‘SBI No $1B Adani loan’ ⁠— a screaming sign interrupts India vs Australia first ODI at Sydney

[Trichromatic]

https://www.businessinsider.in/business/corporates/news/two-protestors-barged-into-the-india-australia-match-ground-holding-signs-sbi-no-1b-adani-loan/articleshow/79441670.cms

 

[Stan AF]

well done

[R!TTER]

Good to see but if 2020 has taught us anything it's that the rich &/or corrupt (not mutually inclusive) will always get their way, the system is rigged to make sure they come out on top!

[Rightarmfast]

4 minutes ago, R!TTER said:

Good to see but if 2020 has taught us anything it's that the rich &/or corrupt (not mutually inclusive) will always get their way, the system is rigged to make sure they come out on top!

India is a live example.

[rkt.india]

What's wrong in SBI giving loan an industrialist?

[Serpico]

SBI is giving loan for a business that happens entirely in australia? do they have so much excess of money so to just send it out of country like that? is this part of atma nirbhar too?

[gattaca]

10 minutes ago, Serpico said:

SBI is giving loan for a business that happens entirely in australia? do they have so much excess of money so to just send it out of country like that? is this part of atma nirbhar too?

An Australian protesting against Indian bank to not give loans to Indian business man in Auz ya I don’t find fishy.

Edited November 28, 2020 by gattaca

[Tridibans_16]

24 minutes ago, Serpico said:

SBI is giving loan for a business that happens entirely in australia? do they have so much excess of money so to just send it out of country like that? is this part of atma nirbhar too?

Well it is not like that. It is an Indian Bank (Biggest lender) financing a project owned by an Indian Company on a foreign land.

 

If tomorrow you go to USA, will you apply from an Indian bank for credit card/ foreign travel card or a USA bank (where in all probability you don't even have any permission to open an account)?

 

BTW SBI financing is for profit and not for charity or anything else. After Kingfisher fiasco (political backing in 2009-10) all bank processes are now transparent and accountable.

 

[Real McCoy]

@velu@Straight Drive What's your take on this? SBI is already under heavy pressure to meet RBI's request to help banks that are under moratorium. Do you think this is a worthwhile risk or just another scam/corruption from SBI higher ups. Giving loans for an investor who is already operating offshore. Does this adani guy have on shore investments that can be liquidated if he defaults like Mallya

[velu]

8 minutes ago, Real McCoy said:

@velu@Straight Drive What's your take on this? SBI is already under heavy pressure to meet RBI's request to help banks that are under moratorium. Do you think this is a worthwhile risk or just another scam/corruption from SBI higher ups. Giving loans for an investor who is already operating offshore. Does this adani guy have on shore investments that can be liquidated if he defaults like Mallya

as long as business is good , there is no harm in giving loans , banks just can’t park the money idle ..

incase of genuine business failures  , banks will also lose money ..

 

if Adani defaults because of business failure ( not scam ) , banks will recover whatever they can .. 

People like Ambani and Adani create jobs , nor the stupid commies who protest for 200rs and a pack of biriyani ..

 

if Adani defaults and he has not given his personal guarantee , only the stocks and collateral that he pledged should be liquidated and nothing else

[Real McCoy]

4 minutes ago, velu said:

as long as business is good , there is no harm in giving loans , banks just can’t park the money idle ..

incase of genuine business failures  , banks will also lose money ..

 

if Adani defaults because of business failure ( not scam ) , banks will recover whatever they can .. 

People like Ambani and Adani create jobs , nor the stupid commies who protest for 200rs and a pack of biriyani ..

 

if Adani defaults and he has not given his personal guarantee , only the stocks and collateral that he pledged should be liquidated and nothing else

I understand banks cant just keep the money idle. They profit by lending to others. As long as Adani is a safe bet like Ambani, I don't have any problems with SBI lending money to them. I don't want a Mallya, Nirav Modi like people taking advantage of this situation. I also understand the quarter whiskey, biryani and some loose change protests from the commies. They try to scuttle any business opportunities when they get a chance. The money the commie leaders have to provide biryani and change is coming from outside the country. Why is Modi not doing anything about it.

[velu]

1 hour ago, Real McCoy said:

I understand banks cant just keep the money idle. They profit by lending to others. As long as Adani is a safe bet like Ambani, I don't have any problems with SBI lending money to them. I don't want a Mallya, Nirav Modi like people taking advantage of this situation. I also understand the quarter whiskey, biryani and some loose change protests from the commies. They try to scuttle any business opportunities when they get a chance. The money the commie leaders have to provide biryani and change is coming from outside the country. Why is Modi not doing anything about it.

 

if the loan is risky , then they charge more interest ..

if banks don’t give loan then companies  will go with foreign banks or private equity ..

 

nirav Modi is a fraud ..

 

Mallyas kingfisher is a genuine business failure ..

Mallya may or may not channelled some loan money for his own , but I can’t say he did cheat or not but even if he did cheat the magnitude of it will be inconsequence..

 

His biggest mistake was giving personal guarantee to the loans that his airlines took ..

he offered to repay the principle long back , but banks kept asking principle with full interest ( we dont have bankruptcy laws then )  instead of taking some haircut ..

