Sunday, June 8, 2008

Business Interest Forces Mayawati-Mulayam to Over Rule Political Compulsions

The cat has came out of bag on all of sudden meet between Uttar Pradesh Chief Minister Ms Mayawati and SP leader Mulayam Singh Yadav When UP government has withdrew its earlier Letter to take stern against Sahara India Financial Corporation Limited to Reserve bank of India on Saturday as resultant of Human Right Meet.

The meeting of two arch political rivals on Friday under the cover of Human Rights issue came into lime light with rumors of new political alignment in the land of social engineering.

The today’s move from Mayawati’s side has opened the cards clearly, that planned bilateral meet was purely on business model as Yadav is considered close to Subroto Roy, chairman of Sahara Group.

What is RBI-SIFCL- UP Government Tussle?

On June 4, RBI banned Sahara to collect deposits from public in any form. The Chief General Manager, Alpana Killawala clearly mentioned that SIFCL was provided all options to submit its answers to all queries and India’s regulatory bank authorities found that SIFCL had continuously violated directions/guidelines of RBI.

After this RBI order Sahara moved to Allahabad High Court and got Stay order on Bank’s Order but RBI has taken tough stand and moved to Supreme Court to vacate stay on its June 4, order to SIFCL by High Court.

The UP government came into picture in RBI- SIFCL tussle when it has written a letter to RBI to take stern action against Sahara Group because it can sell off its assets and dupe with its investors majority of them based in UP and Bihar.

RBI after getting endorsement from Uttar Pradesh Government on its order was planning to use it against Sahara in Supreme Court to vacate HC stay in coming days.

Now withdrawal of its earlier official endorsement against Sahara can hamper RBI case in Supreme Court.

It may be the only real reason behind Mayawati –Mulayam meet other than political or human rights issues.

What makes Mulayam Singh Yadav to over rule Business interest over Politics?

The closeness between Subroto Roy and Mulayam Singh and his party is open fact but Friday move has conveyed some thing more than closeness in their relations which had forced Netaji popularly called by his party men to visit to Ms Mayawati residence with whom he has not even courtesy relations for last 13 years in public or private.

Politically nothing happened drastically or suddenly which could force him to meet his hard bite enemy in ground level in sate politics.

Than only reason which co-incidental facts suggesting are business interest direct or indirectly affecting him due to RBI ban over Sahara Financial operation.

In Indian politics where your political interest is supreme is rule of the day this over night change of heart for other than political interest is indicator of beginning of new era in Indian politics with phrase that your political interest is supreme but your business is cream.

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