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Friday, November 29, 2024

The Model Millionaire - Oscar Wilde

Unless one is wealthy there is no use in being a charming fellow. Romance is the privilege of the rich, not the profession of the unemployed. The poor should be practical and prosaic. It is better to have a permanent income than to be fascinating. These are the great truths of modern life which Hughie Erskine never realised. Poor Hughie! Intellectually, we must admit, he was not of much importance. He never said a brilliant or even an ill-natured thing in his life. But then he was wonderfully good-looking, with his crisp brown hair, his clear-cut profile, and his grey eyes. He was as popular with men as he was with women, and he had every accomplishment except that of making money. His father had bequeathed him his cavalry sword, and a History of the Peninsular War in fifteen volumes. Hughie hung the first over his looking-glass, put the second on a shelf between Ruff's Guide and Bailey's Magazine, and lived on two hundred a year that an old aunt allowed him. He had tried everything. He had gone on the Stock Exchange for six months; but what was a butterfly to do among bulls and bears? He had been a tea-merchant for a little longer, but had soon tired of pekoe and souchong. Then he had tried selling dry sherry. That did not answer; the sherry was a little too dry. Ultimately he became nothing, a delightful, ineffectual young man with a perfect profile and no profession.

To make matters worse, he was in love. The girl he loved was Laura Merton, the daughter of a retired Colonel who had lost his temper and his digestion in India, and had never found either of them again. Laura adored him, and he was ready to kiss her shoe-strings. They were the handsomest couple in London, and had not a penny-piece between them. The Colonel was very fond of Hughie, but would not hear of any engagement.

'Come to me, my boy, when you have got ten thousand pounds of your own, and we will see about it,' he used to say; and Hughie looked very glum on those days, and had to go to Laura for consolation.

One morning, as he was on his way to Holland Park, where the Mertons lived, he dropped in to see a great friend of his, Alan Trevor. Trevor was a painter. Indeed, few people escape that nowadays. But he was also an artist, and artists are rather rare. Personally he was a strange rough fellow, with a freckled face and a red ragged beard. However, when he took up the brush he was a real master, and his pictures were eagerly sought after. He had been very much attracted by Hughie at first, it must be acknowledged, entirely on account of his personal charm. 'The only people a painter should know,' he used to say, 'are people who are bete and beautiful, people who are an artistic pleasure to look at and an intellectual repose to talk to. Men who are dandies and women who are darlings rule the world, at least they should do so.' However, after he got to know Hughie better, he liked him quite as much for his bright buoyant spirits and his generous reckless nature, and had given him the permanent entree to his studio.

When Hughie came in he found Trevor putting the finishing touches to a wonderful life-size picture of a beggar-man. The beggar himself was standing on a raised platform in a corner of the studio. He was a wizened old man, with a face like wrinkled parchment, and a most piteous expression. Over his shoulders was flung a coarse brown cloak, all tears and tatters; his thick boots were patched and cobbled, and with one hand he leant on a rough stick, while with the other he held out his battered hat for alms.

'What an amazing model!' whispered Hughie, as he shook hands with his friend.

'An amazing model?' shouted Trevor at the top of his voice; 'I should think so! Such beggars as he are not to be met with every day. A trouvaille, mort cher; a living Velasquez! My stars! what an etching Rembrandt would have made of him!'

'Poor old chap! said Hughie, 'how miserable he looks! But I suppose, to you painters, his face is his fortune?'

'Certainly,' replied Trevor, 'you don't want a beggar to look happy, do you?'

'How much does a model get for sitting?' asked Hughie, as he found himself a comfortable seat on a divan.

'A shilling an hour.'

'And how much do you get for your picture, Alan?'

'Oh, for this I get two thousand!'

'Pounds?'

'Guineas. Painters, poets, and physicians always get guineas.'

'Well, I think the model should have a percentage,' cried Hughie, laughing; 'they work quite as hard as you do.'

