole text) full work

Below is the text of the book, divided by pages. System saving the place of the last page read, allows you to conveniently read the book "C-Company: How Jignesh Shah became the No. 1 target of P. Chidambaram: A case study of Annihilation of a true ‘Made in India’ story by a nexus of Babus, Bankers and Businessmen with Politicians" online for free, without having to search again every time where you left off. Put a bookmark, and you can go to the page where you finished reading at any time.

Light

Font size:

↓

↑

Georgia Tahoma Arial Verdana

Reset

Interval:

↓

↑

Bookmark:

Make

1234567...10

Table of Contents

Preface

The Stock Market has become a tool for making money by corrupt politicians in office with the help of unethical stock brokers. From the time the markets opened up in the early nineties, these greedy politicians have made this their playground, resulting in a distorted market place, which aids just a few at the expense of the rest.

One politician in particular, P Chidambaram tweaked the Participatory Note, a hideous financial instrument to convert black or illegal money into white accountable legal tender and also pay no taxes on the resulting capital gains, by investing through Government mandated exemptions through Mauritius.

This route has been exploited by many a corrupt politician, who will find a hawala in India to convert his/ her money from Rupees into Dollars, which he/ she then collects (after paying a commission) in say Dubai. Then the politician (or proxy) heads to a Global Investment Banking company such as Goldman Sachs or Morgan Stanley, deposit the dollars and get a Participatory Note with no name but just the amount.

The same note is then deposited into a Mauritius company, which then trades in the Indian Stock Market. When the money is put in a particular stock, it pumps up the stock price and draws the investing public with dreams of making a quick buck. This process is akin to a mechanized fishing trawler, which scoops all the fish in its path, leaving nothing in its wake. Having got the stock pumped up, the said ilk of politicians dump the stock for a handy profit. If this is not enough, the profits are free of capital gain tax because the investment is from a company incorporated in Mauritius.

To achieve this, Mr. Chidambaram nurtured and cultivated the National Stock Exchange (NSE) and made the others sacrificial lambs. Chidambaram, with his compliant coterie from the finance ministry and the assistance of rogue NSE officials, thereby misused his power and position as Finance Minister to steamroll a flourishing company Financial Technologies (FTIL) and its founder Jignesh Shah, to protect his own monetary interests in the NSE.

This series, on C-Company gives a detailed account of how a group of individuals, placed in strategic posts helped Mr. Chidambaram amass wealth using NSE and at the same time, keep rival interest groups pinned to the ground. Readers will find it revealing and interesting.

Subramanian Swamy,

Member of Parliament (Rajya Sabha)	New Delhi
Former Union Minister of Commerce, Law and Justice	January 24, 2018

C-Company - How Chidambaram made his fortune using Babus and Businesses

Feb 20, 2017 Constitution Club of India, New Delhi

Chidambaram is a big thief. His son Karti is also a thief, at a Press Conference in the famed Constitution Club of New Delhi. He went on to add that the Chidambarams own directly or indirectly, approximately 1/6 th of the real estate in Bengaluru. As part of this Press Conference, a list of 21 foreign bank accounts operated by Karti Chidambaram was also provided.

Several months have passed since this presser. The Enforcement Directorate (ED) summoned Karti Chidambaram thrice , and he has ignored these calls. The Central Bureau of Investigation (CBI) has also issued two summonses to Karti, on a different matter and he has ignored those too. Yet, he walks free, although he can no longer travel abroad.

What makes the Chidambarams think that they are above the rule of law? And more importantly, what is preventing the current government from acting against what some arguably say as the Putin of India ?

Who is Chidambaram?

Grandson of Raja Annamalai Chettiar (the title of Raja was given by the British) through the Rajas daughter, Palaniappan Chidambaram (PC) did not get to enjoy the same perks and privileges as those of his cousins born to the Rajas sons. Marrying outside of the Chettiar community to Nalini, who is a Gounder did not help matters. Perhaps this drove him to ceaselessly pursue wealth in any and every form that he could conjure. The Rajas family tree is shown in Figure 1.

Figure 1. Raja Annamalai Chettiar Family Tree (Courtesy Business Today )

Only this can explain the meteoric rise in riches of this mercurial minister. It is believed that at the Center, politicians choose one field and make their mark (and the moolah) from it. For instance, Pawar allegedly made his fortunes in Defence (and later in Agriculture when he had to swallow his pride and accept Sonia Gandhis leadership). Chidambaram chose Finance. From 1996-98, 2004-08 and 2012-14, he reigned supreme in this ministry, doling out favors.

