034 Public Sector Bank Top Managers should not shame themselves below to a certain degree by accepting appointments in Private Sector Corporates

Public Sector Bank Top Managers ought not to shame themselves below to a certain degree by accepting appointments in Private Sector Corporates, especially those which have dealings during their former Employments. When Managers and Executives advance in their Age, a Realisation has to come that Money, Position, Status and Wealth will only be ephemeral and transient. This is no philosophy. It is 20th and 21st Century Practical proof. For example, Late Mr. Y.S. Rajasekhara Reddy, Former Chief Minister of Andhra Pradesh made billions of bucks through his quid pro quo Dealings and benefited his son Mr. Y.S. Jaganmohan Reddy. But, could he take his millions and billions with him, when the Helicopter he was travelling collided and crashed with hills of Nallamala? No.

Context

The news of Ms. Arundhati Bhattacharya, Former CEO, State Bank of India, India's Largest Bank, and World's Largest Bank in terms of number of branches, after retirement, joining Reliance Industries Limited, as SO CALLED "Independent Director". Link to read: Click here to go to : https://economictimes.indiatimes.com/industry/energy/oil-gas/reliance-industries-inducts-arundhanti-bhattacharya-on-board/articleshow/66278321.cms. Now, Ms.Arundhati Bhattacharya will be listening to the sermons of Ms. Nitu Ambani w/o Mr. Mukesh Ambani. Of course, Reliance Industries will be able to show to the Department of Corporate Affairs that they have appointed a Woman Director on their Board, to comply with the New Companies Act. So far so good.

Is the Intrinsic Job Satisfaction of a Public Sector Manager, an Illusory Halo?

Ans: No. Though Public Sector Executives are paid far less than their Private Sector Corporate Counterparts, not only the Subordinates of the Public Sector Executives, but also Public in general (in India) look at them with awe and inspiration. It is what is called "Intrinsic Job Satisfaction" of believing and feeling that "I too have contributed to this Nation". On the other hand, Private Sector Corporate Directorships, Managing Directorships, CEOships, will only be slaveries. In money terms, the Public Sector Managers may be paid a pittance vis-a-vis their dedication to the duty, risks they take, and the tensions they undergo, and the family lives they forego.

My previous writes-up on this subject:

Last time I wrote about this subject, was at my principal blog, on 6th Sept. 2014. Click here to go to http://problemsoftelugus.blogspot.com/2014/09/341-what-greatness-and-merit-does-ms.html, if you wish to read it.. Title of this blogpost was: "341 What greatness and merit does Ms. Chanda Kochhar has, which Ms. Arundhati Bhattacharya does n't have?".

On 6th April 2018, at my post No. 1057, what I wrote: Click here to go to http://problemsoftelugus.blogspot.com/2018/04/1057-does-india-need-private-banks-and.html. The title of the Blog Post was: "1057 Does India need Private Banks, and their Super-Efficient Larger-than-Life-Imaged CEOs?".

On 8th Dec. 2016, at my post No. 846, what I wrote: Click here to go to: http://problemsoftelugus.blogspot.com/2016/12/846-some-questions-which-mr-urjit-patel.html. The title of the Blog post was: "846 Some questions which Mr. Urjit Patel may have to answer, now that there is no need for secrecy about demonetisation".

On 9th March 2015, at my post No. 443, what I wrote: Click here to go to http://problemsoftelugus.blogspot.com/2015/03/443-physical-labor-vs-mental-labor-vs.html. The title of this Post was :"443 Physical labor vs Mental labor vs Creative Labor vs Strategic Labor issues in Marxism and Communism".

ybrao-a-donkey's personal views not intended to be imposed on others:

QuestionWill Ms. Arundhati Bhattacharya really play her role as an Independent Director?

Ans: I do not think so. It's all mAyA. All is Delusion and Illusion. In Telugu language, my mother tongue, we have a idiomatic phrase "nEti bIrakAy" (English: bIrakAy= rugged gourd vegetable. There is a variety of rugged gourd with the prefix 'nEti" which means clarified butter- Hindi word ghee.) Do they contain ghee? No, not yet all.

There is also a Sanskrit language phrase: "ajA gaLa sthanam". Goats have a sort of two tissues at their neck which are called "goat's breasts". They do not yield milk. Prima facie, they serve no purpose. Independent Directors in Indian Corporates are only goat-neck-breasts.

Corporates are appointing Independent Directors and Women Directors, only because the Companies have no alternative. It is a statutory requirement. Since Independent Directors will be privy to the decisions taken in Board Meetings, the Promoters naturally want somebody who will serve as a showpiece, rubber stamp, nodding their heads, and signing on dotted lines. Occasionally, they will be allowed to raise some minor pertinent rubbish questions to demonstrate that the Independent Directors are not just eating cashews at meetings, and sleeping. Some of such Independent Directors, may even wait for some booze as a gift at EOD (End of the Day), for their sitting-through-sessions.

Question: In your personal view, why did the BJP Government neglect her, without giving her / promising her, any post-retirement appointment, so that Nation can benefit from her Expert Services?

Ans: I do not know. We can make some guesstimates. 1. There is lot of confusion because the Ambani Brothers i.e. Mukesh Ambani and Anil Ambani seem to be occasionally cutting-out one another, and occasionally helping out one another at the instance of their mother. Superficially it may appear that BJP is favoring Anil Ambani more, while the previous UPA Govt. has favored Mukesh Ambani more. If Ms. Arundhati Bhattacharya is regarded as Mukesh Ambani's favourite, probably she may not be in the good books of NDA.

2. It is not clear whether Ms. Arundhati Bhattacharya wholeheartedly and fully co-operated with the RBI Governor and the Finance Ministry, during Demonetisation blues of 2016 November. If the Finance Ministry, and RBI regarded her as fully co-operative in carrying out their instructions, normally, she ought to get some place in India's 2018-19 Financial Set up, even after her retirement. But, of course, in terms of Monetary Remuneration, a Govt. Post, may not be attractive to Ms. Bhattacharya. If she wanted greener pastures to graze after the Cool-out period, well she can avail her liberties.

3. In Family-managed Indian Corporate Giants, CEOs will not normally be professionals. They will be from Promoters Family or their Trusted Serfs. Even when designated as CEOs and MDs, essentially they will have to be HMV Logos. This might have happened even for Ms. Chanda Cochhar, the Former High Profile CEO of ICICI Bank. In return for the Serfdom, the Serf-CEOs will get some bread crumbs, but when a question of bearing blame comes, they alone will have to be accountable and get the brickbats.

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