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The Shekhar Datta Chat

Indian: I cannot argue with you about the Tata-SIA or Enron episode. Facts are known to everyone. However, one might take some comfort that because of a strong democracy and judiciary, Enron has got off the ground. Who knows about Tata-SIA? Let us wait and see.

CEI mog! (Tue Mar 18 20:40:09 1997 IST):

Mr. Datta : Switzerland now has a rule, in their banking sector, that if a Government gets a sort of waiver from a group of citizens with accounts there, say for example members of CII, then any investigation by that country, say India, on Swiss Bank accounts from that segment would proceed without hindrance. Would CII consider supporting such a move, why not do it unilaterally ''in the interest of the long suffering Indian masses?''? No answers Mr. datta, only messages??? What are you, a PA or something?

Indian (Tue Mar 18 20:40:19 1997 IST):

Is there any hope that the private sector will be allowed to Mr Datta, contribute in the improvement of Basic Infrastructure? That seems to be the only hope for any form of reform that is so badly needed!(eg..Telecom, Roadways etc..)

SHEKHAR DATTA (Tue Mar 18 20:41:54 1997 IST):

Park Davis: I am glad as an Indian national you see the differences between other developing countries and us. There are many reasons why the Asian tigers attract more investment currently. One most important reason is that we started rather late and we have a democracy to deal with. But we are getting there ultimately. Have confidence.

SHEKHAR DATTA (Tue Mar 18 20:42:27 1997 IST):

EVERYONE: LAST THREE QUESTIONS.

CEI mog! (Tue Mar 18 20:43:08 1997 IST):

''OOooh these horrible fellows from the Indian masses...such difficult questions....much better to organise conferences in 5 star hotels, feed them and forget them....keep lecturing and buy off the media....''Did we know that CII went to davos 'in the interest of the Indian masses'', profit was something altruistic...a motive?

Park Davis (Tue Mar 18 20:44:03 1997 IST):

Mr Datta, There is so much happening in China on the infrastructure front that the mayor of Shanghai quipped that the crane must be declared the national bird of his city. There are 27,000 projects going in Shanghai at this moment of time. Do you see that ever happening in India?

Janeman (Tue Mar 18 20:44:33 1997 IST):

Dattaji, (sorry to shout, but otherwise my question will get lost, I am sure!) WHAT DO YOU THINK OF CHIDAMBARAM'S CLAIM THAT THE FISCAL DEFICIT WILL BE BROUGHT DOWN TO 4.5 PER CENT BY NEXT YEAR? IS IT REALLY PRACTICAL, OR IS IT A TALL BOAST. REPLY PRONTO, PLEASE!

Ranjit Dalmia (Tue Mar 18 20:44:42 1997 IST):

What are your impressions of the budget?

Trupti Divecha (Tue Mar 18 20:45:04 1997 IST):

What happened to all those extravagant CII claims of attracting foreign investment in India? What has the CII achieved in this context in the last one year?

SHEKHAR DATTA (Tue Mar 18 20:45:15 1997 IST):

Trupti Divecha: From newspapers you see how the foreign investments in the country have been rising on a year to year basis. And this is only on FDI. If you look at FII, the record is even better. So, I am very glad to say that CIIs forecast at the beginning of last year regarding FDI and FII has been more or less accurate.

Trupti Divecha (Tue Mar 18 20:45:28 1997 IST):

Why India has not been able to attract the kind of foreign investment that China has?

CEI mog! (Tue Mar 18 20:45:47 1997 IST):

The stench of hypocrisy comes through the ether.....worried about the Indian masses, we are sure you have to arrange a few more conferences. ciao for niao then, as they say in Italian...and that was a triple whammy for those who recognised it...guess how many people from CII played golf with O Quattrochi and now don't know him? Hole in one???hahahahahahahaha (-*-)

NINA (Tue Mar 18 20:47:27 1997 IST):

A request from a lady. Could you please answer Janeman?