'Nonsense, nonsense! Why, look at the trouble of laying on the paint alone, and standing all day long at one's easel! It's all very well, Hughie, for you to talk, but I assure you that there are moments when Art almost attains to the dignity of manual labour. But you mustn't chatter; I'm very busy. Smoke a cigarette, and keep quiet.'

After some time the servant came in, and told Trevor that the frame-maker wanted to speak to him.

'Don't run away, Hughie,' he said, as he went out, 'I will be back in a moment.'

The old beggar-man took advantage of Trevor's absence to rest for a moment on a wooden bench that was behind him. He looked so forlorn and wretched that Hughie could not help pitying him, and felt in his pockets to see what money he had. All he could find was a sovereign and some coppers. 'Poor old fellow,' he thought to himself, 'he wants it more than I do, but it means no hansoms for a fortnight;' and he walked across the studio and slipped the sovereign into the beggar's hand.

The old man started, and a faint smile flitted across his withered lips. 'Thank you, sir,' he said, 'thank you.'

Then Trevor arrived, and Hughie took his leave, blushing a little at what he had done. He spent the day with Laura, got a charming scolding for his extravagance, and had to walk home.

That night he strolled into the Palette Club about eleven o'clock, and found Trevor sitting by himself in the smoking-room drinking hock and seltzer.

'Well, Alan, did you get the picture finished all right?' he said, as he lit his cigarette.

'Finished and framed, my boy!' answered Trevor; 'and, by-the-bye, you have made a conquest. That old model you saw is quite devoted to you. I had to tell him all about you - who you are, where you live, what your income is, what prospects you have--'

'My dear Alan,' cried Hughie, 'I shall probably find him waiting for me when I go home. But of course you are only joking. Poor old wretch! I wish I could do something for him. I think it is dreadful that any one should be so miserable. I have got heaps of old clothes at home - do you think he would care for any of them? Why, his rags were falling to bits.'

'But he looks splendid in them,' said Trevor. 'I wouldn't paint him in a frock-coat for anything. What you call rags I call romance. What seems poverty to you is picturesqueness to me. However, I'll tell him of your offer.'

'Alan,' said Hughie seriously, 'you painters are a heartless lot.'

'An artist's heart is his head,' replied Trevor; 'and besides, our business is to realise the world as we see it, not to reform it as we know it. a chacun son metier. And now tell me how Laura is. The old model was quite interested in her.'

'You don't mean to say you talked to him about her?' said Hughie.

'Certainly I did. He knows all about the relentless colonel, the lovely Laura, and the £10,000.'

'You told that old beggar all my private affairs?' cried Hughie, looking very red and angry.

'My dear boy,' said Trevor, smiling, 'that old beggar, as you call him, is one of the richest men in Europe. He could buy all London to-morrow without overdrawing his account. He has a house in every capital, dines off gold plate, and can prevent Russia going to war when he chooses.'

'What on earth do you mean?' exclaimed Hughie.

'What I say,' said Trevor. 'The old man you saw to-day in the studio was Baron Hausberg. He is a great friend of mine, buys all my pictures and that sort of thing, and gave me a commission a month ago to paint him as a beggar. Que voulez-vous? La fantaisie d'un millionnaire! And I must say he made a magnificent figure in his rags, or perhaps I should say in my rags; they are an old suit I got in Spain.'

'Baron Hausberg!' cried Hughie. 'Good heavens! I gave him a sovereign!' and he sank into an armchair the picture of dismay.

'Gave him a sovereign!' shouted Trevor, and he burst into a roar of laughter. 'My dear boy, you'll never see it again. Son affaire c'est l'argent des autres.'

'I think you might have told me, Alan,' said Hughie sulkily, 'and not have let me make such a fool of myself.'

'Well, to begin with, Hughie,' said Trevor, 'it never entered my mind that you went about distributing alms in that reckless way. I can understand your kissing a pretty model, but your giving a sovereign to an ugly one - by Jove, no! Besides, the fact is that I really was not at home to-day to any one; and when you came in I didn't know whether Hausberg would like his name mentioned. You know he wasn't in full dress.'

