Radha Soami Satsang Beas guru makes $254 million

Wow, it unequivocally pays to be an Indian guru with a right connections. Check out this story, "SEBI curtsy for Radha Soami Satsang Beas." (SEBI is a Securities as well as Exchange Board of India.)

The capital marketplace regulator has postulated exemption to Logos Holding Company from making an open suggest to a shareholders of Religare Enterprises for its merger of 19.53% stake in a company. Logos Holding is an investment arm of a Gurinder Singh Dhillon family.

Gurinder Singh is a stream head of a single of India's largest religious organisation Radha Soami Satsang Beas. At Thursday's closing price of Rs 460.95, a worth of Logos Holding's stake is about Rs 1,163 crore. The Dhillons had acquired a shares at just over Rs thirteen crore in 2006.

After someone emailed me a link to this story, naturally you had to grab my calculator, find a rupee to dollar banking converter web site, as well as figure out how most Rs 1,163 crore as well as Rs thirteen crore have been in understandable American dollars. (A crore rupee is 10 million rupees.)

Others can check my work, but I'm pretty certain a Gurinder Singh Dhillon family is a proud possessor of Religare Enterprises shares worth $257,187,507. Let's turn it off as well as say... a entertain of a billion dollars.

That's a lot of money.

Especially compared to what a story says a guru's family paid for a shares: $2,874,839 (Rs thirteen crore). Last April you wrote about this in "Religare's income connections with a Radha Soami guru."

Malvinder Singh, an beginner of RSSB, is deeply involved in a Radha Soami Satsang Beas organization, as is a rest of his family.

This helps explain since a RSSB guru's sons, Gurpreet as well as Gurkirat, each finished up with about 10% of a shares in Religare according to a 2007 prospectus. On page twenty-five it says which Malvinder Singh as well as Shivinder Singh were allotted 49,575,000 equity shares in Religare at 10 rup! ees (abo ut twenty-three cents) a share.

Malvinder then eliminated 6,250,000 shares to Gurpreet Singh, as well as Shivinder eliminated 6,250,000 shares to Gurkirat Singh underneath guardianship of Ms. Shabnam Dhillon -- almost positively since Gurkirat is usually twenty years old.

The price additionally was 10 rupees a share. So a guru's sons each got 6,250,000 shares of Religare for $1,437,500 or thereabouts through an insider deal.

Multiply $1,437,500 by two as well as you get $2,875,000. Which is almost exactly what a indianexpress.com story says a guru's family acquired a shares for in 2006.

So this shows which an insider understanding (which is legal, as well as not to be confused with batch trade which involves a illegal make use of of insider information) resulted in a discerning distinction for a Gurinder Singh Dhillon family of about $254 million over 4 years or so.

These monetary deals can be viewed in different ways.

Some people see zero wrong with a guru who is considered to be "God in human form" raking in massive amounts of income from his involvement with Religare, a large Indian monetary services organisation managed in large part by RSSB disciples.

Others resonate with a summary of my post, "RSSB's ties to Religare brew income as well as spirituality."

What I've schooled about a dealings between Radha Soami Satsang Beas as well as Religare doesn't feel right to me.

It really goes against a grain of what you used to enjoy about being a member of RSSB: a focus upon meditation, mysticism, charitable giving, as well as use to a spiritual village where everybody did their share, as well as nobody (seemingly) attempted to get more than their share.

That said, maybe I'm old-fashioned.

Maybe you don't assimilate how modern-day gurus as well as their kin can rivet in insider trade deals with disciples whilst still superfluous true to their philosophical principles. Maybe I'm blank ! a benefi t to RSSB of carrying an inner circle get large monetary benefits which aren't accessible to alternative initiates.

All you know is which philosophically as well as ethically, there have been reasons for regard here.