A Secretary’s Dilemma

Everybody wants their sons/daughters to be gainfully employed and that too with a top ranking institution. This becomes easier if the son/daughter happens to be the ward of a top-ranking civil servant. But the opening up of the economy has made it difficult for senior civil servants to pursue multinational organisations and convince them to concede to their requests for favour to a family member. There is a top-ranking secretary in the government who has tremendous clout in private sector companies by virtue of his position. His son is working with a private bank in a very senior position. The Chairman of a private bank recently took over a beleaguered controversial infrastructure company for assets management. The controversial company has a balance sheet of more than `1.15 lakh crore. The said secretary desired his son to gain experience in a top-ranking multinational private equity (PE) firm. They chose a company and pursued his son’s case; even a very influential banker from Mumbai personally called the chairman of PE firm, but the PE firm did not pay any heed to the request of a private banker. Meanwhile, the banker is on the spree of selling assets of a beleaguered company without bothering about consequences as he has a mentor in the secretary, who is reportedly always ready to help.

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