Indra Nooyi and the Middle Finger - Storm in a tea cup?

PepsiCo's global president and chief financial officer, Indra Nooyi, stirred up controversy on May 15 2005 when, during a speech to the graduating class of Columbia Business School, she used an analogy equating the United States to the middle finger. Many Americans viewed the comments as insulting and unpatriotic.

Click here to see the full text of her speech.

The very fact that a large number of Indians have preferred to adopt America as their country, and have gone ahead to take citizenship there, amply testifies to their undying love and patriotic fervour for America. Indra Nooyi, a hardcore Indian American, compared in all earnestness, USA with middle finger which is the strongest and the largest in the human hand in consonance with the superpower status of USA.

The hue and cry caused by the Bloggers against the lady, questioning her loyalty to America, seems to be rather unreasonable. In case such comments would have been made by an original American, the same would have gone without a whimper of protest. There should not be any discrimination among US citizens on the basis of caste, creed, color and country of origin. There is need for more tolerance, mutual respect and understanding at all levels and fragments of the American society. The Americans have to overcome the new-fangled environment of suspicion after 9/11 and take the world along with them in order to spontaneously maintain their leadership in the civil society.

Sharat's Wedding

I composed this poem on the occasion of Chicky’s wedding on 17th May 1989. Through this poem we may recall the wonderful events that happened in the wedding.

We wish Chicky and Gayatri a very long and happy married life!



15th May, 1989
Delhi
(afternoon)
------------
We fondly recall the joyous festivities
all the excitement and hectic activities.

It all began with fifteenth May eighty nine
when we happily assembled at Civil Lines.

Refreshing cold beer and gratifying gin
blithely imbibed by kith and kin.

Generous serving of scrumptious food
pleased the appetite and prompted the mood.

In the AC compartment of Rajdhani Express
songs were composed with a musical stress.

It was a jovial junket, a jolly jaunt
sitting back quiet was nobody’s want.


16th May 1989
Bombay
(morning)
------------
Applause of "Bhai very good bhai wah" ranted the air
when we reached Bombay to be in Desais' care.

An amiable reception it was indeed
with Bipin Bhai and Meenakshi Ben in the lead.

Exclusive attention and welcome to each one
right at the outset, our hearts were won.


Desais’ residence
(afternoon)
-----------------
We were greeted with gaiety and grace
In a cultured form at Desais’ place.

Showered with gifts and benign benefactions
our relations bloomed with mutual affection.
When Gayatri emerged in the cluster of celebrations
all eyes regarded her in rare fascination.




Malabar Hill
(evening)
-----------
At the sprawling terrace overlooking the seas
Mehndi mellowed in melodious breeze.

Lilting songs merging with musical sound
pegs of scotch were faithfully downed.

It was a blessed occasion indeed memorable
our pleasure promoted with dinner palatable.


17th May 1989
Marriage hall
(afternoon)
------------
The momentous day descended for all
while Barat emanated at the marriage hall.

Searching glances, curious looks, eager faces
charming and suave feminine graces.

Confabulations in corners, loud pretences
affable allusions, glimmer of acquaintances.

Exchange of pleasantries and salutations
far away gaze, occupied animation.

Gayatri was glorious in bridal attire
her elegant appearance all did admire.

Chanting of hymns, cheerful chatter around
Sharat and Gayatri took the Seven Rounds.

Chicky was impressive, smart and sagacious
both of them made a pair vivacious.

Regaling feast in authentic Gujrati fashion
everyone ingested in great admiration.


18th May 1989
Jaipur
(evening)
------------
With Bahu Pravesh the celebrations began
occasion was marked with foaming champagne.

The house sparkled with Gayatri's presence
Divine blessings showered in every sense.



19th May 1989
(forenoon)
----------
The moment of "Mooh Dikhai" came to the fore
and Gayatri was blessed with gifts galore.

Her rendition of bhajans held us in spell
her performance was rated as extremely well.


(evening)
--------
Mellifluous music and rapturous dances
rendering of songs in varied nuances.

Delicious chaat and savoury Kabobs
it was a day from the life of Nabobs.

Scotch was served in several rounds
smacking snacks were all abound.


20th May, 1989
(evening)
------------
Reception was truly a memorable affair
guests were attended with abundant care.

