Prof. Sanjay Sawant Dessai

From Reliance Petroleum to Jio Platforms: Can Regulatory Safeguards Guarantee Shareholder Value?

2026-10-22T21:39:26.435+05:30

From Reliance Petroleum to Jio Platforms: Can Regulatory Safeguards Guarantee Shareholder Value?

In the year 2006, Reliance Petroleum Limited (RPL) approached the primary market with a public issue of ₹2,700 crore (as part of an ₹8,200 crore overall equity program) to fund its second Jamnagar refinery complex. Three years later, in 2009, RPL was merged back into parent Reliance Industries Limited (RIL) at a 1:16 swap ratio. While the global financial crisis of 2008 eroded market euphoria and left short-term listing-gain seekers bruised, long-term investors absorbed into RIL eventually recovered value over corporate cycles.

Fast-forward to today, Reliance has returned to the primary market with the mega-IPO of Jio Platforms Limited, seeking to raise roughly ₹30,000 crore from the public. While market exuberance is palpable around India's digital and telecom footprint, a fundamental corporate governance question resurfaces: What guarantees exist that IPO capital will be deployed judiciously for minority shareholder wealth creation?

The blunt reality of capital markets is that no statutory agency or promoter can guarantee equity capital safety or returns. Shareholder value depends on operational execution, competitive dynamics, and pricing discipline. However, unlike 2006, India’s corporate governance framework has evolved significantly:

1. Mandatory Third-Party Fund Monitoring: Under current SEBI (ICDR) Regulations, an independent monitoring agency (such as a registered credit rating agency) must track and publicly report the utilization of IPO proceeds on a quarterly basis until 100% of the funds are deployed strictly as per the stated 'Objects of the Issue'.

2. Prohibition of Fund Diversion: Under Section 27 of the Companies Act, 2013, management cannot divert IPO proceeds to unapproved projects without passing a special resolution through postal ballot, complete with an exit option for dissenting public shareholders.

3. Exchange & Audit Oversight: Under SEBI (LODR) Regulation 32, listed entities must place quarterly utilization statements before their independent Audit Committee and file them with NSE and BSE, making deviations immediately visible to the public.

While SEBI, MCA, and stock exchanges enforce strict disclosure, accounting, and anti-diversion norms, they do not dictate business judgment or project profitability. Ultimately, corporate governance safeguards ensure transparency and accountability in fund deployment, but the burden of evaluating whether the business model can generate long-term return on invested capital (ROIC) rests squarely on the investor

Goa Assemby Elections 2027

2026-10-22T21:38:42.768+05:30

Around 2009, the people of Goa united against the incumbent Congress regime, driven by widespread public fury over systemic corruption and reckless land conversions under the banner of saving the state (Save Goa Movement). That mass disillusionment culminated in the historic 2012 mandate, when Goans placed their faith in the BJP on the solemn promise of "good governance".

​Fourteen years on, the reality of that promise stands thoroughly exposed. Instead of integrity, Goans have witnessed unabashed opportunism, where power-hungry representatives routinely switch allegiances simply to stay in office. History is repeating itself: Goa is now battered by cash-for-jobs scandals, rampant land-grabbing rackets, illicit narcotics operations traced right to prison cells, and a visible collapse of law enforcement. What was sold as "good governance" has deteriorated into sheer misgovernance—if not total administrative paralysis.

​Just as the BJP weaponized public anger through its yatras ahead of the 2012 shift, today the Goy Rakhonn Yatra led by the opposition is striking a deep chord across the grassroots. The winds of change are unmistakably blowing across the State. However, if the Congress and its allies genuinely intend to offer a viable alternative, they must not commit the fatal blunder of welcoming back defectors and political turncoats merely because they smell an electoral victory. Real change demands principled candidates, not recycled opportunists.

Ease Fertilizer Buying for Goa's Farmers

2026-09-06T06:48:09.708+05:30

Ease Fertilizer Buying for Goa's Farmers.

​The mandatory requirement to purchase fertilizers exclusively through an app-based verification system is causing severe ground-level distress for farmers across Goa.

​While transparency in distribution is vital, the current digital-only mandate overlooks critical rural realities:

1.​Lack of Smartphones: Most small and traditional farmers do not own devices that support heavy apps.

