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In the wake of escalating face-off between the Chennai-based Tractors and Farm Equipment (TAFE) and its American partner AGCO over the ownership rights of Massey Ferguson in India, a two-member bench of the Madras High Court has stepped in to direct the warring parties to “maintain status quo until the original applications are heard and disposed of by the learned single judge. “For avoidance of doubt, we hasten to add that the observations made herein are tentative and solely intended for the purpose of disposing of these appeals. We have not delved much into the various rival submissions. All rights and contentions are kept open,” the two-member bench said in its order on Monday. The relationship between TAFE, an Amalgamation group company, and AGCO Corporation of the U.S. hit a nasty bump in April last when the AGCO management terminated commercial agreements -– including the one on licensing the Massey Ferguson brand — with TAFE. The Chennai firm quickly got a stay on this from a commercial court. When AGCO subsequently confirmed the termination, TAFE filed a contempt petition in the Chennai commercial court. Separately, TAFE also moved the Madras High Court, asserting its ownership right to Massey Ferguson brand. TAFE had got a favourable interim order from the Madras High Court. TAFE had filed a civil suit before the Madras High Court against Massey Ferguson Corporation, a subsidiary of AGCO, claiming that the said trademarks are distinctive of TAFE in India and exclusively owned by it. It had sought the Madras High Court to declare that TAFE owns the Massey Ferguson brand/trademarks in India. With the HC bench asking both parties to maintain status quo, all eyes are on the upcoming proceeding before the single judge. It is “advantage TAFE” at the moment, however.
With only 12 days remaining for the BCCI Secretary Jay Shah to take charge as independent chairman of the International Cricket Council (ICC), clarity has not emerged as to who would perform the duties of the Secretary from December 1, 2024. First and foremost, election has not been called for the post, and this could be because the BCCI Constitution has adequate provisions for its Joint Secretary to perform the Secretary’s duties. The BCCI Constitution says: “The President shall, in the event of a vacancy or indisposition of an office bearer, delegate the functions to another office-bearer until the vacancy is duly filled up, or the indisposition ceases.” In this case the BCCI President Roger Binny has the right to assign duties to any other office-bearer. Shah who has been the Secretary from 2019 may be allowed a grace period to hand over the work to someone else. Next week is going to be hectic for the ICC to take a call on the format and venues of the ICC Champions Trophy 2025 (Feb-Mar) because the BCCI has conveyed to the ICC that India will not travel to Pakistan. The BCCI, nay Jay Shah, would like to see a finality to the Champions Trophy issue, in particular where India will play before he takes charge of the ICC. If the Champions Trophy has to take place, the Pakistan Cricket Board has to accept a hybrid model with one group (with India in it) playing league matches, most likely in Dubai and keeping the venue of the semi-finals and final, open. The PCB may not be in a position to lose the hosting rights and thereby with it a fee of around $ 70 million!
The ‘Satta Bazaar’ is betting down (dampened market sentiments) over Maha Vikas Aghadi (MVA) forming Maharashtra’s next government. A market player says, “Punters have never been wrong before. Dampened stock market spirits indicate the Mahayuti Alliance is unlikely to win notwithstanding sops galore unleashed by CM Eknath Shinde.” Differing with market pundits, BJP says, “Markets crashed after Foreign Portfolio Investors withdrew Rs 1.25 lakh crore in October (out of total Rs 71 lakh crore total stock investments in India) seeking better pastures after China announced stimulus. FPIs sold Rs 8700 crore stocks in April, Rs 25,600 crore in May then bought Rs 26,600 crore worth in June, Rs 32, 400 crore in July, Rs 7300 crore in August and Rs 57,700 crore in September before the big sell off in October. Already overleveraged NSE slumped, the subdued corporate sector quarterly results after much hype triggered a profit-booking mindset among investors.” Donald Trump’s ascendancy as the next U.S. president (previous tenure witnessed negative bias towards precious metals) bodes badly setting price corrections of gold and silver even as the U.S. dollar firms up, adding to Indian stock market woes. The BJP leader adds, “Maharashtra contributes around 14% to India’s GDP but even when MVA ruled for 2.5 years Modi-nomics ensured high buoyancy on Indian bourses despite stalling of bullet train project, Rs 14,000 crore cost escalation of Metro project.” The market punter, however, cites India’s financial capital Mumbai in Maharashtra that ensures most Indian business gravitates around the state while explaining the gloomy market mood over MVA’s likely win. November 23 will reveal the truth when the political bets are finally called out.
