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Last week, as Congress leaders protested against Union Home Minister Amit Shah’s so-called “anti-Ambedkar” remark in Rajya Sabha, Rahul Gandhi joined his party MPs in a blue T-shirt, giving up his trademark white polo T-shirt. His sister Priyanka also twinned with him wearing a blue sari. Clearly the Gandhi siblings opted to go for a very visual protest against Shah’s remarks. The choice of the colour of clothes of the Leader of Opposition (LoP) — usually spotted donning plain white T-shirts raised eyebrows. The colour blue has been associated with Dalit politics since 1942, when Dr BR Ambedkar established the Scheduled Castes Federation to campaign for the rights of the Dalit community. The body adopted a blue flag featuring Ashok Chakra. The flag was later retained by the Republican Party of India (RPI), founded by Ambedkar in 1956. Over time, blue became very closely associated with Dalit identity and activism. Even political parties like the Bahujan Samaj Party and the ASP, which champions Dalit welfare, embraced blue colour in their branding. As the Gandhi siblings lead the protest, it was the choice of colour of their clothes that caught everyone’s attention!
The Winter Session which saw a two-day discussion on the 75th anniversary of the Constitution and introduction of One Nation One Election (ONOE) Bill has come to a close. It brought out sharp divisions over discussions and bills at least in two political parties — the Congress and DMK. In the Congress, if a first term MP Priyanka Vadra was seen opening the discussion on the Constitution in the Lok Sabha, for some reason senior leader and eminent lawyer P Chidambaram did not get an opportunity to have his say about the Constitution in the Rajya Sabha. In the DMK, there was a clear division of views between the DMK parliamentary party leader TR Baalu and deputy leader Kanimozhi. While Baalu endorsed the government’s offer to refer the Bill to the Joint Parliamentary Committee, Kanimozhi seemed completely surprised by his stand and insisted that her party was opposed to the Bill and demanded its withdrawal.”DMK has consistently opposed the entire Bill. We do not accept that there can be ONOE because it is against the Constitution. It is against federal rights and it is against the will of the people. People choose state governments for 5 years, I don’t think you can take that right away from the people and give it to the EC to decide how many years governments can last or not. So, this is completely against the state, against federalism” said Kanimozhi. While her stand reflects TN assembly resolution passed in February against ONOE Bill this year, the media is awash with reports about how her late father Kalaignar M Karunanidhi had highlighted the benefits of simultaneous polls in his autobiography Nenjuku Neethi. Incidentally, Karunanidhi had advanced state polls to 1971 to coincide with LS polls.
The Thursday (Dec 19) visit of BJP and Shiv Sena (Shinde) MLAs to the RSS headquarters in Nagpur has become a hot political topic though there are other reasons, too, for intense politicking. Firstly, the MLAs belonging to the Nationalist Congress Party (NCP) led by deputy chief minister Ajit Pawar did not join the event. Secondly, those disgruntled due to their non-inclusion in the council of ministers have started expressing their anger openly. Like earlier two occasions, Ajit Pawar and most of his followers distanced themselves from the visit organized by chief minister Devendra Fadnavis. The presence of former CM Eknath Shinde and his MLAs proved to be another highlight. However, the discontent brewing within Mahayuti on other counts is now becoming more vocal. Political heavyweight Chhagan Bhujbal was the first to articulate it. His open criticism of Ajit Pawar surprised many since he had stayed by the side of Pawar all through. Now, there are reports that some of Bhujbal’s supporters want him to join the BJP to end his political wilderness. So far, Bhujbal has maintained that he is with the NCP (Ajit). The other notable leader to become the subject of political speculation is the legislative council’s deputy chairperson Neelam Gorhe. Her detractors, mainly the recent Sena (UBT) entrant Sushama Andhare, have started hinting at Gorhe’s plans to go with the BJP. Gorhe, too, has not reacted to the talk. Ajit’s sudden disappearance for two days from the winter session only added grist to the grapevine. His explanation that he was down with a throat infection is hardly swallowed. More murmurs are expected to be heard once Fadnavis announces the allocation of the portfolios.
