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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.
Prime Minister Narendra Modi is known for delivering shock therapy. It was visible sometimes back when BJP replaced the veteran Lingayat leader BS Yeddyurappa as the chief minister of Karnataka by appointing Basavraj Bomai. Likewise, Modi took the call to replace Uttarkhand’s then chief minister Trivendra Singh Rawat with Lok Sabha member Tirath Singh Rawat. In July, four months after being made chief minister, Tirath Singh Rawat was replaced by two-time MLA Pushkar Singh Dhami. In Gujarat, ahead of assembly elections slated for 2022, Modi surprised the party legislators by appointing a first time MLA Bhupendra Patel, who hails from the politically influential Patidar community, thereby replacing Home Minister Amit Shah’s confidant Vijay Rupani who comes from the Jain community. Rupani was the fourth CM to be replaced by BJP in the last six months. Now, within the BJP circle, there is a strong buzz about replacing Haryana Chief Minister Manohar Lal Khattar who does not belong to the Jat community, by appointing a Jat community leader especially in the wake of ongoing farmers’ agitation. Khattar, who was handpicked by Modi, has been under the latter’s radar for his style of functioning during his second term. Also, Khattar’s controversial statement of “jaise ko taisa,” asking BJP’s farmers’ arm to form groups against Opposition-led farmers’ blockades seems to have angered the top leaders of BJP.
Shareholder activism has been gaining currency and managements have to think twice before proposing resolutions to be approved and voted by shareholders. SEBI is also ensuring that it becomes difficult for promoters to push anything just because of their majority stake. For every negative vote, you now need three positive votes to approve the resolution. In some cases, the promoter is not allowed to vote and the minority shareholders decide the outcome. Readers would recall that Eicher Motor shareholders rejected a pay hike to Sidharth Lal, its MD & CEO. Similarly, IDFC shareholders rejected the reappointment of Vinod Rai as independent director. In the case of Zee Entertainment, two directors stepped down on the eve of the AGM as proxy advisors had asked the shareholders to vote them out. Meanwhile, the company which announced a non-binding agreement sale to Sony Entertainment has been directed by NCLT Mumbai bench to consider shareholder Invesco’s request for EGM to oust MD Punit Goenka. Jindal Steel & Power wants its shareholders to approve payment of one-time remuneration to its four independent directors. Proxy holders are advising shareholders to oppose the same as it violates terms of an independent director. Further an investor has rejected the reappointment of Shallu Jindal, wife of Naveen Jindal and a director on the board of the company for nine years. Indeed, it is a tough time for promoters.
In what could be dangerous for police forces, Apple has launched encrypted browsing at the touch of a switch on its iPhones, iPads, laptops and desktop computers. It is called the Private Relay feature and criminals could have a free run on it with law enforcement rendered helpless in tracking them. Broadband and mobile companies may be unable to assist police investigations into dangerous suspects like terrorists or child abusers. Hitherto, criminals had to be extremely computer savvy to use the DarkNet to carry out their nefarious activities. With all Apple devices giving people encrypted protection, it could be a virtual invitation for the criminally minded to use them with the anonymity they seek in working the Internet. As technology improves to offer the hiding of digital footprints, investigating authorities might struggle even if Apple is offering to “respond productively” to any police requests for information. When people browse the web, their browser takes them directly to the website they seek, leaving a digital footprint with their broadband or mobile operator. Apple’s Private Relay service uses technology similar to the “dark web”, to ping people’s traffic between different servers so no one entity can see where they have been. Even Apple will not be able to see who you are either and what sites you are visiting.
There are like-minded people in the cricketing fraternity who believe that the top leadership role for Smriti Mandhana is not far away. This line of thought is for both white-ball, which is leveraged to promote women’s cricket worldwide, and red-ball cricket, which the national team has got the taste twice in the last five months. Smriti, through her stylish strokes, brings large doses of cricketing oomph that is compelling to watch. Not knowing when the next multi-day Test match will be scheduled, because the immediate focus will be on the ICC Women’s World Cup in New Zealand next March, the elegant left-hander showed a terrific mindset to uncork a century (127, 22x 4s and 1×6) that rattled the well grizzled Australian team in the one-off pink ball Test at Gold Coast’s Carrara Oval recently. Smriti at 25 already exemplifies as a fine role model for the even younger talent to follow. The Sangli lass has chosen to play a brand of cricket that the present-day fans and stakeholders lap it up. She has already made a big impact on Shafali Verma who goes after the bowling from the word go. A splendid striker of the ball, Harmanpreet Kaur, the present Twenty20 captain, appears to have lost way. But India’s women cricket will be in good hands in the future, with Smriti showing the way.
