Naresh Goyal, Jet Airways and his crony capitalism: Way Forward

Naresh Goyal, Jet Airways and his crony capitalism: Way Forward

Jet Airways is the same story as other corporations demanding again & again for capital which was once favoured/supported by state run PSUs with State Bank of India or others as lead Bank & the outstanding dues are to the tune of some fancy numbers over Rs.8400 crores. When there is no sign of any revival, resolution and only loss-making restructuring is there for lenders then put it through test of time and test of legality under IBC (Insolvency & Bankruptcy Code) & NCLT (National Company Law Tribunal). Bailout and sentiments have no meaning in a market economy because market favours none when manipulations are none and regulators are only for regulations.

May 10 was the first deadline for submitting binding interest for Jet Airways, and more deadline would come in next 6 months for potential bidders- Etihad Airways, TPG Capital and the NIIF for Jet Airways & to submit their binding financial bids for acquiring the airline. Looking over the debt pile of more than 8400 crores with operational inefficiency attributed to crony capitalism(emphasis) & past records it seems a never-ending wo for Jet Airways.

How Etihad once killed Air India is no secret!!

Jet Airways and its crony capitalism is that example which was once problem creator for AI. The story was not a hidden truth where it had tried & blocked growth of Air India & Tata Airlines. It should not be given any leverage and like or unlike other companies if there are no prospective investors for Jet, simply put it under NCLT & IBC or, if gov chooses then merge it with AI thus availing its lost international routes to Etihad during last decade to crony capitalism. It was Etihad which bought unutilised inventory of AI Boeing planes under some outside influence when it started facing problems. It’s unnecessary for Government to go for bailout which brings plethora of litigations & anti people sentiments, when market economy has taken place in 21^st century aspirational India.

(How to make kill a prestigious airline can only be pre-planned and needs a cold-blooded strategy) First, number of AI Boeings bought during first decade of 21st century was in more numbers than what needed, then altered its seats dimensions to accommodate less passengers for International flight for giving comfort thus directly impacting revenues on a long route revenue business model. When it seemed too less, international routes were given to Etihad on preferential basis & lastly to put last nail in coffin, unutilised inventory was sold to Etihad itself thus favouring more, all under compulsion. (#CAG report and notes mentioned in autobiography of Mr. Vinod Rai, former CAG)

Otherwise, it’s also another classic case of how government policies changes or who made those changes happen; like former Civil Aviation Minister Praful Patel used to do with AirIndia saga. We can also make it an example when founder behaves like ‘Darbari culture’ & like Mallya sitting in London, Mr. Goyal bidding for his airline to gain control again while he has done nothing in last 1 year for revival of his corporations.

There is always blood & toil of employees and in early days for promoters but that’s not an excuse for all irregularities. First, any corporations took unbridled loans which is only public money from banks without having a check on expenses in name of expansion & lastly wants gov for bailout in name of job losses. Why would banks fund any extra if your financials are not in line and they are good till asked to bring equity infusion by promoters or dilute their stake for some outside investors. Additionally, common behaviour of every promoters in early days was to take away the portion of their equity infusion and other investments made by him.

We may say it’s the economic compulsions of capitalism, psychological games played with lenders or the greed of promoters/investors, but underlying philosophies of job losses answers are still elusive. Most of corporations are started with initial funding ratio of 1:4 divided b/w promoters & lenders. Promoters are good till not to ask for their equity dilution or bring some equity infusion and their first motto for first 2 years of operations is to get back his money through diversion/siphoning of funds, personal expenses like lavish travelling, stay & others or similar other excuses.

Meantime, Abu Dhabi based Etihad Airways has concluded the due-diligence process & wants to remain minority stakeholder before it places its final financial bid for acquiring Jet Airways. It’s the only one shown interest on 10^th May meeting while the hope is still there for other bidders to join. The other two potential bidders- TPG Capital and the National Investment and Infrastructure Fund (NIIF) have started their respective processes and maybe bid jointly with Etihad in future sensing more doubt and connivance of Jet Promoter Naresh Goyal in the whole saga.

