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The unprecedented turnout in Mumbai from various parts of the state to back Maratha leader Manoj Jarange Patil has generated extreme political heat. His opponents have made allegations that the agitation triggered by the proponent of Maratha caste’s demand for reservations is actually aimed at destabilising the government of chief minister Devendra Fadnavis. The name of deputy CM Ajit Pawar has been dragged into this attack, which was launched by OBC leader Lakshman Hake. From the beginning Hake has been leading the opposition to Jarange’s agitation. The presence of a handful MLAs belonging to Pawar’s NCP at Jarange’s demonstration in south Mumbai on Friday has unsettled the OBC community. In a retort, OBC leaders have warned the government that they, too, will bring hordes of their supporters to Mumbai to rebut the stir started by Jarange. Reiterating his stand, Fadnavis said the agitations against his government were taking place since ‘resources’ were provided to them. He did not spell out any names but said, “We are committed to providing social justice and have already granted 10% reservation to the Maratha caste.” The gravity of Hake’s charge has increased since it concerns a Mahayuti partner, the NCP of Ajit Pawar. Although Hake has not elaborated on his statement, there is a caste undertone to it as the NCP is seen, by and large, a party of the Marathas. Incidentally, both deputy CMs of Maharashtra – Eknath Shinde and Ajit Pawar – are Marathas.
Over the past week, the electronic media coverage of Maharashtra has been hovering around just two topics. Firstly, the agitation launched by Manoj Jarange Patil to press the demand for granting reservations to his caste is the hottest issue. Secondly, a meeting between two Thackerays – Uddhav and Raj – has dominated the TV bulletins. The impact of the Trump Tariff, the footage of devastating floods, the destruction caused by incessant rains to the crops and all such subjects have been pushed to the backburner. Jarange monopolised the TV time in connection with his agitation, which is recurring many times over. Last year, too, he had come to Mumbai and went back after getting assurances from the government. Over the three years, he has done eight fasts unto death. As far as the Thackeray cousins are concerned, their second meet, which took place at Raj’s Shivaji Park residence, was constantly in the news, before, during and after. Pressing issues like the pitiable condition of roads, internal and highways, received scant coverage. Those active on Social Media have lambasted the TV Marathi channels for this situation. They have expressed chagrin since the matters concerning the nation have been ignored by the electronic media houses. The honchos administering the media have pleaded that it is their duty to reflect what is going on in the state so that public education is done. However, this defence has few takers.
As Bengal gears up for the 2026 Assembly elections, Nandigram has once again returned to the political spotlight. The constituency, which staged the dramatic face-off between Mamata Banerjee and Suvendu Adhikari in the last polls, is already buzzing with speculation and strategy. The controversy from the previous election still lingers. Trinamool Congress (TMC) had accused the BJP of manipulating votes through orchestrated power cuts, and the case continues in court. Yet, long before a verdict, the battlefield is being readied for the next round. The central question remains whether Mamata Banerjee would contest from Nandigram in 2026 or not. The BJP seems convinced. Pralay Pal, Tamluk district vice-president, declared on social media that “confidential sources” and a “secret report” by TMC’s National General Secretary and Mamata’s nephew Abhishek Banerjee, confirm the West Bengal chief minister’s candidature from Nandigram in 2026. He went further, asserting that the BJP would repeat its victory. The TMC camp, however, is striking back with confidence. However, Bappaditya Garg, president of Nandigram Block 1 TMC, dismissed the BJP’s claims and stressed that the party’s candidate would be revealed in due course. Yet, he was emphatic on one point: Suvendu Adhikari will not fight from Nandigram again. Garg buttressed his claim with electoral data—TMC’s win in Adhikari’s own booth at Nandanayekbari during the cooperative polls, a 412-vote lead in his locality in the Lok Sabha election, and a 2,500-vote lead from Panchayat Samiti voters in the same.