CEI mog! (Tue Mar 18 20:48:48 1997 IST):

You know, on these chats, people tend to ask questions about the future, when it is so easy to research the past of a person and make him squirm. Maybe ground rules shud be set, that questions relating to factual points shud get preference, not questions relating to the 'what if ' genre...what say gentlemen? With this, and trumpets in victory, I get onto my elephant and take a bow.....hola amigos...

velu (Tue Mar 18 20:49:08 1997 IST):

Mr. Datta, thanks for replying. I have another question for you. CII initiated the corporate governance study under the aegis of Mr. rahul bajaj. we went through the draft copy. of the report. Our college organised a seminar to discuss this issue. We had eminent personalities who discussed the subject at length. Do you think we need a formal code similar to the british system or whether our new takeover code and other checks can ensure corp. gov. in the near future similar to the US model.

GLOBAL CITIZEN (Tue Mar 18 20:49:57 1997 IST):

I agree CEI mog. I agree.

SHEKHAR DATTA (Tue Mar 18 20:50:57 1997 IST):

CEI mog: I can't ignore your question even if I wanted to. Some of course deserve an answer. CII is putting out shortly a 'Corporate Governance' paper which will be published and which addresses transparency issue of the corporate sector. This document will be on similar lines as that of the Cadbury committee report which has earned world wide recognition. So, when we seek transparency in the government, we do so by putting our own house in order first. Trust this will satisfy your concern about transparency.

Mickey (Tue Mar 18 20:51:13 1997 IST):

Mr Datta, I am going to jump our of my ground floor window, if you don't answer me. And you will be responsible.

CEI mog! (Tue Mar 18 20:51:33 1997 IST):

Thank You Global Citizen...you wud notice that I don't get answered. Only convenient questions do...

GLOBAL CITIZEN (Tue Mar 18 20:53:14 1997 IST):

Mr Datta pleeeeese answer Mickey... he's going to jump!

JaisalM (Tue Mar 18 20:54:13 1997 IST):

Why are all the answers so antiseptic, so safe, especially considering your aggressive track record. Has the boxer donned kid gloves?

CEI mog! (Tue Mar 18 20:55:18 1997 IST):

Thank you for your reply Mr. Datta...I have an elderly and senior CEI stalwart chuckling and knocking down some of my best cognac, so you wud appreciate that I gotto go, good cognac doesn't come cheap and the old chap here is beside himself with mirth and may even call you up tomorrow, I don't know, I'm running out of VSOP, so...nothing personal, it's just that I invite a specialist over everytime there is a REDIFF chat and give him/her free rein, you shud see what this Sarkari bunch I had did to Harshad Mehta...or this queen I had did to Shobha De'...

SHEKHAR DATTA (Tue Mar 18 20:56:33 1997 IST):

Velu: Corporate governance is a voluntary code of conduct by the corporate sector. The take over code and other such rules are mandatory for the corporate sector. Until such time, the corporate sector as a whole in India has learnt to apply the code of conduct, we would need to press on. The SEBI takeover code is for a different purpose and objective.

CEI mog! (Tue Mar 18 20:57:31 1997 IST):

JaisalM, answers are safe and antiseptic because questions are ditto... The sparks fly here when questions are fast and furious...from this, Mr Datta, I hope you recognise that CII conferences/summits etc shud be oriented more towards QandA sessions rather than 'presentations', huh?? I've slept thru a few...

SHEKHAR DATTA (Tue Mar 18 20:58:28 1997 IST):

EVERYONE: Thank you for your very provocative questions. And your patience. Nice to have talked to you, I am sorry for those to whom I could not respond. May be next time. Good bye.

SHEKHAR DATTA (Tue Mar 18 20:59:24 1997 IST):

EVERYONE: Thank you for your very provocative questions. And your patience. Nice to have talked to you, I am sorry for those to whom I could not respond. May be next time. Good bye.

CEI mog! (Tue Mar 18 21:00:33 1997 IST):

Mr. Datta, questions were not provocative. they were more like hard facts. Enjoy. Come back again, but for a longer session...say?

REDIFF ON THE NET (Tue Mar 18 21:01:09 1997 IST):

Thanks Mr Datta. Hope you really enjoyed your chat session.