February 7, 2011

Why is Switzerland not treated like a Terrorist,Renegade Country on Par with North Korea

Switzerland is one of the richest,most developed countries in the world hosting one of the biggest financial centre in the world and home to two of the largest banks UBS and Credit Suisse.Switzerland has been long been regarded as a neutral safe haven for money with the its currency Swiss Franc thought to be a risk averse store of value.Switzerland is known for its excellent banks which provide a high quality of service and safety.But the less publicized fact is why this small mountainous country attracts trillions of dollars in wealth from around the world.Its because of its secrecy laws which don't allow the name of the bank account holder to be revealed unless its proven that it is due to criminal misconduct.This Law has made Switzerland the safe haven for all kinds of criminal wealth including drugs,guns,prostitution,genocide etc.The recent spat between USA and Switzerland over the revealing of US tax evaders brought this anomaly into the open.Switzerland is the only large country to have such a law which promotes crime and tax evasion globally.
January 25, 2011

Indian Government shamelessly defends Corrupt Officials,Black Money despite claims to the contrary

The Indian government has been rocked by a series of corruption scandals which have been documented in this blog.The scandals have not only touched the political sphere but also the stock markets.The scams have not stopped with new ones being reported almost on a daily basis but no convictions have happened.The corrupt and the guilty keep on going about their business as usual as the Indian ruling party thinks it can cure corruption with words.The Congress Party in its annual meeting had said that removing corruption would become its top priority with expeditious proceedings against public officials in graft cases.However the law has been criticized as having too many loopholes even before being passed.Even the actions of the government does not inspire much confidence.The Commonwealth Games which was a much publicized national corruption scandal has yet to see a single prosecution.The guilty officials have managed to all get bail with the Suresh Kalmadi the scandal in chief goes about his business as the powerful ruler of the Indian Olympic Committee.All the government has done is to remove him from the post of the Chairman of the Organizing Committee of the CG .Note this is already a dead body with the Games over a month ago.Note Kalmadi is a leading party member and despite his obvious corruption the government refuses to move against him.
January 25, 2011

India's Misguided Fossil Fuel Subsidy root cause of Mafia Growth

India's Fossil Fuel Subsidies have led to a massive growth of the petrol and diesel mafia in the country.India gives subsidies on diesel,kerosene and cooking gas through its state owned petro/gas companies like BPCL,IOCL,HPCL etc.These subsidies have been given for a long time and have led to the growth of a parallel black economy in these products.They not only lead to capital misallocation but also to the massive illegal profits for a few.It is a well known fact that all petroleum pump owners adulterate petroleum ( which power most of the cars) with subsdized diesel and kerosene.This massive racket earns millions of dollars (if not billions) for a network of company officials,pump owners,government bureaucrats and politicians.The mafia is so strong and powerful that it thinks nothing of burning alive a senior police official.The racketeers are so rich and well connected that despite common knowledge nothing gets done about it.
December 21, 2010

Vietnam's Currency Problems underline Political Strength of Dollar

The Dollar is being relentlessly attacked by Bears due to massive QE program unleashed by the US Fed.However the US Dollar continues to be a safe refuge in many parts of the world.For countries affected by major politicial and economic problems,dollar is looked upon a safe haven for capital preservation.Many of these places have a history of high inflation and major political upheavals.In these places,Gold and Dollar are looked upon as equals for preserving wealth during times of chaos.Vietnam serves as a reminder where even citizens of relatively fast growing stable economies look upon as Dollar as a rock of stability.The South East Asian country has seen high inflation in recent times and numerous devaluations of its currency.The Communist led country has tried to replicate China in many of its policies some of which have backfired.The recent scandal and debt default of a major government owned company has shaken the confidence of investors.With high inflation and depleting foreign reserves
December 20, 2010

Another Person Dies due to Traffic Congestion caused by Politician Security Convoy

India's top leaders don't have to suffer from the daily travails of monstrous transport problems as their security convoys have the roads cleared for them.Even a minor functionary has red lights blazing on the top of their security cars and flouting all traffic rules as policemen salute and clear the way.There is no concern about the plight of normal people who on top of the daily traffic jams have to face an additional ordeal due to the stoppage of vehicles for the passage of the VIP entourage.Even ambulances and emergencies are not spared as a person died of a heart attack after getting stuck for 30 mins.Note people dying in traffic jams has become a normal thing in India these days as serpentine traffic jams make it almost impossible for ambulances to transport time critical patients on time.Indian cities have become traffic hells as motorists fail to follow any traffic rule or regulation.Policemen trying to correct errant drivers are frequently beaten up by taxi/auto unions .Red lights are not followed by a lot of the vehicles and traffic rules exist only on paper.Huge numbers of casualties are reported every year which are easily preventable.But for a totally corrupt bureaucracy and police,these problems are not a concern at all.
December 14, 2010