Sunil Gavaskar was known as a man of “centuries” — with the willow in hands and dispersing the most fearsome fast bowlers of his time. There are a number of centuries to his credit; but a day after his statue was unveiled outside the Mumbai Cricket Association’s brand new Sharad Pawar Cricket Museum that’s located in between the Cricket Centre where the BCCI is a tenant and the Garware Club House, India’s all-time best batting maestro, must have created another century of sorts at his party, humbly shaking hands with over hundred people, all teammates of his school, college, Dadar Union Club, Mumbai and India teams, other teams and of course his dear friends from different walks of life. It’s a much-awaited SMG annual get-together, nay a convivial party with a strict “no no” to speeches, with the little giant of a man playing a perfect host. This time around he remembered teammates and friends who were full of beans in the previous year dos, but had sadly made their departure to the Elysian Fields. Milind Rege, Padmakar Shivalkar, Dileep Doshi, Vijay ‘Papa’ Karkhanis , Anshuman Gaekwad, Ehsan Hakim and Abdul Ismail’s names were displayed on miniature bat at the Boundary Hall of the MCA Recreation Centre. Only recently the Gavaskars had celebrated the centenary birth anniversary of their mother and soon after, the MCA inaugurated his life size statue that prompted Amul to announce to the world that “Sunny dais are here again.” A famous name in the sporting world, Gavaskar has been part of the cricketing canvas and folklore for around six decades!
At an interactive session marking Rashtriya Swayamsevak Sangh’s centenary celebrations in Delhi, RSS chief Mohan Bhagwat made it clear that there weren’t any differences between the Sangh and BJP. Responding to a bunch of pre-submitted questions at Vigyan Bhawan, he made it clear that while there may be “struggle” between the two organisations, “there is no quarrel”. “There can be matbhed (difference of opinion) here, but no manbhed (heart-to-heart disagreement). We need to move forward in one direction, and not different ones,” he asserted. He added that the goals of the two organisations are the same. A big takeaway from Bhagwat’s interaction was that he clarified on his idea of retiring at 75 years of age, which was widely seen as a reference to PM Modi. Even as the event coordinator read out a question that said, in as many words, that his statement “was seen as a reference to PM Modi — he will turn 75 next month. Bhagwat, who is a week older than Modi, clarified that “I never said I will or someone else should retire. At the Sangh function in Nagpur, I was merely quoting a witticism by Moropant ji (senior Sangh leader Moreshwar Nilkanth Pingle aka ‘Moropant’) about how when someone gives you a ceremonial shawl at 75, you should think of retirement.” So, this is not for the retirement of anybody or myself he said. Another highlight was Bhagwat making it clear that Sangh doesn’t get to choose who will be next BJP president…if the RSS indeed had a say it would probably not have taken so long. In the same breath Bhagwat added that political leaders must have space to act independently.
Tamil Nadu chief minister MK Stalin is currently the man for all reasons of political strategy …dumping an invitation for an Ayyappa event in Kerala, he winged his way to Bihar on August 27, to participate in Rahul Gandhi led Voter Rights Yatra to protest against the sudden deletion of 65 lakh “fake” voters from Bihar electorate. Stalin’s party heavyweights wondered about this trip, even as Stalin was scheduled to visit London and Germany on August 30. Meanwhile, despite his huge show of power, actor Vijay knows that a nascent party like TVK at best can divert votes, what he really needs is a sinewy party to really break the incumbent. And his Chanakyas, Aadav Arjun and John Arogyasami have marketed a Congress alliance like the Holy Grail. Vijay has already sought an appointment with Rahul Gandhi, a play that Rahul is said to have nimbly avoided being lured by the sound and fury of a cinematic organisation. Surely, Rahul and his party are well aware of the 360-degree strategic strength of the DMK. Why rock the boat when this Opposition alliance has gained respectable traction? But the Judas in every party will try their to open trap doors or pull up drawbridges . Established leaders like Thirunavukkarasu, Manikam Tagore, Selvakumar are enticing the party with claims that aligning with Vijay will fetch them 60 to 70 seats, and TVK will share power with Congress.
Naveen Patnaik headed Biju Janata Dal (BJD) is in a sticky situation. Being the principal opposition party in Odisha, all eyes are on BJD’s position vis a vis Vice-President election on September 9. The Congress is rooting for INDIA Bloc candidate B Sudershan Reddy. The question is who will BJD Supremo Patnaik support? NDA or INDIA Bloc… Once upon a time it would have been NDA because of his close proximity and respect for PM Modi. It was mutual. But post 2024 polls where BJP turfed out BJD, the scenario has changed. Political observers say BJD’s decision has consequences over V-P poll. