If people start writing accounts of fraudulent public dealings of Essar group then it will fill volumes. However the media esp the print media has been always silent about them and public continued to get duped. Finally Argo Capital Management ltd has been successful in being able to convince a major daily (Financial Times Global Edition) to print the truth and break this mummm. (The ad was forwarded to me by my dear friend whose name I cannot take because it might conflict with her profession)
In 2006 Essar had went to court against Argo’s Cayman Island Branch. Here is a brief summary about it. So in 2010 Argo is finally having its own sweet revenge.
Prax had a wonderful theory: According to him, Big media houses officially get lucrative pre-placement/private deals. After that they promote these dubious offerings and cash out.