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No Tax Exemption Could See BCCI Lose Rs 450 Crore
Guaranteeing tax exemption for the ICC events has been a long thorn in the BCCI’s flesh since 2016. Five years ago, the West Indies’ Carlos Brathwaite pulled off a title-winning Herculean effort, clouting four sixes off Ben Stokes in the last over of the Twenty20 World Cup final at the Eden Gardens. Brathwaite’s big hits won the title for the Windies, but the BCCI lost $23.75 million because it did not furnish tax exemption to the ICC. As a consequence, Star India, as per law of the land, withheld 10% of the money it owed to the ICC, for the services it rendered. And the ICC adjusted the sizeable sum from the money it had to disburse to the BCCI. Five years later, in 2021, the BCCI looks at a potential drop in receipts between $50 and $60 million (Rs 375-450 crore) in the event of it not being able to guarantee tax exemption for the Twenty20 World Cup to be held in India in October-November. The drop in receipts could rise to Rs 1,000-crore plus, if the script continues for the ICC Men’s World Cup 2023 awarded to the BCCI. The BCCI’s tax exemption woes began in 2017 when the Finance Ministry — under Arun Jaitley — put a “no exemption” remark on the file!
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Why Kartik Aaryan and Karan Johar Fell Out?
Is it starry tantrums, strategy, or success that saw Kartik Aaryan playing hide-and-seek with shooting dates for Dharma Production’s Dostana2. Infuriated by his alleged ‘indiscipline’, producer Karan Johar decided to scrap the film even though Rs 20 crore has been spent on shooting nearly 50% of the movie. The reason for this stalemate, say insiders, could be because Kartik has become hypochondriac after he got infected with Covid-19. So, giving into his demand, the shooting of the film was shifted from London to Rajasthan; a good portion was already shot in Chandigarh. Besides that, trade circles believe Kartik apparently had issues with the second half of the script and wanted changes. This is what got Karan Johar’s goat; he couldn’t take orders from newcomer Kartik. Besides Dostana2, he has cancelled two other projects with Kartik and blacklisted him. If this episode had happened in the south, the producers would have boycotted the star. Not, here. Bollywood producers are making beeline to Kartik’s house. Not surprising, in a short span of time this ‘outsider’ has risen to become Top 10. Currently, he has three films contract worth Rs 75 crore. Brand pundits say this episode will not erode his brand value. On the contrary, a number of big brands have signed him on. There is no disputing the fact that he is one of the most popular faces today. For now, Kartik is maintaining a studied silence even though Karan is getting heavily trolled by Twitteratis and the loudest voice being none than Kangana Ranaut.
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Covid Resurgence Sees Park Hotels’ IPO Put On Hold
India’s primary market is expected to be buoyant in FY22 too. In FY21 over 30 companies raised around Rs 31,000 crore via initial public offer (IPO). With the secondary market bouncing back by nearly 100%, corporate India is getting ready to tap the primary market big time. And this includes the much-awaited IPO from the Life Insurance Corporation Of India. But, all plans seem to have gone awry with the resurgence of the second wave of Covid-19. Perhaps the first victim of that wave seems to be the Kolkata-based diversified conglomerate Apeejay Surrendra Group’s The Park Hotels IPO. It had received regulatory approvals in March 2021 for its Rs 1,000 crore IPO. But, if the market grapevine is to be believed, the luxury boutique hotel chain has decided to put IPO plans on hold for time being till the market conditions improve. But, the decision to defer its IPO has not impacted the company’s expansion plans. It has signed six new properties across its various brands in the last six months at Leh, Patiala, Goa, Port Blair, Coimbatore and Pathankot. The group also plans to add more outlets of its iconic tearoom Flurys and expand into the rest of Bengal, Navi Mumbai and New Delhi. Apeejay Surrendra Park Hotels runs four brands under ‘THE Park’ name. This includes: THE PARK, THE PARK Collection, Zone By The Park and recently launched Zone Connect. The Group also owns the heritage eatery and QSR chain of Flurys. Besides hospitality, the 100-year old group has business interests spread across industries such as shipping, tea, real estate, education, and owns retail brand, Oxford Bookstores.
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Vaccinating The World’s Largest Democracy
The ferocity of the second attack of pandemic has rattled everybody – with Covid toll hitting 1,500 a day after new cases surged from 50K on March 24 to 261K on April 18. Ten states – including UP, Delhi and Maharashtra — account for 79% of all new cases. For the argumentative Indians, it’s a moment to speak truth to power, to hold up a mirror to the all-powerful Prime Minister – with Mann Ki Baat (words of wisdom) pouring from plucky crusader Prashant Bhushan, former Prime Minister Manmohan Singh and the Saamna editorials. Beginning February, the tone was set by Bhushan: “FM announces Rs 35,000 crore of our money to be spent on Pvt Vaccine Companies for untested Vaccines at a time when Covid is naturally dying down in India! But this money cannot be given to poor migrant labour who lost their jobs or to Farmers for MSP on their crops. Wah FM sahiba!” The tweet was as confusing as it could be. The State had the opportunity to counter the disturbing narrative: instead of wasting time haggling over the MRP for the atm-nirbhar, all-affordable jab, it could have simply taken a leaf from America’s Operation Warp Speed that made the Big Pharma the nation’s ally. India’s fresh $17-million funding to ramp up Covaxin should hopefully lead to more investments in capacities – which are needed now to save lives as much as defend its $3-Trillion economy (and also, the $5-Trillion dream).
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After Kolaveri Di, The New Rage Is ‘Kandaa Vara Sollunga’
The song, Why This Kolaveri Di sung by popular Tamil film hero Dhanush, rocked music lovers globally in 2011. Dhanush now has hit another big-time chart buster anthem that is sure to be a global foot tapper. Kandaa Vara Sollunga Karnana Kaiyoda Kuttivarunga belted out by an unknown folk singer, Kidakkuzhi Mariyammal, has already garnered five lakh hits in just under a month. Dhanush turns ballistic in this just released movie Karnan, a powerful story on caste oppression. Mariyammal’s powerful voice, the rustic flavour and her no pretensions attitude has cast a spell on the audience. It is as though the audience wants to see the movie just to savour the setting and touching folk poetry. The Dravidian Parai beat and the poignant lyrics have made this folk song haunting. Director Mari Selvaraj, composer Santosh Narayanan, and of course lead actor Dhanush are all basking in the popularity of the song and the singer. And another unplanned fallout, this song featured as a satirical election anthem for many campaigners who played it to taunt the opponent – “bring him if you see him”. Just shows that Indian polity and society has come off age. Oppression is showcased powerfully, with unforgettable narratives.

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.