India's Supreme Court Extremely Shocked by Industries Minister Role in Farmer Suicides

India has been plagued with a large number of scams and scandals in recent days.Not that it has made much difference to the functioning of politicians and bureaucrats.India's Agriculture Minister was blatantly defending favored business interests while India's PM seems more interested in Big Business Privacy rather than tackling corruption.The Stock Market after falling for a couple of days due to increasing number of stock market scandals,has returned to normal.However the Indian politicians keep shocking the country with even more and more brazen acts of corruption and nepotism.
December 9, 2010

Indian Small Cap Index,ETFs (SCIF,SCIN) get Massacred by Surfeit of Scandals

Indian Small Cap and Mid Cap Stocks got massacred today even as the rest of the global markets were up.There was no specific catalysts for the sharp sell off in the small cap space which was down more than 5% with a large number of stocks hitting circuit filters on their way down.FII and brokerage favorite mid cap stocks were the worst off declining by anywhere between 10-20%.Note India has seen a huge wave of scandals hitting the political and business spheres in the past couple of months.While Corruption is nothing new to India with India's Supreme Court calling "Corruption a Way of Life" ,the rising frequency has unnerved the investors.The Stock Market has also seen a number of scams hitting the news with well regarded stocks tanking by more than 50% in less than a week.Since its hard to explain all the scams that have been hitting India,I am listing out the blog posts explaining the scams here.
December 8, 2010

India's MidCap Stock Scam gets Murkier as High Flying Agri Stocks get Implicated

Now the Investigative Bureau (IB) has said that another stock market operator Rathod was colluding with promoters of agricultural companies like Ruchi Soya,Karuturi Global and KS Oils to rig stock prices.This was being done through various front companies and maverick investor C Shivasankaran was behind these moves.Note these companies have become the darling of brokerages and media being touted as the next big thing with vertical integration and acquisitions of agricultural land in Africa.The media hype that these companies got also makes one suspect that some of these firms were also involved in this scam.The Modus Operandi was again the same as followed by Dangi and Ashika group firms earlier.It remains to be seen if prosecution results in any jail time for any of these offenders.Generally nothing happens in corruption scandals in India as a SC Judge recently note that corruption had become a way of life.
December 8, 2010

Has the Tata Group reputation of honesty been tarnished after the Telecom Scam

The Tata Group in India is known for its high standards of corporate governance and ethics.In an environment where Big Business openly colludes with politicians/bureaucrats to blatantly loot and plunder,the Tata Group has stood out for its success and reputation of honesty.While Stock Market Scandals and other Scams happen with great regularity,Tata have generally stayed away from the mess.The Group's Success in diverse sectors such as Metals (Tata Steel),Automobiles (Tata Motors) ,Software(TCS) have made it the most successful business conglomerate.Audacious acquisitions of overseas companies like Jaguar,Corus,Daewoo have announced the arrival of the Indian MNC.However the recent 2G telecom scam has tarnished this reputation of integrity as Nira Radia tapes reveal the chairman of the group Ratan Tata of hobnobbing with a shady lobbyist.Ratan Tata has gone to court over breach of privacy but has not explained why his group companies has appointed an obviously corrupt lobbyist.His Telecom Companies Tata Teleservices and Tata DocoMo were obvious beneficiaries of the adhoc regulation and policy in the last 10 years.A letter from Rajeev Chandrasekharan has in a succinct and factual manner raised questions about the silence of the Tata Group over the last 10 years as the Telecom Shenanigans were being played out.
December 7, 2010

Is India already a Banana Republic as Union Minister Threatens High Court Judge

India has been plagued with numerous corruption scandals being exposed in the last few months.While a number of such scandal like the Adarsh Land Scam,Commonwealth Scams,Stock Market Scam,Stock Market Scam,Housing Finance Scam have been written about in this blog,the spate refuses to stop.With India's Chief Vigilance Officer calling 30% of Indians as utterly corrupt and even the Supreme Corrupt calling corruption in India "mind boggling",it is not a surprise.2G Telecom Scam Prime Suspect Telecom Minister Raja has come into the spotlight again for threatening a High Court Judge in a CBI case related to an eduction scam.The background relates to a High Court Judge of Tamil Nada accusing a Union Minister of influencing a decision of the court.This created a huge ruckus as the said Judge refused to name the Minister.India's Judiciary is one of the more powerful institutions in the country and considered much more trustworthy than the other 2 arms executive and the legislature.The Agriculture Minister brazenly supports favored Business Interest while another Minister was sent packing off after unethically supporting a cricket franchise
December 7, 2010

