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Why PMC Bank Not Being Bailed Out?
The speed and alacrity with which Satyam Computer, the brainchild of Ramalinga Raju; YES Bank, promoted by Rana Kapoor; and Lakshmi Vilas Bank (LVB) were bailed out by the Union government seems to have surprised everyone. No government since Independence has moved at this sort of lightning speed to resolve such tricky, tortuous issues. Seeing the government’s bailout overdrive, especially in relation to YES Bank and LVB, some of the Opposition parties attributed motives, saying it was shielding people aligned to the government. Be that as it may, the government’s move has certainly given succour to the aggrieved depositors of both the banks.  And it is this kind of relief that the shattered depositors of PMC Bank have been clamouring for since the news of the Rs 4,300-crore money laundering scam hit the bank. The angry depositors of PMC Bank staged dharna in front of the RBI, dashed off letter to the finance minister Nirmala Sitharaman. But of no avail.  Seeing depositor’s hapless state, Republic TV ran a high decibel campaign. Republic TV revealed that a letter was written on January 28, 2011 by Manpreet Kaur to the then Chief General Manager in-charge, Urban Banks Department, RBI about bank’s misdoings way back in 2011.  There is hope for depositors as there are many suitors eager to take over this bank.
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Harshad Mehta: Short-Lived Bull Run
The late Big Bull Harshad Mehta was in the news. This time for reel life – a movie The Big Bull starring Abhishek Bachchan and The Scam 1992 : The Harshad Mehta Story and  A 10-episode series, based on a book, sketches his dramatic rise and tragic fall. The brain behind the 1992 Securities Scam, Mehta never displayed emotions openly. He was always smiling and had a swagger. He greeted people with Jai Shri Krishna, an usual greeting among the Gujaratis.  Like the movie Sholay a lot of his one liners have become immortal.  He once told a few journalists after being caught: “Badnam hua tho kya hua, naam tho howa! His another famous line was: “India is a turnaround scrip.” True to his words, the Sensex in 1992 zoomed from 1,000 points to 4,546. The Big Bull was yoked and jailed in 1992. But after his release from the jail, his fan following did not dwindle; in fact it increased. A huge crowd was seen waiting for him at a book launch at a Crossword book store in south Mumbai that he attended. Many took his autographs. Out of jail he was back punting on scrips like BPL, Videocon and Sterlite. Interestingly, he wrote Guest Column for The Financial Express and had plans to launch a TV channel called Money Television. But a story in Business Standard in 1996 scuttled his IPO plans for the proposed TV channel.  In the end, despite amassing huge wealth, he died in a Thane jail. He got a massive heart attack. It was a short lived bull-run. ends

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Editor’s Note: Short Post Noticed By People Who Matter

Four years have zipped by and we are crossing another milestone on 31st January 2025 – it’s our 4th Anniversary. It feels good.
Looking back at the 1460 days, I must say Short Post has made its mark with people who matter via 4000 stories published in the areas of politics, business, entertainment and sports. All made possible by the unflinching commitment and dedication of our senior editors, most of whom have been part of this journey from Day One.
Small pack, big impact is in essence the story of Short Post which was launched at the height of the Covid-19 pandemic in 2021. It shows our conviction. In all humility, I can say, we have created a new niche in the news segment space like Hindustan Unilever which created a new segment, when it launched CloseUp Gel.
Yes, we have created a brand (in a limited sense), created demand (readers) and created supply (senior journalists). But we are facing teething problems like all start-ups. What makes us happy and confident is the recognition of our efforts. For instance, we have an arrangement with the OPEN Magazine, part of the $4.5 billion Kolkata-based Sanjiv Goenka-RPG Group. This arrangement sees around 10 Short Post stories posted on OPEN Magazine website every week. This arrangement is testimony that our content has been well received! Also, I may add that the Maharashtra government has recognised Short Post and has allowed our senior editor to cover the Assembly sessions. Ditto: Odisha.
Our goal is to ensure that Short Post becomes a habit. I would like people to keep checking their smartphones to know the latest Authentic Gossip. As regards AI and the fear of it disrupting all businesses including media. On that, personally, I have no such fear as I am confident AI cannot smell news particularly Authentic Gossip. That’s the place we are well entrenched.