The Shiv Sena led by Uddhav Thackeray has started preparing for the Brihanmumbai Municipal Corporation (BMC) election, expected to take place early next year. This will be the fight for political survival for Thackeray because the Sena has been in power in India’s richest civic body since 1985. Taking stock of the situation, other political parties, too, have begun their planning. The picture this time will be fundamentally different since the BJP has emerged as the largest party in the state after the assembly election. Its estrangement with the Sena (UBT), which split in 2022 owing to Eknath Shinde’s decision to walk out of it, will be a major factor in the coming election in which the Congress will be an insignificant player, given its lacklustre performance in Mumbai and the state as a whole. Equally exasperating is the condition of the state Congress committee as its president Nana Patole is perceived as an ineffective leader by the rank and file. The BMC’s last election saw the Sena winning 84 seats in the 227-member house while the BJP had captured 82. Owing to the alliance ethics, the BJP had made no effort to bag the mayoralty of the financial capital of India. However, the BJP is not prepared to take any chance this time and a decision about its Mumbai president is likely to be taken soon. Sitting chief Ashish Shelar is among the hopefuls though his inclusion in the council of ministers could be a decisive factor in the final choice.
This was to happen one day or the other with the Pakistan Cricket Board (PCB) putting its foot down saying it will not send its national teams to India for any signature event of the ICC, like the World Cups in the two formats in men, women and the juniors. This was the PCB’s riposte to the long-standing BCCI position — citing security concerns — that it will not send its team across the border for the ICC Champions Trophy 2025 and that it will play only at a neutral venue. For three World Test Championship (WTC) the two nations have taken themselves off the Future Tours Programme (FTP). The cricketers of the two countries may enjoy good relationships when they lock horns in neutral country venues and have fans across the border, but the Indian government has been steadfast in denying permission to the BCCI. The latest communication from the ICC has confirmed that in the 2024-2027 cycle all ICC events given to India and Pakistan, the matches featuring the two countries will be held at a neutral country chosen by the host country; in the Champions Trophy case the PCB is the host. What all this means is the elimination of high security arrangements that India had to do when Pakistan played last year’s World Cup matches in Hyderabad, Bengaluru, Chennai and Kolkata. It took hard bargaining by the PCB with the ICC — with Jay Shah in Chair since December 1, 2024 — for it to agree to a hybrid model in order to ensure that it remains the host in a neutral country venue as well and where India will play and this country is said to be the United Arab Emirates.
The massive success of Pushpa 2, has reignited the debate over screen allocation in West Bengal’s single-screen theatres. While the blockbuster continues to dominate the box office, its stronghold has created challenges for four Bengali films— Khadaan, Shontaan, Chaalchitro, and 5 No. Swapnamoy Lane—which targeted Christmas Day for their releases. The overlap has sparked a heated controversy over securing adequate slots in single-screen theatres, which remain a key audience base for Bengali cinema. Single-screen theatres across Bengal are grappling with the balancing act of accommodating these films while catering to the massive demand for Pushpa 2. Tollywood’s Christmas lineup has been significantly impacted, with producer-actor Dev expressing frustration on social media. He alleged that Khadan’s shows and advance bookings were disrupted due to the overwhelming presence of Pushpa 2. Arijit Dutta, owner of Priya Theatre, reported dividing slots among the films: Khadaan (two shows), Chaalchitro (one), 5 No. Swapnamoy Lane (one), and Pushpa 2 (one). However, veteran actor Mithun Chakraborty’s Shontaan was left out entirely, sparking outrage from its director Raj Chakraborty, who criticized the lack of consistent support for Bengali cinema. A distributor, speaking anonymously, blamed the simultaneous release of multiple Bengali films during the festive season, suggesting a lack of coordination among producers. He pointed to Bollywood’s strategy of staggering releases as a model Tollywood could emulate. Star Theatre owner Joydeep Mukherjee called for better planning within the Bengali film industry to avoid internal competition. Interestingly, allegations have resurfaced about Shontaan‘s producer, pressuring hall owners to prioritize its films. This history has led some distributors to side with independent producers in the current clash.