(Views expressed are personal and in continuation to Jet Airways saga like the one happened with Kingfisher Airlines)

Moditva Rewinded 2.0: Creative Disrupter

(Views expressed are personal and in continuation to Moditva 2014, Part –I)

Moditva Rewinded 2.0: Creative Disrupter

It’s almost clear that NDA (National Democratic Alliance) is going to get the majority in General Election 2019 with Prime Minister Narendra Damodardas Modi as its Prime Minister for next term. The voices are again started resonating in ears of his followers - ‘मैं नरेंद्र दामोदर दास मोदी ईश्वर की शपथ लेता हूं कि मैं विधि द्वारा स्थापित भारत के संविधान के प्रति सच्ची श्रद्धा और निष्ठा रखूंगा।’ 

Voters Turnout and VVPAT issue concludes Third and biggest phase of Lok Sabha elections 2019 on April 23, 2019 for the largest chunk of 117 seats. It will subsume next 4 phase action, emotions and reactions of candidates and voters & will finalise on 23rd May result. There is a Modi wave once again and opposition looks lost the battle someway in middle with main opposition party Congress without having a proper channelized way of campaign.

In a nutshell, main constituencies having an effect and showing an overall picture of Indian election 2019 is mainly attributed to a few select ones having significance of regional across states, voting pattern and parties stability.

Varanasi: Battle for Banaras and its significance with effects concludes tomorrow on April 25, 2019 with full day PM road show campaigning; & his invincibility is waiting for Congress UP east general secretary to contest. City & kumbh impact helps party in sailing through across 50/80 seats in Uttar Pradesh.

Rampur: It’s a sure win for Azam Khan looking the weak & hindu candidate from congress side. If the BJP can manage to win it, it will sweep the whole west UP surpassing its tally of 282 in general election 2014.

Begusarai: Tanveer Hassan of RJD is an important and strong candidate whom no media houses want to know, if he is not able to win by a whisker then all credit goes to Giriraj Singh. 2014 votes by BJP bhola singh - 4.28lacs; RJD Tanvir - 3.7lacs; CPI RP singh -1.92 lacs having its max number in Independent India with Nitish kumar JDU support in 2014
On a macro level its pure mathematics and on a micro level its just caste equation & chemistry in Bihar & not algorithmically artificial intelligence generated twitter profiles. Like RJDs, Nitish EBC & women vote banks are too much consolidated & Yes, Giriraj will only win. It will bring down curtain on 9th feb 2016 JNU mindset when all naxalites got together to celebrate afzal guru tukde-tukde mindset.The infamed JNU boy is having its tally even less than CPI candidate for 2014. It’s good all urban naxals- Prakash Raj, kunal kamra, Javed akhtar, swara, shehla, jignesh et al have collected itself at one place to know their worth. All candidates who will forfeit their security enjoys campaigning elsewhere. Prakash raj enjoys in begusarai, candidate from here go to bhopal & digvijaya should come to patna sahib for more happiness.

Gandhinagar: It’s a citadel prepared by PM Modi very craftily from last 2 decades, which helps incumbent retain its max tally in Gujarat 24/26 with Amit shah taking first time plunge from this seat.

Wayanad: It’s record voter turnout of 76% making it only ‘Rahul wave’ place in country; congress will be the largest party in Kerala with more than 12/20 seats in state

Pathanamthitta: Sabarimala is still out of sight for BJP but by a whisker only; it may somehow goes to congress

Thiruvananthapuram: A crack and only entry point for BJP & ex-Governor Rajasekharan to make in Kerala. It’s a sure win for him against incumbent thesaurus Tharoor

Bhopal: It becomes a redemption seat for Digvijay singh & along with Indore (north-south city combine favouring BJP) makes the party win with almost 21/29 seats (problem being reserved seats in state where it has state anti-incumbency)

Puri: A low voter turnout due to combined state election & anti-incumbency against state government favors it to BJP. While party goes with heavy names in Bhubaneswar & a diverse candidate Sambit Patra in Puri but it’s a bastion for BJD, where margin of win was 3lacs last election, Puri win makes bjp cross 8/21 seats and it looks somehow manageable under Patra & Ujjwala Yojana scheme.

