1. This statement is rich coming from a guy whose promoter survives largely on foreign capital. Here is a takedown of Essel Group, of which Subhash Chandra, a Rajya Sabha MP is a promoter and who is the owner of Zee News too:
2. In Zee Entertainment Limited, the FII/FPI holdings are 64.15% of the total equity. 568 Foreign Investors hold 2/3 ownership of the company. On the other hand, only 18 domestic mutual funds have invested and own 3.67% of equity.
3. Zee Ent. has only 3.99% equity held by the promoters. In 2018, it was 41.67%. The promoter divested much of his stake to foreign entities.
4. Essel Group, promoted by Subhash Chandra took a loan from Templeton MF, An international fund operating in India and defaulted to the tune of 616 crores. Most domestic investors were not repaid by Templeton as Essel defaulted.
5. Essel Group took a loan from Yes Bank and defaulted to the tune of 8400 Crores. Yes Bank shareholders and bond holders are going through losses since the default. The Enforcement Directorate summoned him too, but the case is in cold storage.
6. In Zee Media where Sudhir Chaudhury is the CEO and Editor, The promoter equity which was in 2018 stood at 69.11% has come down to 14.72% in March 2021 of which 99.38% is pledged as security for loans taken.
7. In Zee Media, Foreign Portfolio Investors own 4.78 Crore Shares and NRI's own 2.4 Crore shares. That is foreign control of an Indian Media Company.
8. Very recently, NIIF, a fund controlled by the Center, bought the road and infra assets from Essel for 2000 Crores. It is important that Essel is in good books of center to divest their infra assets.
Simply put, the Essel Group owned by Subhash Chandra is domiciled in India. But much of ownership and control is by foreign investors. Now, who is speaking on behalf of foreigners?


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More from @maheshperi

21 Jul
With the Pegasus snoopgate exposing the underbelly of those who want to grab our well earned freedom to empower themselves, it is important to see how we fared in protecting our freedoms. This is how we fared in various global freedom indices:
1. Slipped from 94 to 111 on the Human Freedom Index (we were at 75 under UPA),
2. Slipped from from 79 to 121 in the Global Economic Freedom Index and categorised as 'Mostly Unfree'.
3. Slipped from 129 to 131 in UNDP's Human Development Report.
4. Slipped from 133 to 142 in the Press Freedom Index
5. Slipped from 27th rank to 53rd rank in the Democracy index compiled by Economist Intelligence Unit.
Read 4 tweets
19 Jul
10 FAQs on Pegasus in the Indian context:

1 Q. How did this expose' come about?
A. Forbidden Stories, an online website and Amnesty International had access to a leak of phone numbers of NSO clients selected for surveillance. NSO makes the Pegasus software.
2 Q. Was Pegasus investigation Targeted against India?
A. No. The investigation was done by 17 media agencies and panned across 45 countries.
3 Q. Can any one buy Pegasus software?
A. No. Only sovereign governments can buy the software. Private parties cannot buy the software.
Read 11 tweets
9 Jul
Election Commission and Fairness:

Year: June 2016
Election: Rajya Sabha seat
Electorate: 90 MLAs.
State: Haryana
Vacancies: 2 seats.
Contestants: Birender Singh (BS), a BJP candidate
Subhash Chandra - Independent; BJP support.
RK Anand - Independent; Cong+INLD support.
Round 1: The Haryana Assembly has 90 members. BS got 40 votes, Anand got 21 votes and Chandra got 15 votes. 14 votes were rejected.
Round 2: With 14 votes rejected, BS needed only 26 to win. So, BS transferred the remaining 14 votes to Chandra as he was the second option marked by BJP MLAs. Chandra thus ended up with 29 votes. The third candidate, RK Anand, stayed put at 21 votes.
Read 9 tweets
4 Jul
Any governments first responsibility is towards the larger populace and an primary weapon has been an equitable and fair tax policy. However, the Modi government has all but given this up. Here is a snap shot.
1. DIrect taxes are income tax, corporate tax and wealth tax. By having tax slabs based on income, they are seen as equitable.
2. Indirect taxes are GST, Excise & Customs. They do not discriminate. Of course, the tax slabs try to levy more on non essential goods.
3. India's direct taxes in 2019 was 11.36 lac crores or 55% of total tax receipts.
4. However in 2019, India brought down its peak corporate tax rate from 30% to 22%. This largely benefitted corporates who were profitable.
Read 9 tweets
30 Jun
The case of Ruchi Soya gets curioser. Baba Ramdev acquired Ruchi Soya with just 1100 Crores of own funds after banks wrote-off Rs. 5300 crores and further loaned Rs.3250 crores against a pledge of the same shares to complete the acquisition.
Having cost the banks, the next likely victims can be small investors. Ruchi Soya has filed a DRHP for an FPO to dilute its holdings. The pricing of the FPO is to be discovered by the market.
Here is where the trouble begins. To curb price volatality and manipulation, Sebi mandates that companies emerging from insolvency proceedings (CIRP) must have at least a 5% upfront public shareholding.
Read 8 tweets
17 Jun
No talk of how Gujarati Businessmen benefit in India is complete without talking of Sandesaras of Sterling Biotech. With Adanis in the news for their unknown Mauritius investments, this becomes all the more important.
1. Sterling Biotech, A Gujarat based company promoted by Sandesaras owes Rs15,600 crore to Indian Banks.
2. The loans turn bad. In 2017, the entire family leaves India. They are now absconders from the Indian legal system.
3. Albania and Nigeria give them citizenship. Albania also makes them an honorary consul.
4. The bad loans reach insolvency proceedings where banks agree to a one time settlement (OTS) at 3100 Crores. That is 80% write off for banks.
Read 8 tweets

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