'What a duffer he must think me!' said Hughie.

'Not at all. He was in the highest spirits after you left; kept chuckling to himself and rubbing his old wrinkled hands together. I couldn't make out why he was so interested to know all about you; but I see it all now. He'll invest your sovereign for you, Hughie, pay you the interest every six months, and have a capital story to tell after dinner.'

'I am an unlucky devil,' growled Hughie. 'The best thing I can do is to go to bed; and, my dear Alan, you mustn't tell any one. I shouldn't dare show my face in the Row.'

'Nonsense! It reflects the highest credit on your philanthropic spirit, Hughie. And don't run away. Have another cigarette, and you can talk about Laura as much as you like.'

However, Hughie wouldn't stop, but walked home, feeling very unhappy, and leaving Alan Trevor in fits of laughter.

The next morning, as he was at breakfast, the servant brought him up a card on which was written, 'Monsieur Gustave Naudin, de la part de M. le Baron Hausberg.'

'I suppose he has come for an apology,' said Hughie to himself; and he told the servant to show the visitor up.

An old gentleman with gold spectacles and grey hair came into the room, and said, in a slight French accent, 'Have I the honour of addressing Monsieur Erskine?'

Hughie bowed.

'I have come from Baron Hausberg,' he continued. 'The Baron--'

'I beg, sir, that you will offer him my sincerest apologies,' stammered Hughie.

'The Baron,' said the old gentleman, with a smile, 'has commissioned me to bring you this letter;' and he extended a sealed envelope.

On the outside was written, 'A wedding present to Hugh Erskine and Laura Merton, from an old beggar,' and inside was a cheque for £10,000.

When they were married Alan Trevor was the best-man, and the Baron made a speech at the wedding-breakfast.

'Millionaire models,' remarked Alan, 'are rare enough; but, by Jove, model millionaires are rarer still!'

Bharat Khodo Yojana: A National Call to Dig, Discover, and Debate

    The Bharat Khodo Yojana has arrived, and with it, a groundbreaking vision—literally. Why bother with debates and disputes when you can solve history’s mysteries with a shovel? Every inch of land hides a story, and it’s our patriotic duty to uncover them. This isn’t just a scheme; it’s a call to action, a movement to unite the nation under one mantra: dig, dig, and dig some more. 

    Picture it. Streets alive with the sound of spades hitting the earth, entire families abandoning Netflix for the excitement of excavation. Aunties, previously champions of neighborhood gossip, are now wielding shovels like seasoned archaeologists. Children have traded their cricket bats for pickaxes, while uncles argue about the best soil layers to target. The Bharat Khodo Yojana has become more than a policy—it’s a cultural revolution. 

    No permits, no rules, no red tape. Just grab whatever tool you have and start digging. Your backyard, your living room, your office parking lot—it’s all fair game. Don’t stop at your own land; feel free to explore your neighbor’s property too. Who knows what treasures might be lying beneath? Gold? Oil? A lost civilization? The possibilities are endless.  

    History is full of surprises, and the Bharat Khodo Yojana promises to reveal them all. Forget temples beneath mosques or mosques beneath temples. What if there’s a dinosaur bone under your vegetable patch? Or an ancient river flowing silently beneath your street? Even better, what if you strike oil? With every dig, we inch closer to rewriting not just India’s history, but the world’s. 

    This is not just about history; it’s about economic transformation. Linking digging to employment schemes like MNREGA means everyone will have work. The unemployed will find purpose, and the overworked will find joy in shoveling away their stress. And if you find nothing? Don’t worry. Fill up the hole and dig again. Digging is about persistence. The second—or the tenth—attempt might uncover something extraordinary. 

    This movement isn’t limited to our borders. Imagine exporting the Bharat Khodo spirit. Indian excavation teams could travel the world, uncovering the secrets beneath the White House, the Eiffel Tower, or even the frozen tundra of Antarctica. Who knows? We might find evidence of our ancestors or, at the very least, make archaeologists across the globe jealous of our zeal. 