West Bengal: PM main focus turned from UP to WB with its maximum rallies & full crowds-

Nadia, Asansol, Malda, kolkata, Bardhaman, Cooch Behar to Darjeeling. Voters turnout, transfer of CPI(M), congress votes & anti-incumbency against state rule will may make it a comfortable win (15/42)

Gulbarga: It’s still favourable for most afraid election candidate today Mr. Kharge on a reserved seat but Mysore & Mangalore-Bangalore PM aura puts a decent seat mathematics in Karnataka for BJP affected by Hassan effect & no Siddaramaiah effect (18/28)

Sivaganga: With no star magic of Jayalalitha-Karunanidhi, & 4 years of hotch-potch government, alliance factor of congress-DMK & BJP-AIADMK, anti-incumbency against incumbents; it seems an equal fight for Karti, son of most corrupted person in India today against BJP H.Raja (it’s all congress + DMK slide in Tamil Nadu with a 1 seat for BJP)

Rajasthan: An outlier and difficult to interpret its voters regarding exact seats or a repeat of last general election 25 magic but it looks favourable for BJP (18/25);

While Maharashtra, Haryana, Bihar, Uttarakhand, HP, Jammu, Delhi, North-East states show.  a complete one sided show for PM Modi.

So, it's for another 5 years of PM Modi magic and disruption from status quo.

Na Mo – The Present and the Future, and the Final Arbitrator

                            The past has almost changed into a dream and he is all set to become the 14^th PM of independent India. It has almost become impossible now to delete the writings from the wall. It has been written with the indelible ink of voting. Nation will surely remember him and will give him his due standing ovation, those who are in favour or those who are against him. Various articles, various thoughts, various government and other machineries have come into existence to curtail Mr. Modi till now and I have decided to produce my views before the day of 16^th May, to keep it available for critics before and even after his selection for the top post. He has always kept his critics guessing, his enemies at the corner point and his followers to feel proud of him because He works like a conquering Roman General.

It can be truly perceived both within the country and the world all over, the Western and the Eastern world, there would be a great change of order – on the Political, Economic, Social and even at the Ideological level. Modi's rallies are highly pumped up, testosterone-infused events. Within India, it has been numerously debated over his controversial image and his Hindutva ideology and as the RSS poster boy and is under the opposition scrutiny and continuous media glare and coverage. On the other hand the world around shows a very different pattern of bahavioral aspects. The world has put its eyes on Benaras. Benaras is going to set the rules and regulations for the world in the coming next decade at least from the Indian subcontinent. India is poised to become the world power in coming years. It has already reached at No. third, next only to The US and the Chinese economy. There is no denying the fact that the future will belong to the brown and the Asian people. But here within India the same question reiterates again and again for those who don’t want to fall under his line or don’t want to accept him even after ten years of hatred or jealousy towards him. What would Modi do, how would he bring any change or he has not done anything good in Gujarat are some of the basic questions asked by them.

The past has almost become obsolete now. He is not the compulsion king. He is not either the choice. He is the final answer. He is known today as the 4 times and the largest serving CM of one of the prosperous state of India. He can definitely be known as the RSS poster and the most ideal student, who has risen from absolute poverty, a person who had even sold tea during his childhood days and who belonged to one of the lowest caste of Hindu caste based hierarchy, to reach the zenith of power, prestige, perseverance and dedication. And for that, he is not lucky. He is simply ambitious, he is laborious. He is destined today to achieve the unachievable. The story unfolds and shows a parallelism of change in Indian history, the change from the appeasement of some to the development for all. It’s difficult to obliterate the writings from the wall. They are clear and visible. It’s supposedly proving that the God is with the brave. History will remember him. The pragmatic approach now after the result declaration would be to form a government hedged with safeguards, checks and balances.”

                   As the old saying goes – “You campaign in poetry and govern in prose.”

He has changed the game of politics in many ways. All are sleeping while he is busy making plans. While his party members are working and calculating to become and work as the Stepney wheel and harbouring on the downfall and the anti-incumbency factor of the Congress party, Mr. Modi on the other side has calculated the move before hand in a very deliberate manner to project himself in the center front for the 2014 general elections. He has channelized his energy to project himself as 4^th time serving CM of Gujarat, as the Vikash Purush, the one who does not need the American Visa, and the one who is a no-nonsense personality. His moves are well calculated and work on his own certain well established principles and ideas.

