It is a sad reflection on the state of affairs when the Election Commission of India is given to act like a police station — obliged to take cognisance of anyone filing a complaint, no matter how frivolous. Its recent notice to UPA chairperson Sonia Gandhi over her acceptance of a civilian honour by a foreign country is a case in point. Acting on a complaint that prima facie seems both mischievous and trivial, the chief election commissioner has clearly erred in issuing a wholly avoidable notice to Gandhi, and worse, brought this into the media glare. In its inexplicable wisdom, the commission has held that Gandhi has owed allegiance to the constitution of Belgium by accepting the ‘Order of Leopold’ by its government. No heed is given to the fact that she is not the first Indian citizen of eminence to be honoured by a foreign government. What is equally ignored is the fact that India too bestows its civilian honours upon statesmen and eminent citizens of other countries — the bestowing of the Bharat Ratna upon Nelson Mandela is a case in point. Our lower courts are already overburdened with mostly frivolous public interest litigations by rogue or out-of-work lawyers with the sole objective of generating cheap but instant fame. The EC should refrain from turning into yet another playground for these publicity-hungry litigants.Fueling debate A minor increase in petrol and diesel prices may mean only some replenishment to the dwindling coffers of our three major oil companies, but it has attracted widespread political agitation. International oil prices continue to increase. Due to the ever-mounting losses, the situation had reached a point where the three major oil companies were about to be refused new oil supplies on credit. This revelation was made by the heads of these companies in a recent meeting of the parliamentary standing committee. If this threat were to turn into a reality, the resultant oil scarcity will have dire consequences for consumers and the economy.Even as political opposition to the price hike is mounting, our prime minister has been unequivocal in refusing to roll it back. I wonder how far we will go without having to take recourse to another hike. The price of crude oil has risen four times in the last six years — more than it did in the 60 years before. Reducing our dependence on oil imports and exploring alternative sources of energy are the only way out of this crippling situation. We cannot afford to let go of the beneficial opportunity that the Indo-US nuclear agreement offers. At the same time, India and China should jointly exert pressure on oil-producing countries to produce more oil that will reduce prices in the long run.Invisible handOur stock market has gone through a purple patch during the tenure of outgoing SEBI chairman M. Damodaran’s tenure. His stint has largely been successful with no scandals, but with a number of positive changes in the functioning of our stock exchanges. In a parting shot, Damodaran hinted at the power of TV anchors to influence the country’s stock markets. Although he only asked for disclosure of interests of TV anchors, the implied influence of a third party with vested interests on our capital markets is a serious allegation. If ignored, it will severely dent the confidence of the common investor, who has traditionally looked at the stock markets as his only means of profiting from the corporate boom in the country. I hope the new SEBI chairman C.B. Bhave will deal with this issue effectively, as retaining the faith of common investors in our capital markets is important.Anil Ambani has also taken the right step by announcing a free bonus issue within days of the listing of Reliance Power. In doing so, he has brought down the cost of acquisition for the shares of Reliance Power, which was badly hammered when the stock listed on February 11. This is an unprecedented move never attempted in the history of capital markets. I hope this step will set a good precedent that will serve the interests of retail investors in the long run.The writer is a Congress MP in Rajya Sabha
