Should Old Acquaintance be forgot, and never thought upon?

  Should Old Acquaintance be forgot, and never thought upon;  The flames of Love extinguished, and fully past and gone:  Is thy sweet Heart now grown so cold, that loving Breast of thine;  That thou canst never once reflect On Old lang syne.  CHORUS:  On Old lang syne my dear,  On Old lang syne,  That thou canst never once reflect,  On Old lang syne.

Aam Aadmi Party - Nominations for Loksabha Elections 2014

Aam Aadmi Party has announced its decision to contest the 2014 Loksabha Elections. It is now asking all honest people to join AAP and contest the elections. Aam Aadmi Party has been a common man's party and as it is the "Aam Aadmi" & "Aam Aurat" of this great country that can bring about a change to the system.
आम आदमी पार्टी ने 2014 के लोकसभा चुनाव लड़ने की घोषणा की है. यदी आप आम आदमी पार्टी के उमीदवार बनकर यह चुनाव लड़ना चाहते हैं, तो नीचे दिए गए तरीके से हमें अपनी जानकारी भेजें।

If you are are interested in contesting the Lok Sabha Elections with the Aam Aadmi Party, please follow the instructions below and send us your nomination form.
1. Please download and fill the form & sign on each page.
2. Send the complete form with a passport size photograph to: Pankaj Gupta, Aam Aadmi Party, A-119, Kaushambi, Ghaziabad - 201002 , UP.  
(Note: You may also send the Duly Filled Form after scanning on the e-mail ID : aapls2014@gmail.com)

अगर आप आम आदमी पार्टी के आगामी लोकसभा चुनाव, 2014 के प्रत्याशी बनना चाहते हैं तो कृपया

1. इस फार्म को डाउनलोड करें

2. फॉर्म को पूरा भरकर, अपनी एक पासपोर्ट साइज़ फोटोग्राफ के साथ, इस पते पर भेजें: पंकज गुप्ता, आम आदमी पार्टी, ए-119, कौशाम्बी, गाजियाबाद-201010, उत्तर प्रदेश

 

(कृपया ध्यान दें: आप भरा हुआ फार्म स्कैन करके इस मेल आईडी पर भी भेज सकते हैं : aapls2014@gmail.com)

Merry Christmas & A Happy New Year 2014

sms from DM-AMADMI

I received an sms from DM-AMADMI earlier today - "Aapka bheja hua membership form hame prapt ho gaya hai. Party ki local unit banne par aapse sampark kiya jayega. Dhanyawaad: Aam Aadmi Party "

Mid Term Internship at Aam Aadmi Party - Rajasthan

Mid Term Internship at Aam Aadmi Party - Rajasthan.

A very interesting internship opportunity in Aam Aadmi Party, Rajasthan . It’s open to students who are passionate about changing the political system and willing to work towards Swaraj (Decentralization of power).

About Internship:

1. Internet related social media campaign
a. Social Media Marketing, Branding & Analysis
2. Research Work
a. Will be participating in various research projects, like Scam Expose.
b. Will have opportunity to learn how Aam Aadmi Party uses Marketing Research to know public’s point of view by conducting surveys & referendums.
3. Banner and graphics related
4. Campaign management & other Official work
a. Will have experience in managing various teams.
b. Will work for Political – Economic – Demographic profiling of Parliamentary & Assembly Constituencies.
c. Responding to statutory bodies via emails, letters or phone.
d. Visiting Political meetings.
5. Software / IT development
6. Basics Knowledge of Law
7. Learn to file RTIs & PILs

Who can apply:

Student pursuing BA/ B.Com/ B.Sc/ BBA/ BMS/ BMM/ BCA/ LLB/ MBA/ LLM/ MCA/ B.Tech/ M.Tech/ CA/ MBBS/Multimedia & Graphic Designing students/ Video Editing and Animation students are invited to apply.

Contact for Details: +91 9414542727 (Ritesh Khandelwal)

Location: Rajasthan

Duration: 1-6 Month

Last date of Apply:- 31 December 2013

Start Date: The 1st batch of interns are to join on 5th January 2014.

Stipend: You will get a certificate of excellence from 'Aam Aadmi Party' but no reimbursement in any form.

