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I I M B
Message from the Alumni Office
Head, Alumni Association
Chairperson, Alumni Affairs
A lot has happened in the last 3 years - probably the best 3 years of my professional life. I take this opportunity to give you a crisp stateof-the-union report of the IIMB Alumni Association: From a startup, we are now a modest not-for-profit outfit with about INR 30 Lakh a year from events and initiatives collectively done across all chapters. We have potential to grow from here slow but steady. The IIMB Alumni Council, which has members from all chapters, meets quite often and works hard to take this association forward. The office is completely institutionalized at the IIMB campus - A block 1st floor, and is now giving its support, just like any other department of IIMB, to the Institute's vision of creating management excellence. We now involve alumni with various programs of the Institute which you would have seen like admission interviews, mentoring, guest talks etc. The Office now also has a regular beat - Biannual
Magazine - and we proudly present the 6th Edition here, a quarterly newsletter, periodically updated website, reunions, Anusmaran, updates from campus etc. By the way, we celebrated the 10th Anniversary of Anusmaran this year. We are bringing the Institute closer to you by live webcasts or events in your city - we did a 5 city tour on Innovation as a theme and will continue to do more in your cities. We are incorporating the feedback you all are giving to make our Association stronger e.g. the lifelong email id was a feedback from many of you that we launched early this year. We also launched a state of the art, cobranded platinum credit card with HDFC last month. This project is a very BIG DEAL for all of us. A portion of your spending is donated by HDFC bank to the Institute for student scholarships. I urge you to sign up for this card and contribute your bit.
Last not least, we are building excellent life-long relationships with you. I cherish my friendships with you all. There is not a single day when alumni don't visit my office and I thoroughly enjoy a hot cuppa with them in the serene woods of our Institute. And almost all our initiatives are done through alumni connections - some of them pro bono. And all of this would not have been possible without support from you and the Institute. I personally, get more than 100 emails a week. My office gets more than 300. And we try and respond to each of you. We are learning to do better and always keep our ears open to your suggestions, with the intent to incorporate them. So feel free to write to me more. I look forward to the next many many more years with all of you together. Let's engage, energize and enhance IIMB's leadership through a strong alumni association. Regards, Rakesh Godhwani
Shilpa Putturamu, Ranjini Sivaswamy, Sushma Ram, Rohini Ramegowda, Gayatri Nair
Sankarshan Basu Chairperson, Alumni Affairs Rakesh Godhwani Head, Alumni Association Ranjini Sivaswamy Editor
The Alchemy of Wealth
Rakesh Godhwani Ranjini Sivaswamy Gayatri Nair - Assistant Editor Unnati Narang - Freelance Writer Arnav Pandya PGP '01 - Editorial Support Sushma Ram Rohini Ramegowda Shilpa Putturamu
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Copyright, 2011. Indian Institute of Management Bangalore. All rights reserved. No part of this magazine can be reproduced either in part or full without IIMB's prior written permission. For private circulation only
In September 2008. 1929. huge job losses and a series of suicides. In what was seen as the biggest recession since the Great Depression of the 1920s. the stock market index eroded by more than fifty percent in less than two years. With companies resorting to extreme cost cutting by laying-off their people. No low seemed low enough. What does it take to make money work for you? Here is your chance to find out the secrets of the rich from top-notch IIMB alumni who have made it big. Market players woke up every morning to check which bank had shut shop next. Yet. Faith in pension scheme. A large section of businessmen with outstanding track records will be no better than randomly thrown darts. Even legendary investor Warren Buffet's firm Berkshire Hathaway reported that 2008 was his worst year ever. What followed was utter panic amongst investors. The second thing the recession proved was that losing money was as easy as. Wealth four times the government's budget disappeared into thin air. How much time did it take you to reverse your imagination? That's precisely how soon money can walk in or out of your life. was shaken. green indicators against your stock investments and escalating figures in your bank account. had become victim of a complicated terminology he didn't understand and of a quandary he didn't quite know how he had landed up in. people left for work in the morning just how they would on any other Monday. Money makers who had been riding on the high tide had hit rock bottom. Those living off their dividend earnings faced a severe blow. why aren't you so smart? Taleb writes. Now try to imagine it all again . Nassim Nicholas Taleb asks the right question in his book 'Fooled by Randomness' . markets in the US lost $14 billion." SUMMER 2011 IIMB ALUMNI MAGAZINE 05 . No dollar signs. like all good things. Not knowing that it could be their last days at work. Do you feel a compulsive need to make money? Not for what it can buy.but not always. but many more who've lost it. People were laid off in huge numbers every day. or perhaps easier than making it. nobody was sure how long they would last in their jobs. This also shows that there is some skill involved in money making. There are some who've lasted it. How did the rules of money making get reshaped during the tough times? Jobs were clearly eliminated as a safe bet for making money. That Monday. "Can we judge the success of people by their raw performance and their personal wealth? Sometimes . enormous losses and an unavoidable debt trap. The common man too. in a single day.THE ALchemists of iimb The Alchemy of Wealth Take a second to imagine flashing dollar signs.if you are so rich. The good old secure job was no more an option. the markets crashed again and history repeated itself. but for what it is. However. n October 28.with a few changes this time. it was only the second year in more than 40 years that Berkshire posted negative results. skill is not all it takes.
Is it confined to the numbers or does it transcend those hefty figures? Over the years. It is like a bottomless pit and the seamless sky. one of America's richest selfmade billionaire. he says." The Citibank job was a notable achievement in many ways. developments in the Indian economy in the early 1990s threw open even bigger opportunities for him. Rajiv was called for an interview by Goldman Sachs. He started off with an internship at Citibank in 1985. But the closest I got to." However. But it will still tell you how to get rich. was a job with GE Capital. And he knows that you can only bounce back if you are made of the right material and have the perseverance. I persevered and it paid off. Citibank made me an offer. it was then that Rajiv says. "Like all aspiring young guns. and about going beyond it.ideas one may have about money." Finally. this article is not all about money. And while Rajiv went on to run big business for them. this time too. What it also has is the potential to give you an idea to start now. Find out what they learnt and continue to learn about the lure of the lucre. such a statement is quite surprising. was quoted as saying. In this series of interviews with bankers. But I didn't get a final offer from Citibank. Surprisingly. the expectation was very high. in pursuit of excellence. That said. it is not hard to see the highs following all those lows. Coming from someone of his stature and professional achievement. What have we learnt about money? Rajiv Maliwal PGP '85 ne of the things that we learn from the successful is to keep climbing even if you slip. "In those days Citibank only hired about five or six people all over India from all the IIMs. many of our alumni have received recognition for their successful contribution to the financial services sector. he met with another low. For Rajiv Maliwal. I started my career with a low and had to join a fairly small company. his career has been ruled by bouncing back higher after each hard fall. The first question is whether your purpose is right. or to what his life may mean. his career has been a series of lows. And many big shots do attribute their success to luck. ideas that take people a long way on the road to wealth and mistakes that can shatter wealth amassed over years. is important. private equity investors and fund managers. we will walk you down their extremely challenging career paths. Something that is so broad in range can hardly give definitions to a person's achievements. Since the time Rajiv passed out of IIMB. 06 IIMB ALUMNI MAGAZINE SUMMER 2011 . When I got selected as an intern. It doesn't matter if you are forty or fourteen. Above everything else. Hong Kong and he got through. As layers begin to unfold and he narrates his extraordinary experiences. Oil tycoon George Kaiser. "I recognized early on. that my good fortune was not due to superior personal character or initiative so much as it was due to dumb luck. within three months of joining GE. I wanted to join Goldman Sachs or Morgan Stanley. the tough times led one to conclude that money can't be a measure of success. as one may like to call it. Multinational investment banks were coming into India. the story has been this and more. extending from infinity to infinity.THE ALchemists of iimb No wonder luck or timing. You can make a start from wherever you are. It is about ideas . Within six months.
He has also worked with JP Morgan. We then raised an Infrastructure Fund and a Healthcare Fund from leading US. is the Founder and Managing Partner of Sabre Partners India. Middle Eastern. One of the criteria when we invest in company is that three to five percent of the corpus should be our own money. a successful professional herself. will they personally suffer or will it be just be a job." What about his personal investment? "One of my earlier investments in a French/Asian company called Welcome Real-Time tops that list!" IIMB ALUMNI MAGAZINE 07 I had to sell off my small flat in Kandivali.the only one I had . Potential investors were wary of start-up managers in emerging markets. We SUMMER 2011 subsequently. with over 2000 people. bought Lord Krishna Bank. The HDFC-CBoP merger multiplied the investors' money by eight times in less than four years. We started work on our own independent private equity firm called Sabre Capital. 2002 was the first year anniversary of 9/11. but I think the creation of Sabre Partners India has to be the most satisfying investment. like us. and has two children." Sabre Capital successfully used Centurion Bank as a platform for India's most valuable banking roll-up. After more than a decade in investment banking. I had a choice to either manage JP Morgan's joint venture with ICICI in India.THE ALchemists of iimb Rajiv Maliwal PGP '85. In 1997-98 the banks in Asia were undergoing a lot of stress due to the Asian crisis. we ask whether if the investment goes down. In 2008 it was taken over by HDFC Bank. Prior to 2002. Singapore for a mutual fund in India called Lotus Asset Management which became India's fastest growing asset management company." So what has been Rajiv's best investment so far? "Prior to forming Sabre. was this deal then. "I had to sell off my small flat in Kandivali . He led the creation of the biggest banking role up that came to be known as Centurion Bank of Punjab and its subsequent sale to HDFC Bank. Sabre Infrastructure Fund. This then led to our joint venture (JV) with Temasek Holdings. This then led to creation of several successful platforms like Centurion Bank for financial services. Rajiv is married to Srividya. the high point of Rajiv's career? "Definitely. I was very sure about CBoP. This experience was the turning point in my career as I got valuable experience of managing an organisation. I quit Goldman after several years to join JP Morgan. "I had always wanted to start a private equity fund. that is. will they stand to lose personally? Even when we hire people. Bank of Punjab and Bank of Muscat. "I was responsible for setting up and growing the investment banking and securities businesses for them in India. I chose the latter and came back to India to head ANZ Grindlay's Bank. If the business is going down. With such phenomenal returns. which is now considered one of Asia's best private equity deals. We decided to change our approach. Today. and approach the investors with a definitive proposal. to identify an opportunity first. I need to be convinced that the managers have skin in the game. I had invested in over a dozen companies. just to meet our operating expenses Rajiv Maliwal . when we identified Centurion Bank in India." Then Grindlays got acquired by Standard Chartered Bank. Conceptualising and starting was easy but raising money was quite a challenge." Behind all the big deals and investments is a Rajiv who doesn't shy away from talking about the bold steps he took to make Sabre happen. the only one I had. Sabre Healthcare Fund and Sabre Venture Capital Fund (the most recent initiative). or to move into a smaller organisation in a far bigger and material role. Lotus Mutual Fund. Things really started moving.just to meet our operating expenses. as its CEO. Goldman Sachs and Citibank. Asian and Indian institutional investors. We called the cluster CBoP Centurion Bank of Punjab. But what is even more satisfying is the kind of professional recognition Sabre Capital and the team has received from the industry. Rajiv decided to move from the sell side to the buy side. PGP '86. when I invest in companies. and the aspirations to build India's biggest foreign bank took a back seat. Singapore. he was the Global Head of Private Equity at Standard Chartered PLC.
Today. as a successful banker who has travelled to more than fortyfive countries. Other favourites include holidays in IndoChina or the forty-eight hour train journey from Beijing to Tibet through regions of permafrost and at altitudes at times above 5. grow professionally and see the world at the same time. "It has been a tremendous journey. He feels the intense travelling that came with the job. Rahul Rahul Shukla PGP '91 According to him." says Shukla. It should just allow you to look after your health. It makes you a part of a journey. You will make a little... Rahul Shukla PGP '91 hails from a small town near Jamshedpur in Jharkhand." 08 IIMB ALUMNI MAGAZINE SUMMER 2011 . taught him a lot. it spoils lifestyles. and then you'd want more again. especially on holidays.Tibet was fantastic." says Rajiv Shukla. The only use of money is to deploy it back in business and society. remembers looking at aeroplanes in the sky and wanting to fly to faraway places. who will look to gobble you. because he found it so enjoyable. Then again. you can't do it if you don't have the experience to create your own company. READ ON Being in the thick and thin of it. professional success and the consequent social affluence is more than evident in his life. But you can't do it if you are not willing to take risks. You have to chase excellence" responsibilities. contribute to others. there are many lessons Rajiv Maliwal has learnt about money. he doesn't draw a salary from Sabre and makes money only from capital gains. And greed is always detrimental. To be lucky. backing entrepreneurs and helping influence their companies? I have done bigger deals in JP Morgan and Goldman Sachs but just getting the RBI approval to buy Centurion bank gave me enormous satisfaction. you have to be focused. Even today. You'd see someone with more money. but you can 'not chase' it. and then you'd want more. as a golfer once said. Rajiv says not chasing money. Yes. And it has been possible in the same job of over 20 years. you can't divorce the desire to make money. No amount of money is enough for anyone. you take short term decisions . house and your children's education. family. the more you practice the luckier you get.THE ALchemists of iimb GET RICH OR DIE TRYING OR.000 metres above sea level.you don't build a franchise. Even when you are greedy. The moment greed takes over. persevere and look at a longer-term horizon. family plays an important role and spending time with them. What about the Madoffs and the Milkens of the financial world? "That's plain greed. I went to the Mount Everest base camp with my wife and three year old son. Beyond that. which he takes as regularly as possible is a great way to manage stress and deliver at work. and be recognized for achievements. it's the opportunity to learn. Citibank gave me the platform to build a meaningful career in financial services.. "Money cannot be your target. But it is only when you speak with someone like Rajiv Maliwal that these ideas start to make practical sense. We were one of the first passengers to travel by that train. money is actually counterproductive. We started off with disappointments with Sabre but it did culminate into a professional standing and financially superior returns because of perseverance." says Rajiv. Also. too quickly and using questionable means." Money does not motivate Management thinker Frederick Herzberg asserts that the powerful motivator in our lives isn't money. "Travelling with family has always been an exciting and a rewarding experience . there will be five other people greedier than you. Here is an overview of some of them." Is it all about perseverance then? "No. Those who succeed in the long run have been people who have spent a significant time doing what they are doing. "What can be better than What money can buy Greed is not good: There are many who acquire too much money. you don't get quality people and you may not necessarily enjoy what you create. Don't chase it What does it take to make money in the first place? Ironically. there is the luck factor too. "Money is a hygiene factor. grow in Perseverance brings luck Rajiv moved from a high paying investment banking career to private equity after many highs and lows. "My journeys including some enriching family holidays have all helped me broaden my horizon and realise my dream. As a young boy. etc.