In a massive setback to AAP, Delhi’s transport minister and Jat leader Kailash Gahlot resigned from the party, citing “grave challenges” and “awkward” controversies in a letter to AAP convener Arvind Kejriwal months ahead of Delhi Assembly polls. He has joined the BJP. Gahlot’s exit is well timed in the sense that it comes days before Maharashtra goes to polls. AAP, an INDIA Bloc partner that has no stake in the state polls. But it must be said Gahlot’s exit was something that was in the works for some time now. It is believed that the seeds of discord between Gahlot and the AAP leadership were sown on August 15 over unfurling the national flag during the Delhi Govt’s I-Day celebrations. Delhi CM Arvind Kejriwal, who was in jail on charges linked to the alleged liquor policy scam, had wanted Education Minister Atishi to unfurl the flag. Delhi Lieutenant Governor VK Saxena however felt Gahlot was more suitable for the job as he held the Home Department. Meanwhile, Kejriwal indicated that Gahlot had quit as he was under pressure from the ED and IT. In his resignation letter, Gahlot pointed to how “Political ambitions have overtaken our commitment towards people, leaving many promises unfulfilled”. In an apparent swipe at Kejriwal, he referred to “many embarrassing and awkward controversies like the “Sheeshmahal” — a term used by the BJP to refer to the CM’s residence renovated during Kejriwal’s term costing the exchequer Rs 45 crore.
A major controversy has erupted in Tollywood as over 233 directors from films, TV and independent media have filed a defamation suit against Swarup Biswas, president of the Federation of Cine Technicians and Workers of Eastern India. The Rs 23-crore lawsuit follows Biswas’s contentious remarks alleging rampant sexual harassment in the film industry, with 60% of complaints purportedly against directors and producer-directors. The hearing will take place on January 10. Swarup, the younger brother of Aroop Biswas, Bengal’s Power and Housing Minister and a close aide of chief minister Mamata Banerjee, finds himself at the centre of an unprecedented protest by Tollywood’s creative community. This is, perhaps, the first time that Tollywood has publicly challenged the Federation. Directors and producers have also criticized what they call “red-tapism” and “arbitrary demands” imposed by the Federation, including its control over unit sizes, pay scales, working hours, and technician selection. At the Eastern India Motion Picture Association’s (EIMPA) recent AGM, Swarup Biswas proposed that producers deposit Rs 5 lakh each as security to ensure timely technician payments, citing Rs 50 lakh in pending dues. Producers have outright rejected the demand, questioning the Federation’s accountability and EIMPA’s silence on the matter. Veteran actor-director Aparna Sen has publicly questioned Swarup Biswas’s credentials, asking for proof of his contributions to the industry. Biswas holds an assistant director’s card, which is reportedly issued only to those involved in at least two films. Actor-politician Roopa Ganguly also criticized the Federation, accusing it of politicizing the industry and questioning why filmmakers often seek the CM’s intervention during crises.
If rising onion prices decided the election outcome in many states some decades ago, falling soybean prices could impact the outcome in around 70 assembly constituencies in Maharashtra. Hence, Prime Minister Narendra Modi as well as Congress president Mallikarjun Kharge, representing two ends of the political spectrum, are found promising farmers of much higher rates, but only after they are elected on 20 November. The sensitive constituencies are spread in Marathwada and Vidarbha regions, where cotton and soybean are the main cash crops. The current market rate of Rs 4000 per quintal is unacceptable to the growers though they have no choice but to sell the produce as it can’t be stored for long. The MSP is Rs 4800 but not enough stocks are lifted by the machinery. The ruling saffron alliance has been promising better tariffs. The government hiked the soybean import duty in a bid to jack up the prices but the hike was of only around Rs 400, still leaving a gap of the same amount. Sensing the distress and the government’s inability to make any major announcement, Congress leader Rahul Gandhi has promised Rs 6000 per quintal of the legume. To go a step further, Congress president Mallikarjun Kharge has pledged to pay Rs 7000. Shiv Sena leader Uddhav Thackeray has also joined the chorus. The two regions had by and large supported the opposition Maha Vikas Aghadi during the Lok Sabha election. Hence, Mahayuti leaders are wary of saying anything that can dampen their prospects.
Are the re-runs slowly becoming a revenue model both for producers and exhibitors who have been grappling to bring back the audiences to cinema halls? Diwali turned out to be decent but then again we are gone back to re-release of films. Shah Rukh Khan’s Veer Zara re-release has been appreciated. Rakesh Roshan plans a re-release of Karan Arjun with a huge number of screens after 30 years of its release. This again has Shah Rukh Khan and Salman Khan coming together for the first time on screen. SRK’s Kal Ho Naa Ho and Pardes too are re-releasing in cinemas. Those in the trade feel that re-release of Tumbbad, Rehna Hai Tere Dil Mein and Laila Majnu have given courage to producers to cash on re-runs. The re-runs have stirred both excitement and curiosity. Traditionally, re-releases were reserved for timeless classics, but now more recent films are being revived, prompting questions: Is this trend purely nostalgic, or is there a deeper strategy at play? According to Trade Analyst Saurabh Varma, the re-release phenomenon is benefiting the cinema industry in multiple ways. For producers, re-releasing films is a cost-effective option. The marketing and distribution expenses are far lower than for new releases. Re-releases tap into the large fan bases of iconic films, giving long-time fans a chance to relive their favourite stories on the big screen. Furthermore, these revivals provide a unique opportunity for younger viewers who may have missed these films during their initial release. The combination of nostalgia and iconic music resonates deeply with audiences.
It’s a drivetrain solution provider for windmills and industry applications. Every one out of three drive train products installed across the globe bears the brand name of this one. Truly, this German major has traversed quite a long way and undergone a major metamorphosis in the process. One-and-a-quarter-century-old Bocholt-headquartered Flender has significant presence in India. Not surprisingly, the top management team of Flender was in Chennai a few days ago. The presence of the top honchos was more to reiterate the commitment of Flender to India. After all, it has been in India since 1961. It now has three production sites — one each at Kharagpur (WB), Chennai (TN) and Walajabad (TN). Around 10% of its nearly 9,000 skilled personnel across the globe are housed in India. And, it has been putting more money into this country since 2020. Why not? For one, India is the right choice for all those who are looking for the China Plus One option in the post-Covid era. For another, the focus world-over is now increasingly on sustainable development. The robust ecosystem — the presence of assorted turbine makers and a well-evolved supply chain — according to its India CEO Vinod Shetty, is ideal suited for Flender to aspire for a bigger role in driving energy transition in the country. Indeed, Flender is quietly expanding its India operations for a bigger role in its global game plan.
Tamil film producers and their financial backers are now rethinking this model — big money, big stars, big projects but no guarantee that it will reap profits. So the new strategy…safe and secure than spend thrift and sorry. Can small budget films do big business? A resounding yes to three of 2024s baby budget films that warmed the cockles of producers’ hearts. Three films of this year, Lover, Lubber Pandhu and Vaazhai have pulled in amazing profits and massive margins. Lover’s budget was a mere Rs 5 crore, and plus other expenses added the total cost to Rs 6 crore. Hold your breath! It made a profit of Rs 13 crore. But Lubber Pandhu (Rubber Ball), a title that would have gone unnoticed, made the biggest rake in for Prince Pictures who earned Rs 35 crore in TN gross alone — 300% profit. Vaazhai was no sneeze over either…it brought Rs 12 crore profits in TN. Film making costs and exhibition/promo expenses can zoom up dangerously, and after paying the incredible star salaries, if the film’s overflow is modest, stakeholders have no insurance cover to fall back on. Small is big is fast becoming the new open sesame for Kollywood to stay safe.
Veteran leader Sharad Pawar finds commonality between Vote Jihad and a particular section of the people voting for the BJP. Explaining his stand, the NCP founder said it was seen in Pune that the BJP was consistently supported by a certain segment (read Brahmin) in some areas. We expect this to happen though don’t call it Vote Jihad, he remarked. According to Pawar, if such voting patterns happen, it is the right of every community to vote as per its choice. He again charged that deputy chief minister Devendra Fadnavis had raised the issue of Vote Jihad. Pawar’s jab was directed at those specific areas of Pune where Brahmin population is dominant and mostly BJP candidates are elected from such localities. Time and again, Pawar has been accused of creating the bogey of caste with an eye on electoral gains by engineering a rift between sections of the electorate. In support of his contention, Pawar said slogans like ‘batenge toh katenge also fall in the same category as they have a communal shade. He alleged that the issue has been cropped up by the ruling dispensation as it is desperate at the bleak prospect in the assembly election, after the Lok Sabha rout. Fadanvis had condemned the Vote Jihad philosophy after cleric Sajjan Nomani released a list of the Maha Vikas Aghadi candidates and asked the Muslims to vote for them.
