Thursday, December 15, 2005

Another public sector way of work

Day would have passed smoothly, but for the proposal of Rights issue of Hindalco. We came to know from HO that the same has been rejected. It was a shock. Rights of a share ruling at 130 available at 96 will be anyone's call as the price cant get cheaper than this.
A call from the DGM forced the GM to reconsider his decision and approve it.
On looking at the note wherein the proposal was denied the remark for decline was "Let us wait for a better opportunity to enter at appropriate time". No what is better chance? Are they going to write to the board of Hindalco to declare rights when they find the time appropriate? Ridiculous! Jaya had a correct one-liner for suck top management - let them sit for that psychometric test!
It was nothing but yet another functioning style of public sector. Whims and fancies of an individual. His own moods drive the part of organization under his jurisdiction. I wonder what more it will take to weed out the rot?

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