Rustling of fabrics and jingling of anklets
glitter of gold, necklaces and bracelets.

Fabulous tissues, chiffons and chanderies
saries and apparel tempting the fairies.

Elite of Jaipur converged to greet
the newly-wedded and were offered a treat.


Indu Jiji and Jijaji marked the happiest time
their Beta and Bahu bestowed with blessings sublime.

Their hospitality was splendid for all the guests
in a magnificent way, they ensured the best.

Krishna and Mini acted as prime-mover
their all-round performance was super-duper.

Everything was achieved in a superlative manner
events accomplished in an affluent tenor.

Dr C. V. Raman - India’s world famous scientist

Genius is the eye of intellect and the wing of thought. One such genius was Dr C V Raman who was much ahead of time in his generation, a pioneer in thought and action. He was one of the greatest scientists our country has produced. He was awarded the Nobel Prize in 1930 for his phenomenal discovery in Physics. It was named after him as ‘Raman Effect’ to immortalize his memory. Not only this, he received Matteucci Medal awarded by the Science Society of Rome in 1928, Hughes Medal in 1930 by the Royal society of London and a knighthood by the British Government in 1929. Many Indian and foreign universities bestowed honorary doctorates on Dr Raman in recognition of academic achievements of the highest order. Besides membership of several prestigious research institutes and societies all over the world, he received the International Lenin Peace Prize in 1957. He was conferred upon in 1954 our country’s greatest honour, the Bharat Ratna.


Born on the 7th November 1888, at Tiruchirapalli, Raman was brought up in an environment of science and literature, music and other fine arts. His father was a Physics teacher and the young Raman took to science like a fish to water. Needless to say that Raman was a brilliant student throughout his academic career and his accomplishments made the contemporary academicians sit up and take notice. His inquisitive nature enabled him to ponder over various aspects of the universe. His researches in optics and acoustics were carried out while he was a student in the Presidency College, Madras. He modified 'Melde’s theory on sound' also published a paper on ‘Diffraction of Light’ in 1906.When Raman was only 19, he became as member of the Indian Association of Cultivation of Science. As a scientific career in those days was not very rewarding in the monetary sense, Raman joined the Indian Finance Department in 1907 but carried on his first love by spending long hours in the Association’s laboratory. He became the secretary of the Association in 1919. He became professor of Physics at Calcutta University in 1917.


In addition to his teaching duties, Raman persisted with his research and experiments with great intensity. Raman derived great pleasure from teaching the avid students who would listen to his research-oriented lectures with fascination. His interactions with the students evoked new questions and stimulated attempts of their possible solutions. Scientists like Meghnad Saha conducted research under his guidance. Raman always exhorted his students to go in for individual research. He stimulated their reasoning faculties and encouraged them to use indigenous equipment, if imported apparatus was not available. He used to tell the students that the equipment that brought him the Nobel Prize did not cost more than Rs 300; what is required is the inner desire and inspiration to succeed which no amount of money can buy. He indeed acted as a friend, philosopher and guide to his students. One encouraging word from him was enough to inject a new life in the sagging spirits of his researchers. One of his students, experimenting with an X Ray tube of one kilowatt of power, was informed that an English researcher was experimenting on the same problem with a five kilowatt X Ray tube. When Raman came to know of his student’s predicament, he advised him to use a ten kilowatt brain on the problem, instead of worrying on his low power equipment! His magical words must have instilled in the student a new zest for his research.


Raman had a very agile and enquiring mind. Every one can see but very few can perceive. It is the acute perception of ordinary things that some time gives rise to rare discoveries and inventions by a genius like Raman. He studied how bowed string instruments like the violin and sitar could produce harmonious musical sound. His interest in acoustics led to the significant discovery in 1918 that Mridangam and Tabla, unlike other drums, possess harmonic overtones. On his visit to St. Paul’s Cathedral in London, in 1921, where even a small whisper produced at one point in the tower can be heard with clarity at a distance at another point. This effect produced by the reflection of sound aroused his scientific urge to probe into causes of this phenomenon. His research on sound came in for recognition all over the world. He contributed an article in 1928 on the theory of musical instruments to the 8th volume of the Handbuch der Physik, a German encyclopaedia of Physics.