For Apply Please fill this form or mail cv to rajasthan.aap@gmail.com
 

AK first interview on Govt formation

Your opinion on formation of minority Govt in Delhi by AAP

Full text: Arvind Kejriwal's letter to the Aam Aadmi

Direct Democracy : can be defined as a form or system of democracy giving citizens an extraordinary amount of participation in the legislation process and granting them a maximum of political self-determination. 

Your opinion on formation of minority Govt in Delhi by AAP
Form : http://bit.ly/aap01
SMS :  +918806110335

Aam Aadmi Party press release on Lokpal

Aam Aadmi Party press release on Lokpal giving details as to why the Government Lokpal is useless and weak.

Good move by AK

Good move by AK by writing to the Cong & BJP to seek clarifications on their stands on issues before a decision is taken by AAP. It will be a victory of peoples issues over politics of power.

We have been patient for change for a long long time. Now that the process is happening some more patience is required. However with support for the change from our side.

Lets see how this process plays out. We've seen whats happened in the past 60 yrs. This initiative is a year old. AK is multitasking. Internally working on Organizational development, externally building resources of people & funds necessary for Organizational development and an audit on parties in existence since post independence, related to peoples issues. This is a commendable job and will succeed if people understand the approach and bring the resources required to succeed, to the organization. People need to get out of their arm chairs and onto the field.

Quote - "Arvind Kejriwal asks for 10 days time from Lieutenant Governor Najeeb Jung. Writes letter to Sonia Gandhi and Rajnath Singh. #AAP has always said that we will take support from none of the parties. But Congress submitted letter pledging unconditional support to AAP and BJP is also saying it will support #AAP on issue basis. The motive of both these parties should be exposed to the public.

We want to know what is the stand of Congress-BJP on the 17-18 issues that we have sent in the letters. Once we get the replies we will make their reply public, hold Jansabha's and ask the public if we should form government. We will wait for BJP-Congress to reply.

LG has said that whenever #AAP is ready, it can contact the LG for government formation.

For first time in Indian Politics a party forming the government is putting forth its conditions, not the other way round. #AAP" - " Unquote

 

I have just become a member of the Aam Aadmi Party, India

Democracy is popular self rule, but the current practice of democracy negates this ideal and reduces the citizens to mere subject. Aam Aadmi Party aims to restore power to the people, so as to realize the promise of Swaraj enshrined in our constitution.
 
"I am a Citizen of India. I am above 18 years of age. I am not a member of any political party. I believe in the objectives and thinking of the party and I am willing to fully participate in achieving the objectives of the party."

I have just become a member of the Aam Aadmi Party, India - form no 9000324043 - see http://www.aamaadmiparty.org/splash or  http://www.aamaadmiparty.org/join-us

Donate - https://donate.aamaadmiparty.org/

 South Mumbai Group - Facebook join https://www.facebook.com/groups/aapsouthmumbai/

• To my mind the AA initiative is a lot like Linux and Open Platform and Open Source, unlike Microsoft which requires licenses. 
• By is very nomenclature it belongs to us Indians, the Aam Admi Lok. 
• Things are nascent and evolving and I see no reason why we cannot take ownership and participate. 
• It is for us to drive the change and correct aberrations within. 
• And let us present alternatives and better choices if necessary. 
• But we are certainly badly off with what we have had so far. 
• Hence the slogan, forget the past and address the future ..... 
• People with little background of running the Govt. have taken up the challenge. 
• They have stuck their necks out and moved out of coffee table discussions on politics and onto the field. 
• Should we pro-actively contribute and make things work or should we be hankering for certainty? 
• Major institutions such as the IIMs and IITs are supporting this movement. 
• So I do believe that those who have won should take courage and sign up to run the Govt. and seek external competence as may be required, to do so. 
• Help will come along.  
• “Hesitating to act because the whole vision might not be achieved, or because others do not yet share it, is an attitude that only hinders progress.” ― Mahatma Gandhi

Farewell Madiba, RIP - Nelson Rolihlahla Mandela

Farewell Madiba, RIP - Nelson Rolihlahla Mandela - Son of a Tribal Chief. Born: July 18, 1918, Mvezo, South Africa - Died: December 5, 2013, Johannesburg, South Africa. Condolences to South Africa and off course, the Whole Wide World.

Welcome to the world of Entrepreneurship.