 

Current law is say you take 100 crore loan by pledging 150 crore property ( or any collateral ) for your company , and you lose all your money and banks want their 100 crore back , then they do whatever they want with your 150 crore property that is pledged ( if the property price  goes to 10 crore , banks take 90 crore loss )  

Edited November 28, 2020 by velu

[Straight Drive]

1 hour ago, Real McCoy said:

@velu@Straight Drive What's your take on this? SBI is already under heavy pressure to meet RBI's request to help banks that are under moratorium. Do you think this is a worthwhile risk or just another scam/corruption from SBI higher ups. Giving loans for an investor who is already operating offshore. Does this adani guy have on shore investments that can be liquidated if he defaults like Mallya

Firstly regarding the thread, I think it's related to protest regarding harm to environment.

 

There is an ongoing protest in Australia since many months or longer regarding the plot where one major Indian company has been given rights to do mining. There have been protests objecting that project.

 

I think the guy who came with no loan probably may also be protesting investment in Australia citing some harm to environment via some Adani project.

 

Personally I am against multiple bail outs one after another particularly to banking sector where most of the management are corrupt and are responsible for the precarious positions they are in. 

 

The banks which have major portion of business into retail lending are safer and doing okay. The banks or NBFC's who are majorly into wholesale or corprorate lending like IndusInd bank are struggling. It's a management failure. ILFS has had a major impact on its lenders but if lenders could not figure out the true worthiness of books of ILFS then they need to hire better people in company. The management has to take the blame ultimately for the position the lenders are in. 

 

Acquisitions abroad have been cause of huge failures and debt for many conglomerates. Tata for instance has failed in its steel venture. They closed some plant in Europe. Another plant of Tata in China is on closure iirc. 

 

The banking officials at times get some favors for passing loans in crores and more inspite of financial reports and standing of company isn't good. 

 

The real worthiness of acquisition or project being undertaken needs to be deeply studied. The ability of  promoter group to repay which is seeking money needs to be analyzed as per past data and current standing including the project documents they submit while seeking huge loans. just don't give it on the basis of one or two pages of  "SWOT" analysis written by someone. Manay factors needs to be looked at while extending financial support to the promoters. Even if the promoters are pledging shares, analyse whether the pledged shares will hold value on basis of studying relevant things.

 

If the scrutiny before sanction is diligently done and it proves there is merit to support the investment by promoter group then the lender can provide finance.

 

Environment damage objections can have huge impact on the business. Moreover mining is a cost intensive sector which will need a huge capital investment. There needs to be a proper research.

 

Adani Enterprises is well connected in many regards and as we are aware it is into various sectors. There is lot to evaluate.

 

Edited November 28, 2020 by Straight Drive

[chewy]

I thought protest was more against climate change and Adani proposal to import coal from Australia.

 

Maybe SBI don't have climate change as consideration in their ethical and sustainable policy guidelines for doing business.

 

Anyways this is typical South Park pro-war and anti-war protests to show Australia is not a monster and care about climate change but ultimately we will continue selling coal to India and China to enrich ourselves.

 

Much like gora backed Greta movement.

 

 

 

[puneet28]

Aussies don't want Adani to operate mining business here. His Carmichael mine had drawn substantial controversy due to its environmental impacts on Great Barrier Reef. I have been here for 4 years now and see protests against Australian government to stop Adani every now and then. 

[Rightarmfast]

The bigger issue is the amount of harm Adani's project is going to do to the Aussie ecology. The whole public is against the project. And then there's a bigger nexus between the politicians and this particular business. It is natural that the people will protest and rightly so. 

 

[Rightarmfast]

58 minutes ago, velu said:

nirav Modi is a fraud ..

 

Mallyas kingfisher is a genuine business failure ..

Mallya may or may not channelled some loan money for his own , but I can’t say he did cheat or not but even if he did cheat the magnitude of it will be inconsequence..

 

His biggest mistake was giving personal guarantee to the loans that his airlines took ..

he offered to repay the principle long back , but banks kept asking principle with full interest ( we dont have bankruptcy laws then )  instead of taking some haircut ..

 

Have to agree with @velu here. I also think that Mallya got such a bad name because of the way he treated his employees. And that's the reason why the whole case went public. Had he treated his employees as well as he treated his kingfisher models, public opinion would have been managed.

Edited November 28, 2020 by Rightarmfast

[Khota]

I have no knowledge of what is going on but it is always good to see peaceful protest and countries not supressing it.

[Rightarmfast]

6 minutes ago, Khota said:

I have no knowledge of what is going on but it is always good to see peaceful protest and countries not supressing it.

This -

 

 

[puneet28]

1 hour ago, sarchasm said:

 

Are you sure? The labor party opposed it and they lost the elections. Sure, the press would have you believe Aussies are unanimously united against this project but they are also known to be out of touch with reality.

I didn't follow elections closely, but I think because regional Queenslanders would have voted against Labor. Labor opposed Adani but people who protest against it are mainly from urban areas and as per reports at least tertiary educated. 

 

Adani mining has mixed views among mass. Some people argue about more jobs and others about environmental impacts.