Reportage on a planet without equitable or sustainable development.
From Majority to Minority Shareholders
and a look at what debt restructuring means for mfi promoters.
“I have a 45% stake,” says a promoter of a leading MFI. “If we restructure Rs 1,000 crore of debt, my stake will drop to about 1%.” This will be a setback for promoters of MFIs such as Spandana Spoorthy and Share Microfin, which bought back large quantities of shares from their borrowers – mostly poor women – between 2005 and 2007 for a pittance just before their business took off. They built the business with an objective of going public at some point and realising those gains.
But if they are reduced to minority shareholders, they will not be able to realise those gains. more here.
I am an Indian journalist with interests in energy, environment, climate and India’s ongoing slide into right-wing authoritarianism. My book, Despite the State, an examination of pervasive state failure and democratic decay in India, was published by Westland Publications, India, in January 2021. My work has won the Bala Kailasam Memorial Award; the Ramnath Goenka Excellence in Journalism Award; five Shriram Awards for Excellence in Financial Journalism; and, more recently, been a finalist at the True Story Award and GIJN’s Global Shining Light Awards. Write to me at despitethestate@protonmail.com.
“Westland closure: Titles that are selling fast and a few personal recommendations,” by Chetana Divya Vasudev, Moneycontrol. (Because this happened too. In February, a year after DtS was released, Amazon decided to shutter Westland, which published the book. The announcement saw folks rushing to buy copies of Westland books before stocks run out.)
Fractured/Earth 
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