I don’t think there is a case for opposing the amalgamation scheme. Firstly, the objection that inviting a foreign bank to takeover an Indian private sector bank goes against the principle of Atmanirbhar Bharat is fallacious. Self reliance does not amount to shutting doors to the outside world. Self-reliance means avoiding dependence on one particular country or an ideology. The second objection is to the total wipe off of the existing capital, which in any case is totally eroded. The promoters and shareholders of the Bank have failed in their collective responsibility in providing efficient management. The promoters have been self serving , intransigent and stonewalled equity infusion on flimsy grounds of valuation. A large loan in a fraudulent manner was given against FDs belonging to associate company of the Religare group. How did the Board and promoters allow it? Another folly was hiding this grave lapse while mobilizing rights issue with an hefty upside in 2017. This amounted to cheating the unsuspecting investors. Thirdly a small bank like LVB dared to lend to corporate sector without any expertise, All these missteps amounted to blatant mismanagement. The amalgamation is a stern warning to the promoters and passive shareholders of private sector banks that they will be biggest losers in case of mismanagement.
Its well known in financial world, India banking sector is the most corrupted, notorious and risky.
Only India infiltrated and controlled Singapore gov, flooded with incompetent and inexperienced Indian chiefs in MAS, Temasek, GIC & DBS will want to invest in India that will bleed Spore till death, like SingTel is facing now.
DBS Group chief is a Indian of nobody, a manager of Citi bank branch in India, posted as a country officer in Citi Bank Malaysia(not even manager) for few years, and made Chief of Citi Bank Asia Pacific with no portfolio for barely 1 yr so that he can be shoehorned into DBS Group as CEO.
If you are referring to Piyush Gupta or Surojit Shome, you are totally wrong. Please criticize based on facts. Piyush Gupta is the CEO of DBS group and Surojit Shome is CEO of DBS India. What are their career details according to you? Pl counter check with what is easily available on internet.
I don’t think there is a case for opposing the amalgamation scheme. Firstly, the objection that inviting a foreign bank to takeover an Indian private sector bank goes against the principle of Atmanirbhar Bharat is fallacious. Self reliance does not amount to shutting doors to the outside world. Self-reliance means avoiding dependence on one particular country or an ideology. The second objection is to the total wipe off of the existing capital, which in any case is totally eroded. The promoters and shareholders of the Bank have failed in their collective responsibility in providing efficient management. The promoters have been self serving , intransigent and stonewalled equity infusion on flimsy grounds of valuation. A large loan in a fraudulent manner was given against FDs belonging to associate company of the Religare group. How did the Board and promoters allow it? Another folly was hiding this grave lapse while mobilizing rights issue with an hefty upside in 2017. This amounted to cheating the unsuspecting investors. Thirdly a small bank like LVB dared to lend to corporate sector without any expertise, All these missteps amounted to blatant mismanagement. The amalgamation is a stern warning to the promoters and passive shareholders of private sector banks that they will be biggest losers in case of mismanagement.
Its well known in financial world, India banking sector is the most corrupted, notorious and risky.
Only India infiltrated and controlled Singapore gov, flooded with incompetent and inexperienced Indian chiefs in MAS, Temasek, GIC & DBS will want to invest in India that will bleed Spore till death, like SingTel is facing now.
DBS Group chief is a Indian of nobody, a manager of Citi bank branch in India, posted as a country officer in Citi Bank Malaysia(not even manager) for few years, and made Chief of Citi Bank Asia Pacific with no portfolio for barely 1 yr so that he can be shoehorned into DBS Group as CEO.
If you are referring to Piyush Gupta or Surojit Shome, you are totally wrong. Please criticize based on facts. Piyush Gupta is the CEO of DBS group and Surojit Shome is CEO of DBS India. What are their career details according to you? Pl counter check with what is easily available on internet.