Posts Tagged ‘RIL’

Will TV news channels show Kejriwal ‘live’ again?

10 January 2013

ambani_keriwal_0111

SHARANYA KANVILKAR writes from Bombay: India’s richest man, Mukesh Ambani, and India’s most powerful business house, Reliance Industries, are believed to have served a legal notice on several TV news channels for airing anti-corruption activist Arvind Kejriwal‘s allegations against them in October and November last year.

However, it is not known if Kejriwal, a former IRS officer, and his advocate-partner, Prashant Bhushan, have heard from RIL’s lawyers on the charges made by them at the  press conferences which were covered “live” by the TV channels with accompanying commentary.

It is also unclear if  newspapers which reported Kejriwal’s allegations of Ambani’s Swiss bank accounts and hanky-panky in the Krishna-Godavari basin by RIL have attracted similar legal attention from the less-litigious of the two Ambani brothers.

In the seven-page legal notice shot off in the middle of December 2012, Mukesh Ambani and RIL have demanded “a retraction and an unconditional apology in the form approved and acceptable to our clients” within three days from the receipt of the notice.

The notices have been served by the Bombay legal firm, A.S. Dayal & Associates.

***

Besides accusing the channels of “deliberately and recklessly” airing “false and defamatory statements” with an intent to “defame our clients and bring them into disrepute”, the legal notice makes the following points:

# “Your TV Channel provided a platform and instrumentality for wide dissemination of the false and defamatory statements and allegations made at the said press conference.”

# “Live telecast of these press conferences amounts to permanent publication of defamatory material relating to our client by you.”

# “Each of the two press conferences were telecast live without making any attempt to verify the truth or veracity of the statements and allegations being made during the press conference.”

# “Apart from having telecast the press conferences live, Your TV Channel  in the course of several television programmes and televised debates that followed after the said press conferences, continued to telecast, transmit and retransmit the defamatory footage of the press conferences.”

***

More ominously, the Ambani-RIL notice reminds the channels:

# “Our clients have instructed us to state that Your TV Channel is bound by the Guidelines for Uplinking and Downlinking from India dated 5th December 2011, issued by the ministry of information & broadcasting, government of India.

# “Our clients have instructed us to state that since Your TV Channel is a news and current affairs TV Channel, the provisions of the Uplinking and Downlinking Guidelines apply to Your TV Channel, which inter alia provide that a Company, like Your TV Channel, which runs a news and current affairs TV channel, is obliged to comply with the Programme Code as laid down in the Cable Television Network (Regulations) Act, 1995, and the Rules framed thereunder.

# “Our clients have instructed us to state that in telecasting the aforesaid press conferences and repeating the false and defamatory material relating to our clients in the manner aforesaid Your TV Channel is in complete violation of the said Uplinking Guidelines, and the said Downlinking Guidelines as also in complete and material breach of the Programme Code prescribed under the Cable Television Network Rules.”

***

The RIL legal notice brings to question the wisdom of broadcasting “live” Kejriwal’s near-weekly press conferences towards the end of last year, sans any filters or fetters.

On the other hand, the authoritarian tone of the legal notice—reminding the recipients of uplinking and downlinking norms—throws light on the egg-shells on which private TV stations are walking in the “free” Republic.

The legal notice also swings the spotlight on big business ownership of and shadow over the media, especially when it is alleged to have both the main political parties, the Congress and BJP, in its pocket.

For the record, RIL is in the media business too. Both CNN-IBN and IBN7 are part of the Reliance stable following a controversial and circuitous takeover at the turn of 2012 that now has earned the OK of the competition commission of India (CCI).

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Photograph: courtesy IBN Live

***

Also read: ‘RIL has no direct stake in media companies’

Mint says SEBI looking into RIL-Network18/TV18-ETV deal

Rajya Sabha TV tears into RIL-Network18-ETV deal

Will RIL-TV18-ETV deal win SEBI, CCI approval?

The sudden rise of Mukesh Ambani, media mogul

The Indian Express, Reliance & Shekhar Gupta

Niira Radia, Mukesh Ambani, Prannoy Roy & NDTV

Why the Indian media doesn’t take on the Ambanis

When Mukesh Ambani writes the media’s cheques

15 January 2012

The fears over what happens when a big business house with deep pockets and political influence across parties funds a big media house to legitimise its hitherto-hidden media interests are coming true even before the controversial Reliance Industries -Network18/TV18-Eenadu Television deal can be inked.