You cannot do such a job just for the money. He made his foray into investment banking when he moved overseas. Head of Corporate Banking. Right to better education should be the focus of the government. did he feel like giving up his successful career and go back to being a small town guy with plenty of time for the family? "At times. If you go one level below the IIMs. I travelled in Japan for an entire week with my son before coming back to India and it will always remain etched as a very special holiday. my father would be home by 5 o'clock. This cost is the personal sacrifice in terms of time spent away from family. then." In spite of all the good things that come with being financially well-off. Being financially secure allowed him to not just travel. but also to spend when travelling. or what Rahul calls ambition. He was in Singapore for three years and Hong Kong for a decade. When thinking on these lines. Plus. investment strategies or entrepreneurial stints. SUMMER 2011 IIMB ALUMNI MAGAZINE 09 . If it's really not about the money and the monetary reward is just a byproduct of professional success. Money is ancillary. "Above all. I would travel for work at least four-six days a week from Hong Kong. "You don't really always have to plan on a shoe-string budget. being financially sound gives you a certain amount of security and also allows one to give back to society what one has received. it is difficult to imagine turning back. India Citibank joined the company right after his PGP. you don't want to let it go. it is tough to catch a leisurely evening with your wife. then what is it that motivates the banker to be in the business of creating and managing wealth? "It is the ability to stand in front of companies when you are relatively young and to know that they are depending on your advice. That's the real high you get." Rahul admits that financial stability is what allowed him to have these unique travel experience that he could have only wished for as a child. he sees the role of education as a critical bridge for narrowing the widespread income disparities. he has worked in various divisions of Citibank. I wanted to do high finance. As a result." As someone who has done well in terms of both value and wealth creation. The fact that you go through the education system and not drop out of school to experiment is well-grounded in our society. In the last two decades. like everything else professional success comes at a cost. the quality of jobs offered is quite different." But was money Rahul's prime motivation to get into finance? "No it never was." he says. At any point of time. large and complex financial transactions. Rahul Shukla PGP '91. at the core of it must lie a desire to excel. The travel component has increased significantly in today's careers. you will not last in it for long. any place that this globetrotter has not yet set foot on? What is his next destination? "It has to be Latin America and Africa. Robert Kiyosaki criticises the education system for not teaching financial intelligence." Is there then a direct relationship between a person's level of education and the amount of money he makes? In his book Rich Dad Poor Dad. Investment banking requires you to work seven days a week. how do you explain the success of college dropouts like Bill Gates and Mark Zuckerberg? "In the Indian context. he came back in mid 2010 when he was named Citibank's Head of Corporate Banking in India." says Rahul. and therefore the liberty to propose and arrange an exquisite family destination does give you another degree of freedom. if formal education could make someone rich. "When I was growing up. His rule is simple: When income from your assets exceeds your expenses. Rahul ponders on why India as a country is not becoming wealthier." Is there.THE ALchemists of iimb Last June. that is. the education system largely has not led to the growth of entrepreneurs. you are headed the right way. He started with the transaction services group and then moved into corporate finance. "Seats in higher education institutes are very limited in India. And if you don't have the aptitude for it. fathers are not always there when their kids are born or are growing up." Whether one's road to riches is through professional qualification. When you are in an amazing job that fits with you professionally and meets your personal interest. Now." says Rahul. and across countries. you have to intrinsically like it.
the rolling of a small ball of snow down a snow-covered hill. Most of us use the terms money and wealth interchangeably. Create capital from savings and put it to intelligent productive use. It involves real creation of value for various stakeholders in a win-win way. P&L thinking is about the recurring effort.Investment Banking at Enam Securities. What do these differences mean for the common man? How can an average person become financially intelligent? "There are several rules of financial intelligence. 'balance sheet thinking' as against 'P&L thinking'." He defines wealth as how many days forward you can survive. Shrenik M Khasgiwala simplifies notions of wealth creation for the common man. When asked whether it is synonymous with making money. the ball will pick up more snow. including by way of leverage or governance issues." • Wealth creation is a result of. you will end up with about Rs 150 crores at the end of your career! 10 IIMB ALUMNI MAGAZINE SUMMER 2011 . Prior to Enam.remember this simple math . Robert Kiyosaki writes. if you stopped working today. and picking up even more snow and momentum as it rolls along. The rich buy assets. He is a Chartered Accountant." Shrenik lists out three fundamental differences in the way he has come to understand these terms: • Wealth creation is non-zero sum it is not associated with earning at someone else's cost. The common analogy that I find useful to think about is that is the 'snowball effect' . Do not take unforeseen risks. As the Chinese proverb goes. for example. starting from zero every year like the P&L.if you were to save Rs 1 lakh every month over a 35 year career and invest it in a 15% per annum saving instrument. "It is almost impossible for me to narrate my learnings on this without a feeling of humility . It's the diamonds which are made withstanding years of pressure that last forever. my role as a chartered accountant. whereas balance sheet thinking is about cumulative effort or stacking up each year like the reserves or assets on a balance sheet.THE ALchemists of iimb Wealth-wise Shrenik M Khasgiwala PGP '98 Shrenik M Khasgiwala PGP '98. Having said that.in that I have still to learn a substantial lot about wealth creation and a long path to tread myself in creating wealth. "Things that grow fast like weeds in a swamp will go away as fast. what I call. gaining more mass and surface area. As it rolls. • Wealth creation is more long-term and sustainable. The poor only have expenses. And these are very simple too. Shrenik has had extensive experience in management consulting with AT Kearney Securities Europe Ltd for over 7 years. anyway? Apparently a lot. "The primary cause of financial struggle is not knowing the difference between an asset and a liability. A friend's father once said . as a management consultant and then as investment banker over the last 15 years has brought me some very interesting insights which I would love to share with younger members of the alumni. What has language got to do with how much money you have. he says. is the Executive Director . The middle class buy liabilities they think are assets.
must first want to improve themselves and this cannot be truer than in these times for modern India ." Business education matters Having been there and done that. there are three things we must do as a system to enable individuals . Senior Director. And we seem to have come to terms with it.THE ALchemists of iimb All you need to do is make sure the chain of compounding does not get broken. M&A/Equity Advisory at Rabobank. this young engineer went on to build a remarkable career in investment banking post his PGP from IIMB. the subject of the rich getting richer keeps coming back into public debate every now and then. take the case of Ashudeep Garg. he was managing Structured Finance at SBI Capital Markets. But the onus will always be on the individuals to improve their own circumstance in life. Is management education always worth the time and cost involved? "It is definitely worth it. that is. With such simple rules. Ashudeep discusses the various myths associated with money. to have a better life and settle in metropolis. When I travel with global officers for work and we sit across the table. I once read a quote which said 'Men who want to improve their circumstance. Post IIMB.India is today the fabled land of enterprise where there's opportunity for everyone who's ready for it!" The onus will always be on the individuals to improve their own circumstances in life . is it because of individual attitudes that not all are able to find place or is it the system that's gone wrong? "If I were to simplify it . a question that always pops up is where you graduated from. making more money. Finance and Mega deals . He talks about it in an absolute matter-of-fact way. Hailing from Chandigarh." says Shrenik. careful risk-taking. "Post my engineering. you suddenly realise you are much lesser than you thought. people look at you with more respect and you end up doing more business and in turn. motivations was that I wanted to make more money. I worked with Reliance Petroleum for two years. acting and investment banking are infamous for being the only three ways of making money. started his career as an Engineer at Reliance Petroleum Limited. finance had been just a hobby for him. When you start working. Ashudeep discusses what motivated him and why he switched from engineering to banking. but more importantly. If wealth creation is not a zero-sum game.more Ashudeep Garg PGP '99 doors open up. And he finds these well documented in a lot of success studies." says Ashudeep. Before his PGP. Small-towners have made their mark in all three. there are many characteristics that qualify as the 'right' mindset to create wealth." In India. SUMMER 2011 IIMB ALUMNI MAGAZINE 11 . especially in the finance industry. If Indian cricket team captain MS Dhoni and Bollywood actress Kangana Ranaut weren't enough to prove it. But if he were to pick one such attribute. but after IIMB he was all set to make it his career.education for all. A popular idea about making money is that it is necessary to attend BSchools in order to get rich. what would it be? "The one attribute that I have seen at the core of serious wealth creation is that of enterprise.Is there more to it? Sports. Why did I opt for an MBA? One of the primary Ashudeep Garg PGP '99. He was also the Associate Vice President at KPMG Corporate Finance. risk mitigation products such as insurance and social-security for all and a transparent governance system. why don't we see more and more people getting richer? Is there an inherent attitude one needs for wealth creation? In Shrenik's view.Shrenik Khasgiwala B-School. Having been to an IIM makes a huge difference .
finance jobs are the hot favourites for day zero of placements. "Again. I started my first finance job with an in-hand amount of Rs. It's more because the industry is cyclical in nature. are the highest paying ones? Did Ashudeep's job with SBI Capital Markets show him the big money? "In 1999. as per popular belief. and that was his major drive to move to Rabobank. he started off on the advisory side.THE ALchemists of iimb Mergers and acquisitions are often looked at as one of the best ways to make large sums of money and create win-wins. the luck factor? "Not really luck." So after two and a half years with SBI. Many companies have scaled new heights by sticking to organic growth. etc. even though I started finance with smaller salaries." Finance jobs pay well but so does entrepreneurship In most business schools. You must have the capability to be at the right place and the right time. But did he shift in such a way that his engineering education didn't matter anymore? "No. These are not finance guys but they earn well." One of the other common myths about money is that to make money. it's because an entrepreneur's level of frustration or motivation is much more. "M&As can often be driven by the management's personal goals and not just the company's growth. Frontline investment banking appealed to him more. the common man finds respite often in the stock markets. 13000 a month. But ten years down the line. Pure luck might work only for a few people. To make money. It was not a high paying situation even then." he says. Someone who has such an ambition will do it. I was quite oriented towards Mergers and Acquisitions (M&A). Is it because finance jobs. But it doesn't mean that you can't grow big without M&A. And I don't think it is because of education. When I joined the finance team at SBI Capital Markets. now I am probably in the top quartile of my batch in terms of earnings. "I joined a team which essentially focused on private equity and structured finance." M&A is not always the answer M&A are often looked at as one of the best ways to make large sums of money and create win-wins. Ashudeep breaks this myth. and PE was new in the industry." While growing companies look to M&A to fill their coffers. Ashudeep applied for a position with KPMG. you must join a corporate. "Today. you must be in the right place at the right time. And it's not because I had anything extraordinary. I spent time studying petroleum and analysing oil companies. it became my anchor. entrepreneurs make more money than a person in a job. But Ashudeep feels differently. he later moved to M&A valuations and private equity in sectors like oil and gas." Does it mean anybody in any industry can make that much money? "I know the head of strategy of a company and he makes a lot of money." Is it then.People also tend to assume 12 IIMB ALUMNI MAGAZINE SUMMER 2011 . my key role was to help petroleum companies raise funds. Many entrepreneurs make the kind of money that can easily afford them semi-retirement. It was a good blend of what I had learnt. financial services. it was a lot similar to what I used to do for SBI. While at KPMG. Ashudeep breaks this myth. there was not much change in the salary I was getting but I was able save well for myself and decided to get married. Managers might want to show in their profile that they grew the company from say US $4 billion to $8 billion in a matter of 2 years.
a young Baba set out to join Peregrine Capital as a research analyst. among all others at Spark. "Most people in finance are just doing their jobs. The company. Sealing the deal Today. He. we believed in the space and the promoter group's vision for growth.it is important to take risks. has the most widespread functional experience in financial services. part of the founding team at Spark Capital. He started small but he started strong. on valuations. Thyagesh sees himself as a 'total footballer' in the Spark team. It doesn't work that way. For nearly 10 years at Spark. A second lesson . was a $100 million investment by Warburg Pincus in the NDR Group. SUMMER 2011 While he went on to work with Citibank for a year and a half. There were several challenges. who was just getting married. the time he had spent at Peregrine paid off in more than one way. working on transactions in the Infrastructure. Baba learnt his first lessons about money making . Are you an entrepreneur too? Thyagesh Baba PGP '95 Thyagesh Baba PGP '95.THE ALchemists of iimb that it is the markets that make the finance guys filthy rich." Ashudeep's business education has clearly stood him in good stead. Entrepreneurs often turn to banks for their investment needs. heads the Institutional Equities division since March 2009. His latest deal. and later also worked as a sales trader on their India desk. They don't make a lot of money in just stocks. But how often does an entrepreneur build an investment bank? Thyagesh Baba made this rare choice barely four years after working in the financial sector. So while many entrepreneurs across the globe became rich after dropping out of BSchools. A stock may be very strong but if you don't invest in it at the right time and in optimal quantity. Post his PGP. decided to join Rao in spite of his pressing needs for security at that stage. "If you are qualified and have the right credentials. his senior at Peregrine. Y Rama Rao. Thyagesh took on both deal-sourcing and execution roles in investment banking. it doesn't mean I will invest in them. If as a finance person I know a hundred companies that are worth investing in. was starting Spark as a boutique advisory setup.cash flow is everything and aggression for growth had to be measured. that road was certainly not for Ashudeep." One would expect someone sitting in a high rise bank building in Mumbai to have the best stocks at the tip of their fingers. could not withstand the Asian crisis of 1997 and had to shut shop in 1998. it will give you a longer window to manage risk than somebody else who doesn't have an education or the right experience. For Ashudeep. like it did for many in sports and on the silver screen. Financial Services and IT sectors." he says. as Thyagesh Baba sits in his office on Santhome high road in Chennai. the hours of toil and the several challenges that a small bank had to face. And he can talk about each of them with a surprising ease. for instance. he can recollect every brick that went into the making of Spark. More importantly. Or is it impossible for even someone central to the finance sector to pick stocks effectively? "The question to ask is when you should invest in a particular stock and how much returns it will yield in a given span of time. but with partners who you share your philosophy with. Today. structures and rationale. "We were representing Warburg. a blue-chip global private equity fund. nature of transaction and quality of parties involved were primary drivers that kept us going. even when it comes to making money in the markets. born hardly a decade before that. Deal size. his views on basic business education remain the same. the opportunity is lost. every step of his journey has paid off. Baba." IIMB ALUMNI MAGAZINE 13 . as we had four counter-parties to convince. He remembers all those path breaking deals.
