Can Chanda Kochhar come out of conflict of interest?

column hiteishi

Though ICICI Bank chairman MK Sharma has given a clean chit to the Managing Director and Chief Executive Officer of bank, Chanda Kochhar, in allegations of impropriety against her in Videocon loan case, would she be able to come out of it? What compounds her problems is that the CBI and SEBI are going ahead to probe the alleged nexus between husband of Chanda Kochhar and Videocon chairman Venugopal Dhoot.

Not only that the CBI has arrested Chanda Kochhar’s brother-in-law Rajiv Kochhar and stopped him from boarding a flight from Mumbai to Singapore, he was picked up by Central Bureau of Investigation sleuths and taken to an undisclosed destination for questioning.

According to sources, a lookout circular had been issued against Rajiv and other members of the Kochhar family so that none of them could leave the country. The CBI has filed for a preliminary enquiry against Chanda Kochhar, her husband Deepak and brother-in-law Rajiv and others as part of a probe into the 3,250-crore loan issued to the Videocon group in 2012. The preliminary enquiry comes after reports alleged that financial dealings of Deepak’s companies coincided with the big loans made by ICICI Bank to Videocon. Rajiv, who runs a firm, Avista Advisory, in Singapore is reported to have business dealings with several companies that had borrowed money from ICICI Bank but are now facing bankruptcy.

Surprisingly, the bank board has expressed full faith in its MD and CEO, Chanda Kochhar apparently because of her long association with the ICICI Group. Her association with ICICI dates back to 1984, when she joined as a management trainee at Industrial Credit and Investment Corporation of India Limited (ICICI), which later became ICICI Bank Limited. One of her biggest achievements was to oversee the establishment of the bank’s retail franchise. In 2000, Kochhar’s predecessor K.V. Kamath asked her to build the bank’s retail business from scratch. Between then and her taking over as CEO in May 2009, the share of retail loans in the book grew to nearly over 54 per cent. Chanda Kocchar, who won the Padma Bhushan award in 2011, is also known for leading other initiatives such as adopting 600 villages and providing them a digital ecosystem. She is also known for speaking about gender issues and talked about how ICICI has fostered a culture of gender equality. A graduate of the Jamnalal Bajaj Institute of Management Studies, then Chanda Advani met her husband Deepak Kochhar there.

It was not an easy task to fit into the big shoes of Kamath but she did that quite effortlessly. The ICICI Bank is the second largest new generation bank in the country and a thorough probe is called for into the alleged “quid pro quo” by independent agencies to get to the whole truth. The allegation that Kochhar’s husband, Deepak Kochhar gained undue favours from industrialist Venugopal Dhoot after the bank approved a loan of over 3,000 crore six years ago, needs to be investigated. The Videocon account is now a Non Performing Asset (NPA) and it arouses huge suspicion.

Crux of the issue

Ironically Chanda Kochhar waded through range of issues but the problem of bad loans stuck and these have jumped from 9416 crore in June 2009 to 46,039 crore in December 2017. Proportionately, the gross NPA ratio went up from 4.63 per cent in June 2009 quarter to 7.82 per cent by December 2017 quarter. With the ICICI Bank embroiled in a controversy over alleged conflict of interest involving its CEO Chanda Kochhar, market regulator SEBI has begun looking into the matter for any possible disclosure and corporate governance-related lapses. The CBI has by now examined some officials of ICICI Bank in connection with a preliminary enquiry involving the husband of Chanda Kochhar, and the Videocon Group, pertaining to a loan 3,250 crore extended to the latter.

Deepak Kochhar and Videocon have been mentioned in the preliminary enquiry by the CBI. The agency may convert the preliminary enquiry into a regular FIR after determining that there is prima facie a case pertaining to the allegations. Similarly, if there is not enough evidence than the preliminary enquiry can be closed by the agency.

There are reports alleging that Videocon’s Dhoot had through another entity Supreme Energy made investments in Deepak Kochhar’s firm. According to the CBI, the preliminary enquiry has begun into an alleged link between the loan extended to Venugopal Dhoot’s Videocon group and funding of the NuPower Renewables, a company founded by Deepak Kochhar and others.

The 3,250 crore was part of a loan of about 40,000 crore that the Videocon Group had received from a consortium of 20 banks led by the State Bank of India. While the current outstanding of the group against ICICI Bank loan stands at 2,849 crore, the specific account was declared non-performing asset last year. NuPower Renewables was incorporated in December 2008 by Deepak Kochhar, Dhoot and others and Dhoot later resigned as director in January 2009 and sold all his shares. It allegedly received 64 crore through Supreme Energy, which was later allegedly taken over by a trust, in which Deepak Kochhar was the managing trustee.

Support for Chanda Kochhar
Venugopal Dhoot, Chairman of Videocon Industries, who is in the eyes of storm has come out in support of Chanda Kochhar saying that “the ICICI Bank has already clarified that I have not been given any favour as I have not received a loan from ICICI alone — Videocon Industries took loans from a consortium led by the State Bank of India.This was done after a high degree of credit appraisal by the bankers as they found Videocon to be a very lucrative investment because of its oil assets. When the matter came to the ICICI Bank Board, Chanda Kochhar was not the Chairperson but one of the members of the committee.

Till the time the matter comes to the Board, Chanda Kochhar did not know which proposal was coming so she could not have influenced it. I have not invested 64 crore in NuPower nor issued any money to Deepak Kochhar. Then where is the question of any quid pro quo? The ICICI Bank board has also come out in strong support of Chanda Kochhar. In a statement, the ICICI Bank said that “ICICI Bank was not the lead bank for this consortium and the bank only sanctioned its share of facilities aggregating approximately 3, 250 crore which was less than 10 per cent of the total consortium facility in April 2012.”

Stating that there was no conflict of interest involved, the bank said none of the NuPower Renewables investors were its borrowers. It said Chanda Kochhar had made all necessary disclosures to the board in advance as per the regulatory guidelines. In view of support pouring in for Chanda Kochhar it seems that only a thorough probe by the Central agency would uncover the mystery of conflict of interest.

letters@tehelka.com

Winning world through contemporary dance

Column arshiya sethi1

The year, 2018, began on a bright note for Preeti Vasudevan, a New York-based dancer and choreographer, with the announcement of the Lincoln Centre Awards for Emerging Artistes. These awards honour the outstanding artistry and promising future of artists from the eleven constituent organisations of Lincoln Center. The line up this year included Preeti, founder and artistic director of her dance company Thresh. Preeti, the first artiste of Indian descent to get this honour is a repeat META (Mahindra Excellence in Theatre Awards) nominee and has multiple awards in her credit.

Linda Murray, Curator at the Jerome Robbins Dance Division of the New York Public library for the Arts, the Lincoln Centre organisation that nominated Preeti, says that their choice was driven by her “deep respect for history, which is important to us as an archive, and also because her creative work is so innovative.” She acknowledges that Preeti’s work “brings Indian classical dance into dialogue with other dance forms, as Preeti seeks parallels and contrasts between her own practice and ballet, postmodern and contemporary dance. She has retained the narrative tradition of Bharatanatyam but has transformed and opened it up by distilling her movements and gestures into a sparse but accessible lexicon. The result is often deeply moving.”

Preeti, who was born in Chennai, lived in Delhi in her formative years and moved to Bangalore by the age of nine and trained there for several years with the iconic gurus US Krishna Rao and his wife Chandrabhaga Devi. Little Preeti soon became their favourite and recalls with affection how her guru used to call her “my little monkey” even while he kept pointing out how talented she was. Their plans for her Ranga Pravesh- the formal debut on the stage as a soloist- were cut short by her father’s relocation to Madras. Her guru advised Preeti to continue her training under the Dhananjayans — VP Dhananjayan and his wife Shanta, both alumni of Kalakshetra and personally trained by none other than Rukmini Devi Arundale.

Here, she caught the eye of Dhanajanyans who created a next-generation duo with her and their son Satyajit. At the India International Dance Festival, held in 1991 in Delhi, she was selected to represent her guru’s style. Seeing the global line up representing styles as varied as Jose Limon and Hanya Holm, “I realised that there was a different world out there for dance,” recalls Preeti sitting on the terrace of her Manhattan apartment in the shadow of the Empire State building.

Although Preeti danced with one Dhanajayan son, Satyajit, but it was the other son, Sanjay, on whom the cupid’s arrows struck upon. Preeti wanted to give herself some space and so accepted a scholarship to go to Japan, which turned out to be an amazing experience for her. She learnt many of the arts Japan is well known for — dance, calligraphy, pottery and even how to wear a kimono. She met with the grand master Kitzu Sakakibara, who had graduated in Indian dance from Visva-Bharati in 1953. “He was like the Uday Shankar of Japan and was happy that I brought him India. I taught the young Japanese students Bharatnatyam, but it was in Japan that I finally learnt how to use my spine.” The last part of the statement may sound odd to non dancers, but a dancer would instantly understand what she meant.

Few days after he returned, she married Sanjay, and went off to Indianapolis on the HB1 spouse visa, as per the rules of which she couldn’t even volunteer. Only after changing her visa to a performing visa, that to from 1995 onwards, she began touring in USA, initially with the Dhanajayans, and then solo. At that time, she also did arts education workshops in juvenile prisons. “It gave me a lot of satisfaction and proved what art can do,” admits Preeti.

Being part of big projects like ‘Jungle Book’ (1996-1997) with her gurus gave Preeti considerable exposure. In 1998, she was the Assistant Director to the Dhanajayans in their new production ‘The Mahabharata’, premiered in the Reunion Island. Armed with the necessary confidence, Preeti choreographed and played the lead role in an English play in Indianapolis- ‘Nagamandal’— her first production in which she danced, choreographed and acted.

In 1998, she was asked by Violette Verdy, famed French ballerina and the legendary choreographer and co-founder of the New York City Ballet, and also George Balanchine’s muse, to dance for the launch of the International Encyclopaedia of Dance edited by Selma Jeanne Cohen. Impressed by her performance, Verdy mentored her. “Her first advice was to relocate to New York City.”

After a mega 28-city tour for the ‘The Mahabharata’ in the US with the Dhananjayans in 1999, which she orchestrated and managed, Preeti “made a millennial transfer to New York and called on people I didn’t know but had heard of — Matteo , the great Spanish dancer who long years ago had learnt Bharatanatyam from Kalashetra and had established the Ethnic Dance Foundation in NY; Jacques d’Amboise, the legendary ballet dancer and muse of Jerome Robbins and Balanchine who since has become a dear friend and mentor to me.”

In 2001, she went on to do her Masters degree in dance from Laban Centre, London, one of the best-known schools for dance studies. Two important developments occurred in this period. The first was that senior dance scholars Valerie Preston and Ana Sanchez Colburg, who have written a book on the Laban process, challenged Preeti
to question and deconstruct her work, compelling her to look at her practice afresh. The second was that she was commissioned to write on the young British dancer from South Asia, Akram Khan who had done the same process and had broken through like a chrysalis and was now a rising star. “At that time I realised that I could not go back to my marriage. Too much was happening around my dance.”

Subsequent to completing her Masters, she moved to New York permanently in 2003. “My thesis from the Laban Centre won me the Emerging Choreographer’s award from Joyce Foundation in NYC. The award was to perform a season in New York. It was a remarkable debut,” she recalls. She was on a roll, with a choreography residency at the American Dance Festival, followed by a faculty position there the very next year. In 2004, Thresh her dance company was established and a highly successful nine city performance tour of India was undertaken.

In 2006, she married again, a British national, Bruno Kavanagh and lived in India for two years, using that time to create an interactive website ‘Dancing for the Gods’ which is used in NYC public schools as a pathway for the students to know Indian culture. She also created a new production based on Kalidas’ ‘Vikramorvashiyam’, called ‘The Absent Lover’, that goes on to win her kudos and many awards, including seven nominations and three awards at META.

There was no looking back after that. She began creating provocative contemporary work from the traditional. Significant among them are ‘Drumming a Dream’ for the Chamber Music Society of Lincoln Centre and ‘Savitri’ for her own company Thresh. In 2013, ‘Savitri’ got nominated to the Meta awards but failed to make the final cut as the jury was divided on whether it was dance or theatre, just the sort of problem one can run into by accepting a fracture between dance and theatre, but stoically Preeti says, “I was happy to be part of a debate.”

She continued on this trajectory with ‘Veiled Moon’ a production commissioned in 2015 by the Metropolitan Museum of Art in New York, which was based on the poetry of Maha Laqa Bai Chanda from the 18th century, a Hyderabad-based Urdu poet, courtesan, philanthropist and the first female poet to have a diwan (collection of poems) of her ghazals and nazms. It was performed as a diptych with William Dalrymple’s talk on the Deccan. In 2015, she became a Certified Movement Analyst from the Laban Institute of Movement Studies, which later conferred her with the Dance Performance Award in the same year.

Most recently, Preeti felt that her work has been driven by the embrace of the ballet world, especially, the mentoring she has received from Jacques d’Amboise. She has worked in a dance collaboration with Amar Ramassar, the principal dancer of the New York City Ballet in a programme called ‘Etudes’. “Etudes was initiated by a prestigious Resident fellowship through the Center for Ballet and the Arts, NYU. The initial work has been performed in many venues, including a week-long residency at the American College of Greece in Athens, but the full evening work is due to be premiered in 2019,” shares an excited Preeti knowing that she is on to something which she didn’t attempt before.

It is not just this path-breaking work but also her recently premiered ‘Stories by Hand’ — a solo work in collaboration with the famous multimedia artist, Paul Kaiser, commissioned through a two-year residency (2015-17) by Bill T Jones’ New York Live Arts, and premiered to great success in November 2017. Preeti Vasudevan is getting noticed as her years of pushing the boundaries are finally bearing the fruit in a demanding city where daring, drive and determination are the first step to success.

letters@tehelka.com

Karnataka polls 2018: EC squad seizes 9,746 voter IDs in west Bengaluru

Representational image
Representational image

Election Commission’s (EC) flying squad on 8 May has seized 9,746 voter ids and some business cards of sitting Congress MLA and party candidate Muniratna from a flat (that allegedly belongs to a former BJP corporator Manjula Nanjamari ) in Jalahalli, west Bengaluru, which falls under Rajarajeshwari Nagar assembly constituency.

 “Whatever we have counted so far are valid IDs and are about 10 to 15 years old. We’ll check whether there are fake ones too,” flying squad official said.