• Moses fled Egypt to become a shepherd in Sinai 
• Jesus roamed the land of Israel to preach to the masses 
• Buddha was a wandering Monk 
• Mohammed, a travelling merchant who often slept and meditated in remote caves
  
• It was in their separation from home, family, friends, community and comfort zone that these individuals found 3 things - God, Themselves and a New Religion
  
• Explore the biographies of new change makers ...leaders, artists, musicians, scientists and entrepreneurs ... people who brought something new and innovative to the world like .....Mark Zuckerberg, Albert Einstein, Steve Jobs, Oprah, Marie Curie, John Lennon, Madonna, Stephen Colbert, Coco Chanel, Bobo, Spielberg ...
  
• They all went through a similar process, a journey of separation from forces in their lives that limited their growth and expression, this process like a right of passage, an initiation.
  
• An initiation is a journey of growth, discovery, and transformation that allows you to find out who you are, where you are going and what you've got to offer to this world.
  
• Welcome to the world of Entrepreneurship.

26/11 - remembering our friends .....

26/11 - Remembering the late - Ajit & Monica Chhabria, Sunil & Reshma Parikh, Sanjay & Rita Agarwal, Rohinton Maloo, Mohit Harjani, Lavina Harjani, Ashok Kapur, Anand Bhatt, Pankaj Shah, Vishnidas-Nilam-Gunjan Narang, Neeti-Uday-Samar-Kang, Rupinder Randhawa, Ashok Kamte, Hemant Karkare, Vijay Salaskar, Tukaram Omble and the rest

They were with us till only a few years ago. They are but memories today, framed as photographs on mantles and embedded in our hearts. We continue to shed tears as we remember them. For the loss is ours. At the same time life has gone on for us, their friends, their families and most of all, the next generation, their children. We will have learned to smile again so that we do not disappoint them, our loved ones in heaven. The most important aspect is the progress of the next generation. They are doing well. God Bless them.

Happy Founders Day everyone!

Give me the strength lightly to bear my joys and sorrows.
Give me the strength to make my love fruitful in service.
Give me the strength never to disown the poor or bend my knees before insolent might.
Give me the strength to raise my mind high above daily trifles.
And give me the strength to surrender my strength to Thy will with love. -Tagore-

For having caused me to learn such and other noble words as from our school song `School First, House Next, Self last' - I thank you, my Cathedral and John Connon School! Happy Founders Day everyone!

Desiderata - a prescription for a meaningful existence

Compliments of the season ! A very Happy Diwali & Prosperous New Year to all !

Thank you for voting, fellow CCI members!

Dear Fellow Members of CCI

Friends, thank you for participating in large numbers at our club's elections last week.

With your support we have a fine team elected and I am quite sure that they will do a great job in the coming year. Congratulations to Mr. Sevantibhai Parikh, Mr. Rakesh Kapoor, Mr. Rajan Hiranandani, Mr. Sanju Kothari and Mr. Suresh Bafna, the winning candidates.

In my case I could not make it, but that's fair enough. There were seven candidates for five seats, so only five could win! Two did not. But no one lost! My gratitude to those who voted for me, and thereby supported my stated ideologies for our club.

On my part, I will keep encouraging the need to develop processes and systems at our club as a preferred way of managing our club. If so required by our club and given the opportunity I will guide and help with such development work, too. This will certainly help refine the services offered to members and result in increased levels of member satisfaction.  This will also ease the work stress of the management and administration. Our member's `yeh dil mange more'  and our desire for constant progress and improvements must continue. 

God bless us all! We are truly fortunate to be members of CCI.

Thanks & with warm regards,
With a request to stay in touch, my friends!

Rajiv Bhatia
(E) mandaterajiv@gmail.com
(T) 022-22672561

Processes and Systems for CCI - explained.

Dear Fellow Members of the Cricket Club of India Ltd.

• Many of you have responded to my earlier letter and email and have made encouraging remarks. I thank you for the same and in response to numerous queries about what systems and processes are, how they will benefit members and requests for some examples, I have written to you once again. Listed below are some ideas which could be implemented over time, subject to the concurrence & cooperation of the Executive Committee, Committees and Sub Committee members.
• Systems & Processes - Think of your own bodies. Consider how your organs work, how blood flows, how the mind thinks etc. All this happening in an organised and cohesive manner is what gives you the pleasure of living every day. Similarly, consider the working of the club, all its departments, facilities, member services etc. All working in an increasingly organised manner with the deployment of suitable information technology, will certainly help refine the services offered to members. This will result in increased levels of member satisfaction.  This will also ease the work stress of the management and administration.
• Some ideas / examples for the implementation of processes and systems, to enhance member services satisfaction,  include:

