This refers to your edit, ‘A powerful precedent’ (27). In our country, any judicial or quasi-judicial process takes a very long time and it is questionable whether justice is done even after the delivery of judgment. SEBI has already taken 10 years to decide the case against Reliance Industries. It may take any number of years to get a verdict from SAT which may further move to the High Court or Supreme Court. Even if the penalty of ₹447 crore is ultimately collected, indirectly it is the shareholders who will foot this bill. How justified is it to punish present-day shareholders for the sins committed by executives and promoters of the company decades back?
S Kalyanasundaram
We need debate
The BJP is acting like a dictator and crossing its limits of powers in the name of so-called national interests, else why are non-finance and non-taxation amendments included in the money Bill and a variety of legislative changes beyond tax pushed in under the Finance Bill to get them passed in the Lok Sabha? This is to avoid the Rajya Sabha where the BJP does not have enough strength. Generally, the sanctity of laws passed by Parliament is being watered down because Bills/laws are being passed without sufficient or any debate. The BJP is no better than the Congress on such matters.
M Kumar
New Delhi
Doubtful methods
This is is with reference to ‘New rating scale quantifies expected loss over life of debt instrument’ by Tanya Thomas (March 27). All debt above ₹5 crore has to be externally rated by RBI-approved agencies. Lenders also have an internal mechanism to rate their exposure based on financial performance indicators. Often, the internal rating arrived by lenders is not in sync with the external rating. However, lenders do take cognisance of external rating to make credit decisions. The mountainous NPA problem also throws light on the failure of credit rating agencies to evaluate risks. Credit rating agencies have failed to act on time and the suspension of ratings for corporates has come too late for lenders to act upon them.
The failure casts doubts on the methods. Corporates going to a particular agency instead of its earlier rating agency and the arrangements between them make lenders uncomfortable. It is in these circumstances that the new rating system by Crisil has to be viewed. It must be based on research and logic.
Rahul J Gautam
Bengaluru
Extreme measures required
The BBMP’s move to recover property tax dues and crack the whip hard on defaulters is a step in the right direction. Movable property could be towed away by the municipal authorities to be auctioned and the money used to settle taxes. It is reprehensible that many people dodge paying property tax. Property tax is one of the major sources of revenue for the BBMP, but meets only half the target.
NJ Ravi Chander
Bengaluru
Anti-Romeo drive
The formation of anti-Romeo squads by the Adityanath government, in addition to the shutdown of abattoirs, gives us an inkling of the kind of governance UP is set to get. Reports show that the UP police are having a field day. Young men and women will end up as the helpless victims of moral policing.
Youngsters are being denied their space. Socialising has come under surveillance like never before. For the police, it is always easier to target lovers and companions than eve-teasers, stalkers and molesters. The worst fear is that prejudiced cops can misuse the powers to swoop down on Muslim youth in the name of preventing “love jihad”. The spirited anti-Romeo drive should not become a tool to prevent inter-religious and inter-caste marriages.
G David Milton
Kanyakumari, Tamil Nadu
No basis
With reference to ‘CERT-In website under attack’ (March 15), we wish to clarify that a detailed analysis of web server logs, bandwidth and DDoS protection devices at CERT-In confirms that no such attack was carried out on the CERT-In website.
Sanjay Bahl
DG, CERT-In, New Delhi