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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.
In a surprise move, the Narendra Modi Government decided to go by the law and disqualified Rahul Gandhi following his conviction by the Chief Judicial Magistrate, Surat in a criminal defamation case on March 23 for his remark on the “Modi surname” while addressing an election rally in Karnataka in 2019. The Wayanad MP will be the second member after Lakshadweep Lok Sabha member PP Mohammed Faizal, who was disqualified within two days after his conviction in an attempt-to-murder case on January 11. Interestingly, Faisal’s disqualification by the Speaker was not revoked even after he appealed to the Kerala HC for a stay on his conviction and sentence, which the HC suspended on January 25. Official sources said the government felt encouraged to move against Rahul after several legal experts including Kapil Sibal pointed out that he stands automatically disqualified as an MP and getting only the jail sentence suspended was not enough. Rahul could have continued as an MP only if his conviction was stayed. That’s why eyebrows were raised about his visit to Lok Sabha a day after his conviction. In being convicted by a court, Rahul joins his grandmother Indira Gandhi who was convicted of election fraud in 1975. While Rahul’s legal team is confident of overturning the Surat court’s verdict in higher courts, party circles have begun to think of facing 2024 polls without Rahul. But then is Priyanka Vadra ready to helm the party at this crucial juncture?
While the Supreme Court has dismissed a petition over the renaming of Aurangabad saying it would be heard in the high court in Mumbai next week, over a lakh objections have been filed against the change though the number of supporting applications is less than 1300. The last date for filing objections or supporting applications in the Divisional Commissioner office is March 27. On March 23 alone, over 46000 objections were filed to oppose the rechristening. So far, around 115,000 applications against the renaming have been received. The total number of supporters was less than 1300 till last evening. Despite spirited speeches and demonstrations by the pro-renaming groups, those in favour of changing the name to Chhatrapati Sambhajinagar are much less as compared to the opponents. Some supporters have announced that 30,000 postcards to support the renaming will be sent to the authorities. A similar scenario is seen about the renaming of Osmanabad to Dharashiv. About 20,000 objections have been received but the number of supporting applications could not be ascertained. It is believed to be just a couple of hundred. The renaming issue is becoming political and the final court verdict will determine the direction in which it will be exploited by either side. The state government had attempted to rename Aurangabad in 1996 but the court had issued an order to maintain the status quo.
Congress President Mallikarjun Kharge is a very worried man these days. He feels he doesn’t enjoy the heft of being party president even after his election was duly ratified at the AICC Plenary Session in Raipur in February this year. He is at the receiving end mainly from those who belong to his home state Karnataka. They give him a short shrift most of the time as they keep him waiting even after fixing appointments. Partymen from his home state who seek time to meet him in Delhi do not show up at the appointed hour and it is left to Kharge’s office to find out why they have not turned up. Another major worry for the new party chief is that he is not able to get his way even in reshuffling the AICC. Party sources said he has not been able to get either his favourites like R S Surjewala as general secretary (organisation) or give more responsibilities to Pawan Khera. He finds he is getting stymied by the elephant in the room — Rahul Gandhi — who is not allowing him to move out a K C Venugopal or a high profile Jairam Ramesh.
The ICC World Cup is only a little over six months away and the first alarm bells have been heard by India after Australia trounced the Rohit Sharma led home team 2-1 in the three match series. This was Australia’s sixth ODI series win in India’s backyard since 1984 when Kim Hughes led Australia beat India 3-0, with two matches ending in a no result show. It was also India’s first ODI series defeat in India in 48 months. A nervous top and middle order came a cropper to left arm fast bowler Mitchell Starc in Mumbai and Visakhapatnam, but the Hardik Pandya led side rallied to put it across the visitor in Mumbai. Pandya’s stock appears to have gone up after his bowling and batting display at Chennai’s Chepauk. Dropped from the Test team for the last two matches of the Border-Gavaskar Trophy, KL Rahul topped the batting average with 116 runs in three matches, but others did not reach the three figure aggregate. Apart from its powerlessness to deal with Starc, India’s new ball operators could not stop Mitchell Marsh’s “go after the bowling” approach and his 194 runs. It’s going to be a long drawn out World Cup in the October heat and a bit of cooler weather in November, but it looks as though India would like to look at itself as the underdog, not the favourite!
The uncertainty in Maharashtra is straining personal relations among political relationships. Every cursory visit or comment is viewed with suspicion and tends to create much speculation about the future political direction of every political leader. Visits by chief minister Eknath Shinde to the deputy chairperson of legislative council Neelam Gorhe raised eyebrows forcing her to clarify her position stating that “Even earlier chief ministers would visit and confer with the presiding officers of the legislative council or assembly for official purposes. Be it our earlier chief ministers Uddhav Thackeray or Devendra Fadnavis who would confer with the then speaker Ramraje Naik Nimbalkar. Our earlier speaker Shivajirao Deshmukh also received chief ministers regularly over official matters. These are routine procedures and should not be viewed beyond that.” Gorhe has her loyalties with the Uddhav Thackeray faction of Shiv Sena, whose 16 legislators are being wooed by the Eknath Shinde-led Sena that enjoys the support of over 40 legislators. Though Maharashtra has a history of political leaders maintaining civil relations beyond party lines, this political culture of civility is now clearly under strain in the new political atmosphere. Former chief ministers Shiv Sena’s Uddhav Thackeray and Bharatiya Janata Party’s Devendra Fadnavis’ warm greeting when they happened to enter the assembly together by chance, also created much flutter.
