BBC , India and the tax survey. How the world is viewing it all.
This morning on #ValentinesDay Income tax officers in India carried out a raid (sorry, Survey) on the offices of @BBCIndia.
The BBC of course reported it as just another story, and made the obvious link between this latest run in with the Indian Govt and their niow (in) famous documentary "India - the Modi Question".
They stated that the BBC was "fully co-operating" with [the] authorities, and hoped "to have this situation resolved as soon as possible," But they also took the obvious opportunity to explain the background.
"The searches in New Delhi and Mumbai come weeks after the broadcaster aired a documentary in the UK critical of Indian Prime Minister Narendra Modi", they said. "The documentary focused on the prime minister's role in anti-Muslim violence in Gujarat in 2002, when he was CM"
The Washington Post called a spade a spade by dispensing with "Income tax Officers" in their headline and substututing it with "Indian Government".
They quoted Gaurav Bhatia BJP spokesman who "told reporters in a conference that the BBC 'must work within India laws' and called the organization “corrupt” without offering specifics, instead listing a litany of perceived problems with its coverage."
"“The BBC’s work has historically been tainted with its hatred for India,” he said. “Our constitution allows them to do unbiased journalism, but [they]use journalism as a pretext to put forward their agenda.” media outlets that “have a hidden agenda” and “spew venom”.
@guardian's @HannahEP wrote, "Modi has been haunted for years by allegations of his complicity in the violence, and they led to him being banned from the US for almost a decade."
She quoted Opposition spokesman Gaurav Gogoi, who in a tweet said, “At the time India holds the presidency of the G20 nations, PM Modi continues to brazenly show India’s slide into authoritarianism and dictatorship,”
@HannahEP also reminded readers, "The raids come amidst an increasingly pressured environment for independent media since Modi came to power in 2014. "
"Journalists and news organisations that have published work critical of the BJP government have been hit with harassment, raids, criminal cases and tax investigations and the country has dropped down to 150 out 180 in the World Press Freedom Index."
"The BBC is just the latest organisation to be hit with a tax evasion investigation following critical reporting on the Modi government."
" The Indian operations of Amnesty International, which had produced several reports on the erosion of human rights and freedom of speech in India, had to be shuttered in 2020 after their accounts were frozen by a central government agency."
She may not know but even a small indepndent subscription only news portal like @Newslaundry was visited by the surveyors of the IT department. newslaundry.com/2021/09/11/new…
And now Time Magazine calls out the real motive behind the so-called tax survey of @BBCIndia offices. The #G20Presidency is taking a battering on the world stage. All the sacrifice of he country's reputation is to avenge one man who fears honest and critical appraisa.
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I would maintain a high level of scepticism about the Indian Govt's claim of a huge lithium find in J&K. It could be a diversionary story. They have a track record.
In 2007 there was this:
Gujarat State Petroleum Ciorporation had earlier "announced its biggest ever discovery of 20 trillion cubic feet (tcf) of natural gas from this field at the Deendayal block in mid-2005" livemint.com/Companies/eIY7…
By 2013 this became 3.61 Trillion Cubic feet of gas.
Unable to counter the @HindenburgRes allegations against #AdaniGroup, the Indian rightwing zealots, probably with support of the Govt, ios seeking to rope in the #SupremeCourt to shield #SEBI fromthe need to investigate. 1. They first want to go after #Hindenburg
Next, they want to gag any discussion of the stock valuation problems of the #AdaniGroup.
Botht are misguided. The Supreme Court should take a straightforward approach. 1. The Courts cannot prevent investors from losing their shirts in the stockmarket. They must be allowed to lose their investments just as they are entitled to keep their gains.
Once the first bug skeleton in the cupboard is revealed, other parts of the Palace reveal their little bits of buried evidence.
Here is @FT looking into the audit of the UK entity.
After he $3.5bn sale, Adani changed the auditor of Adani Energy Holdings Limited, the main UK holding company that houses the subsidiaries, from Deloitte to Crowe.
Crowe UK earned £143,000 for its 2022 audit of Adani Energy Holdings Limited, Deloitte had charged 257,000.
This is Adani Energy Holdings Ltd, from UK Companies House filings, 20 directors at var time 19 resigned leaving the one Sanjay Newatia.
Watching @RahulGandhi speaking in #Loksabha. It is telling - the reaction of the BJP Front bench to every minor point that Rahul makes linking Adani with ModiJi.
L'Affaire Adani Group
How the world is reporting the fallout from @HindenburgRes allegations 1. London's Financial Times looks at the challenge for India's institutions.
The FT says, apart from Adani business empire, "something bigger is on the line: India’s probity in corporate governance and pursuit of a development model in which the state has entrusted a few ultra-rich men with running India’s infrastructure and pioneering investments abroad.
A Tweetorial on Corporate Bonds
In connection with the Adani #Hindenburg debacle.
In last few days Ive come across some surprising levels of misunderstanding about how bonds work. So here is a quick primer. 1. Why do companies issue bonds to raise financing for their operations?
A company (C) needs cash to set up, run, pay staff, buy stuff, pay bills, etc in order, hopefully to make a profit for its owners (shareholders). Two option to do this equity, i.e sell shares (= give away a share of the company in return for a cash price) or sell Bonds.
They can also take a loan from a bank, but I am leaving that out for now to keep things simple. Bonds and loans are slightly different form of debt finance.
Focus for now on Bonds. Keep it simple. Lets say C issues a 10-Yr Bond with a face value of 100 and a coupon of 7.5