Yet. Distribute bets across a limited bunch of investments that you understand. People often spend all their lives acquiring the right 'skill set' for making money. evaluate the inherent wealth of a business or build businesses that represent wealth creation. Any approach that is not based on cash flows. in order to get rich. or on establishing monopoly by lobbying. there will always be rewards at the end of the road. "Do not be overawed by what's happening around you. but it is like trying to quantify the unquantifiable. Also the rewards will be far greater than those from simply amassing wealth. it is not always the 'vision' of an entrepreneur or the 'skill' of a trader that makes him money. by way of cost structures and the integrity of the promoters you ended up advising. To make money. But is that all you need in the real world? 14 IIMB ALUMNI MAGAZINE SUMMER 2011 . will go wrong in the long run." Is the Warren Buffet approach of finding the inherent value of stocks. It offered unique opportunities to set up an advisory firm. Because these are all systemic positives and are temporary. Chennai was an under advised market. or is based on regulatory arbitrage. then. How much role does Baba attribute to instinct? "I would like to believe it is more than 70%. Mumbai." says Baba. by focusing more on individual businesses and not just the macros of an economy or industry. Practice it bottoms-up. "Confidence in the promoters is a must for any good deal. the final word on investor success? "The approach is right. Face them with a sense of calm.THE ALchemists of iimb One would imagine that such deals are being made from a typical investment bank building based in the financial capital." Without complete faith that the other partners or promoters will be honest and open." While numbers are important. Ask yourself how this team will respond to change when the times demand the same. It could be sheer luck. whether as an entrepreneur or otherwise. Be open to reinvesting a good chunk of returns made and not take cash out. make money. The same goes for investors." says Baba. Baba advises entrepreneurs to do what they strongly believe in and not be overpowered by numbers or apparent competitive deterrents. There will also be rough patches. in order to get rich. Thirst for wealth-creation against the option of 'skimming of cash' needs to be recognized by the team. to buy low and sell high. You must stick to simple rules. But if you believe in what you are doing. where are people going wrong? "A major chunk of our problems arise from the practice of sweeping long term problems under the carpet and relying on short term fixes. one cannot create wealth sustainably. Back the right management. But is that all you need in the real world? "These are simple rules to It is easy to imagine investing in the right stock at the right time. or it could be acting on pure instinct." If the rules of the game are so simple. to buy low and sell high. Why did they establish base in Chennai? "In those days. But Spark and Baba always chose to walk a not-so-common path. Keeping it simple It is easy to imagine investing in the right stock at the right time. Inclination to be rational with valuation expectations and an openness to share wealth (with employees and other investors) is an indication of how ethical the promoters are. invest in the right people." An entrepreneurial journey always has its highs and lows. Above all. Analyse businesses on three or four metrics that you can easily track and understand.
The entity has to contribute and deliver value to get customers. or to be someone who paints what the world likes or what sells. it is equally necessary to look at its execution. he was instrumental in building Telecom's value-added services in India in his role at Hutchison Telecom and set up the marketing division at Star TV. They say every child is an artist. It is this choice that determines what kind of projects you choose to work on and which goals you pursue. That doesn't deter one from wanting to know more about him as he is someone with a phenomenal amount of experience across industries. Morpheus Fund. what is it that helps one find opportunity and ideas in this SUMMER 2011 IIMB ALUMNI MAGAZINE 15 . Balu shatters this myth. be prepared for all your plans to take longer than your most pessimistic forecasts to actually fructify. Balu has been in the private equity and venture capital space as the Managing Director. Balu has incubated startups and set up the Morpheus media fund in addition to many other entrepreneurial stints. Balu played a key role in conceptualizing IPL. "A business model which has money making as its objective will not work. be prepared for a major change in the business model or direction of the venture pretty early in the life-cycle. Money is what you have at your disposal but wealth is what you possess in terms of intangible assets. he headed Yahoo's Connected Life businesses across India. A graduate of the IIT Kharagpur and IIM Bangalore. "I am not the typical fund manager. the problem is how to remain an artist once we grow up. A lot of people perceive entrepreneurship as just about making money. marketing and business development. especially in media and technology. the availability of excess funds can lead an entrepreneur to get carried away and take incorrect decisions to the detriment of the business. business modeling and monetization of the IPL as Managing Director of IMG. long term benefits. A true artist uses his colours as a tool and the canvas as a medium to put down the picture in his mind. He is the co-founder of the Morpheus Media Fund. etc.THE ALchemists of iimb For the love of creation Balu Nayar PGP '89 brings over 20 years of experience spanning media. Now when he looks back. and the related issue of the extent of funds required before the business can sustain itself. From sports to internet. Balu is also involved in mentoring start-ups. the learning curve you experience." Balu mentors start-ups in the field of technology and media . which broadly includes other parameters such as social contribution of your work. For Balu Nayar. what are some of the mistakes he has seen entrepreneurs make. and not about which course of decision will pay more. to telecom and broadcast media." Even though not an entrepreneur in the strict sense of 'starting your own business'. For the past three years. he issues a subtle disclaimer before he starts discussing various nuances of money. Not surprisingly. Entrepreneurs should not start-up for the glamour or money aspect. when it comes to the money aspect? "Typical mistakes entrepreneurs make are incorrect assumptions on the time taken for the business to generate revenues or profitability.two sectors which have been at the core of his career. He played a key role in the conceptualization. In some cases. as well as the incidence of cash-flow issues." While execution is a step-wise process. Thirdly." Balu feels that money is only one component of wealth. In his experience as a mentor. he has done it all." he says. I'd say that while the business concept is important. the execution is far more important. where does money fit in? "The objective should be to create something that will make an impact and result in wealth creation. is there anything he'd like to change or any word of caution for new-age entrepreneurs? "For any new-age entrepreneur. In his long and rewarding career. How can one bridge the gap between money and wealth? Entrepreneurship is one of the ways to bridge this gap and create sustainable. his career has been all about doing what appeals to him. Every person has the choice to either be like the artist who paints his imagination. resources and goodwill. Secondly. South-East Asia & Australia. Wealth should be the bigger goal. While the business idea is important.
He has been involved in all aspects of the investment process and has led transactions in VA Tech Wabag. He was awarded the Entrepreneur of the year award in 2010. as a nation. "The fund has a target size of Rs. Many Asian economies have grown from rags to riches much faster than the West. you won't find the opportunity. when economic reforms paved the way for a 'shining' India.etc.2% of the population (about 410 million people) remains poor. ICICI Lombard are highly positive that the trickle down will happen in India. According to a World Bank report for 2010. why are we now poor?" For a long time. Technology has been at the forefront of such change. making India home to one third of the world's poor people.. If you sit back in your office. 37. is now on a similar path. It is important to 'think' market. Ace Refractories. one can be confidence that this fund will add value by several multiples. What is the way forward for India to grow more equitably? These two corporate leaders put forward new ideas. going wrong? In his book India Unbound.5 billion. But it is not impossible to make a poor nation prosperous. PVR Ltd. Indians blamed the British for a drain of wealth. Sumit Chandwani PGP '91 is Executive Director at ICICI Ventures. Forbes magazine has featured 7 Indians in the top 100 ranking of the world's billionaires. too. will everyone get a share. the answer lies in the network of people you meet and places you visit. "If we were once rich. poverty remains a major challenge for India. 16 IIMB ALUMNI MAGAZINE SUMMER 2011 . And even though market competition rewards meritocracy. India. money everywhere but not a coin to flip This year. given India's consumption driven economy. they believe that only when the pie gets bigger." Is that how the idea of a media fund at Morpheus occurred to him? What is it all about? "The Morpheus Media Fund is a private equity fund that invests growth capital in companies where effective marketing is the key driver to growth. he was the Country Head for GE's Vendor Financing business in India. He raises a pertinent question." One can't help but ask how big this fund is. acclaimed writer Gurcharan Das shows how India's policies after 1947 condemned the nation to a hobbled economy until 1991. We learnt the wrong lessons from history. Balu Nayar PGP '89 Money. At the same time. He has 20 years of experience in private equity. They are firm believers of the free market." says Balu. With this corpus and Balu's ideas of wealth creation. If there is so much wealth at the top. both mentally as well as physically.THE ALchemists of iimb first place? How does Balu do it? "One needs to travel. The average net worth of the Indian tycoons is $4. project and structured finance. It targets consumer-oriented businesses. We blamed foreign trade for our poverty and strived for selfsufficiency through a closed economy model. not realizing that the policies adopted by India's political leaders post independence were flawed too. and the core objective is to help build powerful Indian brands. why has it not trickled down? Where are we. In his last stint at GE Capital. Sumit Chandwani PGP '91 is President at ICICI Venture and Bhargav Dasgupta PGP '92. Managing Director and CEO. 900 crores.
As someone facilitating growth of enterprises. corporate governance norms. My driver wanted to send his kids to an English medium school and I said I'll fund their education. Having been in project finance and private equity for almost two decades. but people are becoming Sumit Chandwani PGP '91 IIMB ALUMNI MAGAZINE 17 . Once awareness is created. he adds a word of caution and says that money cannot be your main motivation. if wealth were to get distributed more equitably.industry characteristics." says Sumit. then value systems. Instead of playing the role of an agent or broker. the financial inclusion measures or news on your cell phone. What about those who don't have the privilege? "The trend is gradually changing. then power. technology will make the change possible. Sumit naturally sees businesses through the looking glass. We are creating a new set of wealthy people. Pursuing your passion should be the driving force in what you do. with very smart entrepreneurs and assisting them in strategy formulation. What kind of ventures does he find maximum potential in? "Any investment decision depends on three things . says Sumit Chandwani Unfortunately. Maybe the access to education has not improved drastically. only a small chunk of the population has the means to pursue their dreams. wealth was only confined to the business families and politicians. India has made conscious efforts towards including more people in its growth story. It makes people responsible. But the government's motto of inclusive growth ironically becomes possible when the government steps back and lets the private players operate." he says. to see how they are run and managed. the trickle down in India has not been visible. We are becoming a country of entrepreneurs. Austria. what will be the catalyst of this change? Technology." In the coming decades. it has grown 25 times since the deal was signed in 2005. Sumit has made some remarkable deals. he is more than happy doing what he does. The future will belong to entrepreneurs who will create solutions. But money making is not just about money. in India. The movement of people contributing towards society will gain momentum and as wealth gets distributed. etc would all crumble. "I was always excited about evaluating different industries. more and more people will become more responsible. SUMMER 2011 improves productivity and decision making. entrepreneurial team and the return on capital. Technology will be the biggest leveller. he adds.THE ALchemists of iimb Sumit Chandwani does not get excited by investment banking. this is happening in the education sector. will be the biggest leveller. more and more aware of the need to send their children to school. With malls and high rise offices sprouting in every city." Since 1991. So long as Sumit is able to add value to the enterprises he is enabling. "The government should essentially be a regulator. One of his favourite investments was in VA Tech India Ltd." So far. insurance and healthcare. Where does money fit into this equation? "I hold the view that the profit motive is very important. The model should be scalable. But I might do something in the Private Equity/Venture Capital space because I enjoy working with a variety of industries. means are easy to come by. He is self-employed and has to earn his living every day. Sumit looks at it differently. "Whether it is the Unique Identification Number (UID). Now we are creating a new breed of wealthy individuals who are either first generation entrepreneurs or have excelled in their professions. has Sumit ever wanted to start-up on his own? "Not in the classic way of becoming an entrepreneur. The Rs 100 crore water technology company is now worth Rs 1500 crores in revenue. Earlier. In terms of investor value. Starting with telecom in mid 1990s. I enjoy looking at business by close quarters." Like most successful people. "Every pan walla. the government has slowly reduced its role as a doer to that of a regulator.a lender or project financier. every rickshaw puller is an entrepreneur. a wholly owned subsidiary of VA Tech WABAG GmbH." In his career. the roadside vendors and rickshaw pullers have not found much respite from poverty woes. he always wanted to be the principal . If it were. says Sumit. The industry must offer good growth prospects and the possibility of creating shareholders' value. It's about doing things better. Now.
He created a culture wherein if he saw someone grabbing the opportunity. when ICICI Ltd became ICICI Bank. he says. Ever since Bhargav Dasgupta graduated from IIMB. He began his career with the erstwhile ICICI Limited in 1992 in the Projects and Corporate Finance Division. is the Managing Director and CEO. if one wanted to find Sumit. the subject of money does not please him much. corporate strategy and treasury. In 1999. The latter applies to Bhargav. In a few years. where he would sit and stare at the night sky. I might not have been half as satisfied with what I am today otherwise. e-commerce. ICICI allowed me to do entrepreneurial stints every now and again. For Sumit. As the realisation sinks in. He set up ICICI Bank's International Banking Group. Not many know that this finance hotshot is also a star gazer and is fascinated by astrophysics. he has been working with the ICICI group. There are two reasons why people stay with the same company throughout their career . Yet." When Sumit joined ICICI. but because of the exposure and the job content. its $12 billion strong balance sheet then. he would give them more opportunity. ICICI Lombard General Insurance Corporation Limited. He played a key role in building ICICI bank's international business between 2002 and 2006. if I want I can take a sabbatical and go travel for a year. and as a result. you don't take yourself too seriously. the best place to look would be the campus grounds. The Universe seems to be his source of strength. Sumit will also go and pursue his love for the stars and study the Universe." Probably. or they keep themselves involved in challenging assignments and move out of their comfort zones. "It is wrong to chase money as an end in itself. Bhargav Dasgupta. technology management. he went on to do oil and gas financing. Since then he has held key leadership positions in diverse business areas of the Group." So while Bhargav started in project finance. Mr Kamath became the CEO. he played a key role in implementing best 18 IIMB ALUMNI MAGAZINE SUMMER 2011 . In his leadership this group built an international presence in 14 countries and contributed almost 20% of the business of the bank in just four years prior to 2006. new avenues will be created for entrepreneurs. He'd rather talk about value creation than money making. I stayed back in ICICI not because of the money. What was it about his work that really kept him going? "It was the joy of building an organisation. I will definitely get involved in a social initiative. PGP '92. But because I was adding significant value and handling large roles. When I was just four years into ICICI Ltd. Many left for better pay elsewhere. That's important in life. "The Universe is a constant reminder of how small and insignificant we are in the overall context of existence. money is what has made it possible." Back in his college days at IIT Roorkee. This will redistribute wealth. money will only be a facilitator of what he enjoys and never an end in itself. when he has the time. Once you understand this. I can do that now. What has it meant to Sumit? "Well." he says with conviction. I can also give back to the society.THE ALchemists of iimb The government is not geared to do a good job of these activities in a country like India. Ironically.either they become too settled in their jobs and get used to the security. Ultimately money only improves your lifestyle and standard of living but it is not reason enough to spend your life doing something. People kept leaving every three to four years. He has been constantly innovating and adding value to the Group's business in various capacities. But the chance to work in project finance made up for it. It puts things in perspective for him. it was not the best paying job. I was happy with my job.
