Reliance Energy BuyBack ?

A long time back,conventional wisdom said a company should buyback it's shares when it really has no better avenues to deploy the surplus cash it has generated i.e. the investment avenues are limited and so the company decides to return some of this surplus to its shareholders in the form of buyback.
But then time passes on and as the "equity culture" starts permeating third world countries,the fund managers turn up with their investment cash and look around for some companies large enough to absorb some of that cash.
Of course the Ambani Wunderbrothers seem perched atop a motley gang of(suddenly awakened) promoter run/family run businesses "houses" who find themselves in vogue with foreign funds and good at any business under the Indian sun.
In fact they suddenly started looking at themselves anew..hell, they'd been underestimating their abilities and entrepreneurial skills by a long shot.
And..they just fashion some new way of *doing* the markets..they just seem to get better and better at most all verticals and the world cheers on,"scale" and "creating wealth" get patented and hubris is now offshored to India.

Coming back to the REL buyback,the company has no real surpluses to speak of.If any can be cooked up, they are..which is par for most companies of this ilk (and I would be very disappointed if Junior here is not doing his part)..these surpluses are at best Enronized entries (capitalize every expense..duh?) and definitely cannot be used to buy back chewing gum much less shares.So I would say pure debt could be traced back as the source if anyone looked hard enough..but I digress.

The point is Ambani Jr. has planned investments piled right up to the attic covering any and every lucrative opportunity this country can throw up..but seems to be paying back the shareholders their equity(using idle surplus,of course) when he needs to tap equity and debt markets till he hits the age of 80 if all of his megalomania needs be satiated.

One begins to wonder if all this is,maybe just a little trick to prop up the share price of his suddenly sagging fortunes..esp as the Reliance Power "fundamentals" are looking shakier with each gimmick collapsing.. but then no, the investors are not that gullible..no,no too blatant even for the Reliance Pack.