Midfield Industries gets Dumped after a Long Pump,Falls Circuit Down 20% each in last 2 days

Midfield Industries which is a small low quality company did an IPO around 3 months ago at a very expensive price that did not justify the […]
December 3, 2010

Karnataka – India's IT Capital turns into Land of Land Scams

Karnataka,the southern state of India is known for fostering the growth of the IT industry in India.Bangalore which is the capital of the state is known around the world for being the Technology Capital of India.The state is home to India's biggest and most famous companies like Wipro,Infosys and numerous other IT MNCs.However the state which was known for its Technology prowess is fast becoming the Land Scam Capital.Karnataka has seen numerous land scams as the states politicians took advantage of the appreciating real estate price in Bangalore and surrounding areas.With the sharp increase in purchasing power amongst Bangalore's citizens,the real estate prices shot up in a crazy manner.Real Estate in India is the worst sector in India in terms of Corruption and Real Estate Companies are known to be totally sleazy and corrupt.In fact most of the recent scams in India has one or more Realty Companies as the main prognosticator.
December 3, 2010

India's Big Business-Politics Unholy Alliance – Agricultural Minister Brazenly Supports Favored Corporates

Now the Agricultural Minister of India has come out brazenly batting for his favored corporate interests.It is openly known that Sharad Pawar is closely associated with the Lavasa City Project being built by HCC near Pune.The Company has criticized the Environment Minister for questioning the environment clearance.The Minister on the other hand wants to know why he was not consulted.Don't know how Agriculture expertise will help in deciding the environment clearance of a Realty Project.But in case of India's Business Elite anything goes it seems.Note the Agricultural Minister is said to be close business ally and played a prominent role in the recent cricketing scam as well.However as usual nothing came out of it as the politician-business unholy alliance brazenly runs the Indian government.
December 3, 2010

Another Indian Stock Market Scandal Erupts as Realty Firm Ackruti City and Broker Dangi get Banned for Rigging Share Prices

India's Stock Market Regulator has been hardly proactive in cracking down on stock market manipulation except for some inefficient scolding.It has banned some companies and a stock market operator for artificially rigging up stock prices through a nefarious scheme so that the stock could placed through QIBs at higher prices.Recently GMO,Goldman,Morgan and Fidilety got conned by a fly by night Indian financier who managed to place $100 million of his company's shares a hugely inflated price.A cursory due diligence by these high flying financial institutions would have shown his business model to a sham.Realty Investing in India is always a dangerous game with real estate firms involved in all sorts of corruption scandals.Akruti City whose shares had seen a massive rise some months ago has been implicated by SEBI for rigging up its share price with the help of a "stock market operator" Dangi.Some other firms like Murli Industries,Welspun Corp have been found to be part of this corruption game as well.Broking Firms like Ashika and Anand Rathi were broking for the Operator.Note SEBI has not done much except banning these firms.I would have though that these white collar crimes should be punished more stringently.Banning some entities without any jail time will lead to more and more of these stock rigging in the future.
December 1, 2010

India's Supreme Court Blasts Government,Reveals India's Investigative Agencies are Mere Puppets

The low level of trust in the Indian government's investigative and vigilance agencies was revealed when India's Highest Court,the Supreme Court of India blasted the government for its choice of the Central Vigilance Commissioner.India has been rocked by a series of Housing Loan,Telecom and Land Scams recently implicating top politicians,bureaucrats and even army generals and admirals.However no one expects anyone significant to be prosecuted as the prosecutors themselves are compromised.It is openly known that the Central Bureau of Investigation (CBI) is totally controlled by the ruling party at the centre.The Income Tax and Enforcement Directorate also serves as puppets of the government being selectively used against opposition politicians and businessmen.
November 29, 2010

List of Top Real Estate Companies in India;A Sector Plagued by Scams and Scandals