Chief Election Officer Sanjiv Kumar holds a press conference late in the night on 8 May and confirmed “The cards were wrapped in small bundles of paper with some phone numbers and names written on it. They seem to be from some slums.”

He further said,” We have filed an FIR on the matter. It is being investigated and monitored directly by the Election Commission. This is certainly a serious matter; we can’t take a decision here. An appropriate decision will be taken in the next 24 hours.”

The incident was brought to light by a candidate contesting on a JD(S) ticket from the same constituency. He visited the same apartment during campaigning.

He added, “Flat no. 115 at SLV Park View in Jalahalli looked like a mini-BBMP office. Apart from two aluminium boxes filled with ID cards, there were two printers and six laptops.”

Candidate even added that there could be possibility of 50,000 more fake voter ID cards and the list included the ID card of BBMP joint commissioner.

Railways’ finance in dire straits!

A scrutiny of the report on financial status of Indian Railways presented with the General Budget 2018-19 in the Parliament paints dismal picture of its financial health indicating that the railways have to remain financially viable on borrowed money from market and other sources. As a result of merger of Railways budget with the General Budget since 2017-18, Railways escaped dedicated media focus and for that matter public scrutiny of its overall functioning altogether, the casualty being the impugned report on its financial status from public notice. That is how Indian Railways have lost its sheen in public glare. It comes on the fore in public domain only when accidents take place with heavy casualties.

Indian Railways compartment , Train. Photo by Vijay Pandey/TehelkaIndicator of financial health of Indian Railways is its Operating Ratio, which is on the higher side currently. Operating Ratio is the ratio of working expenditure, arising from day to day operations, to revenue earned from traffic. A higher Operating Ration indicates a poorer ability of Railways to generate surplus that can be used for capital investments in modernization, laying lines and deploying more coaches. Operating Ratio for 2018-19 is projected at 92.8 per cent from revised estimates of 2017-18 which was over 96 per cent. During the past few years, Operating Ratio has been around 94 per cent on average, which means Railways are spending 94 paise out of every rupee that it earns.

Net result has been capital expenditure (development budget) of Railways being financed from borrowings. With declining revenue from generation of freight, passenger and sundry earnings, capital outlay is financed through budgetary support from the Central Government (General Exchequer) and market borrowings. Since 2017-18, when Railway Budget merged with the General Budget, Railways have been exempted from paying annual dividend to the General Exchequer on the accumulated capital at charge from budgetary support.

In 2018-19, gross budgetary support from the Central Government (General Exchequer) is at 55,088 crore, while borrowings are estimated at 81,940 crore. Out of 148,000 crore capital expenditure (annual plan outlay) for the fiscal year 2018-19, 55 percent will be financed through borrowings followed by 37 per cent budgetary support and only 8 per cent from railways own earnings (internal resources). Capital expenditure (development budget of Railways) is increasingly being financed through borrowings, from 8 percent of total development budget in 2010-11 to 55 per cent in 2018-19. Economists view it as a sure road to debt trap for Indian Railways raising its financial difficulties.

Total debt of Indian Railways stood at over 450,000 crore in 2014-15. Taking in accounts the ever increasing annual borrowings in 2015-16, 2016-17 and 2018-19, it is likely to go up by more than 600,000 crore. The borrowing arms of Railways is Indian Railways Finance Corporation (IRFC). The debt burden of Indian Railways will ultimately be borne by the next generations of people.

Railways internal revenues in 2018-19 are estimated at 2.01 lakh crore, a seven per cent higher than the revised estimates for 2017-18, which comes from freight, passengers and sundry earnings. Revenue from freight and passenger traffic is estimated at 2 lakh crore. However, over past few years, internal revenue from freight and passenger services is falling short of the targets.

Added to the above, expenditure on salaries and pension is increasing operating expenditure for 2018-19, estimated at 1.88 lakh crore, up 4 per cent from 2017-18.

About 66 per cent of this goes to salary and pension, which has been increasing gradually, with a jump of 15 per cent in the last two years on account of implementation of the Seventh Pay Commission Report. Pension bill is also to rise as about 40 per cent of staff are above 50 years in 2016-17.

In short, capital expenditure of Indian Railways is increasingly being financed through borrowings from 8 per cent in 2010-11 to 55 percent in 2018-19, a sorry state of railways financial viability. It calls for massive investments by the Union Government to maintain balance between commercial status and social responsibility of Indian Railways as the one and only modes of mass transportation of bulk of our people who cannot afford other modes of transportation!

letters@tehelka.com

Maintain peace and communal harmony in Gurgaon, appeals Swaraj India

yogendra yadav tehelka The Yogendra Yadav led Swaraj India has appealed Haryana CM  Manohar Lal Khattar to ensure peace & harmony in Gurgaon and not communalise the situation by making irresponsible statements. For the last few weeks, Gurgaon has seen a disturbing rise in communal tension because of some right wing fundamentalist groups disrupting Muslims offering Namaz in open areas. Rowdy elements supported by self styled leaders and dubious groups have been reported to chant Jai Shri Ram and Radhe Radhe at the public sites where Muslims offer Friday Namaz.

