Sonia chose finance minister without consulting Manmohan, gave instructions on key files: Book

April 12, 2014

New Delhi, Apr 12: After the Congress's electoral victory in 2009, PM Manmohan Singh made "the cardinal mistake of imagining the victory was his. Bit by bit, in the space of a few weeks he was defanged. He thought he could induct the ministers he wanted. Sonia nipped that hope in the bud by offering the finance portfolio to Pranab (Mukherjee), without even consulting him," reveals a new book. Singh had apparently been keen to appoint his principal economic adviser C Rangarajan, "the comrade with whom he had battled the balance of payments crisis of 1991-92", as finance minister.

Sonia_ManmohanThe author, Sanjaya Baru, who was media adviser to the PM in UPA-1, claims that when it seemed the Congress would cave in to the Left on the nuclear deal with the US, a dejected Singh told a couple of confidants, "She (Sonia) has let me down." And he adds that Pulok Chatterjee, who served in the PMO in UPA-1 and is now principal secretary to the PM, would have "regular, almost daily meetings with Sonia Gandhi in which he was said to brief her... and seek her instructions on the important files to be cleared by the PM."

The PM seemed to have had little authority over his own Cabinet. "No one in Singh's council of ministers seemed to feel that he owed his position, rank or portfolio to him. The final word always was that of leaders of the parties constituting the UPA," says the book. It adds that Singh often faced challenges while dealing with senior Congress ministers like Arjun Singh, A K Antony and the "presumed PM-in-waiting" Pranab Mukherjee. "Each had a mind of his own and each was conscious of his political status and rank".

According to Baru, Congress MPs "did not see loyalty to the PM as a political necessity, nor did Dr Singh seek loyalty in the way. Sonia and her aides sought it."

For years, Singh's stoic silence has made him the target of many unkind remarks. But the secrecy shrouding his functioning — and his relationship with Congress chief Sonia Gandhi — has now been breached by a man he had handpicked. While offering the job to Baru, Singh had requested him to be "his eyes and ears". Ten years on, Baru has chosen to exercise his voice — and it couldn't have come at a worse time for the Congress.

Baru's book, 'The Accidental Prime Minister' paints a picture of a PM who decided to "surrender" to the party boss and the UPA allies. According to Baru, Sonia's "renunciation of power was more a political tactic than a response to a higher calling".

Predictably, the book has already evoked sharp responses. The PM's current media advisor, Pankaj Pachauri, dismissed the book "as an attempt to misuse a privileged position and access to high office to gain credibility and to apparently exploit it for commercial gains. The commentary smacks of fiction and coloured views of the former advisor". A later statement issued by the PMO said, "It is categorically denied that any PMO file has ever been shown to Shrimati Sonia Gandhi. The statement is...completely baseless and mischievous." Baru's response was a pithy, "I am amused. All I can say is that the statement could have been drafted better."

Much of what Baru — who served between 2004 and 2008 — has written has been long heard on the Capital's political grapevine, but this is the first time an insider has spilled the beans quite so candidly. On the question of a 'diarchy' or two power centres, Baru says there was no such confusion in Singh's mind. He quotes Singh as having told him, "I have to accept that the party president is the centre of power. The government is answerable to the party."

According to Baru, Singh shared a good working equation with finance minister P Chidambaram in UPA-I. He would insist that Chidambaram sit with him and finalize the budget speech. In contrast, his relationship with Pranab Mukherjee was far more formal. Mukherjee would apparently not even show Singh the draft of the budget speech till he had finished writing it.

The book also claims that Singh had tried to resist the induction of DMK's A Raja well before the 2G scam became public knowledge. "But after asserting himself for a full twenty-four hours, (he) caved in to pressure from both his own party and the DMK."

Baru claims that there was an eagerness to claim all social development programmes as the Sonia Gandhi-chaired National Advisory Council's initiatives, even though the Bharat Nirman programme came out of the PMO — drafted by the late R Gopalakrishnan, who was joint secretary.

He also claims that on September 26, 2007 — Manmohan Singh's 75th birthday — Rahul Gandhi led a delegation of general secretaries to wish him. Rahul wanted to extend NREGA to all 500 rural districts in the country. Baru sent a text message to a journalist that this was the PM's birthday gift to the country. When he was summoned by the PM, he apparently told Singh, "You and Raghuvansh Prasad (then minister for rural development) deserve as much credit." The PM snapped: "I do not want any credit for myself... Let them take all the credit. I don't need it. I am only doing my work."

The book also reveals that Singh had threatened to quit if the UPA buckled under Left pressure and had told Sonia Gandhi to look for his replacement. Even as rumours circulated that Pranab Mukherjee or Sushil Kumar Shinde might be considered as his replacement, the NCP backed him, with Praful Patel telling Baru they would not support anyone but "Doctor Saheb".

Sonia then reportedly asked Montek Singh Ahluwalia, deputy chairman of the Planning Commission, to convince the PM not to resign. She also visited Singh at his residence with Pranab Mukherjee. The government was then allowed to proceed with the deal.

However, such shows of resolve from Singh were not forthcoming in UPA-II. Baru cites his own case when the PM wanted to reappoint him as a secretary in the PMO in 2009. However, he had to drop the plan as he was told that the party was opposed to such a move. "To tell the truth, I was dismayed by the PM's display of spinelessness," writes Baru.

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News Network
February 29,2020

New Delhi, Feb 29: The father of Intelligence Bureau staffer Ankit Sharma, whose body was pulled out of a drain in northeast Delhi's riot-hit Chand Bagh, complained to police that goons had assembled at the residence of former AAP counselor Tahir Hussain and were throwing petrol bombs from the rooftop.

According to the FIR which was registered on Thursday on the basis of the complaint lodged by Ankit's father Ravinder, the goons were also firing from the rooftop.

On Tuesday, Ankit returned from his office at 5 pm and then went outside to buy groceries. When he did not return, the family started looking for him and later filed a missing report, the FIR stated.

They got to know from their neighbours that a body has been recovered from a drain… later it was found to be that of Anikt, it said, adding the body had multiple stab injuries on the face, head, back, and chest.

The family has alleged in the FIR that it was Hussain and the goons at his residence who killed Ankit. In the FIR, Hussain has been accused of murder, destruction of evidence and abduction.

Soon after the FIR was registered on Thursday, the AAP suspended Tahir Hussain from the primary membership of the party till the police completed its probe.

The death toll in Delhi's communal violence rose to 42 on Friday as the situation showed some signs of returning to normalcy and clouds of smoke cleared to reveal the extent of the damage from the worst riots in the city in over three decades.

A total of 148 FIRs have been registered and 630 people have been either arrested or detained so far in connection with the communal violence, a Delhi Police spokesperson said.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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Agencies
July 24,2020

New Delhi, Jul 24: Telecom companies lost 82.3 lakh subscribers during the COVID-19 lockdown period of April, data released by the Telecom Regulatory Authority of India (TRAI) on Friday showed.

As per the reports received from 342 operators in April, TRAI said the number of broadband subscribers decreased from 68.7 crore at the end of March to 67.6 crore at the end of April with a monthly decline rate of 1.64 per cent.

Top five service providers constituted 98.98 per cent market share of total broadband subscribers with Reliance Jio Infocomm (38.9 crore), Bharti Airtel (14.4 crore), Vodafone Idea (11.1 crore), BSNL (2.1 crore) and Atria Convergence (16 lakh).

The number of overall telephone subscribers decreased from 117.7 crore at the end of March to 116.9 crore at the end of April, showing a monthly decline rate of 0.72 per cent.

The TRAI said total wireless subscribers (2G, 3G and 4G) decreased from 115.7 crore at the end of March to 115 crore at the end of April, thereby registering a monthly decline rate of 0.71 per cent.

Wireless subscription in urban areas decreased from 63.8 crore to 62.9 crore but increased in rural areas from 51.9 crore to 52 crore. Monthly growth rates of urban and rural wireless subscription were minus 1.42 per cent and 0.16 per cent respectively.

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