NCLT unveils a fraud and JSPL’s test tomorrow

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Editor's note: This is the sixteenth edition of Street Smart, The Morning Context’s weekly newsletter on everything that impacts corporate India. Every Thursday, Street Smart will bring you an original, reported or analytical take on issues that have the potential to shake up the business ecosystem. Prince here.  Let me tell you a story.  A is an entrepreneur who has built one of the best known electronics brands in the country. B is a senior banker. The two have been in business for years. But by 2014, A’s diversification into several fields doesn’t seem to be making much headway. He has also piled up thousands of crores in debt. There is little to indicate that things will improve.  Still, when A asks for more funds, B is more than willing. And the banker remains friendly over the next five years, opening up the bank’s purse whenever A comes knocking. It matters little that each and every financial indicator of A’s flagship company (let’s call it A1) is taking a beating.  For instance, A1’s reserves and surplus plummeted from Rs 10,028 crore in …