With election fever rising, poll strategist Prashant Kishor seems to be the man of the moment. Already three major political parties -– Trinamool in West Bengal, DMK in Tamil Nadu, and Congress in Punjab have signed him up. Looks like political parties woo him before they woo the voters. This is the first time Kishor has three states on his worktable. And he has already given his verdict: DMK led by MK Stalin would return to power in TN and Mamata Banerjee in West Bengal. More. He has dared to stick his neck out by saying BJP would not cross 100 seats in W Bengal. So one has to wait till May 2 for the final result. But in the past he has had a good strike rate. He shot into the limelight by ensuring Narendra Modi became the Chief Minister of Gujarat for the third time. Post that he worked closely with the BJP for the 2014 Lok Sabha election. His string of success includes the unprecedented victory of the Aam Aadmi Party in Delhi for the second time; the YCR Congress win in Andhra Pradesh, and Nitin Kumar’s JDU in Bihar. But, he miserably failed his client –the Congress in Uttar Pradesh’s Assembly poll in 2017. It won only 7 seats against BJP’s 300 plus. Be that as it may, the Punjab Chief Minister Capt Amarinder Singh has accorded him a cabinet rank. A lot is indeed riding on him. The moot point is with such diverse clients does it make him ideologically neutral or is he nursing a political ambition? It may be recalled he did take a political plunge when he joined the JDU in Bihar but it proved to be a short-lived honeymoon.
Like Alice In Wonderland, the Tamil Nadu politics seems to be getting curiouser and curiouser. It all started with Superstar Rajnikant throwing in the towel thereby dashing BJP’s hopes of making significant impact in the upcoming Assembly polls. For MK Stalin of DMK, this announcement was music to ears. But the news of VK Sasikala or ‘Chinamma’, confidante of the late J Jayalalithaa, former Chief Minister, saw both the ruling party AIADMK and the DMK pull a long face. She came out of Bangalore jail after serving four-year term, and entered the fray .So much so, Chinamma was prevented by the very people who prostrated before her from going anywhere near Jayalalithaa’s Samadhi at Marina Beach. At the same time, to keep her in good humour mediators have been holding talks with her nephew TTV Dinakaran to work out a possible merger of his party AMMK with the AIADMK so that they can fight the common enemy DMK. But in a new political twist, Chinamma dropped a bomb, announcing to stay away from politics. The DMK and the Congress spokespersons on the TV channels are saying she must have been pressurized by the BJP! Apparently, local BJP leaders have welcomed the move. In the fast changing political contours, is it advantage AIADMK? Does DMK stand a better chance minus Chinamma? And where does Kamal Hasaan’s party Makkal Needhi Maiam figure?
In the mid-eighties and early nineties, the Indian promoters literally made hay in the absence of a market regulator, according to the Mumbai-based brokerage firm Altina Securities. The modus operandi was simple: raise money via private placement. To illustrate, if Company X had a post-issue capital of Rs 100 lakh, the break-up was: promoters Rs 40 lakh and public Rs 60 lakh. Many promoters – just before the IPO – privately placed nearly 75% of their holdings. Thus, Post IPO, the Rs 100 lakh equity base would be: Promoters Rs10 lakh, Private Placement Rs 30 lakh & Public Rs 60 lakh. There have been instances where the fly-by-night promoters received kickbacks for the project. This effectively reduced their skin in the game. Little wonder many companies which resorted to this route have vanished, leaving the small investors high and dry. Some of the vanishing companies are: Bonanza Pharma, Atash Industries, Amrut Industries, UCL Plastics, Rasik Plast, Indiana Diary. Senthur Shoes, Printed Circuit Board, Alsa Marine and Premier Housing.
It appears that no death — be it that of Mahatma Gandhi, John F Kennedy, John Lennon or Lady Diana — has been as hysterically covered that too non-stop for over 100 days by the Indian media as that of Bollywood star Sushant Singh Rajput who died under mysterious circumstance on June 14, 2020. The CBI has been on the job but their findings are yet to be made public. The glimmer of hope came in December 2020 when the CBI, in response to a letter written by the BJP’s Rajya Sabha member Dr Subramanian Swamy to the Prime Minister Narendra Modi. “The CBI is conducting investigation in a thorough and professional manner using latest scientific techniques. During investigation, all aspects are being looked at and no aspect has been ruled out as on date,” Dr Swamy was informed. Meanwhile, the diehard fans of Sushant are keeping the issue alive by posting relentlessly on Twitter: it was trending at #7 with 129,000 tweets on 3 March 2021.