Food	Systems,  procedures & IT deployment for parcelling counters and booking systems  staff training & standard operating practices deployment 1-800- orders or web site booking for food delivery in nearby areas RFID card topping up debit cards  like food courts in Thailand & other SE Asian countries Room facilities online booking and confirmation Restaurant table booking Tablet computers for Point of Sales with Wifi / Near Frequency Communication Food waste management
Electricity	Systems for Audits, measures for conservation and renewable energy options
Water Management	Systems & efficiency measures for storage, consumption, recycling etc.
Members issues / complaints	Systems - Online and offline, for members feedback and closure of issues raised. Members help-desk like a call centre
Human Resources Development	Processes for Hiring, training, retention and organisational structures – HR Audit recommended by me earlier has now been carried out and the recommendations are to be implemented. Organisation Structure to be developed.
Hygiene & Cleanliness	Processes for identification, adoption & monitoring of best practices
Children	Processes for sports aptitude assessment, training and skills development processes infants changing rooms/ facilities  indoor play areas for kids
Senior Citizens	Concierge services Training for the use of computers and mobile devices Grocery purchases
IT & Data management	Members community online moderated discussion groups,  polls and members survey Data safety systems Formal CCI Club emails from cciclub.in server – making audit possible CCTV functions to be enhanced for increased member & property security Mobile phone application for CCI Library Management Systems

Cricket Club of India Ltd. EC Elections 2013

Dear Fellow Members of the Cricket Club of India Ltd.

• I have written to request you to visit the club in the evening, ie. 5pm to 9pm on October 18th 2013 or all day ie.  8am to 6.30pm on October 19th 2013 and cast your vote at the Executive Committee Elections 2013. Please bring your valid membership card along.

• You have a fine choice of members to vote for, each with their competencies and strengths.

• I have filed my nomination this year again. There are 7 contestants for 5 seats this year.

• Ours is the best club but the `yeh dil mange more' continues. We members desire constant progress and change.  With this in mind and a desire to assist my friends on the Executive Committee, other Committees and club staff, I stand before you, with utmost humility,  to offer my services and assistance to the club, once again this year.

• My CV/ Profile is lengthy and I will abstain from boring you, my friends, with the details. The candidates booklet may be referred to for the same. Some of my past work for the club is mentioned in the profile.

• If elected I would be happy to work with our management team and be of assistance as may be required, to help cause an improvement in processes and systems.

• Such efforts will certainly help refine the services offered to members. This will also ease the work stress of the management and administration. This will help to improve member satisfaction levels.

• Besides, I am the Hon. Secretary of CCI Chambers Society and have lived across the road from the club, all my life.

• To have helped with the CCTV, Computer Network and Wifi projects in the past has been a pleasure. I will continue to offer my expertise and experience to the club as may be required.

• Friends I assure you that with every breath I take & every move I make, I will continue to act in the interest of our club and us members!

• Fellow members, every vote cast is of great value to our club. I humbly request you to come and cast your vote. It will help take the club a long way forward.

Yours faithfully

Rajiv D. Bhatia

Memb. No. 1708998

(E) mandaterajiv@gmail.com

(O) 022-22672561 

Progress on fraud case at CCI

IAS Durga - Independence Day Special!

Excerpts from my discussions with a CCI club members group.

Excerpts from my discussions with a CCI club members group.
(M-members query   R-my response)

M - Why do they call you professor? Now they also call you preacher? And dreamer too?

R - You should ask `them' who do. But `they' seem to be alleging that I don't `walk my talk'. I started walking my talk with the inception of the ODC in November 2011. Professionally minded friends joined me in taking strides for the club. Seemingly, others couldn't keep the pace, found the walk overwhelming and blocked the road. The walk was forced to a halt. So all that has been made possible is to `talk' and as a liberal minded and rational member, I am pleased to do so, to say and suggest what I believe is good for the club. If it bothers `them' then good, as they are taking cognizance. What `they' will do about it or allow others or me to do, is left to be seen. CK Prahalad (noted Management Guru) always said that to cause change one must necessarily have the courage to dream.

M - `They' treat you as trash?

R - `They' haven't been given the opportunity by me. To be treated as trash, one needs to volunteer, which I haven't done! With regard to `them' trashing my views, it is their privilege, but then we go back to the first point in discussion.