Sunday’s swearing in of 33 (16:9:8 ratio for BJP, Shiv Sena, NCP respectively) mostly young cabinet ministers in CM Devendra Fadnavis’ 3.0 government was not followed up by expected portfolio allocations even late Thursday (Dec 19). The unrelenting clamour for one specific portfolio by a senior BJP minister-in-waiting (in apparent conflict of interest), aspiration to improve upon earlier performance in power sector by another are in the open awaiting the Maha Chanakya to coolly decide upon. Scribes housed at the state government ‘Suyog’ facility within the Family court premises near Vidhan Bhavan enjoy the Nagpur chill over familial evenings at ‘Sneh Bojans’ hosted by these as-yet ‘Anamika’ ministers. DCM Eknath Shinde’s camp brews hostility from left out veteran MLAs and cherry-picking ministers-in-waiting who threaten boiling point anytime soon. This is unlike the chill that has set upon the near deserted NCP office at Vidhan Bhavan sans activity, notwithstanding the bustling beehive of activity right outside and within the state legislature that is hosting its winter session. It is probably the first time in Maharashtra’s political history for such an ongoing legislature session without specifically assigned ministers manning questions on the floor of the state assembly and council while responding to public interest issues of state. For now, all portfolios rest with CM Fadnavis. NCP veteran Chhagan Bhujbal, Sena’s Tanaji Sawant complain vociferously from out in the cold even as some BJP MLAs rue their bad luck despite winning big in Mumbai city where the richest civic body will face the hustings very soon.
The events outside Parliament House that led to injuries to two BJP MPs was best summed up by FM Nirmala Sitharaman in her X post. She explained how “During the INDI Alliance’s protest inside Parliament premises today, Rahul Gandhi had forcefully pushed an MP, causing a domino effect that injured 2 BJP MPs –Pratap Sarangi (Balasore, Odisha) and Mukesh Rajput (Farrukhabad, UP)” Both the MPs are now hospitalised as they have sustained head injuries. Union Agriculture Minister Shivraj Singh Chauhan was surprised that the Congress had so far not even bothered to say sorry. “I was wondering what was the purpose of Kharge-Rahul Gandhi’s presser, if they can’t say sorry. Our Nagaland MP, a tribal woman leader Phangnon Konyak had voiced discomfort that was caused to her by Congress leader Rahul Gandhi.” She has written a letter to the RS Chairman. Adding further he said, “We feel Rahul simply does not deserve to be the LoP. When the Opposition is holding a protest, we usually take another gate. What was the need for Rahul Gandhi to wade into the area where BJP MPs were standing? He should simply quit as LoP.” BJP MPs including Anurag Thakur and Bansuri Swaraj filed a complaint against Rahul Gandhi at the Parliament Street Police station in connection with the scuffle between Opposition and NDA MPs. It is learnt that security forces repeatedly requested the Congress MP to use an alternative path, specifically arranged for a peaceful entry into Parliament. However, Rahul Gandhi declined the request. BJP’s Thakur said “The kind of attitude Rahul Gandhi has, he thinks he is above the law.” Responding to the allegations, Rahul said BJP MPs were trying to stop him and were threatening him “
Home Minister Amit Shah whose intervention in discussions on the 75th anniversary of the Constitution sparked off a row and seemed to have majorly united the Opposition. Leader of the Opposition in the Rajya Sabha and Congress President Mallikarjun Kharge charged him of insulting Dr BR Ambedkar.. He accused his rivals of being “anti-Ambedkar” and “anti-Constitution”, and “spreading lies”. In his concluding remarks in the Rajya Sabha, Shah sarcastically said, “It has become the fashion to say ‘Ambedkar, Ambedkar, Ambedkar…’ If they (the opposition) took God’s name so many times, they will get a place in heaven.” At a Press Conference, he charged the Congress of distorting his comments in the Rajya Sabha saying the Congress had put out an edited version of his speech. “I come from a party which follows the ideals of Ambedkar,” asserted Shah.” Rebuffing calls for his resignation by Kharge, Shah made it clear that he had no intention of stepping down. “Kharge is asking for my resignation. If that will make him feel happy, then I’ll give it. But the Congress has to sit in the opposition for at least 15 more years. “In an unusual move — perhaps underlining the impact of the Opposition’s attack on this issue — PM Modi and senior ministers rallied behind Shah. “If the Congress and its rotten ecosystem think malicious lies can hide their misdeeds of several years, especially their insult towards Dr Ambedkar, they are gravely mistaken!” said PM Modi. Amidst this, PM Modi and Shah met Rahul Gandhi and Kharge to appoint the next NHRC chief. TMC leader Derek O’Brien has moved a privilege notice against Shah in the Rajya Sabha for his remarks on Dr Ambedkar.