2.​Connectivity Failures: Erratic network coverage in interior belts frequently stalls critical purchases.

3.​Complex User Interface : The application's steep digital literacy barrier makes independent use impractical for non-tech-savvy cultivators.

​Practical Solutions to Ease the Burden:

1.​Offline Purchases up to ₹2,000: Permit direct over-the-counter sales for small, routine purchases so farmers do not miss critical sowing windows.

2.​Simplified App Experience: Redesign the interface to be as simple and intuitive as standard UPI apps, complete with local language support (Konkani/Marathi) and voice prompts.

3.​Vendor/PACS-Assisted Model: Allow authorized dealers, society depots, and Primary Agricultural Credit Societies (PACS) to handle verifications via Point-of-Sale (PoS) devices directly with Krishi Card.

​Technology should enable our farmers, not create bottlenecks in the field. Let us ensure policy implementation matches grassroots reality. ​#GoaAgriculture

My perspectives on higher education

2026-09-02T06:50:00.000+05:30

From मीलेर to a Demat Account: The Evolution of Saving

2026-08-27T22:47:46.086+05:30

From मीलेर to a Demat Account: The Evolution of Saving

During our childhood, saving started with a simple clay pot (मीलेर). Every coin dropped inside taught us financial discipline.

Today, wealth creation has evolved. A Demat account is the modern gateway to investing—giving you seamless access to:

Equities & ETFs: Own a share in growing businesses.

Mutual Funds: Diversified, professionally managed portfolios.

Digital Gold & Silver: Modern, secure alternatives to physical bullion.

Liquid Assets & Debt Instruments: Safe avenues for regular yields.

Saving preserves your hard-earned money; investing makes it grow. Take the step from holding cash to building long-term wealth

Concerns Regarding the Promulgation of the Goa Co-operative Societies (Amendment) Ordinance.

2026-08-24T07:21:30.122+05:30

Concerns Regarding the Promulgation of the Goa Co-operative Societies (Amendment) Ordinance.

​The recent promulgation of the Goa Co-operative Societies (Amendment) Ordinance to overhaul state cooperative laws—bypassing the conventional legislative process of open debate, discussion, and voting in the Legislative Assembly—raises significant questions regarding legislative propriety.  

​Using an ordinance route for substantial structural reforms runs contrary to the spirit of transparent lawmaking, particularly given the sensitive nature of the cooperative sector.

​Key Issues at Stake:

​Erosion of Democratic Deliberation: Major legislative changes affecting cooperative banks, credit institutions, and housing societies ought to be subjected to rigorous debate and scrutiny by elected representatives in the Assembly rather than being enacted through executive promulgation.

​Spirit of the 97th Constitutional Amendment: The 97th Constitutional Amendment Act was enacted precisely to grant constitutional status and protection to cooperative societies, reinforcing their autonomous functioning, democratic member control, and freedom from arbitrary state interference. Bypassing public and legislative discourse on matters touching upon cooperative autonomy undermines these foundational safeguards.  

​Need for Stakeholder Inclusion: Cooperative societies represent grassroots democratic economic participation. Significant regulatory shifts—such as altered audit frameworks, stricter director accountability, and enhanced registrar powers—demand wider consultation with the cooperatives themselves before implementation.

Reclaiming the Golden Bird: India’s Journey from Chains to Global Power

2026-08-15T07:19:00.000+05:30

Happy Independence Day

​Today, we honor the incredible sacrifices and hard work of the freedom fighters who fought for our freedom struggle and broke the chains of foreign rule to reclaim India’s destiny.

​For nearly 800 years, our people suffered under foreign rule—from the Delhi Sultanate in 1206 (ruling for almost 300 years) and the Mughals in the 16th century (ruling for another 300 years) to the East India Company and British Rule during the 18th century (ruling for almost 200 years). Before these invasions, India was celebrated as the Sone ki Chidiya (Golden Bird), contributing 25% toward global trade.

​When we gained independence in 1947, India was  in very bad shape and a poor country. Over the last 80 years, through the relentless work of the people of India, our progress competing with top nations has been remarkable:

​Education: Literacy rate rose from 12% in 1947 to 80% today (we need to reach 100%)

​Health: Life expectancy increased from 32 years to 75 years.

​Standard of Living: Per capita income soared from ₹250/year to ₹1,80,000/year (a long way to go!)

​Economic Growth: Expanded from a $27 Billion  to a $4 Trillion powerhouse, standing as the world's 4th largest economy.

​The progress we have made together over the last 80 years is remarkable. We all together must work to contribute toward the progress of India and also to preserve our democratic freedom.
​I once again wish you all a Happy Independence Day—Jai Hind 

Citizens, Not Politicians

2026-07-23T22:30:52.345+05:30

Citizens, Not Politicians

Whenever an individual deposits ₹100 into a bank, ₹18 is directed into the Statutory Liquidity Ratio (SLR)—funding government securities that build highways, schools, and public infrastructure—while another ₹3 is held under the Cash Reserve Ratio (CRR) parked with the RBI to stabilize the financial ecosystem, meaning 21% of every saved rupee actively supports national liquidity and development programs. Similarly, whenever that individual spends ₹100 for consumption, a substantial portion (approximately ₹20) flows straight into State and central treasuries through indirect taxes like GST, Excise, Customs, and VAT. Public infrastructure and social programs are ultimately funded by the hard-earned savings and daily consumption of ordinary people. Leaders and policy makers merely direct these pooled resources; the real engine of the nation's growth is every single saver, worker, and consumer in the country. Every citizen is a direct driver of nation-building—often without realizing the massive financial scale of their daily actions.

Need transparency and accountability in ethanol blending

2026-07-22T22:33:00.000+05:30

It has come to light that for the past two years, the fuel dispensed at petrol stations across Goa has been E20, a blend of 20% ethanol and 80% petrol. Despite this significant transition in fuel composition, consumers were never formally notified by petroleum companies, nor have we seen the promised reduction in retail prices resulting from this blending process. The current pricing structure warrants greater transparency, especially given that the government reportedly earns approximately ₹40 per liter on fuel priced at ₹100. As taxpayers, we are entitled to clear information regarding the actual procurement cost of the ethanol used in the blending process, specific data on the foreign exchange savings achieved by the government through the introduction of E20 fuel, and an explanation of why the cost benefits of ethanol blending have not been passed on to the end consumer as originally promised. Ultimately, it is essential that petroleum companies and the relevant authorities practice full disclosure; consumers deserve to know not only what they are putting into their vehicles but also how the economic benefits of this national policy are being utilized or shared.

Erosion of Public Wealth: LIC-Rajesh Exports Crisis Demands Accountability

2026-06-10T19:24:53.653+05:30

Erosion of Public Wealth: LIC-Rajesh Exports Crisis Demands Accountability

As retail investors, we often trust institutional giants like the Life Insurance Corporation of India (LIC) to safeguard and grow public wealth. However, the recent collapse of Rajesh Exports raises serious questions about risk management and oversight.

The Timeline of a Crash:

The Peak (2023): Rajesh Exports shares touched ₹700. LIC’s 10.8% equity stake was valued at a robust ₹2,200 Crore.

The Crisis: Severe allegations emerged suggesting the company manipulated its books, showing inflated revenue figures to the tune of ₹15 Lakh Crore over several years.

The Aftermath: Following ongoing investigations, the stock price has plummeted to around ₹85/share.( today closing)

The Real Impact:

As on date LIC’s stake has dwindled to ₹254 Crore, resulting in a notional loss of over ₹1,800 Crore. This isn't just a corporate loss; it is a direct blow to millions of innocent LIC policyholders whose hard-earned premiums fund these investments.

