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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.