The Mafatlal soap opera continues...
This piece must normally have appeared in the business section. It appears under entertainment deliberately for the benefit of those who accuse TV soaps of negative portrayals in all sorts of saas-bahu episodes that pollute traditional family bonds
HERE IS a lesson for those who accuse TV soaps of negative portrayals in all sorts of saas-bahu episodes that pollute traditional family bonds. The sordid drama of one-time billionaire Atulya Mafatlal’s wife Sheetal who heads Mafatlal Luxury reveals that it is the other way round. That is the reason why this story appears in the Entertainment section rather than under Business, as is normal. Interestingly, the ‘disgruntled elements’ he was referring to happened to be none else than Sheetal’s saas (mother-in-law) Madhuri Mafatlal and current devar (brother in law) Ajay Mafatlal. This devar was originally her nanand (sister-in-law) named Aparna, before s/he underwent a sex-change operation! This is not the first time that washing dirty linen – filthy lingerie, to be more appropriate – in public happens with Mafatlals. The saas-bahu-devar/nanand star cast had hogged the limelight earlier in 2005. Atulya accused his maajee (mother) of letting family jewelry worth Rs 10 crore to go missing from the safe in their house. The matriarch maintained that the family jewels were very much under her control and will be reverted to him in due course according to terms of the family trust. The beta (son) had placed armed security guards to keep a watch on the house in view of the alleged theft of family valuables. Madhuri, in retaliation, dragged Atulya to the civil court in Mumbai. She alleged that the beta-bahu gang-up was trying to evict her and other members of the family from the house. Atulya had to give an undertaking to remove the security guards forthwith. The patriarch of this ghar-ek-sapna (dream house), which has tragically turned into dur-sapna (nightmare), was Yogendra Mafatlal. He did not leave a will upon death but had distributed family property to Atulya as well as to his four sisters - Kunti, Gayatri, Malvika and Aparna – and their husbands. Media gossip had speculated that Aparna alias Ajay had undergone sex change operation only to claim share in the family property. But, s/he dismissed the allegations as “rubbish” and refusing to speak by saying “This is too personal and I would not like to comment.” On the other hand, the Atulya side claimed that Yogendra had created all benefits in the family trust “for use of his natural-born son Atulya to carry on the legacy of the family.” That legacy is in tatters. The Mafatlal Empire was engaged in manufacture of textile, processing and chemicals. The Group figured among the Top Five blue chips of India and was reputed for doing a lot for sports. Most of its employees were sportspersons and that reflected on the professionalism and discipline of the organisation. Mafatlal Soccer Team was recognized as a top world class team. Mafatlal was among the prominent business tycoons who reaped rich dividends for financing India’s freedom movement, spearheaded by MK Gandhi. When Gandhi’s protégé Jawaharlal Nehru was placed at the helm, he steered the country towards romanticist socialism. Nehru decided that the public sector would “occupy commanding heights of the economy”. But, he left existing monopoly business houses, including Mafatlal, undisturbed while severely restricting new entrants in the private sector. The priorities set down for the PSUs included a lot of ‘national’ issues – like creating as many jobs as possible, dispersing industry to unviable areas, propagating the so-called national language etc for the sake of benefiting political sycophants – while leaving profitability as the last priority. Thus, PSUs became dens of corruption and inefficiency. They posed poor competition to the entrenched tycoons who could afford to make huge profits despite becoming utterly outdated and uncompetitive. The downfall for these tycoons started in the wake of the economic reforms in 1990s after the policies of Nehru era which had rendered the country bankrupt were rolled back. Most of the tycoons who flourished in the virtual monopoly situation have fallen by the wayside. Mafatlal Group assets have been confiscated by banks and financial institutions as the companies defaulted in repaying debts. It is not known whether the diamonds that Sheetal allegedly tried to smuggle in were from the lot that hogged the limelight in 2005. Anyways, one thing is clear. Scions of bankrupt companies who owe monstrous sums to FIs can still flaunt expensive diamonds. This indicates how profitable it has become to ‘cultivate’ the right people in this country!
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