The skill lies in how one puts it to use. How has this shift from banking to the insurance business changed his perception of money. He took over his current role in May 2009. It's about overall competence and having the right attitude. supports the cause of children's education. he can look back and laugh about it. etc. You have to be careful about what you are underwriting otherwise the bottom-line will suffer. We had a much larger number of poor and fewer rich. What I am doing today is fairly balanced. it was all about how much we can enhance value by building our international presence and profits. your attitude towards wealth creation will make all the difference. we set up new businesses for the bank in ecommerce. He still remembers one incident when he was in India for three weeks at a stretch and his five year old daughter asked his wife why he was at home. it can be both an enabler and facilitator. Many are already doing their bit in different ways. there is nothing wrong with making money. but balanced growth. he would be travelling for 15 days every month. We were concerned with the low hanging fruits. Bhargav was elevated to the board of ICICI Prudential Life Insurance Company as Executive Director responsible for sales. a professional moves up based on meritocracy. What is it that makes one person different from the other? "In a high performance organisation. Trickle down was probably not even possible because there was no pie to share. And at the end of the road. he has been driving a change agenda. There was huge demand for cross-border transactions. You cannot distribute poverty. Our strategy was to follow our customers. a payment gateway for electronic bill payments. There are certain general skills you need. product and marketing for both retail and group business of the company. for decades. it was a controlled product. with the richest Americans signing 'The Giving Pledge' to make a commitment to give most of their money to philanthropic causes. Value lies in not just growth. has the definition of value changed? "Definitely. SUMMER 2011 IIMB ALUMNI MAGAZINE 19 . In the business of life insurance. some make it to the top. distribution. while leveraging our technology platform and capabilities in India to have a low-cost backend. his class position or social status." Even if one assumes a hypothetical society with equal competence levels. he is completely against notions of greed." In October 2006. the distribution rollout. number of agents.THE ALchemists of iimb practices and taking ecommerce beyond the core business activities. It was a great time to build the international business because the Indian economy had opened up and many Indian corporations were going abroad. It was in this role that he prepared the international strategy for the bank and was asked to head it. "I was the COO of ICICI Econet for about one and a half years. When he was setting up ICICI's international business. "The most exciting part of my career was building the bank's international business. for instance. his intelligence and strength." says Bhargav. During our international expansion. and the like". similar to John Rawls' veil of ignorance where he assumes that "no one knows his place in society. One of the most successful was a company we incubated called Techprocess. rather than the socialistic view. Today. Bhargav. how difficult it would be to just buy bread. The scarcity in the economy was much more disturbing than the inequalities seen today. customer accounts opened or transaction volume would define results to a highly competitive business of insurance where market share makes all the difference. or value as he likes to call it? From a business where number of bank branches." ICICI Ventures and Econet were merged in 2001 and that is when Bhargav was called back to ICICI Ltd in Strategy and New Initiatives Group. Inherently. I remember as a boy in the 70s. to create a rich nation for its entire people? "I am a strong believer in market driven competition. A lot of people slog in jobs all day. the day is not far when Indians will also join the bandwagon." Bhargav's path to where he now stands has not been an easy one. it was all about growth. In Bhargav's words. And just like it did for these business leaders. Though Bhargav supports capitalism and believes that trickle down will now take place. It came with a lot of personal sacrifices. nor does he know his fortune in the distribution of natural assets and abilities. but many don't. He was now directly reporting to Mr Kamath. Today. would it lead to some level of equality in the society? Can we ever do away with disparities of income and wealth.
G. and probably other development banks too. corporate executives and promoters were keen to have you among their business network. Instead. I chose the job offer from ICICI. Sabarinathan PGP '82 hen I was approached by the editorial staff at this publication to write this piece I first felt like the celeb who has just been informed that he has been selected for a lifetime achievement award. When I completed my PGP at IIMB in 1982 I was all of 22 years and some 20 IIMB ALUMNI MAGAZINE SUMMER 2011 . In allowing me a blank canvas to paint on. these guys had signed up for that story. I had earned the right to spin a story. working at ICICI was a heady experience. Before long I realised I was not sure of my contribution to the cause. That said. one of my colleagues asked if we could all have visiting cards. In a rare meeting with the Chairman and Managing Director. asked the officer sternly if he knew when he might ever use a visiting card. motivated by a desire to contribute to the development of the country in some way. no matter however boring it was going to be. And here was the irony: Thanks to the large influence of multilateral institutions Indian development banks at that time believed that it was private enterprise that would be the engine of economic growth. I have to recount this unforgettable incident of those days which is valuable for the way it epitomizes the world view that prevailed within ICICI. 1982: In the name of king and country There is this old line which says that if at twenty you are not a Communist you don't have a heart. in working for a development bank all that I could say for myself was that I was not part of a purely profit motivated enterprise. known for his nononsense approach. As an officer in a bank that was one of the few sources of long term funds and that was regarded as more professional and less corruptible than many other state owned institutions.BACK TO B-SCHOOL Life in the World of Finance A bystander's ramble Article by Prof. ICICI empowered its young officers to assume responsibilities that would require several years of work elsewhere. The boss. A signal that one is well over the hill. months. at that time. Then I realized that with a tad less than thirty years of work experience if nothing else. That was the term for what is now more fashionably known as a business card.
but also because of what it meant at the human level to those who suddenly discovered that they did not fit into the emerging new world. SUMMER 2011 IIMB ALUMNI MAGAZINE 21 . As western trained Indians and executives of western ethnicity landed in India to manage the Indian arm of various multinationals they brought in new norms and mores at the workplace that were more similar to the western working atmosphere. Sabarinathan PhD PGP '82 is Associate Professor in the Finance and Control Area at IIMB. Many of those who found themselves struggling for a sense of relevance in that evolving marketplace must have felt like the famous playback singer of yesteryears. however senior s/he might be. He is an alumnus of who came back to the Institute for the love of teaching. There were subtle changes that many outsiders would not notice but their impact was on the psyche of the Indian corporate executive was not all that subtle. Imagine an officer of a commercial bank today citing the view of a babu in Delhi. a much more clinically detached attitude towards colleagues and an overbearing sense that this rough and tumble world is a lonely place where at the end of the day one's well being is entirely in one's own hands and that the key to success is to "leverage" official relationships to further one's own success. These changes were not without their flip side though. it was a strange experience for many of us. P B Srinivas. The churn on the human resources side was particularly noteworthy. that he would use it when he visited clients. he was reminded that ICICI's clients always visited the officers and not the other way round. The times have changed. G. Every senior officer who had led the true life of an ICICI officer would have something or the other to contribute to the collective organizational wisdom of something significant that some bureaucrat may have pronounced in the context of some business decision in the past. The financial landscape changed dramatically as many new global players entered the market. pushing at the boundaries of regulation and seeking to offer products and services that were made of the stuff that one had only read of in text books.BACK TO B-SCHOOL When the officer responded. More recently he elected to become a self-styled gadfly. Sir. who once told me as to why he no longer sang for movies: All the three Ts of music have changed. It was not just because of the enormous deficit of appropriate talent and trained manpower in India at that time. Fast forward… 1991-1992 So when the world suddenly changed one fine morning with the announcement of the economic reforms. the tunes have changed. While these might appear to be sweepingly impressionistic observations many who are familiar with these transformations at the workplace would agree that the office of today is characterized by a far more transactional feel to relationships. tastes have changed. while proposing a routine commercial decision. For providers of capital like us who had started the venture capital industry in India it meant structuring innovative financing deals. On the positive side every day saw some new announcement that allowed even more freedom and ever more opportunities for entrepreneurs and businessmen to set up new ventures. Prof. The other striking recollection is the looming presence of Bharat Sarkaar in everything that we did. defensively by then. It is another matter altogether that aspiring corporate executives might benefit professionally even today from their understanding of the pet weaknesses of men and women in power in government.
Some broad signposts should however be unmistakably visible to even an untrained observer. corporate Darkly. it was a strange experience for many of us. acquired any ability to call the future. and as if they did not exist in Corporate India previously.BACK TO B-SCHOOL When the world suddenly changed one fine morning with the announcement of the economic reforms in 1992. job opportunities and. through the looking glass… Despite the number of years that I have now spent trying to understand the intimidating predictive theories of financial economics I doubt if I have 22 IIMB ALUMNI MAGAZINE SUMMER 2011 Courtesy: The Hindu Business Line . These observations are relevant here because in the rest of this article I am going to talk about the prospects that the world of finance holds for a business professional. the moolah for the successful. one may not mind it. there is hardly any sector that is not going to explode in terms of business growth. If there is some symbiosis along the way. at best. They quite possibly did but it was perhaps not recognized as a mainstream worldview that is characterized by the belief Gordon Gekko evangelises in the movie Wall Street: Greed is good. post reforms. not in the least. Take for example the various sectors of finance. It is not as if these predilections are purely the by-product of the new corporate setting. That includes businesses we all recognize such as retail financial services. In the decade ahead.
And sorry. innovative forms of asset and project financing and acquisition financing. it is simply that the data are there and academicians have worked hard to learn the mathematical skills needed to manipulate them. When I think back about the numerous bright minds that I have been fortunate to have in my class.OMRG! OMRG is SMS-lingo for Oh My Rocking God.growth of the Indian finance sector. Here are a few preliminary observations about this new incarnation that I feel persuaded to share. broking and some of the neophytes such as venture capital and mutual fund management. With the locus of economic activity steadily shifting towards the BRIC economies. And therein lies lesson# 1: Swear by the Book even if it appears so disconnected from reality at first . insurance. collective investment vehicles for real estate and the commodities businesses. I have been more faithful to the scriptures of financial theory than perhaps many fellow academics who are not cast in my unfortunate position of having to prove that they have shed their practitioner's baggage. SUMMER 2011 IIMB ALUMNI MAGAZINE 23 . not so much because the answers themselves are arcane. IIMB's alumni have been planting flags of achievement in many of these industries already. Lesson # 2: Academics is not necessarily about answering questions from the real world. much to the consternation of friends and family. notwithstanding President Obama's feeble attempt to cheerlead American protectionism. That don't impress me much". do not expect that you will always understand the answers.a proper PhD. having switched to this life. no matter whether I find a publisher or not!. If at all it does answer. of the various disciplines in management. And many businesses that we might just begin to see evolve such as risk management. These finance academics are even given exotic epithets such as rocket scientists. finance has perhaps been among the most amenable to the intellectual excursions of many a renegade mathematician in search of a profitable calling. by the way.at least until you get a permanent faculty position. Don't forget that the securities market of the fourth largest economy in terms of purchasing power parity which is also among the top five in terms of GDP growth rate and the second most populous country accounts for just 2. "It isn't necessarily because such studies have any utility. leave them kids alone.50% of the combined value of some US $ 57 trillion of all the equity markets across the world. serious research and publication and decent performance as a teacher. And that is so only because you are unable to comprehend those answers. once ordained into priesthood. if you want to become an academic it is the hard way up . institutional asset management. "Okay. there is one thing that can be taken for granted. I was the last one to just edge myself in. Once these skills are acquired it seems sinful not to use them. From now on. teaching is not quite what it used to be before the days of the mobile phone and the internet. Successive batches of IIMB'a alumni have helped steadily build its respectability as an institution. First. In a related admission I have to concede that once in a while I am reminded of this remark attributed to Warren Buffet. a little blasphemy might be tolerated. in these past ten years. Life as an academic…. All of that and more about life as an academic in a book that I dream of writing some day. Like in any organized religion. Second. In the classroom of today the exhortation from Pink Floyd's famous song is routinely played back to you. like a born again. although that did not seem to impress the Canadian singer Shania Twain who sang.BACK TO B-SCHOOL banking. so you are a rocket scientist. asset reconstruction. Teachers. to those who are looking to an academic job as a safe harbour from the shark infested oceans of business I have a simple update by way of lesson # 3: They just locked the easy access to that safe harbor and threw away the key. So it is with a sense of both satisfaction and gratitude that I look upon the achievements of the alumni of the later years. That is my first reaction when people ask me about life as an academic." And finally. All of that will be powered by capital flows of a magnitude that will make the large inflows of the past decade look like a trickle. And oh. from the position of obscurity and sometimes even unkind ridicule that alumni of the earlier years faced in spite of their talent and performance. it is not difficult to imagine that many more leaders that will emerge from IIMB's alumni in the current decade and thereon.