A loss of this magnitude, driven by alleged corporate governance failures, cannot be overlooked. There is an urgent need for a thorough investigation into the decisions made by the LIC Investment Committee. #licofindia #RajeshExports

"Adani Power"

2026-05-28T14:01:45.563+05:30

"Adani Power"

​Adani Power  became India’s 11th most valued company, reaching a market capitalization of ₹4.79 lakh crore and surpassing IT giant Infosys, yet a closer look at their financial fundamentals suggests this massive valuation shift is difficult to justify based on current performance alone. For FY 2026, the contrast in core metrics between the two companies is stark: Infosys reported a massive total revenue of ₹1.78 lakh crore, a net profit of ₹30,000 crore, and a healthy Earning Per Share (EPS) of ₹71, whereas Adani Power generated a significantly lower revenue of ₹54,000 crore, a net profit of ₹13,000 crore, and a single-digit EPS of just ₹7. Despite Infosys delivering more than double the revenue, over twice the net profit, and ten times the EPS of Adani Power, both companies are being valued almost equally by the market. Ultimately, this gap highlights how strong market momentum, structural sector rotation toward capital-heavy infrastructure, perceived political connect, and aggressive future growth expectations can temporarily disconnect a stock's price from its current financial reality

Beyond the Meter: Why Goa Deserves Transparency in Power Infrastructure.

2026-05-27T14:04:01.595+05:30

Beyond the Meter: Why Goa Deserves Transparency in Power Infrastructure.

While the adoption of new technology like Smart Electricity Meters is a necessary step toward efficient energy distribution, the growing public opposition and the "Smart Meter Naka" movement at the village level point to a deeper issue of a severe trust deficit and a lack of institutional transparency. The general public is not inherently anti-progress; rather, scepticism arises when the government announces an expenditure of over ₹900 crore of taxpayers' money while simultaneously labelling the replacement as "free." There is a fundamental contradiction in calling a project free when it is ultimately funded by the public exchequer, making it completely justified for consumers to demand absolute clarity on how their hard-earned money is being utilized.

This anxiety is further intensified by the memory of previous large-scale infrastructure initiatives that failed to deliver on their promises. For instance, the ₹400-crore LED streetlight project was introduced with great expectations, only for the private contractor to abandon the contract, leaving the shorthanded State Electricity Department to shoulder the ongoing maintenance burden. Similarly, the ₹200-crore bunch cable system, which was supposed to serve as a vital standby arrangement for power supply across Goa, was reportedly plagued by technical faults and never put to actual use. Looking at this historical background, it is clear that pushing a mandatory rollout without addressing these valid consumer apprehensions will only escalate friction.

To bridge this gap and take the public into confidence, the government should immediately issue a comprehensive White Paper detailing the entire smart meter project. This document must explicitly disclose the nuances of the tendering process, the credentials of the chosen contractor, the specific long-term maintenance clauses, and the exact roadmap for data security. True technological modernization cannot be successfully forced upon a population through mandates alone; it must be built on a foundation of robust financial accountability, clear public communication, and administrative transparency. #SmartMeter

Importance of Marathi in Goa

2026-05-24T20:49:06.919+05:30

We cannot talk about the future of Goa without acknowledging the massive role Marathi plays in our grassroots education. Having completed my own primary education in Marathi, I still rely heavily on the language for learning and knowledge, drawing from the vast world of literature and resources it provides.

​Right now, roughly 30,000 out of Goa's 90,000 primary school students are learning through the Marathi medium. That is 1 in every 3 children laying their intellectual foundation in this language. For the absolute benefit of our students, we must actively promote, strengthen, and support Marathi education across the state.

​However, advocating for Marathi education is entirely distinct from altering our official language structure. Konkani is the very identity of Goa. To preserve the uniqueness and soul of our state, Konkani must be maintained as the sole official State language.

​Let's support Marathi for knowledge and cherish Konkani for our identity

Save Our Roads and foreign exchange before the Monsoon!

2026-05-24T20:46:35.081+05:30

Save Our Roads and foreign exchange before the Monsoon!

​While it is great to see the Goa PWD actively hot-mixing roads and adding fresh carpets across the State, there is a major oversight that needs immediate attention: Roadside drains are still clogged and uncleaned.

​If these drains are not cleared on high priority before the monsoon hits, all this newly laid hot-mixed carpet is going to wash away with the first heavy rains.

​Waterlogging doesn't just destroy the roads; it destroys taxpayers' hard-earned money and valuable foreign exchange, as Bitumen is imported by exchanging dollars.

​Requesting the Goa PWD to take up roadside drain cleaning on top priority. Let’s act fast to prevent flooding, protect our economy, and save our infrastructure!