Firstly, his development agenda serves as the best tool for him to project himself among the upper class and the urban elites. He has Gujarat and the continuous 14 years of working to show them.

Secondly, the youth population and the demographic dividend of the country have put the election in a totally new dimension. We can witness the percentage of voting in the last eight phases of elections. It’s about the demographic dividend and not about the caste based or the religion based politics. And moreover, it’s about the perspective of the Indian social scientist which sees the demographic dividend as the future potential for the country. If the country had not voted in that way, then there is really a problem in the thinking personality of young population who have either accepted caste based, corruption based or some other based politics. 

Thirdly, he has a very peculiar stands against the various neighbouring world. The parallels are drawn against the various countries in the minds of the people. The hard core Hindus perceived his stand against Pakistan as his stand against the Muslim community, where the people are against the appeasement and welfare policies of the government towards the particular community mainly in Bihar and the UP. The US visa issues is perceived by the people as an issue of Indian superiority against the western dominance after his winning of the General elections as his entry cannot be denied after his coronation as the PM. The people even perceive him as a personality who can only make and stand India against the Chinese manufacturing and export brigade. Along with that, He will definitely solve the problem of Bangladeshi immigrants in West Bengal and Assam. I don’t know about which all are the promises is going to be get fulfilled but, I will tell you and make you perceive the world order in a very new perspective. The Putin ruled present Russia, once again has started its campaign for a change in the world political map, the campaign of annexation and to change Russia into its old glory of USSR. China which still ranks second in world economy and teaches the world about manufacturing and the export, is eagerly waiting to crown himself as the world’s biggest economy in the near future. These all will simply tell the stories of a bright Asian future.

Fourthly, Hindutva ideology where a large chunk of Hindu peoples are voting for him only because they are suffering from Modi mania and want him to be coronated in any case. They hardly care about development policies and care only about him.

The general elections of 2014 will also witness a very new pattern of voting. The acceptance of BJP amongst the majority people of Indians lies only with Modi. Most of the people of the Hindi belt will vote only on two guiding principles. Either they attach themselves with his development model or with his caste-tea seller persona, or they go to their own conventional method of caste-based politics. Some of the upper class of people will search in for another pattern of voting. They will either go in for the congress way of development – full fledged subsidy policies, widespread corruption where every booty is available for anyone, reservation policies, and a liberal approach towards the neighbouring countries or to the people of all faiths, or they are totally against Modi, being of only jealous of his rise. On the other hand The Hindu majoritarian has voted for his Hindutva ideology and the Gujarat development model has just served as a catalyst to maximize the profit of the vote share. The seat winning methodology to get something around 272+ only portrays his RSS connection and how he used to manoeuvre his cadres. The Muslims, the minority and the linguistic community have not voted against him because his development is fake but actually they are insecure under his roof. They don’t want to be ruled by someone of the Hindutva ideology. They are simply against Modi and have kept development in abeyance.

And I do believe some of the people still fearing the no-nonsense Modi. He is the horror for those Indians who have spent a decade portraying him as a demon for the pogrom. These include the varied group of peoples, of those supporting the Leftist and the Maoist/Marxist movement, Muslim intellectuals or lower strata of people having the various shades of fundamentalist Islam or those who simply fear his ideology with or without a valid reason, the groups of various social activists of different ideas and political analysts, news commentators and pundits whose intellectual development appears to get stopped when the secularism versus communalism debate died a natural death in the course of time.

 MODI EK SOCH HAI...AUR INSAAN KO ROKA JA SAKTA HAI, SOCH KO NAHI AUR WO SOCH AB ISS DESH KA SACH BANANE JA RAHA HAI....

HINDU IS FOR HINDUTVA, LET’S LEAVE BENARAS FOR MODITVA

      AND THE BATTLE GROUND IS SET FOR. JUST THE THREE WORDS – READY, STEADY, GO

                                     

Kurukshetra ground for the 2014 general election has been set for and surely after the finalization of Narendra Damodardas Modi name from the holiest city of Benaras. Maybe, the most historical and prominent city for the Hindus is going to get its first ever Prime Minister from Varanasi only. Whatever you want to call it – the land of Baba Vishwanath, the land of Ganga-Jamuni tehzeeb, or the land of Hindu’s most religious place on Earth, or the land of Lord Shiva, but today the place has surely become a gamble for Mr. Modi, whose final result is scheduled on 16^th May, this year.

