Saturday, August 31, 2013
Thursday, August 29, 2013
Wednesday, August 28, 2013
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.
(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.
Tuesday, August 20, 2013
Monday, August 12, 2013
Thursday, August 08, 2013
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.
" 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.
Thursday, August 01, 2013
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
Subscribe to:
Posts (Atom)