He believes a combination of education and technology can help us realize the ideal society. academics and the social sector. Shankar has over two decades of varied experience in the corporate. . published by Routledge in 2008. His second book. He is the author of the book Corporate Disclosures: 1553-2007. The Wisdom of Ants: A Short History of Economics. The Origin of Financial and Business Reports. is scheduled for publication in September 2011.G U E S T A RT IC L E True Wealth Creators: Glimpses from the Past Article by Shankar Jaganathan Shankar Jaganathan is a proponent of a fair and just society. He is passionate about economic history. sustainable development and corporate governance.
sacrifice and inheritance. as the revised concept of just prices gained acceptance. The pinnacle position was reserved for the creators of Sukla or the white wealth acquired through knowledge. according to how purchasers can be got to buy when at liberty and by free choice. Adam Smith . Further he SUMMER 2011 IIMB ALUMNI MAGAZINE 25 . Smith saw free-markets as a non-violent and voluntary exchange mechanism of goods and services. and not upon living well. or would Buffett have received a different reception elsewhere in the world? approved of trade only to meet the needs of a family. money lending was considered a sin as it exploited the misery of their brethren. Trade and commerce during this era was recommended based on the concept of just price and fair wages. has the value system changed? If it has. what changed the social attitude towards conscious wealth accumulation? Profits Sanctioned Over time as trade expanded from consumables like food within a local community to intermediate goods like wool among the merchants located in more distant markets. Naradasutra in Ancient India classified wealth into three categories. The classification reflected the then prevailing value system. Given this strong value bias. Was Ancient India unique. teaching. is there any element that has survived the ravages of times? Colour coded into white. Even among the rich there is a pecking order. pinched or deceived. be accorded a lower status due to his 'money lending' lineage. the free Greek citizen devoted his life to politics. any conscious attempt to pursue wealth was socially frowned and religiously censured. for the rich and the wealthy have attracted the limelight since times immemorial. and assuming that the purchasers are not fools. Had Gates and Buffett visited Ancient India. especially when this view was endorsed by the community. there is a slim chance that Gates and Buffett would have received a red carpet welcome. some sources of wealth are valued more than others. then what has changed and why? If not. While Johannes Nider explained the idea of just price.G U E S T A RT IC L E Valuing Wealth he publicity blitz that Bill Gates and Warren Buffett attracted when they jointly visited India is not surprising.' In the ancient Greek society. in the Christian and Islamic world.' He justified the idea that value lies in the eyes of the beholder. It was a divine mandate to be born poor. some uses of wealth are commended while others are frowned upon and what they do is constantly scrutinized. namely bribes. Looking back over the ages. the owners of Krsna wealth would be looked down upon and treated with contempt. grey and black. we can conclude that this wealth was a byproduct of some other primary motive not directly related to wealth acquisition. if a seller unknowingly sold 'gold as brass' the buyer was bound to compensate the seller. Around the World In the land of Socrates. pursuit of unlimited wealth led to '…living only. Life on this earth was seen as an entrance test to paradise. 'A thing is worth as much as it can be sold for. The inheriting rich were advised to live a pious. While a seller could be suspect in deciding a just price as he is an interested party. only slaves and foreigners toiled for wealth. For the free citizens. Johannes Nider a 15th century Dominican friar summed up this change when he noted. would they both have been equally honoured? Or would Gates the entrepreneur with his knowledge based wealth be placed on a pedestal. Krsna or the wealth of dark hues occupied the base position as it was a result of wealth acquired by ethically questionable means. Given this. On gaining economic independence. valour. provide relief to the distressed or supply necessities for their countrymen. Plato and Aristotle. profit transformed from being a dirty word reeking of exploitation to a service fee paid to the providers of socially demanded products and services.the father of economics . On reflection. Gradually. In India and in other parts of the world too. tillage. the concept of just price too evolved. the attention the rich get is not directly proportionate to their quantum of wealth. each participant in the market must adopt the value system of his counterparty. that is. frugal life and to help the poor. by using the ethical plank of objectivity. gift received for artistic performance and personal services rendered. forgery. practice of austerity. gambling.subsequently outlined the process by which profit is bleached off its taints of exploitation. wealth was a means to an end and as Aristotle remarked. The next rung was reserved for the Sabala or the grey tinge where wealth is directly targeted through money lending. To the ancient Greeks. But curiously. Added to this. he could not go wrong in trusting the buyer's decision. The value system prevailing in a society reflects the relative rank accorded. robbery or frauds. Although this could be a matter of debate. commerce. first action on attaining economic independence was to invest their wealth in land and be insulated from dirtying their hands in any further economic activity. while Buffett the investor. there is no denying the fact that both in the Ancient India and today in 'Anna's' corrupt-conscious India. As Thomas Aquinas the 13th century theological scholar commended.
Wealth could be accumulated and used productively. He went on to elaborate that hard work engaged the individual's mind. This new insight of 'exploitation free' transactions in the free markets may have been the catalyst for wealth to be moved from a three-tier to a twotier classification. The second option was not really an option as the wealth holder had no choice in timing his death. With this change. As the buyer is not compelled to buy and retains the freedom to walk away from the deal. pursuit of wealth was socially approved. He qualified his three part advice with clear limits. but with one caveat. the seller would then revise the prices lower till he gets willing buyers. By this logic if work was worship. and diligent engagement in a profession was equivalent to dedication in religious life. in a sound sense. With this new rationale. in both body and soul was wealth to be gained by diligent application. No wonder he is recognized as the Sage of Omaha. John Wesley. or were restraints put in place? prayers. save all you can and give all you have. all you have'. The first option he noted resulted in inefficient use as he saw the inheriting European aristocracy not live either a frugal life or provided an example of liberal giving. artistic performance and personal services merged with the Sukla wealth. As we scan ahead. commerce. This principle of altruistic wealth accumulation and liberal philanthropy found acceptance in a society that had for long looked down upon self-centered living. leave it for charity after death or give it away during the lifetime. John Calvin the French social reformer advanced a new logic that placed work on par with worship. His logic for giving away wealth was based on its efficient use. there remained the Sukla wealth or what is valued and the Krsna wealth or what is despised. social and the artistic spheres as well. Time spent away from work was time spent not glorifying God. Wealth has emerged as the new universal symbol of success. On viewing the transaction from the angle of buyers. the Methodist pastor in his sermon delivered in 1760 on The Use of Money articulated crisply the thought behind wealth accumulation and its justified uses. He epitomized simple living and high thinking. In the first half of the 20th century. He visualized wealth as a gift from God. he advised eliminating expenses that indulged in gratifying desires of flesh and eyes or feeding the ego to save all you can. a successful businessman must have sympathy. Expense on exotic food. on the other side of the globe. 26 IIMB ALUMNI MAGAZINE SUMMER 2011 . and vice-versa. it did not take long for people to realize that wealth is rewarded only to those who are solely devoted in its pursuit. this concept seems to be gaining ground as we look at the large number of foundations and charities being set up by the rich. insight and wisdom. If the seller initially quotes a price and does not get willing buyers. After providing for self and their household needs moderately. In the second half. or is there anything else for them to do? Work is Worship Once the moral hurdle in pursuit of wealth was removed. does the responsibility of wealthy end with gain all you can. A successful seller must appreciate the needs and the value system of his buyers. Without hurting yourself and your neighbour. he emphasized 'nay.G U E S T A RT IC L E Though driven by self-interest. his final recommendation was to give all you can. But wealth should not be used for personal indulgences and luxurious life style. to be held in trust as a steward. save all you can and give all you can was John Wesley's clarion call. More profit and more wealth showed that the individual was more worthy in the eyes of the God. a result of wealth directly targeted by money lending. John Ruskin the English philosopher and Andrew Carnegie the steel magnate amplified his idea of trusteeship. John Wesley's thoughts found an echo in each subsequent century. tillage. he concluded profit and wealth were visible answers to our Voice for the Voiceless Beginning in the 20th century. Giving not just what you can. Warren Buffett provided a perfect example of this idea. success that embodies dedication. Carnegie not only preached his crisply articulated Gospel of Wealth but also practiced it. Mahatma Gandhi preached trusteeship to the wealthy. In an ego-free decision. the influence of the rich has gradually but surely expanded from the economic domain and crept into the political. Earn all you can. Sabala wealth of the grey tinge. He listed three options for surplus wealth accumulated -bequeath it to the family. Buffett donated his billions to the Bill and Melinda Gates Foundation. Likewise. Looking into the 21st century. he must then step into the shoes of the buyer to realize their hurdle. Smith showed that there was no exploitation involved in trade transactions. In the 19th century. The earlier sources of influence emerging from valor and intellect are now submerged and seen in wealth. and not consumed as an owner. This left Carnegie with the third option as the only real one to pursue. His choice of residence and mode of transport reflected his need. Profession is also a part of the divine plan he noted. Did this merger authorize unrestrained wealth accumulation. expensive apparels. He recommended using the surplus wealth to set up 'ladders' for the needy who wanted to climb out of their life of poverty. ornamental and expensive furniture was frowned upon.
It comes from the realization that the opportunity to accumulate wealth is directly related to the opportunities available. the first responsibility of its well wishers and beneficiaries is to preserve and promote democracy. serving the requirements of the needy and safeguarding environment is at a premium. Given this vide range in value system Andrew Carnegie prescribed a practical test. With or without further refinements if we accept this concept of true wealth creators. A common thread that runs across all these themes is to strengthen democracy. When properly used. million dollar luxury vehicles. the influence of wealth is limiting. and its judgment will not often be wrong. the final test every wealth creator has to measure upto is their contribution to strengthening democracy. wealth that is a byproduct of meeting social needs like employment. Whatever makes one conspicuous offends the canon. the rule in regard to good taste in dress of men or women applies here. The third dimension of wealth is in its public use. this ability to influence public debates and public policy decisions is substantial in all democracies. Soros calls for open societies. but it can also be quantified and objectively ranked. In the world today. Wealth comes with responsibility and in a democracy. we can take away four critical points in identifying 'true' wealth creators: Wealth cannot be ranked based only on quantity. which is not the case with respect to valour or intellect. though overall it serves our country well. ostentatious attire. austerity is prized.G U E S T A RT IC L E Not only is wealth as a symbol visible. Some sources of wealth are valued more than others. Buffett calls for fair taxes. wealth is liberating and gives them wings to soar higher.' He not only chose to correct this obviously misallocating reward system. Given this. 'My luck was accentuated by my living in a market system that sometimes produces distorted results. rewards a great teacher with thank-you notes from parents. jewellery and exotic food. Looking around the world today. Increasingly the more 'responsible' among the rich are evangelizing their core beliefs. for what is a luxury to one could be the basic need of another. 'So in the case of wealth. The second dimension of wealth is in its personal use. Lessons from the Past From this short study.' In short. Their dominant motive to protect wealth hinders their ability to speak out against the powerful and influence public action into its right course. But to some others. identified these opportunities by noting. That would also be the day when the potential of management 'science' is more fully realized as we know it today. but rewards those who can detect the mispriced securities with sums reaching into billions. In the present world. SUMMER 2011 IIMB ALUMNI MAGAZINE 27 . …The verdict rests with the best and most enlightened public sentiment. The community will surely judge. The question is how this influence is used. The enlightened world has moved to the Triple-Bottom-Line concept. Even among the self-created category. Premji calls for universal elementary education and Gates calls for basic healthcare. the system at core that enabled all these individuals to earn their wealth. In a world of billion dollar residences. He remarked. Simple lifestyle is a value very tough to define. self-created wealth is valued higher than inherited wealth. For many. The publicity surrounding wealth rankings and its popular appeal has made the wealthy influential. I've worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal. but also combined with Bill Gates to evangelize among the rich around the world. Wealth has widely varying effects on its owners. Providing a voice to the voiceless is the fourth and the final dimension of true wealth creators. the influence that the wealth wields is significant and material. the practice of giving away a majority of their wealth to philanthropy. a single bottom-line is no longer adequate. Warren Buffett making the pledge to give away 99% of his wealth during his lifetime or on his death. where profits are measured along with its impact on the planet and people. will we see the day soon when management institutes start self-assessing their performance on their 'Buffett' ranking score-A measure of the contribution their alumni make to themselves and their society? That would be the day when management institutes truly come of age. Warren Buffett is the wealthiest measured not just on any one but on all the four dimensions. In democracies where public policies are shaped by popular opinion. a lifestyle that blends with the rest was the best.
a very handsome man indeed. For the love of the sweet outdoors he treated himself to a Trek Madone 5.a hero who touched death and came back. there was absolutely nothing that Samarth could do while her car plowed straight into the bike. his charming wife. He was under two months of intensive care at the 28 IIMB ALUMNI MAGAZINE SUMMER 2011 Samarth with the Manager of the bike shop . Thank heavens. Thanks to this fast response a helicopter flew in right away and Samarth was air lifted to a Level 1 Trauma Care center.2 (Lance Armstrong rides a Madone too!). Samarth did not suffer from a head or a spine injury. we do not know . The accident scene looked nothing but horrific and it was nothing short of a miracle to find Samarth alive under the car. his heartthrob.SALON Salon I touched death and came back Chandrika Samarth PGP '95 Article by Ranjini Sivaswamy ow much courage does it take to pick up life back from being dragged under a car? There was a lot that was lost. He has made the town of Boston his home and he loves it even more for its enchanting road bicycle trails. The scenario had doctors more in favor of foot amputation. across contests . But one third of his left foot had been scraped off on the road and he had had his ankle dislocated along with the fracturing of all of the bones of his foot. while he held on to the bottom of the car. but Chandrika Samarth PGP '95 knew there is a bigger world to be won now. The exhaust system had given him severe fourth degree burns to his chest and right leg. Until now he has had five reconstruction surgeries to his foot and three surgeries to graft the burnt skin on his chest and legs. Her car came head on and since she did not see Samarth's bike. That was not it. he was already receiving medical attention. the car did not stop for another 300 meters and this was with Samarth caught beneath the car. People living nearby heard the din and ran out from their homes while the 911 emergency call service responded within 3 minutes.but let's blame it on the November evenings that get dark pretty early. He was getting dragged with his back getting scraped mercilessly by the road and also with his chest getting burnt by the exhaust. He had taken to the roads on a casual ride at around seven on this November evening in 2009. only next to Ruchira. Was it the darkness. Things went rather bizarre in just a few seconds. The bike took him racing across Boston. so much so that the lady driver of a speeding Volvo car missed noticing a biker on the road. is a champion bicycle racer. And he's won it in such a style that he's nothing less than a hero . His survival was a miracle of miracles. Samarth. Within 45 minutes of the accident. was it loss of control or was it anything else.but only for a year until Samarth met with this near fatal accident.
he is today a member of a local community organization that promotes safer biking. We bow down to you Samarth! "Once you show your own courage. and insurance companies. Samarth's brother flew down immediately from Saudi Arabia and provided much needed support to Ruchira during those initial few days. SUMMER 2011 IIMB ALUMNI MAGAZINE Samarth with his wife Ruchira after the Pooja of his new bike 29 . physical therapy and more than a year of psychiatric counselling for PTSD (Post Traumatic Stress Disorder). lawyers. that's what Samarth said while approaching the bike dealer from whom he got his first bike. people go out of their way to help you". She had the onerous task of breaking the news to Samarth's parents and providing them strength to bear. The left foot that was crushed in the accident. Yes! He went back to the same dealer again and much to their surprise and elation put forth a vision to teaching kids about safer biking.9 that has been specially customized for him to race the trails again. he is not the kind to be bogged down forever by this tragedy. The Trek Bicycle Corporation chipped in and so did several biking gear manufacturing firms towards this vision and now Samarth is once again the proud owner of a brand new Trek Madone 6. Ruchira was thrown right into the middle of this entire maelstrom handling her own trauma while fighting it out with doctors. This is a US Government grant funded startup affiliated with Harvard University. That's exactly what Samarth found. They both heavily engaged with the doctors against amputating Samarth's leg and thanks to their courage and optimism he was given reconstructive surgery instead. As he still deals with the accident and battles his injuries. Though suffering from long term post traumatic stress. Samarth is a Sloan Fellow from the MIT Sloan School and a Teaching Fellow at the Harvard Medical School in Healthcare and IT. Brenda Euland writes that there is always a flame of spirit in courage and in a vision of some necessity higher than oneself. let's all tell him that we are there with him as good old friends and want to see him recover even faster. But guess what Samarth's next step was . has a permanent limp and prosthetics will have to be worn permanently thereby reducing the choices of sports that can be resumed. he also decided to drive all by himself even at a stage when he was still nervous in public Chandrika Samarth PGP '95 is an entrepreneur and a crazy tech geek. places.SALON hospital. however. He has put in his business sense and the . And more importantly. Samarth surprised doctors with the speed of his recovery by diligently following their advice and working little by little to overcome the dependencies that limited him. He decided to resume work part time after eight months of the accident and not just that. Through most of it the trauma of the accident lingered on. Samarth and his family have truly seen the worst of times.after those eight months he got himself another bike! His spirit for life and his drive to surpass this consuming tragedy are simply awesome. three months of home care. experience of working in the IT and Healthcare industries to start Environment & Health Group.