Raman was captivated by any thing that was colourful. Butterflies, gems and flowers of various hues, impelled him to ask basic questions like why things look beautiful, bright and colourful. His investigations made an assessment of the effects produced by X Rays on infrared vibrations in crystals exposed to ordinary light; study of spectroscopic behaviour of crystals; study of structure and properties of diamonds and the optical behaviour of numerous iridescent substances like labradorite, pearly feldspar, agate, opal, and pearls. Dr Raman did research on a wide spectrum of topics like sound, light, rocks, gems, insects, butterflies, sea-shells, tees, flowers, etc. He also conducted investigations in other fields like atmosphere, weather, physiology of vision and audition. There appears to be hardly any topic that escaped his observation. His ambit of research was very large. He tackled all sorts of scientific problems, big or small. He often referred to himself as the general practitioner of science!

In 1928 came the moment of his reckoning. During a sea voyage to Europe in 1921, he observed with amazement brilliant blue colour of the Mediterranean Sea. He wondered at the blue colour of the glaciers and the sky. On his return to India, he started research on the diffusion of sun light in its passage through water, transparent blocks of ice and other materials. He examined the reasons of the blue colour of the sea. Was the blue colour due to reflection of the blue sky? A lot of thought and research went into securing a logical answer to this intriguing question. After prolonged experimentation and deliberations, Raman came out with his conclusion: the blue colour of the sea could be the result of scattering of sun light by water molecules. He submitted a research paper to the Royal Society of London as also an exhaustive article on the molecular scattering of light soon after He used monochromatic light from a mercury arc and the spectroscope to study the nature of diffused radiations emerging from the material under examination. His discovery was named as Raman Effect.






A Raman Spectrometer in the British Museum is used to identify the gemstones decorating a medieval reliquary.

He was awarded the Nobel Prize of Physics in 1930, which marked the pinnacle of his scientific achievements.


Showing his Nobel citation to Donald S. Connery, an American journalist, in Bangalore, circa 1960.


Dr Raman had an ardent desire to promote scientific research in the country. In 1933, he became the Director of Indian Institute of Science. He established the Indian Academy of Sciences in 1934. He founded a research institute in 1943 in a palatial building surrounded by gardens and trees, near Bangalore. It was named as the Raman Research Institute. He donated all his property to this institute. He used to say that a Hindu is supposed to go to the forest for Vanaprasth in old age but instead of going to the forest, he made the forest come to him. He continued his research work at the institute at the fag-end of his illustrious career.



In his study at the Raman Research Institute in Bangalore, circa 1949.


Even at ripe old age of 80 plus, he organized a week long conference of scientists in September 1970 when he spoke of new theories on hearing and ear-drum. This came to be his last lecture as he passed away on the 21st November 1970.


Sir C.V. Raman during a lecture at the Raman Research Institute in Bangalore, circa 1959.

An article published in the Hindu on Aug 03. 2004 talks of the Nobel Laureate’ house called Panchvati, at Malleswaram in Bangalore. The ‘Professor,’ as every body in the family refers to Dr Raman, was a voracious reader. His collection of books at Panchvati includes a large number of volumes on a variety of subjects. Panchvati has trees all around. He used to wonder about the vibrations that were produced by the chirping of birds he loved so much. His house is said to have 90 nests of rare birds. The Professor used to peer for hours at the butterflies in the garden. He ‘talked with such passion and devotion about all things concerning science and nature that it was a pleasure to listen to him.’ Sir Raman was a true Rishi for he saw the real world with his mind. There is some thing in the environment of Panchvati that inspires one to higher things. The Raman Trust is working on making it a museum with a laboratory and children activity center attached to it.

Dr Raman told his young audience in Ahmedabad on 22nd Dec. 1968, while delivering a detailed dissertation on why the sky is blue: “We have certain inherent powers given to us-observation and thinking-we must use them, the sharper they become, the more powerful they become and ultimately some thing will come out of it so that humanity is benefited, science is benefited.”

Thus, Raman was verily a versatile genius who reveled in unraveling the mysteries of nature. His life was full of events and achievements. He was indeed a Guru and a Rishi who not only accomplished marvelously in his scientific pursuits, but also encouraged the budding scientists to excel in their fields of studies.

Laws need changing to ease bank M and As

(Note: This article was originally published in Business Standard dated November 2000.)