Going into the legendary talk, Varanasi was founded by the God Shiva. The oldest inhabitant city on Earth or, on mythological context, the city which rests on the tip of Lord Shiva’s Trishul, is going to witness the ‘Kurukshetra’ battle of 2014. It has both the historical and the present importance. Gautama Buddha gave his first sermon at Sarnath located near Varanasi only. Scholarly books have been written in the city, including the Ramcharitmanas of Tulsidas. It is the holiest of the seven sacred cities (Sapta Puri) in Hinduism and Jainism, and played an important role in the development of Buddhism. Some Hindus believe that death at Varanasi brings salvation. A single night has made Kashi prominent and it’s not because of Mr. Kejriwal challenge, who out of his sheer over excited ambition going to fight an invincible war at the 80 Ghats of Kashi. You can say it the strategy, compulsion, or the love for Kashi but Mr. Modi’s choosing Kashi as the battleground has made it to acquire prominence on the world political map within a night. It has caused other parties to form the Chakravyuh against him. It simply seems that Kashi knows Modi and Modi know Kashi. The first Narendra had visited Kashi in the year 1884, and Kashi had returned then ‘Vivekananda’ to the world. The second Narendra is set again to visit the place in 2014. Let’s see what Kashi is up to for the world this time.

Any calculative and descriptive answer will only talk about the strategic and compulsive importance of Varanasi – because the land of Kashi holds the key for around 40 odd seats in the area around ‘Poorvanchal’ comprising Eastern U.P and Western Bihar. He has a mission to fulfil today – a mission of development, a mission of futuristic approach and obviously, the mission of 272+ and a proper schema for it, which is knowingly knowable only to the troika i.e. Mr. Modi, Mr. Amit Shah, and Mr. Rajnath Singh, with a very silent and strategic backing of RSS chief Mohan Bhagwat for whom he has become the ‘Blue-eyed’ child and the most-disciplined student of RSS today. Their plan are so absolute and fine-tuned that the media houses and the psephologists are only taking out the predictions, but deep inside their conscience, they just get stumbled upon in admiration. From Gujarat development, to the land of Benaras for its validity, will only lead him to the fulcrum of power at Delhi. It’s not easy to put oneself in centre front after 2002 pogrom, after so much hullaballoo. He was always under the lens for the scrutiny. He had been defeated and blamed by almost all the media houses, for his alleged involvement in 2002 pogrom. But as we say, the more opposition you have, the more followers you get. Today, he has a backing of millions people behind him. It’s a sheer belief of one in oneself only. It’s really need a great courage or you can say the dedication of around 15 years in Gujarat, or the dedication of around 50 years for RSS, or the dedication for the country which has made him vanquished today.

If anything which matters today is, then it’s his ambition for 272+, what matters today is the number of votes which go in his favour, and number of MPs going to parliament under the saffron brigade, and not the place from which he is going to contest. The country of India with around a population of 1.23 billion (officially) needs an aggression of development. It has walked the path of libertarian and mixed economy for around 50 years. What people and most of the younger generation today had forgotten is religion and caste-based politics, and what they want to remember is a security, a security of job, well-being, and future prospects. What they don’t want to remember is 2002, and what they want to remember is GIFT - Gujarat International Finance Tec-City - a brainchild project of MR. MODI and described as his pet project.

His national appeal and charisma can be confirmed today by the ’ Rainbow Alliance’ in Tamil Nadu, the backing of dalit leader Ram Vilas Paswan in Bihar, and as a consolation in the name of Mufti Muhammad Syed of PDP- People’s Democratic Party, in Kashmir, which all has given him the added advantage for his coronation.