    The beauty of the Bharat Khodo Yojana is its inclusivity. Temples, mosques, churches, gurudwaras—no land is sacred and no place exempt. We’ll dig under forests, under rivers, and even under mountains. Each hole tells a story, and every scoop of earth brings us closer to unearthing the truth about our shared past. 

    Refusing to dig is unpatriotic, of course. Those who abstain may find themselves in jail, where they’ll still be required to dig in specially designed excavation cells. But even the reluctant will eventually discover the joy of unearthing the unknown. After all, digging isn’t just a duty; it’s an investment. Imagine stumbling upon a diamond mine or a forgotten treasure trove. The rewards are endless. 

    As a nation, we’ve built roads, dams, and IITs, but now it’s time to unbuild and rediscover. What lies beneath our homes, our temples, and our cities? What secrets have been buried over millennia? It’s not just about finding temples or mosques. It’s about discovering dinosaur eggs, ancient artifacts, or maybe even a tunnel to America. 

    So, grab your shovel and get started. The Bharat Khodo Yojana isn’t just a government initiative; it’s a mission for every Indian. Start digging. Dig deep. And remember, the true depth of our patriotism lies in how far we’re willing to go—beneath the surface.

Saturday, November 23, 2024

Indictment of Gautam Adani and Others by US Prosecutors

The recent indictment of Gautam Adani, his nephew Sagar Adani, and six others by US prosecutors in an alleged bribery case has sent shockwaves through corporate India. The case, which revolves around allegations of offering and promising bribes amounting to Rs 2,029 crore to secure lucrative solar energy supply contracts with state distribution companies (discoms), raises serious questions about corporate governance, regulatory oversight, and political connections in India. 

This indictment follows closely on the heels of allegations made by Hindenburg Research, a US-based firm, which accused the Adani Group of accounting fraud and stock market manipulation last year. The indictment’s charges—ranging from conspiracy to violate the Foreign Corrupt Practices Act (FCPA) to securities fraud, wire fraud, and obstruction of justice—underscore the urgent need for a transparent and impartial investigation.  

The Allegations 

According to the indictment, the bribes were intended to secure contracts involving the Solar Energy Corporation of India and various state governments, including Odisha, Jammu and Kashmir, Tamil Nadu, Chhattisgarh, and Andhra Pradesh. These contracts, linked to a manufacturing project, were projected to generate over $2 billion in profits for the Adani Group over two decades. Allegedly, detailed documentation exists to substantiate the bribery efforts, and US authorities claim that some disclosures made to Indian stock exchanges were false. 

The Adani Group's meteoric rise has often been viewed with suspicion due to its close ties with political establishments. Ajit Pawar, Maharashtra's Deputy Chief Minister, recently alleged that Gautam Adani was involved in discussions between the BJP and the Nationalist Congress Party (NCP) during a government formation five years ago. This claim, coupled with the indictment, highlights the blurred lines between corporate interests and political influence. 

The Market Fallout  

The impact of the indictment on the Adani Group’s market performance has been dramatic. Adani Enterprises saw its shares plunge by 23.4%, Adani Green Energy fell by 18.95%, Adani Power dropped 9.6%, and Adani Ports lost 13.2%. The Group also scrapped a $600-million bond offering, indicating the financial strain and reputational damage inflicted by the allegations. 

The financial markets’ reaction underscores the systemic importance of the Adani Group, which has diversified interests in ports, airports, renewable energy, cement, and media. Any instability within the conglomerate sends ripples through the broader economy, impacting investor confidence and the stock market. 

Regulatory Oversight Under Scrutiny 

This indictment brings into sharp focus the role of India’s regulatory authorities, particularly the Securities and Exchange Board of India (SEBI). Past allegations have questioned SEBI’s impartiality in investigating complaints against the Adani Group, with claims of regulatory inaction surfacing after the Hindenburg report. The US indictment further highlights gaps in oversight and the need for stringent regulatory measures. 