Ravichandran Ashwin was adroit in bowling the carom or knuckle ball or the doosra, but on Wednesday afternoon, Brisbane time, the nonconformist off-spinner of 13 years in the big league of the game deployed the “bombshell” to bring an end to his illustrious career. At the conclusion of the rain-marred third Test at the Gabba, the finger spinner with a few sobriquets, “scientist” being the most used among the media, Ashwin sitting beside his beleaguered captain, Rohit Sharma, matter of fact said: Today (Wednesday, December 18) was his last day as an international cricketer across formats and that he will be seen in action in club cricket, meaning IPL etc. The seasoned campaigner, starting his Test career in November 2011, was capped 106 times, and he missed 25 Tests after his debut; he featured in 61 wins, 47@home and 14 overseas. He read the writing on the wall about him losing the primacy as the No 1 spinner of the team in flannels after Washington Sundar was chosen for the first Test in Perth. Then being dropped to bring in Ravindra Jadeja for the third Test in Brisbane convinced him that his time was up…to hang up his boots. The home series against New Zealand that India lost 3-0 was a bitter pill to swallow for him. His numbers — 765 wickets in the three formats, including 537 wickets in Tests alone speaks of his right to be called a legend. It was a bold, practical call to take a bow while not in the field and that was an unhappy part that Indian cricket could not give one of its icons a fitting farewell. Ashwin has perhaps shown the way for a few more to bid adieu, sooner than later! They are over the hill, indeed.
The Adani group and its shares have been under tremendous pressure over the last five weeks since the report from Hindenburg hit the markets. 2nd March was a great day — a big comeback of sorts for Adani. GQG Partners Emerging Markets Equity Fund invested Rs 15,500 cr approx. in four of Adani’s companies. These shares were bought from the Adani family. The price at which these shares were bought are Rs 1,408.25 for Adani Enterprises, Rs 504.60 for Adani Green Energy, Rs 596.20 for Adani Ports and SEZ, and Rs 668.40 for Adani Transmission. These prices at which the deal was done would become a benchmark for valuation going forward. In the near foreseeable future these prices would not break unless a new disaster hits the stock markets. On the same day, the Supreme Court appointed a six-member panel to look into the allegations against the group and submit a report in a sealed cover within two months. This would clear doubts raised by Hindenburg, the continuous disruption in Parliament would now stop and alleged cronyism, a charge raised by the Opposition would also be resolved. The proof of the pudding is in the eating and at the time of writing this article the share prices of three of the four stocks mentioned have gained between 11.13% to 11.32% (as they are subject to a 5% circuit filter) and the fourth has gained a staggering 29.8%.
Come April 1, 2022, the IPO market will witness three major changes that will immensely benefit retail investors. First, as per RBI stipulation, investors cannot borrow over Rs 1 crore from NBFCs to apply for an IPO. Second, SEBI has split the current HNI category into two. The first part, 1/3 of the bucket size of HNI portion, is for Rs 2-10 lakh and, the second bucket size of Rs 10 lakh and above is for HNI-Non-Institutional Investors. Third: change in lock-in period for anchor investors from current 30 days in two bucket groups: 50% shares will have 30-day lock-in and balance 50% for 90 days. Clearly, institutional investors are uncomfortable with the 90-day lock-in with good reason. The last three months saw all new age companies losing around 50% values since their listing. Allotment for HNI category, in case of oversubscription, would be similar to the retail category with one lot per applicant. For example, in the Rs 2 lakh plus category it would be just Rs 2 lakh. Similarly, it would be Rs 10 lakh in the Rs 10 lakh plus category. The new rules will see unrealistic over subscriptions by over 200-300 times disappear to more realistic levels in turn, making grey markets vanish. It will also force promoters to price IPOs more realistically.