The Congress party launched a nationwide campaign over a Surat court order that sentenced Rahul Gandhi to two years in jail in a criminal defamation case for his remark on the “Modi surname” while addressing a poll rally in 2019 in Karnataka. Based on a complaint filed by Gujarat MLA Purnesh Modi, Congress leaders have begun to privately admit that the latest legal development could prove to be a blessing. Many party leaders feel the Surat order could at least help Rahul Gandhi win sympathy among people if he fails to secure any relief in the higher court. Party veterans feel the Surat case could help in boosting the Wayanad MP’s image. For a change he may appear like a victim and probably help his sagging career take off. “Just as Marxist veteran Jyoti Babu had helped in building up Mamata Banerjee by targeting her. Or for that matter the Congress had helped in building Narendra Modi’s image by attacking him, I guess PM Modi is also helping Rahulji via this Surat order,” said a Congress veteran from Bengal. Apparently, BJP leaders are not happy with the latest legal twist. Aware that the Surat order could give the Congress leader an advantage, the BJP has mobilised support of the OBC “Teli” community against Rahul’s remark.
West Bengal Chief Minister Mamata Banerjee has taken the lead to create a new Regional Party front sans Congress to give a tough fight to BJP in the 2024 Lok Sabha elections. Taking a cue from her previous slogan of “Khela Hobe” (There Will Be A Game), Didi has sounded 2024 poll bugle with her new slogan “Abar khela hobey (We Will Play Again). Recently, Samajwadi Party chief Akhilesh Yadav came calling to Kolkata and has expressed his party’s whole-hearted support to whatever Didi does for a BJP-mukt India. Taking the regional pact a step forward, Mamata visited Odisha to meet her counterpart Naveen Patnaik. She will host former Karnataka chief minister HD Kumaraswamy at her residence. It is learnt that the TMC supremo will be staging a sit-in dharna near Ambedkar Murti in Kolkata from March 29 till the night of March 30. This is against the pending dues of the state and excesses by the central agencies. According to political observers, instead of calling for a Third Front, Mamata has floated the idea of Regional Front as there are around 200-250 Lok Sabha seats where powerful regional parties are in direct contest with the BJP. TMC insiders say that Mamata is critical about Congress stating that “PM Modi cannot be dislodged if Rahul remains the leader of the Opposition because Rahul is Modi’s biggest TRP and the saffron camp uses the Congress scion for their own good”.
This filmi family is constantly in the news by design or by accident. Last month, Tamil star Dhanush was in the news for his newly built Rs 150 crore home in Poes Garden, close to his father-in-law Rajinikanth’s oft vaunted residence. The latest news is about Dhanush’s estranged wife, the feisty Aishwarya who lodged a complaint at the Teynampet police station in February about valuables –jewels, silver utensils, gem stones — missing from the locker. Apparently, it was discovered by her, four years after her sister Saundarya’s wedding when the jewels were worn. In her complaint Aishwarya mentioned that the valuables had moved lockers and locations three times as she had moved from their family home to her current apartment and frequent visits to parent’s home. Naturally, suspicion for the theft pointed towards house maid Eashwari and driver Venkatesh. Both have been grilled by police, in the course of which some suspicious real estate deals and jewellery pledging trails have been unearthed. Reportedly, her maid has bought a plot worth Rs 95 lakhs at Sholinganallur with a bank loan. The police are investigating the money trail. Meanwhile, Aishwarya is busy producing-directing Lal Salaam in which Daddy dear is doing a cameo, rumoured to be fast emerging as more substantial.
Generally Rs 10 paid-up stock that carries a dividend of 1725% (Rs 172.50 per share) would have commanded a price of not less than Rs 2000. Taparia Tools, which earned more than Rs 200 per share from its operations and distributed Rs 172.50 as dividend for fiscal 2022, was quoted on March 20, 2023 at just Rs 10.50. At this price the dividend yield works out to 1643%! The company has now proposed a first interim dividend of 775% as against 700% first interim last year which indicates that in all probability current year’s yield may shoot up beyond 1700%! The Nasik-based Taparia Tools Ltd has been manufacturing hand tools in technical collaboration with a Swedish company since 1969. Its financials have been very impressive with topline growing from Rs 475 cr in FY20 to Rs 670 cr in FY22. In FY23 it is expected to touch Rs 750 cr. Likewise net profit more than doubled from Rs 30 cr to Rs 65 cr during the same period and expected to exceed Rs 75 cr in FY23. Why is the stock quoting so low? It has a small equity base of Rs 3.04 cr with promoters holding 69.73%, directors & relatives 13.72%, two corporate bodies 10.56% and 229 shareholders 3.84%. In the last 21 years, TTL was traded only on 39 days. In the first three months of 2023, the stock has been traded for 5 days. By arrangement with https://investlive.net/.
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.