Popularly known as “Murgers”, the Dubai-based Brian Murgatroyd has been with the touring England side from the second Test in Chennai. The 53-year-old British national has been with cricket boards of Australia and England as media officer of their respective teams. He has also served the International Cricket Council for a number of years. “This is my second stint with the England cricket team. I think the final Test of the India-England series in Ahmedabad is the 199th I have attended in a working capacity in 31 years,” said Murgatroyd who, when in Mumbai, likes to have a good fill of Sitafal ice cream (Custard Apple) at Rustomji’s on Veer Nariman Road, Churchgate. Murgatroyd has been a broadcaster, writer and media manager of England and also Australia in the era of Steve Waugh and Ricky Ponting. He has also written six books. “It’s been a wonderful experience, making friends in the sport that have endured and given me memories that will last for the rest of my life.” For the BCCI and Indian cricket teams, the media work is being carried out efficiently by Moulin Parikh and Anand Subramanian.
Post retirement there is a tendency among most bureaucrats to pen a book of their years in the government job. The latest to join the writers’ hall of fame is Shakti Sinha, an IAS officer who served as private secretary to the late Prime Minister Atal Bihari Vajpayee. His book Vajpayee: The Years That Changed India provides an insider’s account of Vajpayee days as prime minister. He says whenever there were any crisis or controversies, Vajpayee never blamed the Opposition. People do not know how difficult it was for him to form a government in 1998 and run it. Vajpayee held the post of the prime minister for three non-consecutive terms in 1996, 1998-99, and from 1999-2004. Despite numerous political difficulties, he took important decisions like going nuclear and, paradoxically, extending a hand of friendship to Pakistan. The book highlights how resolutely Vajpayee defended India when the Kargil war broke out. And yet how his government was denied a second term.
With Prime Minister Narendra Modi receiving his first dose of vaccine, not only the inoculation drive against Covid-19 — but also the nation’s recovery prospects got a fresh shot in the arm. The investors now foresee acceleration in the drive to subdue the virus – which should free up all critical sectors. Moody’s has revised India’s GDP projections for FY22 upwards to 13.7% (from 10.8% estimated earlier) while the IMF has projected 11.5% (up from 8.8%). Despite Covid-19 stress, the GST collections for past five consecutive months have exceeded over Rs 1 lakh crore – including Rs 1.13 lakh crore in Feb 2021, up 7% versus Feb 2020. The state-wise GST growth is led by big states – Gujarat (up 14%), Tamil Nadu 9%, Maharashtra 2%, and Karnataka 2%. The recovery is attributed to a resilient farm economy as well as an impressive manufacturing performance with the Purchasing Managers’ Index hitting 57.5% in Feb. With vaccination drive in full swing, the services sector and the MSMEs should also bounce back. Meanwhile, the Central and the state governments should focus on reforms and relief on four fronts: 1) Employment generation; 2) an empowered antitrust watchdog to track corporate dominance in key businesses, including farming; 3) better industrial relations amid Kolar violence (at Apple iPhone plant); and 4) better outcomes from the Bad Bank (with the creditors identifying corporate loans of over Rs 1.45 lakh crore).
TRENDS & VIEWS
Editor’s Note: Big Punch In Small Pack
It is the Third Anniversary of Short Post and as a news media startup launched during the Covid-19 pandemic it certainly feels better than good to find ourselves where we are today. Here, I must cite the unstinted support of our seasoned contributors, all senior editors in the country, who brought a great degree of maturity and sagacity to the Short Post newsroom. But for them, our tagline “Authentic Gossip”, an Oxymoron, would not have matured viably. Our user numbers may be small but our stories have created the desired impact among people who matter — decision makers and influencers. We offer a big punch in a small pack and Short Post with its 225-word stories has been punching above its weight category. Having posted close to 3,000 stories in the last 36 months, Short Post, I feel, is an idea whose time has come.
And this is vindicated by our two marquee advertisers – IDFC FIRST Bank and ICICI Lombard. Both believed in our story and have supported us from Day one. A big thank you to both.
If you look at the media landscape – print, TV and digital — it is a mixed bag. There are job losses as some outfits have closed down while a lucky few were bailed out by large corporate houses. Yes, there is a lot of action in the digital space. However, the entry of corporate houses has raised the question of independence of news media outfits. Sadly, there are just a handful of independent media outfits in the country that are highly respected for their neutrality. At Short Post, our credo is not to take sides, prejudge issues or be biased but, informing readers of behind-the-scenes happenings. In essence, Short Post strives to be a neutral editorial platform — neither anti-establishment nor pro-establishment.
As I said last year, disruptions in the media world are moving at a fast and furious pace. Technology is playing a very big role in how content is generated and consumed. But, we are neither alarmed nor perturbed as it is all a part of the evolution process. What gives us comfort is that AI is unable to create original gossipy content. And that is the news arena where we have achieved a distinction.