Organized Real Estate Industry in India is only a couple of decades old .Real Estate Industry in India took off with the global boom in the Realty Sector which percolated down to India as well.Lack of clear land titles and litigation has made this industry one of the most opaque and corrupt ones.Due to the massive price appreciation and huge valuations,Land Scams have become quite common with Chief Ministers,Generals,Top Bureaucrats all involved in the murky environment of Real Estate in India.The most recent scam related to bribing of top public banks officials in the LIC Housing Finance Scandal has again put question mark on the fundamentals of the industry.Valuing the industry and making a real estate investment remains one of the most difficult investing tasks in the Indian Stock Market.Even Fund Managers are staying away from the Sector due to lack of trust in the Financial Statement given by the industry.That said modern India presents a booming picture of tall buildings and huge office areas & shopping malls. A list of the chief players in Indian market is given below:
November 28, 2010

Nira Radia Wire Tap Reveals Big Business Takeover of the Indian Government

Nira Radia one of the top lobbyists in India has been exposed through wire taps done by Indian investigative agencies which has been leaked to the media.The conversations in the tape have revealed how this lobbyist has India's top politicians,bureaucrats,journalists at her beck and call.While it is known that corporate interest wield huge influence amongst Indian government officials,the tapes reveal that Big Business has the government almost completely in its pocket.The 2G Telecom Scam had earlier shown that how top ministers had connived with capricious business houses in swindling the Indian taxpayers of billions of dollars.LIC Housing Finance Scam which has been recently exposed has led to top government company officials being arrested for taking bribes in sanctioning loans to top realty and infrastructure companies.This had been done by a financial intermediary listed on the stock exchange and which had top investors like Goldman,GMO,Fidelity and Morgan Stanley.With the scam exposed these top investment banks have lost their shirt in this investment.
November 26, 2010

How GMO,Goldman,Morgan and Fidelity got Conned of Millions by Indian Financier

India's new Corruption Scandal involving a Housing Loan Scam involving Bribes paid to India's top public bank officials has ensnared top notch financial institutions in the West as well.The whos-who of Wall Street got dazed by spectacular growth and profits of a 3 year old financial outfit in India which had been built on a foundation of lies and bribers.This Corruption Scam was started by a Financial Outfit called Money Matter Financial Services which started as a 2 person outfit.However through arranging of debt to big corporate houses by paying bribes to top officials of India's large government owned institutions such as Bank of Indian,PNB and others,the outfit saw its share price increase by 7 times.
November 25, 2010

Dangers of Indian Realty Investing – Sahara,Oberio Realty,Lavasa and DB Realty prime suspects in latest Corruption Scandal

I have been repeatedly pointing out the dangers of investing in Real Estate Companies as more and more skeletons tumble from the closet.Its an open secret that Real Estate Companies in India fudge their Financial Statements through Creative Accounting and other means such that even Fund Managers don't invest in the Realty Sector.Major Real Estate Companies like IREO and Emaar MGF have played prominent role in some of the major corruption scams rocking the country.Now more big Real Estate Firms have been implicated for their role in other corruption scandals.DB Realty a Mumbai based Realty Company has been found to be a prime suspect in the LIC Housing Finance Scam where the CBI has arrested.Some construction companies like Man Infrastructure,HCC have also become a target of investigation.
November 24, 2010

LIC Housing Finance Crashes with PSU Bank Stocks on Loan Scam in a Satyam Deja Vu

LIC Housing Finance is one of India's Largest Home Lenders with a huge distribution network around the country.LIC Housing Finance Stock has been on a roll propelled by fast growth of the company and the housing loan growth sector.The Company was a relatively safe investment being promoted by Life Insurance Corporation (LIC) which is India's largest insurance company owned fully by the government.The Foreign Ownership of the LIC Housing Finance Shareholding is quite high at 40%+ due to its relative safety and high growth.However the Central Bureau of Investigations (CBI) raids on the company has resulted in a sharp 20% price fall.The company's top officials have been implicated in misappropriation of money and home loan scams along with a company called Money Matters.
November 24, 2010

