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Sanjeev Sanyal @sanjeevsanyal
, 4 tweets, 2 min read Read on Twitter
A historic moment! Tata buys Bhushan Steel for Rs 36k crores + 12 pc equity. Cheque handed over. First big case fully resolved under IBC. This is as important as 1991 in our economic history 1/n
Till 1991 we had socialism without entry (except those who could procure a license). Then we had capitalism without exit. Finally we have a market based system that allows creative destruction. 2/n
Not only did Tatas buy Bhushan, the recovery amount is over 90pc of the principal amount. Most of this will now go back to the banks and start their recovery. Expect more resolutions soon 3/n
Congratulations to all the people who hard worked to make this happen. @narendramodi_in @arunjaitley @rajeevkumr @RBI @FinMinIndia
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Very glad to see former skeptics derive such satisfaction from the new national accounts methodology; even going into the arcane details of how The Committee on Real Sector Statistics suggests a back series on 2011/12 base. Healthy sign of growing economic literacy 1/n
The suggested back series shows that growth had already accelerated to over 8% in 2003/04, following a series of important reforms under PM Vajpayee. Thus, the strong performance of subsequent years had a lot to do with momentum that had already been built up 2/n
It will be argued that the choppy growth performance after 2008/09 was partly due to external factors. Fair point, but surely the same can be said of the exceptionally benign external environment prior to the global crisis. One cannot blame one & take credit for the other 3/n
Read 8 tweets
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I keep seeing debates on genetic lineages. Hence need let people know some general technical issues. Genetic archaeology can be done through, Y, X and autosomal DNA. The last is the basis for ASI-ANI type framework for Indian genetic history. 1/n
The Y and X are the male and female lineages (hence relatively neater), while the autosomal gets mixed & fuzzy within a few generations, hence requires qualitative modelling. Since it is dependent on the model being used, it is less reliable over long range time 2/n
This autosomal approach is especially messy when we dealing with groups mixing over long periods of time and, in my view, breaks down if we have back-and-forth migrations (i.e. a braided stream rather than unidirectional branching out) 3/n
Read 8 tweets

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Midway through Ronald Kahn's wonderful book 'The Future of Investment Management'.

The 1st half is solely focused on the evolution of investment management through the last 4 millennia.

And rightly so. Because #history matters.

A quick summary below.

[Retweet if helpful]
Investing as we know it today did not exist before the stock market crash of 1929 & the Great Depression that followed.

Slack regulations, inadequate company disclosures & the general inability to systematically analyse investments kept most investors out of the market.
This state of affairs, however, was soon changed by gurus like Graham, Dodd, Markowitz, Sharpe, Burr, Ross, & others who provided a systematic framework to analyse securities, define risk, & efficiently manage portfolios.
Read 25 tweets
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#Khashoggi Case Thread: I am going to ‘pin’ this post to use it as an ‘Info Thread’ on the #Khashoggi Case. I am in #Turkey. I’ve been following the case closely and with access to sources & experts here. This is a very ‘sensitive’ criminal case due to ‘Diplomatic Booby Traps’!!!
The Evidence Obtained Outside Cameras will not show any evidence of ‘tempering’ but other than license plates of dozens of diplomatic cars (Many with tinted windows-large trunks) with related time stamp, drivers Info, model/year: Nothing.
#Turkish Intel-Investigative Bodies also have the list of all Diplomatic & Private Saudi & “other significant’ Planes in #Turkey for the period of ‘interest.’ Many of the Target airports have their own security cameras & related evidence.
Read 335 tweets
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#History/#Art thread – From my recent trip to Madurai/Tirunelveli. On Jain sites (some with a rich history dating back to at least the 3rd cent. BCE), early Pandyan rock-cut cave temples (7th-8th cent. CE) & the amazing Vettuvan koil.

Pic: Mahavira (~8 cent CE), Kizhakuyilkudi
Before I start on the places, the history around all this is fascinating & splits opinion. Is it apt to call the script Tamili/Tamil Brahmi? Did it develop independently in the Tamil country/come with the Jain monks from the north? Were 8,000 Jains actually impaled in Madurai?>
>Were the Saivites overaggressive in promoting their faith? Shall only be happy to discuss on these separately (unless it gets too long/irrational). And I’m not posting every inscription from the places here, despite their importance. Again, shall be happy to discuss them.
Read 40 tweets
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Gillar ni den här tweeten, så får ni en tweet om hur det är att vara #blind i #Sverige. Upp till 150 st eller 2 dygn, vilket som kommer först.

Det är naturligtvis enbart baserat på mina egna erfarenheter.
1) I Sverige finns inga lagat som reglerar blinda personers tillgång till utbildning i Punktskrift. Många blinda personer är därför också analfabeter, kan inte rösta, får ingen samhällsinformation, etc.
2) För er nördar - punktskrift är en slags 6-bits binär kod.
Read 147 tweets
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Congrats to PM @narendramodi ji & @arunjaitley ji for a historic breakthrough in resolving legacy issues of Banks. Lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 cr transparent bid by Tata Steel and also got 12% stake in the company.
Liquidation value of Bhushan Steel was Rs 14,541 cr but creditors received almost 4 times the amount. This was possible due to the robust and transparent Insolvency & Bankruptcy Code brought by this Government #NPAturnaround
For the first time such a large loan resolution has been achieved through upfront payment received by Banks through sale of a company. This is a record step towards resolving the legacy of unprecedented amount of bad bank loans inherited by this Government. #NPAturnaround
Read 6 tweets
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#Insolvency Almost a year since @RBI released the list of 12 large defaulters to be marched to NCLT, and we have seen ONE successful resolution so far. Two, if you count Electrosteel Steels, which exited bankruptcy briefly, only to be pulled back in. Here's a quick check (1/n)
#Insolvency #BhushanSteel NCLT approved Tata @TataSteelLtd's takeover of Bhushan Steel. Tatas offered Rs 35,200 cr to settle the lenders' dues at a 37% haircut. Done deal? Bhushan Steel promoter Neeraj Singhal has filed an objection in the matter, NCLAT hearing on May 21. #IBC
#Insolvency #ElectrosteelSteels resolution plan submitted by @VedantaLimited for Rs 5,320 cr was approved by NCLT, but Renaissance Steel, another contender for the company, is now contesting the bid. NCLAT has ordered a status quo on sale of the company until further hearing.
Read 13 tweets

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