Rediff On The NeT: Transcript of the Harshad Mehta Chat


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The Harshad Mehta Chat

In his first encounter with a mass audience after the troubles of five years ago, Harshad Mehta was tentative at first, clothing his pronouncements in pleasant generalities. Then, as he caught the mood of an Internet chat, the man celebrated and condemned as the Big Bull, grew bolder with his analyses and forecasts of the Indian economy and, of course -- what he knows best -- the mood on the nation's bourses.

Nikhil Lakshman (Mon Mar 3 20:02:57 1997 IST):

Welcome to the Rediff Chat, Mr Mehta. It is very nice of you to find time for the Rediff Chat and I do hope you enjoy the experience.

Raven (Mon Mar 3 20:03:32 1997 IST):

hello harsha hello nikhil hello everybody

Harsha Chandra (Mon Mar 3 20:03:48 1997 IST):

Mr Mehta, what are your impressions of this year's budget?

Cybercruiser (Mon Mar 3 20:03:59 1997 IST):

Folks ihate to disappoint u all.........HE AIN'T HERE!

Harshad Mehta (Mon Mar 3 20:04:44 1997 IST):

Hi everyone , Welcome to new India.

Raven (Mon Mar 3 20:04:56 1997 IST):

Yes man I hate people who are late

Cyrus Deboo (Mon Mar 3 20:05:03 1997 IST):

Is Harshadbhai in? He is the reason my parents could come over and see me in the States. My pa is a great follower of his. Harshadbhai, what do you think of the Budget? Do you think Chidambaram has done a good job?

Harsha Chandra (Mon Mar 3 20:05:04 1997 IST):

The nation at large has been pretty happy with Mr Chidambaram. What has been your reaction?

Badla (Mon Mar 3 20:05:11 1997 IST):

Hello Mr Mehta, I am curious to have your comments on this year's budget. And what impact it will have on the stock market?

rajendra (Mon Mar 3 20:05:29 1997 IST):

What do you think of the new budget?

Cybercruiser (Mon Mar 3 20:05:34 1997 IST):

Hey is that really u Harshadbhai....?

Raven (Mon Mar 3 20:05:49 1997 IST):

Alright folks he is here

Harshad Mehta (Mon Mar 3 20:07:39 1997 IST):

Harsha Chandra: It is a revolutionary budget. Where at one stroke our honourable FM has integrated our Indian capital market with the global capital market. Further by announcing a formation of a committee to look into the full convertibility on capital account a new India is being created.

Cybercruiser (Mon Mar 3 20:07:48 1997 IST):

Harshadbhai...I AM SORRY FOR SHOUTING BUT I DONT WANT U TO MISS MY QUESTION.WHAT DO U FEEL WILL BETHE IMPACT OF THIS BUDGET WITHIN A TIME FRAME OF ABOUT 6-8 MONTHS?

Raven (Mon Mar 3 20:08:00 1997 IST):

Greetings from the RAVEN to the BIG BULL

Harsha Chandra (Mon Mar 3 20:08:25 1997 IST):

In comparison with other Asian countries, where would you rate India's economic status?

rajendra (Mon Mar 3 20:09:27 1997 IST):

Do you think the I-T department can handle the load increase caused by the widening of the tax net. Could it mean a loss of income in the long term?

Badla (Mon Mar 3 20:09:37 1997 IST):

Mr Mehta, What do you think about the FERA act being abolished?

AMIT MATHUR (Mon Mar 3 20:09:41 1997 IST):

Do you think this Budget will motivate growth? After the initial euphoria, there isalready concern that Mr C may fail to pull it off?

Harsha Chandra (Mon Mar 3 20:10:13 1997 IST):

Sir, could you please elaborate on what you mean by the term "New India"?

Raven (Mon Mar 3 20:11:03 1997 IST):

What do you think about the current 13 party led coalition gov. ? will it survive for five years after this so called revolutionary budget ?

K R Sambasivam (Mon Mar 3 20:11:39 1997 IST):

Mr Mehta, what are the barriers in your opinion to Indian becoming a major economic power? I read a report in the Wall Street Journal the other day that the middle level bureaucracy, which has a vested interest, may scuttle the reform process. Just as they did in Russia. Would you agree?

P.K.M. (Mon Mar 3 20:11:50 1997 IST):

How much black money do you think can government mobilise under voluntary disclosure scheme?

P.K.M. (Mon Mar 3 20:12:38 1997 IST):

Do you think that petrol price hike if given at this juncture would affect market sentiment or market may absorb it?

Harshad Mehta (Mon Mar 3 20:13:07 1997 IST):

Cyrus Deboo and Badla: Yes our finance minister has done a commendable job especially against the background of a tough political as well as financial situation . He has not only tried to solve the budgetary gaps but has taken bold and very innovative measures to make the country out of the economic slumber. He has effectively used the capital market to solve major economic problems which will have a very positive impact on the capital market.