India's Telecom Security Sold for Sex and Money by a Corrupt Bureacracy

Now it has come to light that one of India's Leading Bureaucrats sold sensitive details related to Telecom Security to private firms in return for sex and money.Through an elaborate web of codes and multiple mobile phones,this IAS officer used to sell security information related to India's recent telecom security to leading telecom firms.Note India had recently taken stringent action against RIMM( Blackberry maker) and some others for failing to provide security codes.It was an opaque regulatory action ripe for bribes and corruption which was taken advantage by Ravi Inder Singh, the Director in the Union Ministry of Home Affairs (MHA).Note it is openly known that nothing moves through the central ministry without bribing the corrupt officials manning those offices.Powerful Business Houses have most of these bureaucrats on their illegal payrolls as most policies are known much before by bigger corporates before they become policy.The expose done in the magazine "outlook" clearly demonstrates how India's powerful minsisterships and policy decisions are sold in closed rooms in the capital.Investors should be careful about investing in Indian companies as regulatory/corruption risk remains high as the SKS Microfinance and Unitech/Videocon stock falls show
November 18, 2010

Soros,Khosla backed SKS Microfinance Debacle Exposes India Regulatory and Governance Risks

India's Fast Growing Economy based on Consumption rather than Exports has made it a Darling for International Fund Managers.When the whole world is suffering from some structural crisis or the other,India seems an like an oasis in the desert.However like a Mirage,the Governance and Regulatory Shortcomings make India look much better than what it is.$90 Billion of Record Foreign Inflows have been invested into India mostly into the booming Stock Market even as Indian Retail investors have fled.The dichotomy is perhaps explained by the problems faced by people on the ground who have a better sense than Fund Managers sitting in their Glass Towers in Singapore,New York and London.Insitutional Investors in India are mostly Compromised or Incompetent in my view herding into the Indian Markets dazed by the positive aspects of the Indian Economy while glossing over the Risks.Crushing Income Disparity where a $2 Billion Home is constructed while 80% of Indians live on less than $2 day,Pervasive Corruption with Billions being Swindled in Telecom and Land Scams,Massive Red Tape and Policy Bankruptcy has been ignored.However these Risks remain as can be seen by the SKS Microfinance Debacle.
November 16, 2010

"Corruption as Tradition" Justification in Bangalore Land Scam by Chief Minister of Indian State

Corruption in India has taken a widely virulent and blatant form with scams popping up almost everyday.Greed is Good has become the motto for India's Role Models in Sport and Military as well.India's Politicians are Leading the protagonists with Realty being the Main Theme.Note Real Estate companies in India are notorious for corruption with the sector being avoided by Fund Managers.India's Southern State of Karnataka is known for its IT Industry with capital Bangalore famous as a Knowledge Hub.However the Politicians of that State have made it the Corruption Capital with Bangalore equally famous for Land Grabbing and Real Estate Scams by Bureaucrats and Politicians.While Districts in the State have been made famous by Robber Mining Barons,the capital is famous for Realty Shenanigans.
November 14, 2010

Real Estate IREO under Tax Scanner for Black Money Roundtripping

IREO,a new Real Estate Company which is making waves in India's National Capital Region (NCR) with glitzy projects has now come under the tax scanner for illegal fund inflows from tax havens of Mauritius and Cyprus.It is alleged that black money from India has been roundtripped through these tax havens in the guise of Private Equity Money.It is an open secret that Black Money from India finds its way back to India through tax havens in the form of foreign investment when it just a roughtripping of domestic money.The figure quoted is around $1.5 billion of illegal money pouring into 26 companies associated with IREO.The company came into focus during the Commonwealth Scam and is linked to an Opposition Party leader.As usual their are denials,media circus and the whole thing will end as it does all the time with Nothing Happening.
November 13, 2010

India remains an IPO Pump and Dump Heaven for Fly by Night Operators

India's Stock Market remains a heaven for Pump and Dump Operators of IPOs.Despite some high quality IPOs in recent times like Coal India,the majority of the IPOs being done are by fly by night operators and promoters.Their is little justification for the valuation and the subscription numbers.But it is a lucrative trade for shady operators who easily manage to manipulate small cap IPOs leaving huge losses for retail investors.The stock market regulator SEBI strangely remains asleep at the wheel despite some blatant pump and dump issues.More than 50% of the IPOs in the Indian stock market over the past year are below their issue prices.But there has been no investigation and prosecution over these white collar crimes just seem gentle scolding.Like the totally infamous and ineffectual SEC of the US Stock Market,SEBI looks more and more like a toothless tiger.Despite some laudable reforms in favor of retail investors,it needs to act more quickly and reform much more.
November 4, 2010

