ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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ANDHRA- Sweet Smell of Revolution

suaders call the capital market). Why precisely did the Reserve Bank go to Goenka's rescue? The Reserve Bank (before aiding Goenka) ascertained that "he (Goenka) had no intention to disturb the existing management" of Indian Iron and that he would unload his holdings gradually. The expression used, be it noted, is ascertained; Goenka has not given any undertaking not to take over Indian Iron or to desist from becoming a bear. What is the premium on Goenka's intentions as ascertained? If Goenka has undertaken to stay off the management of Indian Iron, and sell off his holdings gradually, then all that has been done is to make Goenka refrain from taking the abiding interest of an investor in Indian Iron. In a word, the transaction has been confirmed as speculative. Here, too, lies an interesting catch. Goenka must sell gradually or else share prices would decline; therefore, to pursue the logic, Goenka must sell when prices touch their crest; therefore, it has to be ensured that prices are pushed up. No bull could have asked for and obtained more.

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