 Much of the Muslim population in Gurgaon largely constitute of poor migrants from various states and do not have sufficient number of mosques which can accommodate Friday congregation. These prayers are offered at over 100 public locations while the number of mosques in Gurgaon are not even 15. Therefore denying the Muslim community access to public place tantamounts to denying them the constitutional legal right to practice ones religion.

 Concerned at the developments, a team of Swaraj India delegation led by party leader Anupam delved into all aspects of the case by talking to leaders and individuals from both the communities in Gurgaon. The team also met the Commissioner of Police in order to get the administrative perspective and chalk out a harmonious solution.

 The Swaraj team has suggested that in case there is any specific location where Friday gathering creates public disturbance, it should be looked into and resolved through a dialogue with the administration. If needed, such location may be barred from congregation. But once the public spaces are marked, it is the duty of state government and administration to ensure that the faithfuls are allowed to offer prayers peacefully. Strong action should be taken against any group or individual indulging in vigilantism by taking law into hands.

 Terming the statement made by Chief Minister Khattar as unfortunate, Yogendra Yadav said, “At a time when the CM should have tried to calm down tempers, he is making irresponsible statements resulting in communalisation of the atmosphere. His statement can been seen as a patronage to the rowdy elements and goons disturbing Friday namaz.”

 Responding to the Haryana minister who had raised the point of encroachment, Yadav dared him to show even one place in Gurgaon where land encroachment has taken place for a Mosque.

 Calling upon all the citizens – Hindus and Muslims – to come together and turn this case into a show of Sadbhavana, Swaraj India gave a call to observe the next Friday as Sadbhavana Day. Party’s national president Yogendra Yadav will be in the city to ensure harmony & brotherhood among all sections of society.

Rahul predicts BJP defeat in 2019

Rahul Gandhi tehelka
BENGALURU: Congress President Rahul Gandhi today predicted BJPs defeat in 2019 Lok Sabha elections. At a gathering in Bengaluru he said “I’m convinced that Narendra Modi won’t be the next PM in 2019.” “You may laugh at me but post-2019 elections, I would say that it is highly unlikely that the BJP will form a government and that Modi will come to power”
When asked would he be the prime minister in 2019 if Congress emerged as the single largest party. “Yes, why not,” he responded.
Further adding he said “That’s because of the Opposition unity today. Everyone in politics is working to overthrow the BJP,” “This is no longer a tactical political fight but a fight against ideology that everyone will come together against.”
This is not the first time that Congress President made such declaration. Last year in September at UC Berkeley while interacting with students he said that he was absolutely ready to be the congress Prime Ministerial candidate for the 2019 Lok sabha elections.
Today’s comment of Rahul Gandhi gives a clear picture that he is the first and foremost Prime Ministerial choice of UPA for the 2019 Lok Sabha elections.

CJI impeachment: Congress withdraws plea challenging vice president's decision

supreme courtTwo Congress MPs (Partap Singh Bajwa and Amee Harshadyay Yajnik) challenging M Venkaiah Naidu, Vice-President and Rajya Sabha Chairman’s decision to reject an opposition motion seeking removal of Dipak Misra, Chief Justice of India was “dismissed as withdrawn” by the Supreme Court on May 8.

This petition deals with the removal of the CJI.

The petition had appeared in the Apex Court’s and was presented on May 8 before the five-judge Bench, comprising Justices Ak Sikri, S.A. Bobde, N.V. Ramana, Arun K Mishra and A.K. Goel.

Senior advocate Kapil Sibal, counsel of the two Congress MPs said that he was withdrawing the petition after the Constitution bench refused to give the petitioner details of the administrative order passed in constituting the bench.

“Here there is no judicial order formulating the question of law. This morning at 10.29 a.m., a minute before the hearing, the Registrar tells my advocate that the case is before this Constitution Bench,”  Sibal said.

However in response, the court asked him to argue on merits of the petition, but the Congress leader was adamant that he would first see the order and decide if it should be challenged or not.

“We filed the petition in SC (challenging VP Naidu’s dismissal of impeachment motion against CJI) yesterday and it was to be heard today. But we were informed last evening that our petition will be heard by five judges. Who gave these orders? What were the orders?” the Congress leader asked while addressing a press conference shortly after withdrawing the petition.
“Who referred the petition to the five-judge bench? It is our constitutional right to know,” he added.

Chabahar: China’s entry may hurt India’s interests

port1

India is faced with a new challenge from China, hungry for expanding its influence in South Asia and the surrounding areas. India’s pledge for $500 million investment to develop Iran’s strategically and economically significant Chabahar port is going to be overshadowed with China, on invitation from Iran, likely to express its readiness to associate itself in a big way with the project. China’s CITIC Group, a state-owned investment agency, recently offered Iran a $10 billion credit line and the China Development Bank is in the process of providing $15 billion additional funds to Teheran. A part of Beijing’s $124 billion Belt and Road initiative, this is, perhaps, the largest investment commitment by any foreign country in the Persian Gulf nation, freed from crippling economic sanctions in 2015 following a nuclear deal with the US and its European allies.

