You won’t find a lot of Pain In The As in fund boardrooms, let me tell you. Look at the board of the funds run by Subramoney Capital Management. Viswanathan earned Rs. 55,00,000 last year as an independent director. Until 2003, he was a senior vice president at the Subramoney Insurance, which just so happens to own 59% of Subramoney Capital Management.

From 1998 to December 2003, Viswanathan was a top executive at Subramoney and a predecessor firm‑-and an interested director of the Subramoney Funds. He retired at the end of last year and poof! now he’s a disinterested director.

Let’s think this through: When Subramoney Capital’s fees go up, the shareholders in the Subramoney funds are worse off.

But Subramoney Capital Management, where Mr. V used to work, is better off‑-and so is the Equitable, where Ms. V used to work.

Do you think Ms. V and Mr. V will bang their fists on the table every time Subramoney proposes a fee increase? Or when it refuses to pass on a cost reduction to the unit holders?

Well Mrs and Mr V were selected to go to Switzerland for Conference on ‘Mutual fund Jurisdiction and Scope seminar’. It was a one day seminar and this couple went for a week and had a nice holiday. Incidentally they were upgraded by the airline from business class to first class. Of course it has nothing to do with the decision of the fund to buy 2,000,000 shares of the airline a week before. Just sheer coincidental shit.