Letters to the editor dated March 29, 2021

The Supreme Court’s setting aside the verdict of NCLAT, which had reinstated Cyrus Mistry as the Chairman of Tata Sons who was removed earlier by company's board of directors in 2016, has come as a shot in arm for Tata Sons. It can now heave a sigh of relief over the fact that long drawn out corporate battle has now come to an end. While the apex court has categorically ruled out mismanagement at Tata Sons and the suppression of the rights of minority shareholders, it had left an important issue of the terms of separation — the valuation of 18.4 per cent stake that the Shapoorji Pallonji Group holds in Tata Sons — to the parties concerned.

Curtains may have been drawn on one of ugliest board room battles that the country has seen in recent times, but it is imperative to turn our focus towards improving the standards of corporate governance. Concerted steps aimed at infusing transparency in decision making, strengthening the role of independent board members and holding them accountable, protecting the rights of minority shareholders and most importantly filling the gaps in the governance structures in corporate houses brooks no delay.

Sholavandan (TN)

Apropos ‘Why Indians are hesitant to deal in cryptos’ (March 29), in India, due to the growing industrialisation and involvement of technology, the need for crypto currencies is gaining gradual momentum especially the Bitcoin. Apart from hedging against inflation, Cryptos can facilitate currency exchange, transfer of funds and revolutionise fintechs. A controlled quantum of cryptos could serve as investments. Yet vulnerability to hacking, hardships in mining,trade on limited fiat currencies and illegal use of crypto, need to be sorted out before bringing up a fool- proof crypto currency system in India.

Sivakasi

Maharashtra Home Minister Anil Deshmukh’s announcement that a retired HC judge will conduct a probe into the allegations of corruption levelled against him by former Mumbai police chief Param Bir Singh by claiming that the truth would come out after this probe into the matter is quite astonishing. Also Deshmukh continuing to hold office goes against all democratic norms. He should have stepped down soon after the former Mumbai top cop levelled grave charges against him. Sadly, ‘morality’ has become a scarce commodity in the nation’s political circles.

Panchkula (Haryana)

The Supreme Court has betrayed its lack of will by not staying the issuance of electoral bonds.

The electoral bonds undermine the right to know of voters, time and again upheld as a constitutional right by the apex court.

There is no valid reason why the voters should not know the identity of the donors and recipients and the amounts of donated money through the electoral bonds. The Election Commission and banks cannot substitute the people when it comes to possession of knowledge of details of political funding.

The anonymity enjoyed by corporate donors renders it difficult for people to detect the influence of donations on formulation of policies to their benefit. The opacity of the scheme makes it harder to be sure that no black money is used to fund parties.

The absence of a donation ceiling can result in donor-friendly parties being flush with money. Needless to say, the party in power is the main beneficiary of the scheme. It is an open secret that the bulk of the contributions from the poll bonds have gone to the BJP so far. Disproportionate money power in electoral politics undermines democracy. The country’s top court can boost democracy by striking down the electoral bonds. That it may not be favoured by the ruling class should not dissuade it from what it should do to advance the cause of democracy.

Maruthancode, Tamil Nadu

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