Obviously, the political class is silent. Obviously, TV18’s competitors won’t touch the story for reasons not difficult to imagine. Obviously, The Hindu won’t even publish a media column for reasons not difficult to fantasise.

But there has been no serious discussion of the implications of the deal on the media or on democracy in the mainstream media. Not on any of Network18’s usually high-decibel shows since the tie-up was announced on 3 January 2012. Not even on Karan Thapar‘s media show on CNN-IBNThe Last Word.

Print media coverage too has at best been sketchy. Even the newspapers and newsmagazines which have attempted to probe the complexities of the menage-a-troisThe Economic Times and The Indian ExpressOutlookand India Today, have barely managed to go beyond the numbers into the nuance.

Rajya Sabha TV, the newly launched television channel of the upper house of Parliament, has filled the breach somewhat with a no-holds barred discussion on the subject.

Anchored by Girish Nikam, a former Eenadu reporter who wrote five years ago on Ramoji Rao‘s travails, the RSTV debate flags all the important issues raised by the deal and underlines the role public service television can play in the service of the public when the corporate media gives up—or gives in.

Some of the comments made by three of the four participants on The Big Picture:

S. Nihal Singh, former editor of The Statesman: “My first reaction [on reading of the deal] was that it was time for India to have a really good anti-monopoly law for media, which is the norm in all democratic countries in the world, including the most advanced….

“The press council of India is totally dysfunctional because of the new chairman Justice Markandey Katju, who is baiting the media, who doesn’t believe in conversing with the media, or exchanging views with the media.”

***

Madhu Trehan, founder-editor of India Today and director, content, of the soon-to-be-launched media site, News Laundry: “It need not have happened if the government and corporates were more alert. One person owns much too much….

“Already every policy is decided by corporates as the 2G tapes (of Niira Radia) show. Not only is it dangerous that Mukesh Ambani will be deciding what policy will be decided, as you know has happened in the past, but he will also decide whether we can talk about it, or criticise it or expose it….

“Why is Reliance interested in media? It is not for money; it is obviously for influence. Rupert Murdoch was endorsing PMs and Presidents in three continents. Now we have the richest man in the country owning the largest network. Yes, there is an independent trust, but I don’t believe that. The purpose is to control the media. You are influencing policy, you are influencing how the government decides, and now you are going to decide how the people will hear about about you and the government….

“When a politician or a government spokesman speaks, we don’t believe them, but when somebody like Rajdeep Sardesai or Sagarika Ghose speaks, or anyone at IBN7 or TV18 comes on, we presume we should believe them. Now there is a big question mark [when RIL has indirect control over CNN-IBN]….

“In a deal of this size we are looking at very subtle plants of stories, subtle angles, subtly putting things in a certain way so that people think along in a certain way for a particular way. I don’t know if anyone can shut the door. It’s too late.”

***

Dilip Cherian, former editor Business India, head Perfect Relations: “Globally we have seen when big capital enters media, that is exactly what we are about to replicate for ourselves.

“Oligopolistic tendencies are visible in global media today, whether it is Silvio Berlusconi or Rupert Murdoch, the fact is they exercise humongous influence not on media but politics. Are we headed down the same road? At this time, the answer seems to be yes. Is it good? The universal answer from the question is that it isn’t,  not just because it affects the quality of news but because it affects the quality of politics….

“The entry of big capital is not new or news. What has happened in this case is a big distinction between foreign investment and domestic. Because of 4G, because the same business house owns the pipe, owns the content, there could also be another issue of monopoly. If I were the owner, I would say there needs to be a publicly visible ombudsmanship [to dispel the doubts]….

“There is room for concern, there is room for elements of self-rgulation. As a country we are not able to legislate for two reasons. One because of the influence business houses have on policy making. And two, when you bring in legislation (on regulation) up, the other group that is affected are politicians who own media houses of their own. You are talking about now a coalition of forces which the public is incapable of handling. You won’t see Parliament doing the kind of regulation they should, in an open manner, because there are interests on all sides.”

* Disclosures apply

Also readWill RIL-TV18-ETV deal win SEBI, CCI approval?

The curious case of Mukesh Ambani & Raghav Bahl

9 January 2012

PRITAM SENGUPTA in New Delhi and KEERTHI PRATIPATI in Hyderabad write: Media criticism in India, especially in the so-called mainstream media, has never been much to write home about.