M - If you were given the opportunity to walk again or your views be acted upon, what are the deficits you see in the running of the club and how would you address / want the same addressed for solutions?

R - The club has been running for almost the past 80 years. It is a glorious institution and we are fortunate to have such a property for our use. However its birth and ensuing evolution has been out of alignment. That is to say, born & constructed as a cricket stadium and evolved as a multifarious multi functional recreation center for an unusually large membership, whose size may be disproportionate to the available infrastructure & carrying capacity. The provisions in the constitution require elections for the Executive Committee (5 retiring members) every year & an annual reconstruction of other committees and sub-committees. In the absence of transparent working, sound Governance, implementation of processes & systems and therefore an acceptable level of `professionalism' rumors override facts, resulting in a distortion of members views. This is often taken advantage of by those ambitious of management positions. These views were covered by me at the KYC of 2011 available at http://bit.ly/rdb_kyc. The ODC worked on system / network integration project (Firewall/VLANs), CCTV project, WiFi implementation for members and room guests, creation of a new server room, hiring of key personnel, tying up with HR consultancy firms & implementing legacy projects like Shawman & Tally. In the absence of standard operating practices and a proper organization structure, much remains to be done. Having been `given' the opportunity of creating & working for the Organizational Development Committee for 9 months, gave our ODC team insights to the management deficits, which is why I once again stood for elections in 2012 as my KYC describes http://bit.ly/rdb_kyc_2012 as it was clear to us that if the Organizational Development process was to get teeth, a strong representation on the EC was essential. With this as a background, I do believe it is essential that the club needs to:

1. Set a policy framework to cause performance improvement at the club.
2. Conduct all EC meetings in-camera and minutes, decisions taken and individual EC members views must be fairly disclosed to club members, who elect the EC members as their representatives and trustees to manage the club.
3. Provide a reasonable nomination framework & procedure for EC candidature. Persons with skills and competence for the job. Similarly for the Administration.
4. Election code of conduct to be framed and implemented. Elections for sports/ department committees. Players/ participants should be allowed to choose their representatives.
5. Resurrect the Organizational Development Committee with a clear mandate and authority to help build the administration, processes, systems, audits, IT and HR with due involvement (participation) of members through organized surveys and feedback. External professionals should be appointed to assist with a time bound implementation schedule. Cross representation between committees as may be required.
6. Revisit the constitution and rules and regulations, frame codes of conduct, communicate the same with all stake holders and implement for organizational discipline.
7. Proper implementation of participative management not to be misconstrued as `interference'.
8. Set long term property development plans with members concurrence.
9. Responsibility and accountability framework to be defined across the organization should be set. ENSURE GOOD GOVERNANCE SO THAT ONLY THE BEST OF BREED & INTENTIONS have the courage to want to participate in the management of the club.
10. Adhere to the adopted vision statement while making decisions:
For the club "To become a premier choice for members & their families to avail of sports and recreation facilities; encouraging participation, camaraderie, sportsmanship, networking, heritage, culture and appreciation of fine cuisine and the sensible development of necessary facilities and services for the same, all at reasonable costs."

M- Isn't this ask excessive? Wasn't the mandate requested by the ODC excessive too, seeking extra ordinary powers?

R- This is another argument arising from rumour mongering for `their' own comfort. If this was a corporate listed on the bourses, would not essential levels of management qualifications, conduct & Governance, be demanded? All that this approach entails is a `positive' developmental process rather than the presently adopted fire-fighting - knee-jerk reaction method of management adopted, where issues are resolved by appeasement and sound administrative practices are replaced by political & diplomatic manoeuvres. Read about Organizational Development at http://organisationdevelopment.org/ and http://en.wikipedia.org/wiki/Organization_development Why this approach was `trashed' is a question to `those' who decided to do so. But the scams that have emerged in the past year, demand that this approach must be reconsidered. Besides, the ODC is akin to a planning or knowledge commission. It is left to the management to the EC to decide on implementation of what is suggested. Once approved by the EC the ODC would oversee the implementation to be done by the Club's staff/ Administration and external third party vendors. Hence the alleged quest for extra ordinary powers to be vested in the ODC is a bogey, and `those' who have misrepresented the situation should be asked to explain themselves. To my mind OD, if done, would be a healer and not draconian, as `they' make it out to be. It would help reduce  management personality conflicts too.

