The Meltdown: India Inc’s Biggest Implosions
Authors: Dev Chatterjee and Sudha Pai Chatterjee
Publisher: Rupa (INR 495)
This is a behind-the-scenes look at the spectacular collapse of some of the biggest names in India Inc.
The book reveals the real reasons behind the non-payment of loans of over Rs 9 lakh crore to the banks by behemoths like Reliance Communications, Videocon, IL&FS and Essar Steel, among others. The authors analyze how funds were illegally diverted from some of the bankrupt companies and why auditors as well as bankers went into sleep mode. Even more baffling was the fact that a few bankers loaned thousands of crores of rupees to these companies based on nothing but project reports by investment bankers hired by the company promoters. And, most shocking of all, some bankers kept giving fresh loans to firms that had been defaulting on their payments.
The authors analyse what went wrong and the lessons we can learn from India Inc’s biggest implosions.
About the authors: Dev Chatterjee is an alumnus of University of Mumbai and University of California, Berkeley. While, Sudha Pai Chatterjee is an alumnus of University of Mangalore, KC College, Mumbai and Welingkar Institute of Management Development & Research, Mumbai.