|Navin Chandra Mishra|
In every society one is expected to repay one’s debt. It is as simple as a gentleman having dinner in a restaurant pays up before leaving.
Of late we have unfortunately shameless individuals and organizations giving bizarre logic to justify not paying up. Unfortunately, the economic, political and legal systems allow them to buy time, divert attention and get away. The author intends to highlight few of such recent instances as well as some other aspects of this growing tendency.
It is reported that ICICI Bank has submitted to USA’s Securities and Exchange Commission- “In the event that the Bank or individuals associated with the Bank are found by the independent enquiry, the SEBI enquiry or the CBI investigation to have violated applicable laws or regulations, the Bank or individuals associated with the Bank could become subject to legal and regulatory sanctions that may materially and adversely affect our results of operations, financial condition and reputation.”
May one ask- what makes the Bank feel that they are above scrutiny? Is it not akin to a criminal telling a Judge that riots would ensue if he were convicted and so he should not be tried? These supposedly highly educated gentlemen in suit and boot seem to have no morals. May be they are confident that with their intelligence they will be able to manipulate the system. What they are asking is unconditional pardon!
What comes to mind is that probably the present financial system is failing to regulate itself.
We have instances of celebrity tycoons demanding and getting unheard of comfort in jails. A jail is not expected to provide comfort, let alone luxuries. Yet we have seen Mr Subrato Roy of Sahara being provided comfortable air conditioned office with best communication facilities – supposedly to sell assets to repay!
At the instance of Mr Vijay Mallya of Kingfisher fame, the British judiciary wants to know about sunlight in a particular jail. Probably the judge is ignorant that India has abundant sunlight. I am sure the Lux levels (measure of illumination) would have been communicated to him. Media also reported that one of our leaders said to his British counterpart that these are the very jails where the Britishers had kept our leaders- some of whom went on to become Prime Minister.
Again, is this not an effort to demand exalted status and intimidate those investigating cases and implementing judicial decisions?
Taxpayer’s money cannot be utilized for luxuries of dishonest people.
Many of the stressed assets (read NPA of Bank)- sick units have recently been taken over by new owners.
Are the earlier promoters being forgiven through such solutions? One needs a system to be in place whereby such defaulters should not be able to have even a Bank account in their name. Such stringent measures are required.
As per Hindu scriptures, the very birth implies one is born in debt (rinn). Thus we have Pitrarinn (debt to forefathers). Thus one is obliged to repay one’s forefathers. This repayment is Dharma. May be some of these gentlemen think they are themselves Dharma. Such illusions do happen. History is replete with example of Kings (Suryavanshi) claiming status of God, but alas they were only mortals. Conquerors like Alexander and Chenghiz Khan too thought themselves to be son of God and possess divine power.
What we are witnessing is utter disregard for all the established system for materialistic gain and a sense of power over fellow human beings. To them end justifies the means.
Glimmer of Hope
“I need to pay higher taxes”- these are the words in a recent CNN interview by Microsoft founder Mr Bill Gates. This was after he paid over $10 billion. He felt that the super rich should pay significantly higher amount of tax.
Contrast this with many rich people who even plan loot of treasury. Even our educational curriculum may need changes. I recall being taught in Business School the difference between tax evasion and tax avoidance. The idea was –“how to outsmart the system”.
One hopes leaders of business community take lessons from Mr Bill Gates.
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