Operating on the principle that writing on another media house or media professional means exposing yourself to the same danger in the future, proprietors, promoters and editors—most of whom have plenty to hide—are wary of taking on their colleagues, competitors and compatriots.

That risk-averse attitude amounting to a mutually agreed ceasefire pretty much explains why the biggest media deal of the decade—Reliance Industries Limited (RIL) funding Network 18/ TV 18 group to pick up ETV—has been reported with about as much excitement as a weather report.

That the newspaper which issues P. Sainath‘s monthly cheque, The Hindu, declined to publish media critic Sevanti Ninan‘s fortnightly column on market rumours about the impending deal (without telling readers why) provides a chilling preview of what lies in store as the shadow of corporates lengthens over the media.

In 2008, New York Times‘ columnist Anand Giridharadas wrote of why the Indian media does not take on the Ambanis of Reliance Industries in an article titled “Indian to the core, and an oligarch“.

“A prominent Indian editor, formerly of The Times of India, who requested anonymity because of concerns about upsetting Mr Ambani, says Reliance maintains good relationships with newspaper owners; editors, in turn, fear investigating it too closely.

“I don’t think anyone else comes close to it,” the editor said of Reliance’s sway. “I don’t think anyone is able to work the system as they can.”

***

First things first, the RIL-Network18/TV18-ETV wedding is an unlikely menage-a-trois.

Reliance Industries Limited is a behemoth built by Dhirubhai Ambani and his sons Mukesh Ambani and Anil Ambani using a maze of companies and subsidiaries built on a heady cocktail of mergers and demergers, using shares, debentures, bonuses and other tricks in the accounting book—and many beyond it.

The only known interest of the Ambanis in the media before this deal was when they bought a Bombay business weekly called Commerce and turned into the daily Business & Political Observer (BPO) to match the weekly offering, The Sunday Observer, which they had acquired from Jaico Publishing.

(Top business commentators like John Elliott and Sucheta Dalal have alluded to a blog item to convey that Mukesh Ambani’s media interest goes beyond the recent announcement.)

Anyway, BPO, launched under the editorship of Prem Shankar Jha, was long in coming unlike typical Reliance projects. Suffice it to say that in 1991, when India was at the cusp of pathbreaking reforms, some of India’s biggest names in business journalism were producing dummy editions of BPO.

The Ambani publications were under the gaze of the more media-savvy younger brother, Anil Ambani, who operated with R.K. Mishra, the late editor of The Patriot, as chairman of the editorial board. The Observer group shuttered before the beginning of the new millennium.

As Mani Ratnam‘s film Guru based on Sydney Morning Herald foreign editor Hamish McDonald‘s book The Polyester Prince makes clear, the Ambanis have always cultivated friends across the political divide, but they have been identified with the Congress more than the BJP.

Raghav Bahl‘s Network18/TV18 is in some senses an ideal fit for RIL.

Till its latest cleanup came about a year and a half ago, it was difficult to understand which of its myriad companies and subsidiaries came under which arm. It too has friends on either side, but suffice it to say, CNN-IBN‘s decision not to run the cash-for-votes sting operation in July 2008 revealed where its political predilections lay.

Eenadu and ETV, on the other hand, is a long, different story.

***

The ETV network of channels was launched by Ramoji Rao, the founder of the Telugu daily Eenadu. Rao has many claims to fame (including launching Priya pickles), but he is chiefly known as the media baron behind the transformation of the Telugu film star N.T. Rama Rao into a weighty non-Congress politician.

Rao and his men are known to have crafted speeches that tapped into dormant Telugu pride for the politically naive NTR. The massive media buildup in Eenadu—Ramoji Rao pioneered multi-edition newspapers with localised supplements—saw NTR become the chief minister of Andhra Pradesh just nine months after launching the Telugu Desam Party (TDP) in 1982.

Two years later, when NTR was removed from office by a pliant governor (Ram Lal) working at the behest of Indira Gandhi‘s rampaging government, Ramoji Rao played a key role in protecting the numbers of TDP MLAs by having them packed off to Bangalore and Mysore, and building public opinion through his newspapers.

When NTR’s son-in-law N. Chandrababu Naidu walked out of TDP to “save” TDP, Ramoji Rao backed Naidu and played a hand in his ascension as CM. Thus, Ramoji Rao galvanised non-Congress forces in the South leading to the creation of the National Front, which installed V.P. Singh as PM in 1989 after the Bofors scandal claimed Rajiv Gandhi.