Greed is Good – India's Role Models and Icons Fall to All Pervasive Corruption

India's Cricketing Icons are considered as role models by majority of the youth.India's cricketers like Sunil Gavaskar,Kapil Dev are revered in the country due to the huge popularity of the game.However India's recent cricketing league IPL has been found to another massive corruption scam.No jail terms as usual but a lot of political turmoil and media jumping around.India's top ministers have been indirectly implicated but nothing has happened as usual.Now it has been found that India's top former cricketers are also a part of this Greed Fest.Sunil Gavaskar,arguably India's best known batsman has got caught in a controversy.He has demeaned himself by asking for a huge payment that he was promised to be a member of the governing council of the corruption tainted IPL.Any upright person would have totally disassociated himself with the whole corruption game.By asking for a huge sum for his services,even this cricketing icon has fallen.India has very few role models left.
October 29, 2010

Indian Generals,Admirals,Bureaucrats and Politicians band together to swindle Prime Land meant for War Widows

India's Political and Business Elite is known to break Indian Laws with Impunity as Corruption becomes more Blatant by the Day.India recently hosted the Commonwealth Games which was known more for its Corruption and Large Scale Looting than any Sporting Feats.The Politician Bureaucrat Nexus along with their Business Associates made a massive amount of money without any fear of the law.Despite some tax raids and some feeble investigation,it is known that no one would serve jails terms.At least not the fat cats at the top,maybe some minor official will do a year or two so that the government can be seen as doing something.India's top vigilance official recently said that 30% of Indians were utterly corrupt and the seems to be an understimate.
October 22, 2010

Surprise Surprise : Indian Real Estate Company Emaar MGF implicated in the Massive Commonwealth Scam

Indian Real Estate Companies have the worst reputation amongst the different sectors in India.Corruption,Irregularities,Creative Accounting,Defrauding Consumers,Tax Raids are common to these companies.In fact the financial statements of the Realty Sector are considered so untrustworthy that some Fund Mangers are loath to invest in the whole sector.Despite a Stock Market Bull Run,a line of Realty Companies have not still managed to raise money from the primary markets because of the distrust with which the general public regards them.A Truly Dubious Achievement for the Real Estate Sector in India.Note both small developers and big developers have been involved in scams and shenanigans.2 Real Estate Companies in the National Capital Region Oreo and Emaar MGF,two of the better known Realty Companies have come under the focus of Indian Investigative agencies.Emaar MGF has been trying to do an IPO for a long time without success.Now it has come under the scanner for irregularities for construction of the Commonwealth Games Village.
October 20, 2010

Pot Calls Kettle Black as Indian Politicians indulge in Mud Slinging over Multi Billion Commonwealth Games Scam

The Commonwealth Games (CWG) hosted in New Delhi,India recently gave rise to a monumental scam.It is an open secret that huge amounts of cash were siphoned off by officials,politicians and contractors involved in infrastructure building.The cheating and fraud committed on public money has been exposed already.Some of the officials have been fired without a single one being jailed or convicted.The CWG Committee was led by a leader of India's ruling party Suresh Kalmadi while the provincial government of Delhi is also ruled over the the Congress Party.The probes and investigation which were held in abeyance until the completion of the Games has started now.However like always expect a lot of media fanfare without any convictions or jailtime for the offenders.India's Ruling Party Members are already blaming each other openly for being corrupt without fear of retribution.India's Political and Business Elite has made the mockery of Indian Justice System a Child's Game.The Chief Opposition Party also can't come all guns blazing as one of its leader Sudhanshu Mittal has also been a kingpin in the Corruption Racket.
October 18, 2010

After Vedanta,Posco's Giant Steel Project could face the Indian Environmental Axe

India's Massively Growing Industry is clashing head-on with the Environment leading to huge fissures.There have been numerous clashes already with many of the mega industrial projects being cancelled or shifted.Tata Motor's Nano Project in Singur,West Bengal was probably the most famous project to be scrapped after a huge people's uprising due to loss of land and livelihood.Unlike China,where industry manages to always win over people's protests,it is not that easy in India's Democracy.Orissa recently saw Vedanta Resources Bauxite Mining Project cancelled over loss of tribal sacred land loss concerns.This was a huge victory for India's environmentalists as officials and companies were found breaking forest and environment laws.Now POSCO which has been trying to build a $12 Billion Steel Plant in the Mineral Rich State of Eastern India finds that Green Approvals given might be cancelled by a panel of government experts.Note the POSCO project was stopped recently pending an environmental assessment whose report will be published on Oct 25.Despite hectic lobbying by POSCO and the provincial Orissa government,the project looks set for more delays.Note the Steel Plant which was started in 2005 is already way behind schedule.