Cyrus Deboo (Mon Mar 3 20:13:11 1997 IST):

I spoke to my dad an hour ago, asking him what he wanted to ask you. he does not have Internet, you see. He says the markets are already falling and the big guys are already selling.

Cut the Bull (Mon Mar 3 20:13:26 1997 IST):

Hi Mehtaji. Kem che? How do you feel today? Do you feel like Sanjay Dutt? Do you feel free? Do you feel honest? Do you feel any guilt for your wrongdoings?? I am dying to know something about you as a person. Pls reply.feel feele

subrato (Mon Mar 3 20:13:55 1997 IST):

Mr. Mehta, how can we achieve the confidence of FII and NRI in our stock market, when we operate more like a casino?

subrato (Mon Mar 3 20:14:17 1997 IST):

Mr. Mehta, how can we achieve the confidence of FII and NRI in our stock market, when we operate more like a casino?

suitcase mog! (Mon Mar 3 20:14:28 1997 IST):

Mr. Harshad Mehta. Good evening to you. Would you consider yourself gainfully employed or otherwise between occupations, sort of? How do you pull off the lifestyle you do even inspite of claiming that you are broke....?

George Soros (Mon Mar 3 20:15:11 1997 IST):

Mr Mehta: Lately you have become very spiritual and religious. What prompted you to choose the path of meditation?

AMIT MATHUR (Mon Mar 3 20:15:19 1997 IST):

Harshad, why are we Indians like crabs? Why cannot we let other Indians thrive? Why must we pull an Indian down when he is successful?

George Soros (Mon Mar 3 20:15:35 1997 IST):

Mr Mehta: Lately you have become very spiritual and religious. What prompted you to choose the path of meditation?

Cut the Bull (Mon Mar 3 20:15:35 1997 IST):

Mumbai Matador (Mon Mar 3 20:15:59 1997 IST):

I wave the red cape of Marxism

P.K.M. (Mon Mar 3 20:16:02 1997 IST):

do you think that India is only market where fiis would like to invest?political instabilitymay not be point where still fiis may like to watch from distance for some time andinvest?

Prashant (Mon Mar 3 20:16:06 1997 IST):

hallo!! harshad bhai

Cut the Bull (Mon Mar 3 20:16:35 1997 IST):

This is the Internet psychiatrist logging in. Pls tell us how you are feeling these days. PLEASE> PLEASE> PLEASE

Raven (Mon Mar 3 20:16:49 1997 IST):

Accordding to you how is the government ? will it last for five years ?

Raven (Mon Mar 3 20:18:06 1997 IST):

Let me remind you it is a 13 party coalition gov.

M G Damani (Mon Mar 3 20:18:36 1997 IST):

Hello, Harshad Great to see you on the Internet !!! Now don't goof-up this place plaese.....

Cut the Bull (Mon Mar 3 20:19:12 1997 IST):

I am re-sending my question. PLEASE REPLY> I'm sure all of us hundreds logged on the net are dying to know a little bit about you as aperson. SO here goes the question again --- Hi Mehtaji. Kem che? How do you feel today? Do you feel like Sanjay Dutt? Do you feel free? Do you feel honest? Do you feel any guilt for your wrongdoings?? I am dying to know something about you as a person. Pls reply.

suitcase mog! (Mon Mar 3 20:19:21 1997 IST):

Hello cut the bull, while I waitfor big bull to answer, I want to know if anyone here knows Anuj Kalia's relationshipwith Harshad bhai? ANUJ KALIA....

Raven (Mon Mar 3 20:19:35 1997 IST):

Did it affect your cases (CBI) when the new director Mr. Joginder Singh took over as head CBI ?

Badla (Mon Mar 3 20:19:57 1997 IST):

Mr Mehta, What do you think about FERA being abolished?

Ram Karmarkar (Mon Mar 3 20:22:59 1997 IST):

Good evening, Mr Mehta, how soon does India have to go before it becomes a major power like China?

Sexy Sensex (Mon Mar 3 20:23:37 1997 IST):

Mr Mehta if you were put your place in history where would you classify yourself?? Do you see yourself akin to Robin Hood? Or Bill Gates? Or Lord Keynes? Or Lord Ganesh? Or what? What would you like to be remembered for????

Harshad Mehta (Mon Mar 3 20:24:22 1997 IST):

PKM: Petrol price hike may definitely cause a temporary setback in the market but will eventually satisfy the outstanding problem of oil pool deficit. The VDS scheme is yet not announced so it is difficult to predict the response. The unique feature of this scheme is that it allows you to retain the capital by paying 30% tax. If you bought a house at Rs 100 in black money and now want to declare it all you need to do, is to pay Rs 30 tax without touching the house.