M-Politics v/s professionalism ? What is your position? Do you stand through sides? If not then why?

R-If you see my blog at http://rajivbhatia.blogspot.in/2012/09/eve-of-elections-governance-at-cci.html  "Today, on the eve before the elections,  I do believe that he may be right. In my case I may not win. Not because some members do not know me, or do not appreciate my role for the benefit of our club, but because they do not trust my categorically declared independence of candidature. If I WILL NOT COMPROMISE my stated position (ie. one of independence), today, for the benefit of getting more votes in my favour, how reasonable are the chances that I will not do so while representing member's interests on the EC, if elected and during my working tenure?" So I am clearly averse to politics, am all for professionalism & have made it clear that the club and members interests are paramount.

M- They say you are not a `team player'?

R- What is their definition of  `team player' ? What is the `game' in question? For ethical, intelligent, efficient, well meaning, time bound, collective, well coordinated efforts, I can be counted in. Besides I regularly work on team building exercises and work with teams. The working of ODC itself was a great team effort from within, but team work inputs from the outside were lacking. So let us re-examine as to who is and who is not and what kind of - `team player'.

M- It is said that you were recently seen `begging' for votes?

R- It is also held against me that I am a mis-fit in the establishment, not a part of the inner-circle and run weak election campaigns. Now why would I want to beg anyone for votes? The statement is illogical and a falsehood.

M- You make powerful enemies?

R- That is unfortunate for `them' that they see it that way. In reality I make a extraordinarily powerful friend! Its just that when I was supportive and helpful to them personally, they were happy with me. Now that I have taken my own position and views, they have a problem with it! That is `their' problem.

M- It is said that even the staff rejoiced when you lost the last elections?

R- I am informed that one of them is sitting behind bars at present with multiple criminal charges filed by the club. Now may we know who else was rejoicing? See http://rajivbhatia.blogspot.in/2013/06/bura-irada.html

M- Will you stand for elections again, given that your chances of winning as an independent will be slim?

R- I counter question that will members vote for me? I stand for a cause of good Governance and not victory for myself. How come members want it but not vote for it? So before I can answer the question, it would be appropriate for members to respond.

"A person is smart. People are stupid." -- Agent K. - Men in Black - 1997

I don't intend wasting my time or energy .....

Predictions about Kaliyug ( The age of deception) in our Puranam

Bhagavad Purana, the 12th Chapter (Skandha) has the following description of Kaliyug (in which we are living) which, seemingly, has a striking resemblance to the prevailing conditions in India and many other countries of the world:

" As the Age turns to evil (that is, when Kaliyug begins) every virtue decays and vanishes : honesty, forbearance, kindness, memory and strength disappear.

Wealth replaces a noble birth, character and conduct. Might becomes right, for might alone determines dharma and justice.

Trade and fraudulent practice become synonymous.

The law will favour only the rich, and will have no regard for justice. He that can curse and swear best will be considered the finest scholar.

Poverty will be sufficient cause to establish guilt in the eyes of the law, while wealth and ostentation will be indices of character.

Rudeness and brashness of speech will be equal to dharma.

He that maintains his family by the foulest means will be considered respectable. Dharma will be observed only for exhibition.

Whoever is strong and daring will become the king, and will rule like greedy lustful bandits, with plunder and rapine of their own subjects, who will often flee such tyranny and seek refuge in forests and mountains.

Exhausted by cruel taxes, deprived of rains in lands from which true dharma has fled, the people will subsist on wild vegetation, roots, flesh, fruits, flowers, etc.

Kings will become mere robbers, and men, driven by despair and poverty, will become thieves, liars and murderers.

Men will become bestial and perverse-- miserly, ruthless, greedy and vindictive, for the flimsiest reasons.

Arrogance, hypocrisy, deception, dishonesty, sloth, somnolence, cruelty of every kind, delusion, terror and wretchedness will rule.

Brigands and robbers will rule the land. Kings will all be tyrants. 

People will espouse gluttony, lasciviousness and venality of every kind.

The vilest men will become the foremost traders, making cheating and thievery the common practice of the marketplace. Even when they are not threatened with any danger, men will take to forbidden means to earn their livelihood, and pride themselves on it.

Relationships between parents and children, brothers, friends and relations will not be valued.