In 2006, Ramoji Rao placed his political leaning on record:

“I submit that until 1983 the Congress was running the State in an unchallenged and unilateral manner for the past 30 years. The Congress party became a threat to democracy and in view of the single party and individual rule by Indira Congress, the opposition in the state was in emaciated condition. It has been reduced to the status of a nominal entity. The dictatorial rule of the Congress proceeding without any hindrance. I submit that as the opposition parties were weak and were in helpless situation where they were unable to do any thing in spite of the misrule by the ruling party, Eenadu played the role of opposition. I submit that in the elections of the State Assembly held in 1983, the Congress for the first time did not secure a majority in the elections and lost the power to the newly formed Telugu Desam Party. I submit that on the day of poling i.e. January 5, 1983, I issued a signed editorial on the front page of Eenadu supporting the manifesto of Telugu Desam Party and calling on the electorate to vote for Telugu Desam Party giving cogent reasons for the stance taken by me.”

In short, the marriage between RIL-Network18/TV18 and Ramoji Rao is one between a largely pro-Congress duo and a distinctly non-Congress one.

***

Indeed, Ramoji Rao’s troubles that has resulted in substantial sections of his ETV network getting out of his grasp and into RIL’s, are largely because of his consistently anti-Congress stance, which gained an added edge in 2005 when the Congress under Y.S. Rajasekhar Reddy (YSR) trumped the TDP under Chandrababu Naidu in the assembly elections.

Reported The Telegraph:

A slew of news reports in Eenadu and programmes on ETV since 2005 have accused Congress ministers, politicians and senior government officials of corruption and hanky panky. One report, for instance, debunked the official claim that the number of suicides by farmers had dropped. Another attacked construction by Y.S. Vivekananda Reddy, the chief minister’s brother, on disputed land. A third said that Eenadu had discovered, based on a survey, that voter lists for elections for local bodies had omitted the names of opposition party sympathisers.

It didn’t take long for YSR to hit back.

It was a two-pronged attack: his son Y.S. Jagan Mohan Reddy launched a project to own launch his own newspaper and newschannel house to take on the might of Eenadu and ETV. Simultaneously, a Congress MP from Rajahmundry attacked Ramoji Rao where it hurt most: his finances.

Arun Kumar Vundavalli, the MP, revealed that Rao’s Margadarsi Financiers had started dilly-dallying about repaying depositors, even after their deposit period had expired. Kumar showed that Margadarsi Financiers—a Hindu Undivided Family (HUF) company, of which the karta was Ramoji Rao—had collected deposits from the public, although a 1997 RBI law forbade HUFs from doing so.

Margadarsi Financiers owned a 95% stake in Ushodaya Enterprises, Ramoji Rao’s company which owned Eenadu and ETV.

A one-man committee of enquiry constituted by the Y.S. Rajasekhara Reddy government revealed that Rs 2,600 crore of money was collected from the public in violation of RBI norms. Although his companies were not in great shape, Ramoji Rao assured the Andhra Pradesh high court that he would repay the full amount of Rs 2,600 crore due to the depositors.

Enter Blackstone.

In January 2007, the world’s largest private equity player indicated that it wanted to pick up 26% in Ushodaya Enterprises group for Rs 1,217 crore. At the time, it was reported to be India’s single largest foreign direct investment (FDI) in the print media.

The Blackstone offer placed the value of Ramoji Rao’s company at Rs 4,470 crore.

But the FDI proposal got stuck in the I&B ministry for months, allegedly at the behest of Vundavalli, who raised a variety of concerns over the Blackstone-Eenadu deal. In January 2008, when the clearance for the Blackstone investment was still not coming, Mint asked:

“Does the promoter of an Indian company, who is selling a stake in his family’s media firm to a foreign investor, have the right to do what he wants with that money, in this particular case, pay off liabilities of another company that his family separately also owns?….”

“FIPB records then show that the finance ministry, specifically citing Vundavalli’s claims, ‘has observed that prima facie, it appears that the purpose of securing funds from M/s Blackstone is not for advancing the business of Ushodaya Enterprises Ltd, but for repaying the deposits taken by M/s Margadarsi Financiers.”

When the Blackstone deal did not materialise, Nimesh Kampani of JM Financial stepped in as Ramoji Rao’s white knight although, as Sucheta Dalal writes, Kampani was never known to have any interest in the media except in deal-making.

According to VC Circle, Kampani picked up 21% of Ushodaya Enterprises for Rs 1,424 crore, which valued the company at Rs 6,780 crore, or over 50 per cent more than what Blackstone was willing to accept.