Now it has been done up nicely. This phase of being a student of PGPPM at IIMB was different from his life as a B Tech and M Tech student where "I had some mental pressure of securing good job in campus selection or through competitive examinations of UPSC." he added. Coming to IIMB In spite of drawing a good salary thanks to his All India Service job. I also admire them for making us study and learn like other regular nonsponsored students. it was easy to correlate class room teaching to field applications in administration and management. I owe this success to IIMB." he narrated. they would strictly conform to various deadlines for In Pursuit of Academics For Sanjeeb. "My presentation was about developing gardens in each office compound in Palghat District Police and how this step improved psychology. His insatiable thirst for knowledge propelled his journey from being a HCL Customer Engineer for a year after B Tech to being Managing Director and Chief Executive in not one but three sectors in Kerala. "On return to my cadre state. mindset and behaviour of all staff working in various police stations." he said. Sanjeeb Kumar Patjoshi PGPPM '07 clearly fits the bill. In the beginning of the course each participant was asked to make a presentation about the best work done in their field postings.SALON An Officer and a Gentleman Sanjeeb Kumar Patjoshi PGPPM '07 Article by Gayatri Nair submission of assignments and also for methodical evaluation of our learning in various examinations without showing any concessions and ignoring our status of being senior government officers. Sanjeeb categorically proved that he believes strongly in the adage. the MD of Kerala State Films Development Corporation (KSFDC) is a native of Orissa who can speak fluent Malayalam and believes in making the terribly opaque government agencies as transparent and people-friendly as possible. I was posted as Managing Director of Kerala Milk Federation for more than three years during which the organisation raked in substantial profit. Exposure to excellent academic system at Syracuse University USA was the icing on the cake." he said. ealously pursuing academics and then implementing the same to infuse life in loss making organizations and making government agencies more transparent is what maketh a civil servant. Sanjeeb didn't think twice before quitting it all to learn a thing or two about management theories. "Practice what you preach". Preach and Practice While being a student in IIMB. a shift from its existing phase of loses. This was taken seriously by attending faculties and was then relayed to IIMB administration. Sanjeeb. With IIMB's learned faculties to teach with their vast academic experience and with my field experience. Impeccable teaching at IIMB was one of the many other aspects that he fondly remembers. Immediately after leaving IIMB he joined PhD program in Entrepreneurship Development in Sambalpur University of Orissa. the pursuit of knowledge did not end with his course in IIMB. 30 IIMB ALUMNI MAGAZINE SUMMER 2011 . "It was more motivating and exciting for me to focus on studies and learning theories and applications of management. "I admire all Professors. I also commented about the then very bad foul smell emanating from uncovered sewage drain and the shabby look of front of IIMB main gate.
In fact I got Kerala Government trophy for topping Malayalam examination at training academy. I am also recipient of United Nations Medal in year 2001 at Kosovo. "Of late. Hence there is no Malayalam language difficulty with me at all." he said. officer is agent and visitor is principal. swimming in pool. 2.Agent concept of management. He was posted as Managing Director and Chief Executive in three State Government public undertakings in three different sectors of Dairying. son. Maintaining a file of meetings so that others understand clearly and fully. I have published four papers on Dairying in various journals. My mother Srimati Annapurna Patjoshi is housewife. wife. If one remains honest for self. twisting of facts etc. table tennis. I presented a paper "Solving Naxalism through Dairying in India" which was liked very much by delegates of West Bengal and other naxal affected states. due to my present job as the MD for KSFDC. by hitting a hatrick of sorts. Europe. Road Transport and Cinema Development. Goa in 2009. I have got two Good Service Entries. Sanjeeb is only too aware of these problems. there will be reduction in corruption as per management concept of "Signalling". "I am fully conversant in Malayalam language. falsehood. this year I was awarded by IIT Kanpur with Satyendra Dubey Memorial award for upholding human values and public service. namely corruption." he added." he pointed out This alumnus proved his mettle as an administrator. 3. I am getting to watch many films and it has helped me develop my capabilities as a film critic. "My father Sri Sebaranjan Patjoshi is retired Superintending Electrical Engineer from Orissa State Electricity Board. I got "Pride of India" award in 2009 at Bangalore for my contribution to the dairy sector. then down below in hierarchy. in both public and private sectors. Daughter Aditri is 4 years old whose birth in year 2007 became another gift for us along with IIMB's PGPPM. Wife Kabita Patjoshi is alumnus of famous Sailabala College. may be for my future additional career. Sanjeeb presently resides in Kerala with his family that comprises his parents. How can a visitor from a distance know this timing for meeting any officer? Why should any visitor wait for long if he does not come to meet the officer within specified time? With Principal. daughter. Chilling Out When he is not busy ensuring the smooth running of Malayalam film industry or sorting out strategies to alleviate losses of the Milk Federation." India by indulging in it. Son Amit is now in 11th class in FIITJEE Integrated School. He further added. First hand information from bottom of pyramid which prevents undesirable interpolations. 25 Commendation / Appreciation letters in my IPS career." From Orissa to Kerala Interestingly this Orissa bred civil servant is as at home in Kerala as he is in his home town. It is my opinion that bureaucracy. but not on any opinion or any previous experience. On the field there are some enemies that needs curbing. red tapism and the like. is mainly responsible for this widespread corruption in SUMMER 2011 IIMB ALUMNI MAGAZINE 31 . Bangalore. "Few examples of my deeds to overcome red tapism 1. On March 12. I got "Leadership" award from IIM Kozhikode in year 2009. Cuttack. Removing display board at door of my office chamber mentioning visitors' meeting time with the officer. Sanjeeb indulges in a good game of lawn tennis.SALON I am also teaching in various academic institutions on honorary basis. "At National Dairy Conference. conducted by Kerala Public Service Commission. "Corruption is an endemic and chronic disease among some people." quick passing of Malayalam examinations. by not preventing it and by supporting unscrupulous political executives. I got advance increments in salary for Malice called Corruption A civil servant clears many a hurdle before finally gracing top posts. but his battle does not end there. He has also been conferred with a number of awards for his academic pursuits. IIMB teachings ingrained in me that any administrative and management decision need to be based on research and data.
This conference brought together 120 youth leaders from the 8 South Asian countries for a 6 day action-oriented program. who was the Chief Guest at the event.expressed as Peace Within. The event was watched live over the web by over 1000 people . Convocation At the 36th Annual Convocation. It is a matter of great pride for us to see his organization do such remarkable work.alumni. Prof. family members of students and friends all over the world. 578 students graduated from the Institute in the presence of IIMB Chairman. Raghunath is a Post Doctoral Fellow from the Graduate School of Business. Stanford University. Mahadevan for his much valued service and wish Prof. He takes over charge as the Dean from Prof. South Asian Youth Conference IIMB hosted the first South Asian Youth Conference at the campus from May 23-28. The theme of the conference is Peace . He is also Doctor of Philosophy from Gujarat University. 2011. B Mahadevan who has achieved some wonderful developments at the Institute during his three year tenure at the Institute. 32 IIMB ALUMNI MAGAZINE SUMMER 2011 . an organization founded by an alumnus. We thank Prof. Prof. Raghunath is faculty at IIMB in Corporate Strategy and Policy. With others and With the Environment. The conference was organized by the Blue Ribbon Movement. Raghunath S has taken charge as the new Dean in charge of Administration of IIMB. Union Minister of Human Resource Development and Communications & Information Technology. Abhishek Thakore PGP '05. Delegates who came from the SAARC countries attended the Conference which draws its objectives from the broader vision of SAARC and the UN towards a global partnership for development.w H AT ' S U P @ i i m b What's up @ IIMB IIMB gets new Dean Administration Prof. Mr Mukesh D Ambani and Mr Kapil Sibal. Raghunath a spectacular regime at the Institute in the years to come.
We have consciously invested in research-based publications. deferred their placement to follow their hearts into entrepreneurship.students Shubha opting out of placements to start jeet Ma zumdar something on their own. "The partnership with Harvard Business Publishing is a significant milestone in the Institute's journey to achieve its long-term vision of establishing itself as a global centre of management research and education. Kellogg Graduate School of Management." SUMMER 2011 IIMB ALUMNI MAGAZINE 33 . These young entrepreneurs are allowed to stay at the Institute hostel for an extended 6 months and the incubation centre at the NSRCEL also marked out a separate office-space that was freely available for student-run ventures. This is consistent with Harvard Business Publishing's endeavour to source quality content. Managing Director of Harvard Business Publishing in India said. and the Darden School of Business that also distribute their cases through HBP. a record 12 students. The occasion marks the recognition of the relevant and in-depth research being carried out by faculty at IIMB. ideas. Abhinav and Nitin 12 Students Choose Entrepreneurship Over Placements Here's a trend that has been picking up pretty interestingly over the past few years . This year. says Gandharv. one of the bravehearts. to our community of educators globally.Harvard will distribute a collection of teaching cases developed by the faculty of IIM Bangalore. IIMB said. Professor Pankaj Chandra. what changed this year? Gandharv Bakshi PGP '11.w H AT ' S U P @ i i m b AshutoshSawant Gandharv. the answer is an overwhelming yes. "We are pleased to offer cases from a leading Indian B-School." Vinay Hebbar. hu Amarendra Sa Suhas Shetiya Akhil Gupta Nithin Chandra Soga Vamsi Krishna Abhishek Humbad Harvard to publish IIMB cases The Institute has entered a significant engagement with Harvard Business Publishing (HBP) . IIMB proudly joins a select group of business schools such as the Stanford Graduate School of Business. Would the number of entrepreneurs emerging out of IIMB be higher in the future batches? From current indications. says that they feel a lot confident about their entrepreneurial pursuits and with the support from the Institute they needn't look for more encouragement. like IIMB. On the occasion of the signing of the distribution agreement. Director. and research from India and bring it to our audiences in India and worldwide. This is a major step that takes the global vision of IIMB to the next level. for an initial period of three years. So. as against two last year. and this agreement will add impetus to our efforts in this area.
Pulak Ghosh has received the Young Scientist award in the Statistical Applications category for Year 2011 from the International Indian Statistical Association. This is a significant recognition and highly prestigious honour given to a researcher 45 years old or younger. This honour will provide him with access to the Bain Global network and support for his research. It is keenly contested and nominations are screened on the basis of published work. J Ramachandran honoured as first Bain Fellow in India Professor J Ramachandran has been invited to be the first Bain Fellow in India. Sreelata Jonnalagedda Assistant Professor. Kanchan Mukherjee Associate Prof. Organisational Behaviour & HR Management Prof. and contribution to the body of knowledge in the field of statistics. North Carolina. His research focuses on strategic and organizational challenges of emerging economy multinationals. Organisational Behaviour & Human Resources Management Prof. Prof. 34 IIMB ALUMNI MAGAZINE SUMMER 2011 . The award ceremony was held on April 24. USA. Organisational Behaviour & Human Resources Management Prof. its impact on the practical field.w H AT ' S U P @ i i m b New Faculty @ IIMB Prof. Ramachandran has also been invited to be a member of the Bain India Advisory Board. Ramadhar Singh Distinguished Professor. He is Professor of Business Policy at the IIMB. 2011 at Raleigh. Organisational Behaviour & Human Resources Management Prof. The award recognized his outstanding contribution and innovative work on applied statistics. Marketing Prof. Prof. Ritu Tripathi Assistant Professor. Ramya Ranganathan Assistant Professor. family business groups and firms in cultural & creative Industries. Patrali Chakrabarty Assistant Professor. Marketing Prof. Pulak Ghosh receives Young Scientist Award Prof.