Seated upon the sacred thrones of great and holy gurus of yore, men that are masters only of vice will expound dharma to the gullible populace.

Depleted by dreadful taxes, tormented by drought, starved, owning none of the bare necessities of life ...homes, clothes, food and drink, a bed, a bath, etc. men will seem more like bhoothas and pisaachas.

Over small matters, members of the same family will fight their own blood relations, even unto death, forgetting all ties of affection.

No one will bother to look after their old parents any more, they will only live for themselves, and will neglect their own children. "

--Bhagavad Purana- 12th Chapter.

Is this not a glaring reflection on the condition of Indian society today ? And this was written two thousand years ago !

Truly, our ancestors were men of great vision, who could see two thousand years into the future.

Half-a-dozen private equity funds are yet to invest $1 billion

A Billion Dollars in the Kitty, But these PEs Have Nowhere to Invest

Six firms seek extension of fund tenures; some even return cash to investors

SNEHA SHAH MUMBAI

    Half a dozen private equity funds are yet to invest half the money they raised in 2010 and 2011 due to scarcity of quality investment options in a slowing economy, and have now sought their investors’ nod to extend fund tenure. Barings Private Equity Partners, Avigo Capital, Ascent Capital, Aavishkaar, Peepul Capital and Everstone are yet to deploy $1 billion (or about . 6,000 crore) out of the $2.1 billion raised in 2010 and 2011. 

Typically, a private equity fund in India has a lifespan of seven years — first three years to invest and another four to manage the portfolio companies and exit. 

Rahul Bhasin, managing director and CEO of Barings Private Equity Partners India, says its limited partnership investors have agreed to extend their deadlines by a year. “The LPs (limited partners or passive investors) know the situation on the ground and would rather want GPs (general partners or fund managers) to wait than deploy capital in a hurry,” he says. “They (LPs) are forthcoming in extending the deadline by a year or two so that the money is invested in quality companies.” 

Some funds have even partially returned the money they raised to investors. India Value Fund, which raised $725 million, the highest until now by a local fund, returned $150 million last year, as it could not find good companies to invest. 

Though India fund managers promised a higher rate of returns exceeding 25% earlier, they now say the LPs have recalibrated their return expectations to 16-18%. “In a tough macro environment it is better to hold the cash and invest when clarity emerges,” S Harikrishnan, managing director at Avigo Capital, says. “The extension of investment period also validates the LPs’ confidence in the revival of the Indian growth story,” he adds. 

Fund managers have sought tenure extension as they expect an economic turnaround in two years. Until now, private equity funds have invested roughly $60 billion, but various industry estimates show that only one fourth of it has been returned through exits. Experts attribute this to the high valuation when the money was invested in the vintage years of 2005-2008 and compromises the funds made on due diligence and enforcing corporate governance.
“A lot of money chased a lot of companies that never deserved capital. The current mess is a result of that.” Sanjay Nayar, India head of global fund KKR, says. The extension in investment period also means the managers get more time to exit the companies they have already invested in. 

Consultants say that in most cases, this is not a good time to exit because the slowing economy and a weaker currency led to mismatch in performance of companies and expectations of PE investors. “The weakness in the economy has resulted in most companies underperforming expectations,” Vikram Hosangady, head, PE advisory at KPMG India, says. “This is not an opportune time to exit given the depressed earnings and…the state of the capital markets,” he adds.
According to Venture Intelligence, which tracks PE and Merger & Acquisition deals, around 15 funds raised close to $3.8 billion in FY10, while around 27 funds collectively raised $4.2 billion in FY11. Some funds, which raised money from large sovereign and pension funds, have tweaked their investment strategy and extended the fund life. “We have raised money with a fund life of around eight years as against a typical real-estate fund that has a lifespan of five years. This is because we feel that in today’s scenario we need more time to deploy capital, manage companies and then seek exits,” says S Sriniwasan, chief executive officer of Kotak Realty Fund, which raised around $200 million towards the first close of its $400-million fund. 

Deal closure in a slowing economy takes a longer time as investment council or committee that includes representatives from investors and fund managers seek more disclosures on corporate governance. “Today the investment council or panel of a fund is rejecting more proposals than ever before. Around four out of five proposals taken to the council are being rejected on account of poor governance standards in the company, high valuations and lack of clarity on growth of the company,” said the India head of a global fund on condition of anonymity.
sneha.shah@timesgroup.com