Once upon a time long, long ago I was doing my CA. For doing this course one important thing to do is to do articles training for 3 years. I did my articles from Sharp & Tannan who were the statutory auditors of Hindustan Petroleum Company Limited. The year was 1983.
One expense that I saw in the accounts was purchase of a ‘guest house’ in New Delhi for Rs. 5 crores. This was entered in the asset register and I asked what is this. The accountant laughed and said Remember Rajiv Gandhi got up in the Parliament and said “It is costing the government only Rs. 10 crores to conduct the games (sorry I do not remember the exact figures)”.
Where do you think the actual figure of Rs. 1000 crore is coming from? Well if a chottu like HPCL is buying guest houses for a few crores, it is obvious tha IOC , Ongc, Bpcl, etc. are all buying ….properties worth crores. There are ‘houses’ which are temporary houses built in Delhi for the athletes to stay. The buses to ferry the athletes are being bought by DTC, BEST, MTDC, etc.
On that day I decided that I will not buy Psu companies in my portfolio. Yes I have made some exceptions – SBI, Ongc, Ntpc, Nhpc – they are too big to be ignored. However the way some ministers are helping the private sector competitors to @#$%^^^ these once upon a time navratnas I am not sure whether I should hold them.
There is a story on rediff about the Commonwealth Games cost…take a look!
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