from a german stock report 05.06.2013, page-31

Like I said in a previous post...

typical business practice for India (business 101) - promise funds into a jv, get agreement signed, don't pay funds and stall, BUT continue to work the jv, then promise to pay funds from earnings from jv i.e. take reduced fees until promised funds are allowed for.

This has 2 wins for the indians - a) income, as now a partner in jv means that they win the business and make profits from the jv, and b) zero risk, i.e. no further capital outlay and making profits from a promise and additional free income once your share of promised capital is covered...

excellent business model - can't see why it hasn't taken off.

Hopefully the ring-burners the NSL management got was only from the hot curry - but i suspect it may have been from their share of bending over...