How does one amass riches so quickly?

This is what will be described in this series. Cabinet ministers can be compared to crabs in a bag, each ready to pull down any one that tries to climb out of the bag. Yet, this CEO of the C-Company could amass wealth in plain sight, much to the dismay of his equally venal colleagues! A Harvard degree combined with an evil mind, alive to all money making opportunities propelled his drive. There was also the small matter of proving to the A C Muthiahs of the world that his money was self made.

In a hypothetical party funding meeting where each one weighs in with a money bag (all for party finances of course!), if one weighed in with five bags consistently, then that person is sure to get noticed and more importantly given a seat close to the chief. Vitamin M can overcome un-electability, lack of mass base, inefficiency, missteps and just about every other failing.

In Stocks I trust: Chidambaram

A Harvard Business School degree, a keen acumen for how Global Finance was changing the world and the extent of computerization in the Stock Market to allow computers to do the trading did not go unnoticed. Chidambaram made Indias Stock Market his battlefield and he used three Weapons of Wealth Accumulation C-Company, P-Notes and Media. And how he wielded them with dexterity!

Figure 2. Chidambarams Weapons of Wealth Accumulation

C-Company

A group of individuals working in the Government and outside (e. g. National Stock Exchange) whose primary loyalty was (and in some cases continues to be) to Chidambaram. Placed strategically to ward/ thwart/ delay and deflect anything that can potentially harm Chidambaram or his interests, these fiercely loyal minions have been one of the biggest bottlenecks to the current administration in its pursuit of Chidambaram. But when he was a Minister, these C-Boys were powerful and wielded a big stick and would stamp on anyone who got in the way!

P-Notes

Participatory Notes, a financial instrument was tweaked by Chidambaram to create a legal way for converting Black money into White. This devious note had no name, only the amount and the issuing authority. Black money could be given to Hawala traders in India who would convert it into US Dollars for a fee and give the owner US Dollars in Dubai. Then the owner could go to a financial firm such as Morgan Stanley or Goldman Sachs and get a Participatory Note with just the value . The owner would then bring this P-Note into India (via a Mauritius company) and show it to RBI, which in turn was obligated to allow the owner to use the money to trade in the Stock Market. When a few ganged together to pump a stock, it rose to stratospheric heights and they would then dump it and make a killing. Owing to the money being invested through a Mauritius company, it was tax free! And the resulting fortune could be converted into Dollars at any time. This created huge wealth for those shrewd enough to understand and exploit the scheme.

Next page

1234567...10

Light

Font size:

↓

↑

Georgia Tahoma Arial Verdana

Reset

Interval:

↓

↑

Bookmark:

Make

Similar books «C-Company: How Jignesh Shah became the No. 1 target of P. Chidambaram: A case study of Annihilation of a true ‘Made in India’ story by a nexus of Babus, Bankers and Businessmen with Politicians»

Look at similar books to C-Company: How Jignesh Shah became the No. 1 target of P. Chidambaram: A case study of Annihilation of a true ‘Made in India’ story by a nexus of Babus, Bankers and Businessmen with Politicians. We have selected literature similar in name and meaning in the hope of providing readers with more options to find new, interesting, not yet read works.

Sree Kumar

The Data Economy: Implications from Singapore

Rukmini Iyer

India Express

M D Upadayay

Sino - Pak Nexus and Implications for India

P. Chidambaram

Undaunted: Saving the Idea of India

Kavitha Iyer

Landscapes of Loss: The Story of an Indian Drought

Ghanshyam Shah

Social Movements in India: A Review of the Literature

Sree Iyer

The Rise and Fall of Aam Aadmi Party: How a party came from nowhere to capture power in the state of Delhi only to fade away just as quickly

Sree Iyer

Who painted my money white: When greed drives everything else and everything has a price (Money Trilogy Book 1)

Neeta Iyer [Iyer

Find_Love.com

P. Chidambaram

Fearless in Opposition: Power and Accountability

Sree Padma (ed.)

Inventing and Reinventing the Goddess: Contemporary Iterations of Hindu Deities on the Move

Chidambaram

Standing guard : a year in opposition

Discussion, reviews of the book C-Company: How Jignesh Shah became the No. 1 target of P. Chidambaram: A case study of Annihilation of a true ‘Made in India’ story by a nexus of Babus, Bankers and Businessmen with Politicians and just readers' own opinions. Leave your comments, write what you think about the work, its meaning or the main characters. Specify what exactly you liked and what you didn't like, and why you think so.