Key Points
An illegal betting app called Mahadev recently made news as part of a political exchange of charges over a scandal under investigation, with BJP and Congress leaders accusing each other of being in cahoots with the apps owners..
Allegations surfaced that members of the Delhi-based Dabur Groups promoter family of Burmans, as co-owners of an Indian Premier League team, had links with a cricket betting racket allied with the scandalous app..
On Tuesday, the family flatly denied any involvement and described the reports not just false and baseless," but also as an arm twisting" move made by vested interests in an attempt to block the acquisition of Religare Enterprises Ltd by the Burman family.".
On 25 September, the Burmans, who held over a fifth of its equity and had slowly been buying in (via board-okayed preferential allotments too), made an open offer for at least a quarter of the ownership pie, which would give them veto power on key resolutions and trigger yet another offer for a majority stake..
Whats clearor least unclearis that while violations of law must be probed free of bias and scandals of both politics and business must be put to proper tests of justice, further blurring of these two sphereswhich idealists once hoped market reforms would cleave apartcould make it harder to resolve cases to the satisfaction of neutral stakeholders, be they electorates or share-owners..
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