A Legacy of Strength and Love, My Mother " Mother's Day Special"

2026-05-10T16:53:00.000+05:30

A Legacy of Strength and Love .

My mother was born in 1950 in Ghotmorod, Kakoda, into the large and vibrant Rama Sawant family. Growing up as one of ten siblings during the Portuguese era, she left school after the 4th standard, as educational opportunities beyond that level were nearly non-existent at the time. From a very young age, she demonstrated her selfless nature, working for daily wages in agricultural fields to support her loved ones.

At 18, she began a new chapter, marrying Prabhakar Rama Sawant Dessai and moving to Karmane, a remote village in Sanguem Taluka. Though they were landowners, the scarcity of water made the land a significant challenge to manage. Determined to give her four children every opportunity, she poured her soul into the earth—cultivating paddy and cash crops with tireless energy. Alongside my father, she transformed years of grueling manual labor into a bridge for our education.

She lived to see all her children receive a good education and become well-settled and successful—the ultimate testament to her lifelong dedication. When she passed away in May 2025, she did so with the peace of a woman who knew she had fulfilled her greatest mission. Today, we honor the incredible woman who gave us everything. Greetings of Mother's Day to all

Analysis of the Goa Budget 2026-27: Growth vs. Stagnation

2026-03-07T00:15:00.002+05:30

Analysis of the Goa Budget 2026-27: Growth vs. Stagnation

The Goa Budget for FY 2026-27 presents a total expenditure of ₹30,195 crore, set against an estimated State GSDP of ₹1.31 lakh crore and a per capita GSDP of ₹8.18 lakh. However, a closer look at the allocations reveals a concerning lack of fiscal momentum:

Stagnant Revenue Expenditure: At ₹20,299 crore, revenue expenditure has increased by a mere ₹100 crore over the Revised Estimates (RE) for FY 2025-26, suggesting almost no expansion in state-run services or welfare scaling.
Restrained Capital Outlay: The total capital expenditure is pegged at ₹7,363 crore. Crucially, this includes ₹2,023 crore dedicated solely to debt repayment—an increase of ₹600 crore in debt servicing costs compared to the previous year.
Minimal Asset Creation: When accounting for debt servicing, the actual increase in capital spending (money flowing into infrastructure and development) is only ₹100 crore over the previous year's revised estimate.

There is a stark disconnect between these static expenditure levels and the government’s optimistic projection of 7% GSDP growth. Without a significant "multiplier effect" usually triggered by aggressive capital investment or a massive surge in private sector activity, it is difficult to justify how a budget with nearly zero incremental spending can drive such a robust growth rate.

Evolution of Goa's Leadership

2026-02-25T22:47:00.005+05:30

Over the last 65 years, Goa has seen 13 Chief Ministers with widely varying tenures. Pratapsingh Rane holds the record for the longest leadership, governing for 16 years. He is followed by Dayanand Bandodkar and Manohar Parrikar, who both served for approximately 9 years. Pramod Sawant has governed for 7 years, while Shashikala Kakodkar and Digambar Kamat each completed 5-years.

The shorter tenures include Laxmikant Parsekar, Dr. Wilfred de Souza, and Ravi Naik, who served roughly 2 years each. Barbosa, Luizinho Faleiro, Francisco Sardinha, and Churchill Alemao (who served just 18 days) all held office for a year or less.

Based on the historical impact and the foundation laid for the State, I rate Dayanand Bandodkar as the best Chief Minister among them all.

New Cooperative Policy and its effective implementain in Goa

2026-01-09T21:43:00.004+05:30

For the effective implementation of the new National Cooperative Policy in Goa, it is essential to appoint the Registrar of Cooperative Societies for a minimum term of five years. Over the last decade, frequent leadership changes have disrupted strategic planning and weakened the long-term impact of key cooperative initiatives

Portuguese Rule in Goa

2025-12-18T19:46:00.000+05:30

Portuguese Rule in Goa:
Old Conquests (451 years): Areas of present Tiswadi, Bardez, Mormugao and Salcete Talukas .
New Conquests (approx 200 years) Area of present Pernem, Bicholim, Sattari, Ponda, Sanguem, Dharbandora , Quepem and Canacona Talukas.