And I confer and conclude, whole heartedly, anybody who has visited the land of India’s most western state can’t deny the impression of Moditva effect there. They can deny it only in the presence of biasness, or they have simply blind folded their eyes and ears. Today Modi has a reason to show confidence. He is the promise for India, a mirage in the middle of desert, providing life to the millions. He is not a new personality in the land of Ashoka and Akbar. He is no more and a bigger dictator and despotic than even the two personality mentioned here. If Independent India could confer the tag of ‘Ashoka the Great’ and ‘Akbar the Great’, then he is not a way behind from getting it with his aspiring dream of 272+. Even destiny has written his fate from Kashi and for his ambitious plans. From my side, both ‘Varanasi’ and ‘Vadodara’ has a start with the alphabet ‘V’ – a sign symbol for ‘Victory’. ‘EVEN LORD SHIVA HAS TO THINK TWICE BEFORE MAKING HIM DEFEATED THERE.’

‘SHANKAR KI KASHI MOKSHA DETI HAI TO WO GANGA KASHI KE PASS HI BASTI HAI, WO GANGA KASHI KE PASS HI BASTI HAI.

Epistle for All the Silent Ones

I have learned a very complicate and intricate relationship My Friend - ‘By the time people are governed by the rules and regulations, they are happy and are unbothered of situations and reality. They have their own play but actually have to play only under the restrained and constrained ideas of regulations of which they are unaware of. They start believing the ‘rooster coop’ as true, and the real and the genuine one.’ They don’t want to realize anything or to remind anyone. They are too happy in their own life or pretend to be happy. But to the certain ones, some personality of the world, the rules of perfectness sometimes start seemingly too imperfect. They are then started getting bothered. They start believing the things passed in the past and their absolute perfectness. It’s the same design and the feelings of the mind that will sometimes work for us.

Whenever I believed in you, a perfect déjà vu ran through my mind. It’s not only of the school classes shared together, or the maths problem solved together, rather you could think of me behaving in a childish manner, but after all everybody is a child only. We are born limitless, boundless but without any doubt, the rules are gradually becoming the part of our life. I still believe in the rain and the rainy season, the whitish wall of school building and our immature childish faces. It’s not only the ringing of bells that I am aspiring for, I am still dying for the days of bicycle riding and when some of us looking and searching through the window panes of the bus only to say a ‘goodbye’, and others were accompanying us through the rough terraces of school days. Every bit and corner was still remembered by me only as the perfect previous days.

There were no comparisons, and we were considered as the best. Our life was the perfect one and we wanted to make it revolved only through the locus of circle, triangle and rectangle. Sometimes, even we were amazed by the short cut routes of the Pythagoras and the displacement.

But the life is very much egoistic and jealous of happiness. It always wants to dispatch and snatch our constancy. It wants to make us learn new things. Along the process, it had taught us the hard lessons of differentiation and integration. We had been made to learn how to integrate and live in co-existence, with a differentiation clause, as always in our mind. The society is running only on the differentiation clause my friend. It has nothing to do with integration. Homo sapiens intrinsic egoistic nature won’t allow any society to be ideal or perfect. It operates only on the functionality of differentiation clause. Have you all forgotten the differentiation of marks and our faces in school? The attitude and a complete behaviour change of a topper boy as against the failed ones. Why was it that even boyfriends/girlfriends are made on the facial complexity, my friend? It’s not something ‘made in heaven’ attitude, rather working on the principle of differentiation clause: the hierarchical principles of society. I still aspires to live in the society of Krishna-Sudama and the Romeo-Juliet. I don’t know about the latter but the former had Lord Krishna himself, the avatar of Vishnu. Here also we hadn’t seen any change in the societal attitude of the Lord, where a single person had been given the due advantage of being a God, and Sudama had to live only on the conscience of Krishna, though our mythology has taught us a very good lesson of friendship with a theme. May we call it a ‘Mathematical Anomaly’ but the ‘Differentiation Clause’ has a necessitated meaning and importance for survival of the Homo Sapiens. My friend do you consider yourself equal to me or I am anyway equal to you? We are no way equal right through our school days or the birth itself. No two personality can be considered equal in the society and equality cannot be achieved in the present setup. Even the school days had not given us the equality, how can we expect it from the society now?

With best regards

Mohan Raj

P.S. - For his friend Jitendra Prakash