When things are going down, this regulator too decides to head south! Well, the RBI, yet again, has chosen to look for talents in the south to reset a couple of recalcitrant NBFCs. This time around, the RBI has brought in two stalwarts from the south to assist the newly-appointed administrator of Srei Infrastructure Finance and Srei Equipment Finance. The boards of these two were superseded by the RBI on October 4, 2021. R Subramaniakumar, administrator of Dewan Housing Finance Corporation (DHFL), and TT Srinivasaraghavan, former MD, Sundaram Finance, have been included in the three-member advisory committee to help Rajneesh Sharma, ex-Chief General Manager, Bank of Baroda, as the administrator of these two companies. Since November 2019, Subramaniakumar, former MD & CEO Indian Overseas Bank, has been an administrator of DHFL. After many twists and turns, the debt resolution plan submitted by Piramal Group for DHFL has been finally approved by the National Company Law Tribunal. Subramaniakumar, in fact, was driving IOB during its critical phase. A few days ago, IOB came out of the Prompt Corrective Action framework. IOB was placed under PCA in 2015. Srinivasaraghavan is a highly respected personality in the NBFC world. And he piloted Sundaram Finance for many years with a sense of dedication and unalloyed commitment. The south has a nice side to its story after all.
Two leading stars from the south – Nag Chaitanya and Samantha – have realised that they are not made for each other after all… Nearly a decade of courtship and four years of marriage later. Samantha’s OTT series, The Family Man brought her worldwide fame, and infamy when Tamils resented her playing the role of a Sri Lankan terrorist. Badnaam tho hua, magar naam tho kamaya! Critics acclaimed her stellar performance, and her stock went up. Coincidentally, Chaitanya hadn’t had a hit for some time, and the chasm only widened! Fate has a way of even-stevening things! On September 24, Nag Chaitanya and the adorable Sai Pallavi’s Telugu movie, Love Story released to rave reviews. A simple story of inter-caste marriage and child abuse were woven into a gripping movie by director Sekhar Kammula. Audience identified closely with the hero and heroine, some openly shedding tears. This reel love story has put Nag on top of bankable heroes, but the real life love story between the couple, went bust. Divorce is nothing new in film families. Nagarjuna, Telugu film Superstar Akkineni Nageswara Rao’s son, had divorced his first wife Lakshmi Daggubatti, and married Amala. Tinsel town marriages may be made in heaven, often break down on ground once the stardust wears off.
The Congress party’s Chhattisgarh Chief Minister Bhupesh Baghel, who broke the political pact (power sharing arrangement of 2.5 years each) with state colleague TS Singh Deo, is staying firmly put in his chair. Even as the scheduled 2.5-year milestone was reached and Singh Deo invoked the pact for the CM’s chair, Baghel broke his word, even flying a dozen party MLAs to New Delhi in a sort of public posturing of his political clout in the state. Lo and behold, the party high command lost its resolve to go through with the power transition at least for the immediate future. A senior political leader from New Delhi told Short Post: “Baghel was able to get a recharge for a year more at least as Rahul Gandhi has additionally appointed him as Congress incharge for the forthcoming Uttar Pradesh polls. After his fresh appointment, Baghel will use his political acumen and government machinery in Chhattisgarh to impact BJP prospects in UP. Will the Gandhis now remove him from his CM post and risk their own UP prospects?” Seems unlikely. However, the Congress is known to pull a rabbit (read Charanjit Singh Channi) out of its hat at the last moment as in Punjab when the battle between Navjot Singh Siddhu and Captain Amrinder Singh threatened to boil over. It will be interesting to see Singh Deo plotting a silent jockeying for power.
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.