“The first public report of Kampani’s investment came in early February 2008, or around 10 days after stock markets crashed globally.”

Now, YSR got after Kampani.

Andhra Pradesh police issued a “look-out” notice for Kampani. Nagarjuna Finance, of which Kampani had been director, had allegedly defrauded depositors. Although Kampani had resigned from the independent directorship of the company nine years earlier, it was a sufficient handle to beat him with.

For months, Kampani had to stay out of India, fearing arrest. It was only after his bete noire YSR met with a bloody death in a helicopter crash in September 2009 that Kampani could return home. In May 2010, rumours surfaced of Mukesh Ambani buying up JM Financial but they soon fizzled out.

Shortly before buying into ETV, Kampani had recently sold his stake in a joint venture with Morgan Stanley to his foreign partner for $440 million and had the cash. The Margadarsi bailout, it was assumed, was in his personal capacity. It took a petition in 2011 filed by YSR’s widow seeking an inquiry into Chandrababu Naidu’s assets assets for the penny to drop.

Enter RIL.

YSR’s widow, Y.S. Vijayalakshmi, an MLA, alleged that when gas reserves were found in the Krishna Godavari basin in Andhra Pradesh in 2002, the Chandrababu Naidu government wilfully surrendered its right over the discovery in favour of Reliance, “while allowing Naidu’s close associate Ramoji Rao to be the vehicle of the quid pro quo.” (page 32)

“In consideration for the favour done by the Respondent No. 8 (Chandrababu Naidu) in allowing the State’s KG basin claim to be brushed under the carpet, the Reliance group facilitated the payout of Ramoji Rao’s debts to his depositors. This was carried out through known associates and friends of Mukesh Ambani.

“Two of these known associates of Ambani and the Reliance Group are Nimesh Kampani (of JM Financial) and Vinay Chajlani (of Nai Duniya).

“Kampani extended himself in ensuring that Ramoji Rao would be bailed out. Within a short span of 37 days between December 2007 and January 2008, six “shell companies” were floated on three addresses, which are shown as Sriram Mills Compound, Worli, which is the official address of Reliance Industries Limited. Reliance diverted Rs 2,604 crores of its shareholders money through the shell companies to M/s Kampani’s Equator Trading India Limited and Chajlani’s Anu Trading.”

In other words, RIL’s involvement in Eenadu through Kampani became known only recently in response to Vijayalakshmi’s petition, but it was market gossip for quite a while.

T.N. Ninan, the chairman of Business Standard and the president of the editors’ guild of India, wrote in a column in January 2011:

“If reports in Jagan Reddy’s Saakshi newspaper are to be believed, Mukesh Ambani is a behind-the-scenes investor in Eenadu, the leading Telugu daily.”

Vijayalakshmi’s 2011 petition makes several serious allegations.

That Ramoji Rao entered into the deal with Kampani’s Equator just 23 days after it was registered although it had no known expertise or business; that Ushodaya sold Rs 100 shares to Equator at a premium of Rs 5,28,630 per share; and that Ushodaya’s valuation had been pumped up by Rs 1,200 crore by its claims over a movie library.

Vijayalakshmi’s petition concluded:

“The interest shown by Reliance group in coming to the rescue of Ushodaya Enterprises headed by Ramoji Rao is clearly in defiance of any prudent profit-based corporate entity (since) Reliance does not gain any returns by virtue of that investment.”

***

It is this RIL baby that is now in Network18/TV18’s lap.

The timing of the RIL-Network18/TV18-ETV deal also hides a small story.

It comes when the probe into the assets of Naidu and his associates (including Ramoji Rao) has moved from the High Court to the Supreme Court. It comes when a parallel probe into Vijayalakshmi’s son Jagan Mohan Reddy’s assets has entered a new and critical phase. It comes when the KG basin gas controversy is heating up. And, above all, it comes when 2014 is looming into the calendar.

Several questions emerge from this deal which has politics, business and media in varying measures:

1) What does it mean for Indian democracy when India’s richest businessman becomes India’s biggest media baron with control over at least two dozen English and regional news and business channels?

2) What kind of control will Mukesh Ambani have over Raghav Bahl’s Network18/TV18 when and if RIL’s optionally convertible debentures (OCDs) are turned into equity?

