Dam opens but closure eludes bondholders

The issue of bondholders betrayed by a government entity is a huge blot not only on Sardar Sarovar, but on Indian investment history itself

N Sundaresha Subramanian 

While dedicating the Sardar Sarovar project to the nation, the prime minister recalled various obstacles that came in its way and how several people conspired against it. But, he omitted mentioning the plight of a group of people who not only supported the project but offered their hard-earned money to be invested in the project. What did they get in return?  A broken promise, an unconstitutional law, and lost decades in courts. Over two decades after they invested in deep discount bonds (DDBs) of Sardar Sarovar Narmada Nigam Ltd (SSNNL), some steadfast bondholders are ...

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First Published: Tue, September 19 2017. 00:33 IST