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...This massive erosion of shareholder value is a direct outcome of a system-wide corporate governance failure. Specifically, it refers to the failure of the defaulted company’s management and board to promptly disclose the company’s default to the exchange. To the extent that a debt-servicing default can potentially erode equity value, in terms of shareholder impact it ranks in the same category as mergers/acquisitions. The absence of prompt disclosure is a disservice to investors. Minority shareholders’ morale was boosted when on 4 August, the Securities and Exchange Board of India (Sebi) mandated that from 1 October, listed companies are to report “default” in servicing a bank loan within 24 hours of the default. ...Live Mint on Nov. 6, 2017, 11:52 p.m.
...As defined by economists Barry Eichengreen and Ricardo Hausmann, original sin refers to a country’s inability to issue debt securities denominated in its domestic currency in international markets.In the last three decades, several sovereign crises were triggered because of various countries’ inability to service dollar or euro denominated debt.These developing nations were charged with this sin.The implication being that developing countries (a subset of which were elevated to the status of emerging nations) which do not have a track record of stable inflation and currency rate may only elicit sufficient interest in their debt if it is denominated in a reserve currency such as the US dollar, euro and the like.In the Indian context, there is some merit in the masala bond move since Indian banks can do with some foreign investment and they will not face the foreign currency risk associated with foreign debt. ...Live Mint on Sept. 13, 2016, 12:44 a.m.