3) What kind of due diligence did the financially troubled Network18/TV18 do on the Kampani-Ambani investment in ETV before agreeing to pick up RIL’s stake for Rs 2,100 crore?

4) How will CNBC-TV18, which incidentally broke the news of the split among the Ambani brothers in 2005, report news of India’s biggest company (or its political and other benefactors) now that it is indirectly going to be owned by it?

5) Is there a case for alarm when one man has a direct and indirect stamp over three of the five major English news channels (CNN-IBN, NewsX and NDTV 24×7), three business channels (CNBC-TV18, IBN Awaaz, NDTV Profit), and at least five Hindi news channels?

6) Do Raghav Bahl and team who ran a handful of channels heavily into debt, have the expertise to run two dozen or more channels, especially in the language space where there are bigger players like Star and Zee?

7) Is the ETV network really worth so much, especially when Ushodaya’s most profitable parts, Eenadu and Priya Foods, are out of it? Or is RIL using Network18/TV18’s plight to turn a bad asset into a good one?

8) Is RIL really tying with Network18/TV18 with 4G in mind, or is this just spin to push an audacious deal past market regulators such as SEBI and the Competition Commission of India (CCI)?

9) How immune are Mukesh Ambani and Raghav Bahl from political forces hoping to use the combined clout of RIL-Network18/TV18 to blunt negative coverage ahead of the 2014 general elections?

10) And have Network18/TV18 investors got a fair deal?

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Infographic: courtesy Outlook

Also read: The sudden rise of Mukesh Ambani, media mogul

The Indian Express, Reliance & Shekhar Gupta

Niira Radia, Mukesh Ambani, Prannoy Roy & NDTV

The non-cricket picture of the IPL season, so far

22 April 2010

On the ground, the son of a businessman who owned a ball bearings and valve factory, who has been the breadwinner of his family of a mother and five sisters, and a bulwark of India’s bowling attack. In the air and in his arms, the petite wife of India’s richest, most powerful businessman. The occasion: the triumph of the Mumbai Indians against Royal Challengers Bangalore in the first semi-finals of the Indian Premier League (IPL).

Photograph: courtesy Samay Live

Also read: ‘IPL threatens cricket’s democratisation trends’

A video strictly not for Bhau Raj Thackeray’s eyes

27 January 2010

On the Zee Marathi show Sa Re Ga Ma Pa, Tamilian Abhilasha Chellam sings Aata vajle ki bara from the Marathi movie Natrang.

***

Mukesh Ambani, chairman of Reliance Industries Limited, at a book release in London:

“We are all Indians first. Mumbai, Chennai and Delhi belong to all Indians. That is the reality…. India’s corporate world has moved away from ‘licence raj’ after economic liberalisation, Mumbai’s poor taxi-wallah is still dealing with licence raj.”

Also read: Non-Maharashtrians vie for top prize in Marathi music show

CHURUMURI POLL: Free to work anywhere?

CHURUMURI POLL: Good for them = Good for us?

17 January 2009

When General Motors president Charles Wilson was appointed secretary of defence by President Dwight David Eisenhower in the early 1950s, the possibility of conflict of interest was very real. Asked if he could make a decision adverse to the interests of GM, Wilson said he could not, but added he could not conceive of such a situation, “because for years I thought what was good for the country was good for GM and vice versa.” That statement has sinced morphed into “What’s good for GM is good for America.”

In a week when captains of Indian industry have plumped for Gujarat chief minister Narendra Damodar Modi as the next prime minister, it is worth asking: “Is what is good for Indian industrialists, good for India, too?”

# Airtel chief Sunil Mittal has said: “We have seen CEOs running good companies, but Modi is that successful CEO who runs an entire state. We need him in Delhi.”

# Anil Ambani of ADAG has said: “If one Dhirubhai Ambani could do so much just imagine what ten Dhirubhais could have done. For Modi, too, one can say the same thing. He is the next leader of India.”

While such a rousing endorsement must be sweet music for Modi, 58, it does two things.

One, it throws the BJP leadership issue into a tizzy. The designated PM-candidate Lal Krishna Advani, 82, is waiting in the wings, 85-year-old Bhairon Singh Shekawat has thrown his hat into the ring, and there are other claimants. And two, it opens up the old debate: can a state, or a nation, be run like a company? Can a nation be run like a business, with all the focus on the “bottomline”? Is what is good for India Inc, good for India?

In other words, because Gujarat has shown good growth under Modi, is it naturally presumed that Modi has it in him to overcome all the big issues of the day?


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