The Causes of Potholes on Roads in Goa

2025-08-29T20:25:00.001+05:30

The Causes of Potholes on Roads in Goa

The prevalence of potholes on roads in Goa can be attributed to several systemic issues, primarily poor planning, lack of coordination, and inadequate road engineering and supervision.

There is a lack of coordination among key government departments, such as the PWD, sewerage department, and electricity department. These departments often plan and execute projects independently, leading to new roads being repeatedly dug up shortly after construction for the installation of pipes, cables, or other utilities. This cycle of construction and excavation weakens the road structure, making it susceptible to damage.

The planning and design of roads often lack proper engineering foresight. Engineers often design projects from an office without fully accounting for on-the-ground conditions. Furthermore, contractors often prioritise maximise profit by using substandard materials and methods, which compromises the quality of the work. This issue is compounded by a lack of rigorous supervision and quality control from the PWD, allowing shoddy work to be approved and completed.

The absence or inadequacy of drainage systems on many roads is major contributing factor for potholes on the road. During the monsoon season, rainwater accumulates and flows over the road surface instead of being drained away. This standing and flowing water infiltrates the road's foundation, weakening the asphalt and aggregate layers, which directly leads to the formation of potholes.

To address this problem, there is an urgent need to implement a system of accountability for engineers and contractors. Holding them legally and financially liable for negligence and poor-quality work would incentivize better planning, higher construction standards, and proper project supervision.

"Dev Pavlo" देव पावलो

2025-07-06T22:49:00.003+05:30

"Dev Pavlo" देव पावलो

Yesterday evening, my family and I went to see the movie "Sitare Zameen Par" at the Inox theater in Margao. It was the 7:30 PM show. After the movie, around 10:30 PM, when I came out and reached my car, I saw that one of my car tyre was flat. I opened the trunk and started to remove the spare tyre to replace the flat one. At that moment, a gentleman suddenly appeared and said, "Oh, a tyre puncture? Wait, I'll do it for you," and he grabbed the spanner from my hand and began removing the spare tyre. I told him I would do it myself, but he didn't listen and proceeded to replace the tyre. As he finished the work and was about to leave i said to him "Dev Pavlo" and asked him, "Baba", where are you from? He simply said, "Benaulim" and left, walking towards his parked car. I saw his family was waiting for him in his car. He started his car and just drove away. In my hurry, I even forgot to ask his name or note his car number. In the end, my family and I were so happy and we said to ourselves, "This is how God comes to help when you are in need."

GOA BUDGET-2022 | बजेट की राजकीय जाहिरनामा ? #Goa #Marathi #News

2025-04-01T21:51:00.001+05:30

My take of Goa Budget 2025-26

2025-03-26T20:28:00.002+05:30

My take of Goa Budget 2025-26

Goa State's total budgeted expenditure for FY 2025-26 is projected at Rs 27,661 crore, which includes revenue expenditure of Rs 20,299 crore and capital expenditure of Rs 7,363 crore. The State's Gross Domestic Product (SGDP) is estimated at Rs 1,38,624 crore, with an expected growth rate of 14.27 percent over the previous year. As per budget statement State tax and non-tax revenues are expected to grow at 8 percent and 1 percent respectively during FY 2025-26. Considering the mere 8 percent growth in tax and non-tax revenues, the SGDP growth of 14.27 percent appears very ambitious.

My take on India #Budget2025

2025-02-03T21:59:00.004+05:30

My take on India #Budget2025

The Modi government's latest budget offers significant relief to the middle class, a first in the last ten years. Individuals earning up to ₹25 lakh annually can save nearly ₹1.15 lakh in taxes. This is expected to boost consumption, savings, and investment, ultimately driving economic growth. However, I am disappointed. The government's spending priorities don't adequately address education and health. Health is conspicuously absent from the top ten expenditure categories. Furthermore, the education allocation of approximately ₹1 lakh crore represents only 2% of the total budget. If India aspires to compete with nations like the US and China, it must prioritize improving the quality of education and healthcare, this budget, however, focuses primarily on physical infrastructure.

Comparative income tax rates for financial year 2024-25 and 2025-26

2025-02-01T22:53:00.000+05:30