It is necessary to take a fresh look at various provisions of the Regulation Act and other related laws in the wake of the radical changes in the economic environment of the country. Laws must be properly in place to facilitate mergers and acquisitions in the banking sector so that it can reorganise and survive.

What is the past record? About 75 banks have been merged under section 45 of the Act since 1960, out of which 16 banks were acquired by SBI and its associate banks. Recent examples are Bank of Cochin and Kashinath Seth Bank merged with SBI, Punjab Co-operative Bank and Bari Doab Bank with Oriental Bank of Commerce, Bareily
Corporation Bank with Bank of Baroda and Sikkim Bank with the Union Bank of India.

The decision to merge a weak bank with a strong bank under the Act has not so far been based on commercial considerations. It was imposed more or less as an administrative fiat, facing the acquiring bank with a Hobson's choice. Instead of such compulsory mergers, acquisition of ailing banks by large corporates should make good business sense. RBI had contemplated allowing top corporate houses to take over weak banks and infuse sufficient capital to revive and rehabilitate them. Before asking SBI to take over Kashi Nath Seth Bank in 1996, RBI made efforts to motivate private sector corporates to take over the bank. In fact, a business house had carried out a detailed due diligence exercise on the bank but the proposal did not eventually bear fruit.

The RBI governor recently held that while corporate houses may not be permitted to float private banks, they are welcome to invest in sick banks. This may be a beginning in the right direction, but would require rationalisation of laws and takeover norms, including tax incentives. Under section 72 of the Income Tax Act, exemptions are allowed on accumulated losses and unabsorbed depreciation of industrial concerns. The losses incurred by banks should also be brought within the purview of section 72. At the time of merger of Bank of Cochin and Lakshmi Commercial Bank with State Bank of India and Canara Bank respectively, the Indian Banks' Association had represented to the government to make income tax concessions on losses incurred due to bank mergers but the proposal was reportedly turned down by the Central Board of Direct Taxes.

The merged banks are generally overstaffed. One of the essential conditions in any scheme of amalgamation in India is continuation of the services of the employees of all categories after the merger without any break in service, irrespective of their suitability or eligibility. In the context of merger of Hindustan Commercial Bank with Punjab National Bank, the Supreme Court has held, in the Shepherd case, that no employee can be dismissed ab initio under any scheme of amalgamation or otherwise without opportunity of being heard as the same is against the principles of natural justice and equity.

The cost of surplus staff and unremunerative branches of the merged bank make a severe dent in the profitability of the amalgamated bank. As per existing policy, closure of rural branches is almost impossible. The merger causes parking of superfluous staff at various centers where branches of both the banks may be working. A conscious policy should be formulated to facilitate merger of branches and redeployment of staff at centres where deficiency of staff may be felt

Due to consolidation of operations of two banks, mergers invariably result in making a large number of employees superfluous. While services of all the employees are required to be continued in the acquiring bank as per existing laws, it may be advisable to distribute the additional staff acquired on account of the merger to other banks through the Banking Services Recruitment Board or any other agency.

The Narasimhan Committee has recommended evolvement of policies aimed at 'right-sizing' and redeployment of surplus staff either by way of retraining them and giving them alternative employment or by introducing compensation package/VRS with appropriate incentives. Dr I. G. Patel has stated in his book Economic Reforms and Global Change that "the actual substantive or real restructuring by way of merger or closing of branches or reduction in staff that should go with the initial financial rescue, must also be set in motion without delay".

Indian laws do not cast upon promoters of banks specific duties and responsibilities to fulfill their role, which is largely to look after corporate governance and augment shareholders' wealth. In case full time directors fail to perform the role assigned to them, hardly any punitive measures can be taken except their removal from the board and imposition of penalties for non-compliance with certain provisions of the law. To set this right, deterrent provisions need to be included not only in the Companies Act but also in the Banking Regulation Act Shareholders can apply to the court for winding up/liquidation of a company. But these measures are usually taken at a very late stage when the affairs are sufficiently rotten and out of hand.

With the dilution of government/RBI shareholding, banks are becoming increasingly accountable to shareholders. With the advent of FIls and the new breed of investment analysts, banks' balance sheets are under constant surveillance; any adverse features in. the operations of a bank are highlighted quickly. This not only adversely affects bank share prices but also the rating and reputation of banks.

