Below the line

| Updated on October 17, 2021

Regulatory conundrums

The recent RBI action against audit firm Haribhakti & Co LLP intrigued many economy watchers and several in the audit fraternity. Reason: The press note issued by the central bank was quite cryptic and hid more than what it revealed. Among other things, the RBI chose not to name the auditee NBFC firm in question and merely mentioned it as a systemically important one. Also there was no mention if audit regulators NFRA or ICAI were in the loop or not before such a decision.

This raised several eyebrows as many in the market always knew the name of this troubled NBFC in question. So why did the RBI act so late and refer the NBFC to IBC only now?

Some observers feel that RBI probably wanted to know the fate of DHFL before moving on this NBFC. Now that the DHFL issue is resolved, the RBI put the next candidate to insolvency resolution, superseded the Board last week and then took action on the auditor.

Now will the RBI act against directors, company secretary etc of the said NBFC, asked a corporate observer. In India, regulatory intent is as confusing as legislative intent.

Durga Puja woes

It can happen only during Durga Puja and in Kolkata. One of the major Puja committees, backed by Bengal Fire and Emergency Services Minister, had to stop its much hyped laser show on grounds of aviation safety. Pilots of at least three flights told air traffic controllers at Dum Dum airport that they were having trouble landing the aircraft because of the laser lights from the pandal that was designed as Dubai's Burj Khalifa.

Days after this, the pandal was closed to visitors late on Wednesday (Ashtami night) as it began drawing crowds with thousands of people making a beeline for the 145-foot structure, built on the model of Burj Khalifa violating all Covid norms.

Elections & Jobs

Has K Chandrasekhar Rao-led Telangana Rashtra Samithi (TRS) government in Telangana filled 2.5 lakh jobs in last three years? Not really!

It has become a routine for Chief Minister to talk about filling about 50,000 vacancies before elections to local bodies, legislative council and bypolls in the recent years. But, in reality, not a single post has been filled, if you ask the Opposition or the job seekers.

No sooner had Rao announced on the floor of State Assembly that his government will notify about 50,000 vacancies, a joke started making the rounds that about 2.5 lakh posts have already been ‘filled’ so far going by his announcements.

Dasara binge

The Dasara vacation is the favourite time for liquor lovers. Clubbed with a weekend, the vacation has been a long one this time. Liquor lovers in Telangana have reportedly bought stocks worth ₹180 crore on the Dasara day.

Reports suggest that sales during the two-week period have been put at a whopping ₹1,430 crore and ₹685 crore during the last week as against about ₹400 crore in the same period last year. Our Bureaus

Published on October 17, 2021

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