Futures and other Derivatives” along with John C. Visiting Faculty in the Marketing area at IIMB. The Awards is presented to individuals and institutions that have surpassed several levels of excellence and set an example of being a role model.you would want to check out this opportunity a little seriously. Professor of Finance & Control and Chairperson of Alumni Affairs at IIMB. designed as three one-week segments. who passed away on March 22. He also co-authored a book titled “Options. We congratulate Prof. is titled Innovation and Leadership Beyond Borders. 2011 at the IIMB campus. Innovation and Leadership Beyond Borders If you are a business owner. Professor P N Thirunarayana was a wellknown academician and was associated with IIMB for 33 years. China). Shainesh on this milestone achievement. 1911. in Marketing Award 100 years of IBM The Centre for Corporate Governance and Citizenship (CCGC) at the Indian Institute of Management Bangalore (IIMB) hosted the IBM Centennial Lecture on March 3. China in September 2011. 2011 at his house in his native village of Nemmara in Palakkad district of Kerala. A Sundar Professor A Sundar passed away in his sleep in the early morning hours of Monday. or a leader in an MNC. The programme. The programme will culminate with a service innovation module in Bangalore. with a year-long global initiative. Zhejiang University (Zhejiang. Prof. Prof. has launched a Global Senior Management programme that will have business leaders traveling to the home countries of the Universities to learn the keys to successful innovation in each market. Prof. or a budding entrepreneur who is considering a new venture or building their global experience base and mindset . with a week long programme focusing on managerial and creative innovation. This is in recognition for having demonstrated great commitment to excellence in career and display of exemplary leadership. He was recognized as one of the most outstanding faculty members of IIMB. Maryland will host the kick off in June 2011. Many congratulations! CMO Asia has announced Asia's Best B School Awards and we are proud to have Prof. Achievements galore for Prof. Prof. Hull. India in January 2012. The second phase . Arnab ties the knot Professor Arnab Mukherji entered holy matrimony with Priyadarshini Nair on the 29th of January. has been elected to the elite community of Princeton Registry.w H AT ' S U P @ i i m b Obituary Prof. IBM is marking the 100-year anniversary of its founding on June 16.manufacturing innovation . March 14. Thirunarayana IMB deeply regrets the demise of Professor P N Thirunarayana. 2011 at his residence in Bangalore. Shainesh G FPM '96 gets Best Prof. Prof. Arnab is a faculty in Public Policy and his wife works with Thompson Reuters. Princeton Global Network is one of the most comprehensive publisher of executive biographies in the world with its registry comprising of top tier professionals representing every industry. Smith School of Business at the University of Maryland (Smith) and the School of Management. Shainesh being pronounced as the Best Professor in Marketing. Sankarshan has also been elected as Secretary of the Asia Pacific Risk and Insurance Association for the year 2011 – 2012. IIMB along with Robert H. SUMMER 2011 IIMB ALUMNI MAGAZINE 35 . Sankarshan Professor Sankarshan Basu. Professor Sundar was a faculty member in the then Agriculture department of IIMB in the late 1980s.will take place in Zhejiang.
Andhra Pradesh Shreeram clicked this stunning picture of the exotic black buck in the grasslands of Rollapadu. M V Shreeram PGP '04 Around sunset. truly brought joy to my heart. Watching the kids jump around. Cambodia 36 IIMB ALUMNI MAGAZINE SUMMER 2011 . an ace wildlife photographer. like these Indian Foxes. Rollapadu. This beautiful animal is now forced to graze in the agricultural fields that were once part of its territory in many places. is a couple of hours by road. attack and defense techniques. totally unaware of the world around them. I'd just reached the place when I saw this beautiful animal sprinting. By then I was safely in Phnom Penh. cuddle up to their mother and have blissful fun. He describes his experience . This was undoubtedly one of my best wildlife moments. Interesting.the play is like a rehearsal for their adult lives as they enact hunting. The kids are very playful . face a constant fight for survival with limited sources of food and water. "Grasslands are a fascinating. Mammals. says Shreeram.T H E t r av e l l e r s Indian Fox Family . but it creates a beautiful image of a fragile ecosystem". the family of foxes came out of their den and the kids started playing. with huge numbers of migrating birds making it their home in winter." Ta Keo or Temple Mount. Shrinking grassland habitats has endangered the Blackbuck. It was early morning on a very hot summer day at Rollapadu."I crossed over to Cambodia by road from Thailand. From there to Siem Reap. Indian Foxes make a den on flat ground. a French style town." Jhelum travelled to the town of Siem Reap in Cambodia. the current ThaiCambodian border war over the disputed Preah Vihar temple started two days after I crossed over. Gujarat Black buck and the Anthill. Andhra Pradesh. In Shreeram's words . close to the Thai border. yet shrinking eco-system.Rann of Kutch. There is a highway from Bangkok running to Aranyapet on Jhelum Chowdhury the Thai side of the border PGP '97 from where one crosses into Poiphet on the Cambodian side. The anthill was slightly off its running trajectory. M V Shreeram captured this moment where the tenderness of the mother and the mischief of the kids comes out so beautifully."The vast grasslands of Kutch hold a very delicate eco-system. Normally. one parent stays in the den while the other goes out looking for food.
and more the children the better. A herd of 50 cattle is respectable. Abhilasha describes . Traditional Maasai lifestyle revolves around their cattle which constitute their primary source of food. Kenya Abhilasha Jain MPWE '10 LOLZZZ!!! "While on the safari in Masai mara one day looking for elephants we came across this sign which had us laughing out loud. chuckles Abhilasha. "Ephesus is a 2000 year old city that had a population of 250. The measure of a man's wealth is in terms of cattle and children. with elder men. A man who has plenty of one but not the other is considered to be poor.perhaps explaining the knowledge that built the city. Masai Mara. We visited a Maasai Village during our trip to Kenya to learn more about Maasai culture. Maasai society is strongly patriarchal in nature."The Maasai people of East Africa live in southern Kenya." Road sign. Kenya Abhilasha was on a trip of her life time when she went on a safari trip to Kenya last December. traditions and lifestyle. Masai Mara. Ruins of Ephesus. Turkey Abhishek Thakore PGP '05 Abhishek was on a trip to Turkey as a part of the World Youth Congress and he went on to explore this land of rich history. The people are traditionally polygamous.000 in its time.western style and lined up like chairs! The library was huge . sometimes joined by retired elders. Abhishek explains.T H E t r av e l l e r s The Maasai Men. deciding most major matters for each Maasai group. It reminded me of the IIMB library in some ways!" SUMMER 2011 IIMB ALUMNI MAGAZINE 37 . The picture I think is self explanatory". What makes it special is the sheer amazement you feel at how a civilization could have existed with sophistication to provide travel and sanitation for such a huge population.The amusing part was the public toilets they had . this is thought to be a long standing and practical adaptation to high infant and warrior mortality rates.
Andaman Seas This golden jelly fish. "I think Arunachal Pradesh is one of the most beautiful places in Karthik Prabhakar India. typically found in the Andaman sea. "what makes this place unique is its pristine beauty and proximity to the border. turtles and of course. The place Bipin Kulkarni is known for its remoteness and PGP '09 unadulterated beauty of nature. Panga Teng Tso Lake. and can shock a swimmer. Indo-China Border. Bipin toured the Andamans with his wife and found these haunting remains of the deadly Tsunami of 2004. The place is rich with corals. it is a pity that we as Indians need special permission to enter this state and I wonder if the days of collecting a Visa for Arunachal are not far away. The Ghostly remains of Tsunami.a lake that is like a closed drainage basin and unlike other lakes does not allow water to flow out of it to reach other streams. I hope this beautiful place is provided with more support and development. is a beauty. jelly fish. a territory of dispute between India and China. The lake is geologically an endorheic basin . but yeah. Adaman & Nicobar photograph is a Islands grim picture of what remains of a once beautiful green landscape. Bhutan is one of the most beautiful countries in the world." Golden jelly fish. It stings pretty fiercely. Karthik says. although not fatal. Bipin took this photograph from a boat on a remote bay in Southern Andaman. colourful fish." 38 IIMB ALUMNI MAGAZINE SUMMER 2011 . Accessibility is a major concern which has PGP '11 kept tourists away from this place which may be a reason for its untouched beauty.T H E t r av e l l e r s Paro Taktsang Monastery (Tiger Nest Monastery) Bhutan Karthik was spell bound at the beauty of this monastery precariously perched on the cliffside of Paro valley in Bhutan. The tiger nest monastery sitting on top of a cliff is a beautiful creation of mankind and hats off to those who dedicate their livesto the religious pursuits in such difficult living conditions". "This is a palm grove that was completely destroyed by the Tsunami. He says. The Indian Army has a herculean task of negotiating the tough terrains around this place to protect the border. Bipin says. However. Arunachal Pradesh This lake. lakes or the sea. I shot this photograph near the land of Jarwa tribes in Andaman islands. is a scenic marvel that is tucked in the grandeur Himalayas. only from a distance.
"It was a life-coming-to-a-standstill. travelled to this interesting place called Ayutthaya city. Thailand city of Ayutthaya was the Thai capital between 1350 and 1767. Having PGP '99 grown up in India in Bangalore mostly I’ve slowly gotten used to the idea of shoveling 2-3 inches but boy 21 inches! My husband and I were quite unprepared as we had just moved into a new house and barely had a shovel. The temples were cut from the rock and shifted to higher ground in the 1960s as the waters of Lake Nasser began to rise following completion of the Abu Simbel temples. a solo woman backpacker. She describes. one Buddha head miraculously survived. The sandstone body was crushed but for some reason the head remained and the tree grew around it and is literally a living part of the tree. Lavanya Krishna grinding blizzard. ft of snow to shovel. no snow blower. SUMMER 2011 Anuradha. Our drive way is about 40 ft X 15 ft and with the snow drifting we had about 1700 cu. who lives in Chicago." IIMB ALUMNI MAGAZINE 39 . She says. Anuradha says. resulting in the collapse of the kingdom. "The temples were constructed for the pharaoh Rameses II who reigned for 67 years during the 13th century BC (19th Dynasty). 2011. Lopburi and Pa Sak rivers. Egypt Aswan High Dam. "This picturesque Ayutthaya. In 1767 the city was destroyed and plundered by the Burmese army.T H E t r av e l l e r s Lavanya. recounts her experience when the city got a record snowfall of 21 inches overnight with winds in the range of 40-50 mph on the Feb 1. a set of two temples near the border of Egypt with Sudan. However both of us being MBAs and being Consultants used to attacking difficult problems we managed to shovel it all in a methodical way having fun and bonding!" Anuradha Chatterjee EEP '09 Anuradha went backpacking to explore the mystical temples of Abu Simbel in Egypt. located at the confluence of the Chao Phraya. In this ruin of wounded Buddhas.
it's great. These are . These are simple and effective workshops that allow and encourage you to enjoy clicking great pictures with your simple digital cameras. Anil Kumar.Heritage Photowalks.com. So he did the next best thing: he started Delhi Photography Club (DPC). most of these weren't beginner/amateur friendly options. Of course." he said.delhiphotographyclub. But then our alumnus. Anil Kumar PGP 2000 40 IIMB ALUMNI MAGAZINE SUMMER 2011 . Interestingly. PGP 2000 is a cut above the rest. log onto www. For more information. "You don't have to necessarily have a DSLR with bulky lens to join our workshop.Class notes Shoot as you Learn Making passion socially relevant is not the usual wont. Photocapture Trips and Teatalks in various parts of the city. if you have a DSLR. However." he pointed. they also conduct workshops for underprivileged children allowing them to express themselves creatively. stuff on the internet and even joined a short term course. where any enthusiast can join and learn photography from peers. The uniqueness of DPC lies in the fact that it promotes photography without an overdose of technology. "Then I tried reading the manual. Kumar stumbled into the world of photography when he treated himself to a DSLR. DPC also has take free initiatives to promote photography.
Preethi spent a brief period in J&J after which she had six years in brand management at Henkel & Marico. The inspiration to strike out on their own came from the desire to as the couple puts it. Duke and Duchess of Sustainability The desire to spend more time together prompted a couple to take a whole new avatar: creators of a brand that asks carbon footprints and animal testing to take a walk." "Krya was a natural extension of our beliefs on sustainable urban living. Lear Corporation. Perfect Molds. which the couple calls sustainable goodies. For more information log onto www. we still do not own a car. Further. and all our products are plant based and free from animal testing. 10 years into our working lives. PGP '01 and his wife. Connect with Srinivas and Preethi at http://facebook. Kyra's products. "We primarily consult in Mechanical Engineering. Krya is a vegan company. as are we. consumer use & disposal. Pune. His Last job was in Engineering Services group in Geometric Ltd. The same will be presented during the conference. Bhaskar Baada GMITE '08 says it was the Management Education at IIMB that gave him a good perspective of business. will be held June 13-17 at the Omni Shoreham Hotel in Washington. "Securing a Healthier Future in a Changing World. who had eight years of sales and marketing affairs with J & J. The Global Health Council's 2011 Annual International Conference on Global Health. "Evaluation of Rashtriya Swasthya Bima Yojana.. Bangalore (May 2007 to April 09) as Project Manager." said Srinivas. Krya. For example. Excellent Tooling Solutions. expertise and specialist skills with the aim of creating value. carbon footprint has been minimized and sustainability ensured. The company was registered in August 2010. Learning & Development. Pune in 1994 and later moved on higher roles to other companies like. the world's largest global health conference that is not focused on a single disease or health area." will focus on the challenges of and innovative solutions to address the demographic changes that have shifted the global burden of disease. Bangalore. This in turn helped him realise his dream of starting a consulting firm. The firm is involved in providing objective advice. Dr Rathi who has been involved for more than 20 years in the areas of Healthcare Delivery and Administration in the Public Sector undertook the Research Project titled. follow the sustainability principle of cradle-tocradle. manufacturing. Serene Choice A good course is all it takes for aspiring entrepreneurs to realise that taking risks is not such a bad thing. Serene Consulting.in SUMMER 2011 IIMB ALUMNI MAGAZINE 41 ." said Bhaskar who was earlier with Kinetic. The conference. PGPPM. Healthcare leaders across the globe will come on a platform to share and exchange ideas so that better healthcare is delivered to all.com/kryagoodies.Class notes Towards a Healthier World Congratulations to Dr Prateek Rathi. transport. "to create a business congruent with our principles. alumnus of IIM C. DC. '11 who has been invited to the Global Health Council Conference 2011 to present his extensive work on making health care accessible to the poor. Preethi Sukumaran. India's first sustainable consumer products company is the result of the creativity of Srinivas Krishnaswamy.sereneconsulting. Bangalore. During the PGPPM program. maximizing growth or improving the business performance of clients. a Health Insurance Scheme for below poverty line people". Mumbai. This means that at every point in the value chain. GE Power Controls. from sourcing raw materials. Human Resource management.
with militant ridden Kashmir being the prime location. novel by Bharat Wakhlu." he points out. Sreedharan of Delhi Metro was also released recently).darter.from the high-altitude deserts of Ladakh to the rainforests of the Western Ghats. to help photographers explore different genres of outdoor photography . the name also puns on "darting" from place to place. Incidentally Darter is named after a bird that we find in lakes and rivers in India. complex family relations. heritage and architecture. had enough with the oft repeated mundane run of the mill tourist spots and instead decided to explore places oblivious to the tourist eye. Lakshya. on April 6. SUMMER 2011 42 IIMB ALUMNI MAGAZINE . So what do they do? "We conduct photography tours to different parts of India and beyond. A hardcore travel enthusiast. M V Shreeram PGP '04. 2011." he added. Shoot at sight Doing a job for a living and living to do a job are two totally different things. the books offers all that and much more. Bharat.wildlife. Over the course of my travels. travel.Class notes Kashmir Comes Calling Close Call in Kashmir. But with Close Call in Kashmir. totally off the tourist map. rest assured falls bang into the second category.in. "I've been traveling across the country photographing wildlife over the past 3 years. Militancy. "Darter aims to bring these experiences to everyone interested in photographing the great outdoors. PGP '85 is a thriller that derives inspiration from rampant militancy of 1990s Kashmir. The plot in Close Call in Kashmir unfurls in various locations. Find more about them at www. The beauty and spirit of the troubles paradise has been beautifully captured by Bharat who grew up in Kashmir. has been writing since the early nineties (his first book on Total Quality was released in 1994. Realizing that there may be many like him out there he decided to become a guarding light for those ready to explore and thus started Darter Photography Tours in January 2011. Bharat has taken on a new path: fiction. yet as beautiful as anywhere in the world. landscapes. Darter's tours cover a wide range of destinations . the Resident Director of the Tata Group in New Delhi." he says. Stork comes visiting Sharad Seth PGP '06 and his wife were blessed with a baby recently Ravi Badhan PGP '04 and his wife Aakanksha were blessed with baby boy. I realized that there are so many unexplored places within the country. ancient secrets. while a book on Values and Ethics which he co-edited with E.
