............In my opinion, the recollection of the events shows the Reserve Bank of India (RBI) in poor light. Here is the country's central bank pleading, cajoling, appealing, requesting - everything except "directing" as is expected from a regulator - the Sahara Group to agree to the decisions of the bank. The narration of the events in the extract also gives an unmistakable impression that the approach of the group of officers, which had engaged in marathon discussions with Sahara, had the approval of the top management of RBI. It is not clear from the extract as to why RBI had to be so meek and submissive in its approach..........
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1 comment:
RBI does have muscle power those officers who have inspected the group will bear a testimony to this. We must say hats off to Supreme Court judges who had courage to take action against the group chairman for failure to comply. The group had even taken the Honorable Supreme court for ride for two years.
The group have the backing of political class as also legal support from top lawyers of the country.
The group had also tried to browbeat judges,
We are proud of judiciary .
Please do not feel sad for regulators as they do not have powers to act beyond a limit,
The officers of SEBI should be complimented for courage to confront the group.
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