Though Iran has declared that its offer to China and Pakistan to provide all kinds of assistance for developing Chabahar to bring it to the level of Pakistan’s Gwadar port will not affect India’s association with this project, New Delhi cannot accept the development without concern. It is almost certain that cash-rich China may try to dominate Chabahar through a huge investment in the project to primarily belittle India’s gain. Iran too will welcome Chinese investment in the port project to any extent as it wishes to see it emerge as a major port as Pakistan’s Gwadar, developed exclusively by the Chinese. The distance between the two ports is hardly 72 km.

China, aiding Iran in the development of different kinds of infrastructural facilities like highways, railways and power projects, is set to outshine European Union (EU) nations and Russia in making investments in Iran. It suits Iran too to have increased investment presence from China, Russia, the EU or any other country to create a kind of shield to protect it from adventurist military campaigns by the US or its allies like Israel.

According to the chief of Iran’s Organization for Investment, Economic and Technical Assistance, Mohammad Khazaie, direct investments in Iran by Chinese companies rose by 20 per cent during the period March 2014-January 2018. The trade volume between the two countries, which grew by 22 per cent in 2017, is expected to go up to $50 billion in 2018 from $40 billion in 2017.

Iran, however, says, “The priority is with the Indians — they’ve been involved and came forward first (2003). But if another investor comes along and is interested in Chabahar, there is certainly enough space and opportunity for them and for their investment.” Obviously, Iran has invited China after making considerable calculations as it has given hints that it does not want Chabahar-linked cooperation remaining limited to India.

Though India has invested in developing two terminals at the port which have become operational and are being used for the supply of different kinds of items to Afghanistan and Central Asian countries, New Delhi and Teheran have been involved in issues like a two-year-old dispute over whether India would pay $30 million of excise duties on port equipment imported into Iran. There have also allegedly been investment-related delays even after 2015, when most of the sanctions imposed on Iran were lifted, but not without reason. India will have to keep its own interests in view while taking any step to cement its ties with Teheran.

Of course, it is Iran’s “prerogative” to choose its partners, but India’s interests should not be allowed to be affected under all circumstances. Will Teheran be able to ensure it? Whatever Iran may claim, China can be expected to use every tactic it can think of to create problems for India in the region and beyond.

China’s entry into Chabahar will not be only for trade purposes. Experts believe that Beijing will not hesitate to use the Iranian port for surveillance purposes as it will do from Pakistan’s Gwadar port and those which have come up with Chinese financial assistance in Myanmar, Bangladesh and Sri Lanka. In fact, it is believed that China may find a way to have its military presence in all these ports, a very disturbing development, indeed, for India.

India will have to prepare itself to meet the Chinese threat through these ports as also from the China-Pakistan Economic Corridor (CPEC), which is going to be extended to Afghanistan. New Delhi will have to convince Afghanistan that Chinese increased presence in the war-torn country may help Pakistan to keep troubling Kabul through Islamabad’s Taliban proxies so long as Afghanistan refuses itself to be used by Pakistan for the latter’s strategic interests.

It must be mentioned here that India has been protesting against the CPEC idea as it passes through Pakistan-held Kashmir. The US growing interests in India to counter Chinese expansionist designs particularly in Asia can come handy to New Delhi to create insurmountable roadblocks for China in Afghanistan, though not an easy task. But the US will have to be more forthcoming to side with India to protect New Delhi’s strategic and other interests in Kabul.

The significance of Iran for India’s interests in Afghanistan and Central Asian republics cannot be underestimated.India will have to ignore US pressure tactics not to go as closer to Teheran as the situation demands. For India, proximity to both Washington and Teheran will have to be maintained intelligently to send across the message that India under all kinds of circumstances will not allow its interests to be compromised.

India may face trouble in the case of Iran if the US withdraws itself from the 2015 nuclear deal with Teheran and involving other Western powers. Iran has been warning the world community that if the US indulges in this irresponsible behaviour and withdraws itself from the nuclear deal, though aimed at capping Teheran’s nuclear power facilities, there may be the possibility of an exchange of hot words getting revived between the US and Teheran. In such a scenario, if it emerges all, India will have to tread the path with a lot of caution.