The existing laws should specifically include a clause whereby any proposal of merger or acquisition should be passed as a special resolution in a general body meeting of the bank. And most importantly merger should not be imposed on banks without detailed viability studies and consent of the acquiring banking company.

(The author is with State Bank of India. These are his personal views.)

Luscious Litchi

(Note: This article was originally published in the Sunday Free Press dated September 2000.)




Litchi - that luscious fruit with strawberry red spiny skin which encloses a pure white, translucent, juicy and pulpy layer around an oblong shining brown seed. Lamentably, the seed occupies too much of space and one would wish that the sweet and sour, aromatic pulp could have been a little more in bulk. But these are the ways of nature; it is bountiful though miserly in some of its products -for example, one would wish the eatable portion in custard apple (sharifa) could have been a wee bit larger. These are fanciful thoughts; if wishes were horses beggars might ride!

Litchi, also spelt as Litchi, Lichee or Leechee is a native of Canton in southern China. It has been a favourite fruit of the Cantonese since ancient times. Litchi was introduced to the western world I in 1775 when its seeds were sown in Jamaica. They say the first litchi fruit ripened in USA in Florida in 1916 where it has acquired commercial importance. The tree is cultivated around the Mediterranean, South Africa, Hawaii and some parts of our own country.

Litchi is a good-looking tree, it develops a compact crown of bright green foliage all the year round. At the time of fruition in the summer season, the tree acquires a brownish red hue due to the abundance of clusters of ripening litchi fruit.

Due to its climatic and cropping requisites, litchi can be grown in a few areas only. Litchi is an intimately associated with Dehra Dun and to a degree with Muzaffarpur in Bihar.


Litchi baghs in Muzaffarpur

Litchi is found in other areas in India like Shillong where it is grown in expansive pineapple gardens. Due to its perishable nature and rather short duration of cropping, say 2 months, around May/June, it is not very profitable to grow this fruit on a wider scale.



The Doon Valley


In the sprawling bungalows of Doon Valley, one or two litchi trees are a common sight. A bungalow without a litchi tree is rare in Doon, particularly in Dalanwala area, along with mango, guava and the ubiquitous papaya and banana. Before the onset of litchi season, custody of the trees is given to contractors who arrange to pluck the fruit when it ripens, for being sent to the markets packed in wooden boxes. Contrary to popular belief, litchi is sold dear in Doon as most of it is exported to richer markets in Delhi, Mumbai and elsewhere. In places like Mumbai, litchi is very expensive; one fruit of litchi may cost you one rupee and a bunch may burn a hole in your pocket.

When we came to reside in Dehra Dun in the late nineteen forties, litchi trees were found in abundance in the abounding green glamour of the valley. With the unscrupulous spree for urbanisation, trees were cut down to create spaces for the new inhabitants of the valley. One such place was Khazanchi Bag on the road leading to the Forest Research Institute.



Forest Research Institute at Dehradun


Almost three decades ago, the Bagh gave place to numerous housing societies and residential colonies inhabited mostly by the employees of ONGC. Some houses existing in the erstwhile Khazanchi Bagh still have the boon of at least one litchi tree that bestows its bounties on the resident in the litchi season. Doon litchi trees are generally tall but some are so short that one can pluck the fruit standing on the ground. Some exceptional litchis, having very small seed surrounded by thick layer of pulp, are a real catch.

In Calcutta, one can see green litchi fruit being sold in New Market. Surprisingly, it is not raw and sour but as sweet and juicy as the red fruit of Doon and elsewhere.

The fruit is best eaten fresh; it is canned in the form of pulp or juice, which is very popular through not available in the market in abundance.

I would share with you the recipe for a heavenly cocktail with the heady combination of litchi juice and Vodka.

Mix 30 ml of Vodka with 60 ml of litchi juice, canned or fresh, in a tall glass. Lace it with 1 spoonful of full fresh cream; add some crushed ice. Shake gently and sip comfortably in any easy chair watching the raindrops washing the green leaves in your garden in the afternoon.

Puja-Ashish first anniversary

We celebrated the first marriage anniversary of my daughter, Puja, with dear Ashish, on May 1 this year by performing a SatyaNarayan Katha and Hawan at our house.