Cyrus Deboo (Mon Mar 3 20:24:30 1997 IST):

I think it is really sad that we have someone like Mr Mehta on this Chat and all some fools can do is ask him trivia. This is why india does not progress. Mr Mehta, I spoke to my dad an hour ago, asking him what he wanted to ask you. he does not have Internet, you see. He says the markets are already falling and the big guys are already selling.

Raven (Mon Mar 3 20:25:10 1997 IST):

NAPOLEAN would fit Mr, Mehta rightly am I right Mr. Mehta ?

Badla (Mon Mar 3 20:25:11 1997 IST):

Mr Mehta, What do you think about FERA being abolished?

K R Sambasivam (Mon Mar 3 20:25:13 1997 IST):

K R Sambasivam (Mon Mar 3 20:11:39 1997 IST): Mr Mehta, what are the barriers in your opinion to Indian becoming a major economic power? I read a report in the Wall Street Journal the other day that the middle level bureaucracy, which has a vested interest, may scuttle the reform process. Just as they did in Russia. Would you agree?

suitcase mog! (Mon Mar 3 20:26:19 1997 IST):

Since I get no reply, maybe I shud pose rhetoric? Supposing you were an ex stockbroker who was broke and being chased by all the law enforcing agencies. Would you be able to acquire and run a brand new Maruti Esteem fitted with, apart from a normal expensive cellphone, a long range cordless with scrambler and fax bought from Heera Panna and a base unit hidden at .....? Pretty good for an out of work bloke, hey??

K R Sambasivam (Mon Mar 3 20:27:07 1997 IST):

Mr Mehta, you must have interacted with several foreign investors. What are they looking for in India? Do you think FDI will go up to $ 15 billion this year.

Harshad Mehta (Mon Mar 3 20:27:32 1997 IST):

Hello Ram : If our finance minister stays long enough with the same tempo we may surpass the Chinese.

AMIT MATHUR (Mon Mar 3 20:27:40 1997 IST):

Harshad, why are we Indians like crabs? Why cannot we let other Indians thrive? Why must we pull an Indian down when he is successful?

Raven (Mon Mar 3 20:27:59 1997 IST):

Hey cyrus first of all you left India for god knows what reason then you tell us, sitting in a alien nation that India does not progress Why don't you and you OLDIE shut the crap. *BAWAJI* *LOL*

Moron (Mon Mar 3 20:28:12 1997 IST):

Hello folks, missed me?

Sexy Sensex (Mon Mar 3 20:28:42 1997 IST):

Mr Mehta please reply to some non-economic questions too. C-the-Bull had a good question. We admire you and would like to know more about you? Will you coming to the US any timne soon. I am sure many of us would like to meet you and shake your golden hand

Ram Karmarkar (Mon Mar 3 20:29:20 1997 IST):

Surpassing the Chinese! I don't believe it. How can you say that? The Chinese get annual FDI of $ 40 bn. We have difficulty even raising onbe fourth that amount. From my visits to India, I notice that we lack the political will to make India an economic superpower. Do you agree? If not, I'd like to hear from you when and how we will supass the Chinese?

suitcase mog! (Mon Mar 3 20:29:55 1997 IST):

Cyrus Deboo:India does not progress because of bigots likeyou who wouldn't recognise the rights of people in a democracy to ask what they want, so it's good you're not in India. Raven : Are you bad or just not good?hehehehe Mr. Mehta, my questions bear responses, please?

AMIT MATHUR (Mon Mar 3 20:30:10 1997 IST):

Mr Mehta: what are the industries that you would rfecommend to an NRI like me to invest in? What are the stocks that will do well in fiscal 97-98?

Sexy Sensex (Mon Mar 3 20:30:17 1997 IST):

Hey Deboo? What do you mean by trivia?

Raven (Mon Mar 3 20:30:18 1997 IST):

hello moron

M G Damani (Mon Mar 3 20:31:11 1997 IST):

Harshad Bhai, I must say you are trailing here by far ... not answering the question up to the mark...

Harsha Chandra (Mon Mar 3 20:31:34 1997 IST):

Mr Mehta, in your opinion when, if ever will India be able to pull herself from being a poor country?

Raven (Mon Mar 3 20:32:06 1997 IST):

We have heard that your younger brother is very active in the market including you ? is that tru Mr. Mehta ?

suitcase mog! (Mon Mar 3 20:32:39 1997 IST):

oogaa oogaa....are you being nice to THIS Finance Minister, after your quiet little trip to Bangalore (not so quiet, actually....) on 1st IC flight to Bangalore ex Sahar on 03rd February '97 and then beyond....

Badla (Mon Mar 3 20:33:16 1997 IST):

Mr Mehta, What do you think about FERA being abolished?

Photographs: Jewella C Miranda

Continued