Since Teheran is also involved in the West Asian war theatre and fighting against Sunni Arab countries like Saudi Arabia in Syria, it would be a major diplomatic challenge for India to protect its interests by maintaining friendly relations with both camps. New Delhi, therefore, cannot side openly with any of the countries involved in the civil war in Syria and the rest of West Asia.

letters@tehelka.com

HP move to give cabinet status to chief whip raises many eyebrows

The BJP government in the hilly state of Himachal Pradesh has passed a bill in the state assembly, which gives cabinet ranks and equal facilities to two newly created posts of Chief Whip and Deputy Chief Whip in the state. This has been done at a time when the state needs to take strict austerity measures to reduce deficits and avoid a debt crisis. Himachal is facing a huge debt of 50,000 crore. Not only this, the state is facing the highest ever graph of unemployment and the numbers according to government records have gone up to 8,34,714.

rakesh rocky

The Chief Minister Jai Ram Thakur succumbed to internal pressure within the party and agreed to create the two posts, assigning them the ranks and facilities equal to that of cabinet ministers. The state has an assembly of 68 members and according to law there can only by 12 ministers, including the chief minister. All these ministerial berths were filled after the new government took oath in December last year. As there was no scope of inducting more ministers, it is said there was pressure within the BJP to at least adjust two of the senior legislators and give them ‘respectful’ ranks.

The state Assembly in the Budget session passed the Bill which was brought in the house by the ruling BJP government amid strong opposition from the Congress. Chief Minister Jai Ram after the passage of the bill clarified that Himachal is not the only state in the country which has given such kind of rank and facilities to the two posts. According to him, many other states have created such posts with similar privileges. The Congress Legislative Party (CLP) leader Mukesh Agnihotri, while talking to Tehelka said that his party strongly opposed the BJP government move. ‘’They are trying to save them from the office of profit rule by creating these unnecessary posts, which is just a burden on the poor people of the state,” he added.

On the other hand, Chief Minister Jai Ram Thakur defended his government decision and said that the opposition Congress is arguing on baseless facts. ‘’Truth is that states like Andhra Pradesh, Karnataka, Delhi, Telangana, Tripura, Mizoram and Rajasthan already have this bill and we too have followed that,” he added.

But here, the question arises that in such circumstances where does the status of law which restricts a state making more than 12 ministers stand? The Chief Minister says that the previous Congress government had appointed 9 Chief Parliamentary Secretaries (CPSs) which was a huge burden on the state exchequer. “We are not going to appoint CPS,” he added.

The lone CPM legislator in the state Assembly Rakesh Singha also opposed the BJP government decision. “They didn’t have the money even to pay the interest of huge debt on the state. Moreover, this is a mockery of the law, which restricts a state to have only 12 ministers,” he added. However, the CM clarified that the two posts have been created for better coordination in the assembly and this does not violate any rule regarding the restriction on the number of ministers.

Interestingly, in another BJP ruling state, Madhya Pradesh, the BJP government gave cabinet rank to five sadhus (religious leaders). However, on April 10, the state High Court issued a notice to Madhya Pradesh government over granting minister of state (MoS) status to these five religious leaders asking the government to file a reply.

What does the law say?

The Constitution (91st Amendment) Act, 2003, limits the size of all ministries in India, came into force on July 7, 2004. This Act stipulates that the strength of the council of ministers should not exceed 15 percent of the total number of members in the Lok Sabha (in case of the central government) or the relevant state assembly.

An exception has been made only for smaller states such as Sikkim, Mizoram and Goa where the strength of the assembly is 40 or less. There, the state government can have a maximum of 12 ministers.

But all the states who have already completed the prescribed quota of ministers, are adjusting ruling party legislators out of ministry but with cabinet/MoS status with all salaries and all other facilities to the ministers.

The unemployment status

According to the state government records, Himachal till the December 2017 had 8,34,714 registered unemployed in the state. The numbers of those unemployed, who are not enrolled in the state government department, are separate. This is the highest ever number of the unemployed in the state. “The growing number of unemployed in the state is a matter of serious concern. In such a situation, the governments must not spend money just to fulfil its political aspirations,” said BD Sharma, eminent political observer and former Director of Information in the state.

According to a survey conducted by the labour bureau, as many as 40.8% of the total youth in the state are unemployed, most of them having graduate or postgraduate and other professional degrees in their kitty. The survey reveals that every year there is an increase of 10% in unemployment in the state. Most of the unemployed are in Kangra district, which has 1,90,783 unemployed youth, while Mandi has 1,51,137, Shimla 81,070, Hamirpur 66,994, Una 62,755, Sirmaur 58,350, Chamba 6,453, Bilaspur 53,258, Kullu 46,111 and the tribal districts of Kinnaur 9,445 and Lahul Spiti have the lowest number 4,681.

The previous Congress regime which had 9 CPSs, claims that it provided jobs to as many as 1.49 lakh youth in five years. “We focused on this front seriously as the state didn’t have much scope in public sector,” said Mukesh Agnihotri, CLP leader. He admits that the huge number of unemployed youth in the state is a matter of concern and the government needs to adjust more number of youth in the industries.

letters@tehelka.com

Can you literally die of a broken heart? Yes, you can

How it happened doc? I was totally healthy,” asked a tall, short-haired, 30 something man who was just administered an injection meant to make him relax and sleep. The man slept immediately but his question awakened the doctor from his routine surgeries of the day and also made him figure out what actually led to his stroke.