Currently, IPO subscription in India is skewed to favour the leveraged HNI and subject to a very high degree of money power. Come April 1, 2022, this is set to undergo a major change with the RBI directing that no individual can be lent more than Rs 1 crore to apply for shares in an IPO. The immediate ramifications will be huge. Firstly, the number of times the HNI portion is subscribed will fall sharply from the present 100-800 times to maybe 5-10 times. The present grey market premiums which decide the subscription level will no longer exist at these levels as the subscription will not match. The reverse math will not allow such premiums to remain. The pricing of issues will go through a downward pressure as merchant bankers, promoters and PE Investors will no longer have the luxury to depend on leveraged HNI to back them. The standard practice of every issue opening at a premium of 20-30% of the issue price will simply stop. What would the new scenario look like? Probably more subdued and balanced. IPO price band would be realistic and listing gains of 10% would be a great number. HNI subscription being in single digit would be the new norm as SEBI would also have notified the new norms of splitting the HNI bucket into two. For retail investors it is a welcome move.
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.
SEBI, the capital markets regulator, has been aggressively issuing orders against entities found violating rules and making illegal gains using unpublished price sensitive information or ‘UPSI’. These orders involve consent terms for the violation and settling without admitting guilt, and also a component of ‘Disgorgement’. The term ‘disgorgement’ is defined as “the act of giving up something (such as profits illegally obtained) on demand or by legal compulsion. This brings us to a bigger and more important point of moral turpitude. Does an individual who sits on a board of a listed company as an independent director and has disgorged an amount to a regulator along with the promoter of the same company for illegally benefiting from USPI committed moral turpitude? The fact that he has used the same information as the promoter has, is testimony to the fact that he is no longer independent. Similarly, when a senior officer of an I-banker acts in a similar manner and disgorges money, the fact that he has settled consent terms amounts to having committed a breach of confidentiality. In such cases without exception, strictest of action needs to be taken and the concerned person should be asked to leave. It is time for Corporate India and minority shareholders to take the matter of ‘UPSI’ seriously and demand that action be taken against erring individuals.
Covid-19 has been affecting the global economy for about 15 months now, yet global markets seem to be doing well. Dow Jones is at a lifetime high and the Indian markets too have been doing reasonably well. The BSE SENSEX is a mere 600 points shy of its lifetime high of 51,259 points made on February 16, while NIFTY is 234 points away from the level of 15,431 points. In India, companies have learnt how costs can be controlled. Travel and travel related expenses have come down significantly. FMCG and consumer companies have also adopted WFH with unbelievable savings and performance. The bulls have complete control of the markets and there are many factors which support them: 1) The FIIs or FPIs continue to invest in India; 2) the second wave appears to have been arrested in a major way and the infrastructure has improved significantly in the intervening period; 3) the monsoon forecast is positive; 4) inflation is under control and interest rates are quite soft; 5) there is enough liquidity in the system in India to spur growth. There is a talk of a third Covid wave happening and hopefully we would be well prepared for the same. The fact that there is a huge trust deficit about China post the pandemic, more and more companies globally are putting in place a policy of China plus one supplier. India is an automatic choice for the one spot and we are seeing traction on this front. Considering all these factors, it becomes almost a certainty that the stock markets would see a new lifetime high in the month of June 2021. That would give us another six months before the calendar year ends and the possibility that markets moving another 5-7% looks distinctly possible.
Speed money is a term regularly used to get work done when dealing with the various government agencies. ‘Green Tax’ was the term used to get work done from the environment ministry in the previous government. With the current government bringing in more transparency and plugging loopholes to make it tougher to make ‘money on the side’, the politicians too are becoming smarter –finding ‘legitimate’ ways to take speed money. I learnt of one such method while interacting with an industrialist of a leading diversified listed conglomerate. This group was to set up a new manufacturing plant in one of the states and was given two options by the politician. The first was the conventional cash. The second option was to invest in the equity capital of an unlisted company at ridiculously high valuations. Since he did not hoard black money, the industrialist chose the second option. The modus operandi was simple. His group invested in a company that had no operating business, hence was basically a paper company or a shell company. On paper it looked like a fraudulent transaction but would never get questioned. This company had many such ‘investors’ who invested to get their work done. ”I am willing to spend money and pick shares in such shell company, even if at a later date I have to write off the investments,” he explained. Ingenuity thy name is politicians!
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.