Strange Situation

Ashok V Desai's article Not Again (BS September 24) fails to mention the one act for which GV Ramakrishna and CB Bhave will be most remembered by the investors "" that of allowing foreign and Indian promoters to issue preferential shares to themselves at huge discounts. The loss in value to the ordinary shareholders, though never quantified, would be upwards of Rs 5,000 crores. It is ironical that Mr Ramakrishna has been appointed as chairman of the Disin-vestment Commission, while Mr Bhave has been nominated as the head of the largest depository. One wonders whether this country will ever fix accountability for 'policy blunders' on the bureaucrats and cease to reward them just because they are to the 'manor born'.