During the initial checkup, it was said that the man was just having a psychosomatic reaction (PSR), which was the psychological reaction to the stress activated by an intense argument with his colleague.

Out of curiosity, Dr. Mittal rushed out of the ICU and moved towards his cabin to do some research on the patient’s condition. Within minutes, he had opened 15 different browser screens on his computer but couldn’t find any conclusion. Getting desperate, anxious and with squeezed eyes, he kept staring at a word- Broken Heart Syndrom (BHS).

takotsubo

Broken heart syndrome, also known as Takotsubo Cardiomyopathy, is a temporary heart condition that’s often is the result of emotional outburst such as stressful situations, extreme anger, fear, surprise, sudden loss or physical stress such as illness stroke, seizure, difficulty in breathing or the loss of a loved one, particularly if unexpected, a serious accident, or a natural disaster such as an earthquake, domestic abuse, arguments, financial losses.

The term “takotsubo” is taken from the Japanese name for an octopus trap, which has a shape that is similar to the systolic apical ballooning appearance of the left ventricle in the most common and typical form of this disorder.

There have been instances when two people who loved each other died one after the other or sometimes immediately to each other’s death. We have seen many families going through joint funerals or two funerals in a short span of time. Sometime back I happened to read a report in the news about a man in California died hours after his wife. The report made me think how can it happen- how usual it is-what stress led to his death?

A report that raised my suspicion was the hospitalization of former US President George H. W. Bush’s, just a day after his wife’s funeral.

The people who experience BHS feel an irreparable loss. They see hopeless future or no future at all. According to experts, to ease out the situation, it becomes highly important to help them release their stress, remove the painful memories of any event, make their future bright and acceptable. This all is possible with Neuro-Linguistic Programming (NLP), healthy lifestyle, meditation, physical fitness, counseling and health supplements like Omega 3, if required. In most of the cases, people who are not equipped well to handle tough and stressful situations fall in the trap of BHS.

broken-heart_canstockphoto3807350The need is to practice meditation, forgiveness, and gratitude. Learning about mental challenges like stress, anger, frustration, dissatisfaction, depression, etc. and how to handle that time can be helpful in avoiding these kinds of strokes.

According to the British Heart Foundation, Broken Heart Syndrome is a “temporary condition where your heart muscle becomes suddenly weakened or stunned. The left ventricle, one of the heart’s chambers, changes shape.”

In most of the cases, people who are not equipped well to handle tough and stressful situations fall in the trap of BHS

“About three quarters of people diagnosed with takotsubo cardiomyopathy have experienced significant emotional or physical stress prior to becoming unwell,” According to a study mentioned in the book ‘Clinical manifestations and diagnosis of stress (takotsubo) cardiomyopathy’ written by DR Guy S Reeder and Dr Abhiram Prasad, among the 1759 patients in the International Takotsubo Registry study, 36 percent had a physical trigger (such as acute respiratory failure, post-surgical/fracture, central nervous system condition, or infection), 27.7 reported an emotional trigger (such as grief/loss, panic/fear/anxiety, interpersonal conflict, anger/frustration, financial or employment problem), 7.8 percent had both physical and emotional triggers, and 28.5 percent had no evident trigger.

10 Facts on broken heart syndrome

1 Broken Heart Syndrom is also known as Stress cardiomyopathy, apical ballooning syndrome, takotsubo cardiomyopathy and stress-induced cardiomyopathy
2 In almost 90 percent of cases, women are likely to develop BHS
3 It is attributed to a rush of stress hormones, especially adrenaline.
4 It is caused by the sudden stimulation of the sympathetic nervous system, which is also responsible for our “fight or flight” responses
5 It stuns the heart and gives it a severe but reversible, temporary abnormal heart fuction.
6 It occurs in otherwise healthy patients.
7 In this case, heart cells are ‘stunned’ by the adrenaline and other stress hormones but in heart attack they are killed.
8 Stress management activities are advised by the physicians. Workouts, meditation and other tools helpful to train the brain are considered effective in handling stress.
9 Stress weakens the immune system and hence the person becomes more vulnerable to strokes and BHS.
10 Learning how to deal with the stress, emotions and thoughts as advised by doctors is the best way out to guard ones physical body from unwanted diseases.

The authors also mentioned a similar systematic review which includes 19 studies of 1109 patients, which said that emotional stressors were present in 39 percent of patients and physical stressors in 35 percent.

In broken heart syndrome, there’s a temporary disruption of your heart’s normal pumping function in one area of the heart.

The remainder of the heart functions normally or with even more forceful contractions. Broken Heart Syndrome may be caused by the heart’s reaction to a surge of stress hormones. People with broken heart syndrome may have sudden chest pain or think they’re having a heart attack.

Yashica Jalhotra was seen talking to Dr Mittal and enquiring if not getting enough comments on her article could lead to Broken Heart Syndrome. Why don’t you send her some comments at letters@tehelka.com and save her from BHS.

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