Dubai.D. An arts Graduate form Venkateshwara University. As an Entrepreneur. Obituary Thamarai Selvi PGP '08 Thamarai Selvi. So all the men out there who are frustrated with the lack of that perfect pantaloons or shirt. the campus remained warm.Class notes The Grandmother Stylist A 56-year-old grandmother. With our research. PGP ’80. laughter. On behalf of entire IIMB community we convey our sincere condolences to his family and friends. May his soul rest in peace. Here's thanking all the alumni for making it an affair to remember! IIMB ALUMNI MAGAZINE 43 . Patented Study Yet another alumnus has joined the ever growing list of IIMB alumni writers cape. after years of handling family commitments finally takes the plunge into the challenging world of entrepreneurship. May her soul rest in peace.he was not getting the design. Sanjay Vir Singh PGPPM '06 IPS Sanjay Vir Singh. It is a commentary on patent law and examines statutes. "Made for ME" for men through Peprismine. I strongly believe that opportunities exist everywhere . Girija was always interested to take up a job but couldn't because of her family commitments. with help of her twin sons. with love. Karnataka Government passed away following a cardiac arrest on January 15. it is Girija to your rescue! "Our venture started off with a problem that one of my sons faced . passed away. From December 24 to December 28. Internal Security. She was working in Hyderabad. United States. The key findings were men are becoming more fashion conscious. They are interested to look their best and have preferences in terms of design.take a deeper look at those opportunities and use it in the best possible ways. The 47-year-old was an IPS official. PGP ‘2000 and PGP ’85. The other authors include K. just to reconnect with their batch mates who gave them indelible memories. that is Girija Ramachandra MPWE '10 for you. We extend our condolences to the family and friends of Selvi who have lost her at such a young age. and also an alumnus from IIT Delhi. More than 200 alumni with families came from across the globe including Singapore. she introduced a brand new concept of clothing. 2011 in Hyderabad. Andhra Pradesh. styles and size that he wanted. Radhakrishnan who is a visiting faculty at NALSAR University of Law. at all times. SUMMER 2011 Reunion Bonanza For the first time ever. Sounds different? Well. Indian Patent Law and Practice. Connect with them at www. the alumni office conducted reunions for four batches simultaneously. Then one fine day. And they were a riot of fun.facebook. who was the IG. who was a Business Development professional and a technical consultant. as the city’s temperature plummeted. nostalgia and giggles flowing in huge quantities. which was incubated out of IIMB's NSRCEL during 2004-2005 has co-authored a book. 1989-cadre. He is survived by his wife and two children in Bangalore. The team at Peprismine consists of 3 members . rules. we understood that it was not just his problem but a problem for most men.com. The book that was published late last year by Oxford University Press is a reference work on Indian patent laws. C. PGP ’95. Arun K Narasani PGSEM '06 and the Co-founder/CEO of Brain League IP Services. style factor. Kankanala a visiting faculty at National Law School of India University and NALSAR University of Law and V. as well as case law." she said. Girija and her two sons Anup and Anuj.com/peprismin.
2010.Class notes The Musketeers Right at the top Anup Bagchi PGP '92 becomes MD & CEO of ICICI Securities Three FPM alumni. Himanshu Chakrawarti takes charge as CEO of The MobileStore Showers of Blessing Ramesh Srinivasan PGP '84 becomes President and CEO of Bally Technologies Mallikarjunadas CR named CEO of Starcom MediaVest Group India Most of you who have been in touch with the Alumni Office would know Rohini Ramegowda our Event Manager. SUMMER 2011 44 IIMB ALUMNI MAGAZINE .asome.in). We wish her and Shekar a lifetime of love and togetherness. an alumnus of XLRI have come together to start a B school in Bangalore. has a special focus on entrepreneurship. Swinging it in Style PGA tours make way for the latest golf sensation. This is a small step towards offering quality management education to aspiring future managers. The collective effort from IIMB helped them swing it right. This School. Srinivasa Rao Chalasani FPM '02 and Samir K Kagalkar FPM '11 along with Madhavi. entered holy matrimony with Shekar this May. Kanti Kumar Gali FPM '95. Congratulations IIMB! Next year the IIM Masters will be back again in Gurgaon on February 25. with the help of the grooming that the founders have received in IIMB & XLRI. named Accend School of Management & Entrepreneurship (www. darling of our office. the IIM Masters! In an exciting golf tournament that took place in ITC Classic in Gurgaon. IIMB lifted the IIM Masters trophy defeating the likes of IIMA and IIMC. Rohini. the spearhead of our Reunions and other major events.
as they are called. and am now marching to Neha's room to wake up my little princess. or thinkers.00 am First things first. stuff a gag in the mouth to prevent a scream from bringing down the roof. 5 . the moon does not look too happy to retire for another day. The snores are deadened. of course. Theoretically. stuff gag in Neha's mouth to stop the snores. down from four 10 minutes ago. the one that guarantees admission to America. Late night movie watching does not match with waking up in the morning. No panic. Next.30 am Back from an endorphins releasing workout. Uncheck 'Fifteen minute coffee break'. are the magic mantra that separates the doers from the can't doers.30 am Walk to the gym. The thought phase is behind me. Scrape the idlis into the dustbin before the dog sneaks away from the smell. a great day. a gorgeous humdinger of a day. the headphones barely detached from my daughter's ears and telltale DVD cover of Dabangg lying on the floor. absolutely. Excellence lies in closing the gap between making a plan and getting it done. Hello action. or in other words. Not for nothing do I wear my 'Supermom' apron. What could be more important than helping my daughter gain admission to a good university? Neha has already confirmed she will be showing me her earlier attempt at the Big E for the Ivy League. I'm automatically alliterating in preparation. tidy and above all achievable . put on a 'good luck' sandalwood dot on my forehead. well. are steaming. An 8 hour day with an hour's lunch break ends at 5.30 am Three snores in 10 seconds. That's the current rate emerging from Neha's nose.that's what my checklist looks like. I am glad to be off from work. and the reassuring ring of the chaiwala under the tree on the street corner tells me that all is well. We are committed to completing the composition today. We have only extended the day to 6pm. My checklist is wholly achievable. It's happy. The fairytale ends abruptly when I see the discarded DVD player. one has to be stoic. 9. the leaves fluttering in the mild breeze. Which shall it be . but only slightly. by the pillow that Neha has pulled over her head to deaden out my nagging. my daughter's favourite breakfast.Princeton or Yale? Oh.00 am The snoring rate holds steady. 7. There is a spring in my step. I've showered. 10. 8. My 8 hour target is faltering but panic hasn't set in. Eight hours beginning eight and the essay should be done. the birds are stirring. If management speaks in tongues. All's well. Uncheck 'Wake up Neha at 7. thought and action. We are finally finishing the final essay.30 am'. It's a happy day. And if she chokes to death. it's going to be a good day. not yet. Uncheck 'Serve fresh breakfast'. Theoretically it is wholly achievable. I know them all. The 11th hour is actually only the 9th hour. There is no harm in practising adjectives and Americanisms along with alliteration. here I come! Checklists. all Alumna Writes Sangeeta Mall PGP '86 this while the idlis. I rub my hands in anticipation. more than well. starting at eight. Third. done a quick 'Hey you' to the gods. SUMMER 2011 IIMB ALUMNI MAGAZINE 45 .Alumna Writes Checklist to Princeton Symmetrical. NO PANIC.
. Uncheck 'Never talk of what could have been'. She's an ardent humanist and and edits the International Humanist News. Uncheck 'Do not compare your child with other children. 'I told you to write on your biggest childhood fear!' I grind my teeth.' It isn't the chicken burger that's clogging my throat. Please finish the essay before I return. Uncheck 'Start day with a joke to bring a smile on her face'. 'and this real beauty streaked across the sky. 46 IIMB ALUMNI MAGAZINE SUMMER 2011 .' I yell.00 am 'No wait. Oh man! I wish you'd been here! We could have seen it together. That hug came at just the right moment. It's just that… well. 'In my day. if one calls sounds of metal rock from Neha's bedroom as quiet. This time. I don't guess. not writing time. happier than I've been at any point during the day. 'I know all the other kids are done with their essays!' I lie. I light up my last cigarette for the day and gobble up the cholesterol bomb named McDonald's chicken burger with medium fries and large Coke. I wasn't… yes I fully understand. wha…' Today is your essay writing day. Yes sir!' Uncheck 'No cigarettes today'. No. I now realize. Her sleep cycle is already American. 'I'll come back early. Uncheck 'Crosscheck poverty data'. Uncheck 'Spell check rough draft'. Truer words were never written.' I call to my daughter. Neha looks grumpy and morose at my scolding. actually.55 pm Have just crawled home on all fours after averting a Richter 8. Uncheck 'Start on calorie-minder chart'. My princess grins. 'Wha… wha… whump. I chase dinner with another cigarette. walking into my room and giving me a cursory hug. A jug of refrigerated water aimed at the medulla oblongata succeeds where all else failed. What. Neha ensures that. I'm happy now. It's wonderful how quickly we come to an agreement on the way forward. Neha never bothered to transfer her thoughts onto paper. I'm on leave today. It might or might not happen. On the dining table there is an exercise book opened on the same page as this morning. today? But… No I'm not escaping anything. No. Or the cigarette smoke. disaster and disarray. Sangeeta Mall PGP '86 is an alumna who has taken the plunge into creative writing. 'Essay. 'Did you make a wish?' I ask. gasping and gulping. Uncheck 'Return to normal after completing essay'. Get something to eat. resembling nothing as much as a confused newt.' Uncheck 'Stay by her side all day without crowding her'. How do I explain that to the Princeton and Yale gods? Uncheck 'Tally final draft with first draft'. Neha having a last minute chat with another vampire bat before going to bed. The nicotine overdose isn't helping. Our timings are perfectly synchronized. The shooting star returns my reality to me. what does it matter? The end result is going to be the same. She sleeps when I awaken. This is supposed to be polishing time. no. The house is quiet. it won't happen again. A real shooting star. Nothing is normal. umm…thinking about my essay. of course!' We both laugh. 11. I smile. 'A shooting star! Imagine! I was sitting by my window. I've already smoked three in my bathroom. Each one is different'.' 'Get up! I want that essay done in the next half an hour!' Uncheck 'Never set an unreachable goal'. all equally cold. 'we did our own work! My mother never helped me to get admission to IIM!' Uncheck 'Do not yell or bring up your golden past'. I hug the hug to myself. wait! You don't understand! Excuse me?. Tiger mom is now a grovelling puppy. Uncheck 'Essay is top priority'. The distant murmurs I heard when I woke up this morning were.' I chirrup. of course my domestic life isn't hampering my work. Submission deadline is 2 weeks away. the elusive essay is still an illusion. 11. Ask me. "Happiness is getting what you want at just the right moment". 11.30 am 'Emergency in office.Alumna Writes Dead or asleep. 'I wish we had finished this business last month instead of waiting for the last moment!' I wail. rising up again in horror as she sees me taking aim with the jug again. Nothing further on the page. The Yale aspirant rises up ninety degrees. I think the essay has got under my skin.' Neha collapses back on the bed.' announces the tiger mom. The sun is final shining. Uncheck 'Never choose for your daughter.. The sentence on top reads "Happiness is getting what you want at just the right moment". Thoughts of Princeton and Yale fade into the far distance and the receding tide of admission ambition of an aspirational adolescent gives way to a flood of official oppression. 'Admission to Princeton. That doesn't take away from my happiness. 'Guess what I saw today!' Rhetorical questions don't have answers. She authored her first book 'Cloud Nine Minus One' last year. No.' she adds hurriedly when she sees my expression. Animal analogies aside. Neha is a girl of few words.30 pm 'Hey mom. The practice essay on 'Can the poor be happy' was only a mirage. throwing a pillow at Neha's head. 'Wha… wha. I make a final bid to breach the sound barrier of her snores.. So he'll return tomorrow. 12. positively my last. Papa is extending his trip by a day. I'm grumpy and morose.' calls Neha.7 crisis at work.
ernet.starting small. Be with us and help us soar high! Write for us Keep us posted Spread the reach of the Magazine Advertise with us Tell us how you'd want to be a part of the journey of our Magazine. learning and growing.in . Write to alumni@iimb.What a journey it has been . It's your support that inspires us to get better each time.