The credibility of regulatory institutions is essential for maintaining investor trust. SEBI and other authorities must address these allegations comprehensively and transparently, leaving no room for ambiguity. Failure to do so could undermine the integrity of India’s financial markets. 

Global Ramifications  

The indictment also raises concerns about the international perception of India’s corporate sector. The involvement of US prosecutors in this case indicates the seriousness of the allegations and the global implications of any wrongdoing. If substantiated, the charges could lead to penalties under the FCPA and other US laws, affecting the Adani Group’s international operations and partnerships. 

Moreover, the indictment could deter foreign investment in India, as potential investors might perceive the country’s corporate environment as fraught with risks. The government and regulatory bodies must act swiftly to dispel such notions by ensuring accountability and enforcing the rule of law.  

The Politics of Corporate Scandal 

Political affiliations and their influence on corporate activities have long been a contentious issue in India. The Adani Group’s perceived proximity to the ruling establishment has fueled skepticism about its business practices. Critics argue that such relationships create an uneven playing field, allowing certain entities to gain undue advantages.  

While the BJP has dismissed the allegations as an “international conspiracy” to undermine Indian markets, this narrative fails to address the core issues. Blaming external factors undermines the intelligence of Indian investors and distracts from the need for introspection and reform. 

The Need for Transparency  

Given the gravity of the allegations, a transparent and time-bound investigation is imperative. The government must demonstrate its commitment to upholding the rule of law, regardless of the stature of those involved. Regulatory agencies should collaborate with international authorities to ensure a thorough and impartial inquiry. 

A credible investigation would not only address the specific allegations against the Adani Group but also set a precedent for corporate accountability. It would signal to domestic and international stakeholders that India’s regulatory framework is robust and impartial, fostering trust in the country’s financial markets. 

Strengthening Corporate Governance 

The indictment also highlights the need for stronger corporate governance in India. Companies must adopt best practices to ensure transparency, accountability, and ethical conduct. Boards of directors should play an active role in overseeing management and preventing conflicts of interest. 

Auditors and compliance officers must be empowered to act independently and report any irregularities. Regulatory bodies should establish mechanisms for whistleblowers to report misconduct without fear of retaliation. Strengthening these frameworks would enhance corporate accountability and reduce the likelihood of future scandals. 

Lessons from the Hindenburg Report  

The Hindenburg report had already cast a shadow over the Adani Group, raising concerns about stock manipulation and financial irregularities. The US indictment adds another layer of complexity, reinforcing the need for robust mechanisms to detect and prevent such practices. 

One of the key takeaways from these incidents is the importance of transparency in financial disclosures. Companies must provide accurate and timely information to investors, ensuring that their decisions are based on reliable data. Regulatory authorities should scrutinize disclosures rigorously and take prompt action against any discrepancies.  

Balancing Growth and Accountability 

The Adani Group’s contributions to India’s infrastructure and renewable energy sectors are undeniable. However, economic growth must not come at the expense of accountability and ethical practices. Striking this balance is essential for sustainable development and long-term investor confidence. 

The government should encourage corporate growth while enforcing strict compliance with laws and regulations. This dual approach would create a conducive environment for businesses to thrive while safeguarding the interests of stakeholders. 

Conclusion  

The indictment of Gautam Adani and others by US prosecutors is a wake-up call for India’s corporate sector and regulatory authorities. It underscores the need for transparency, accountability, and ethical conduct in business practices. The government must rise to the occasion by ensuring a thorough and impartial investigation, setting a precedent for corporate governance. 

Blaming external factors or dismissing the allegations as conspiracies will not address the underlying issues. Instead, India must demonstrate its commitment to the rule of law and the principles of justice. By doing so, it can restore investor confidence, strengthen its regulatory framework, and pave the way for a more robust and resilient economy.  

This episode serves as a reminder that no entity is above the law, and accountability is a cornerstone of a thriving democracy. Let this be an opportunity for India to reaffirm its commitment to integrity and transparency in all spheres of public life.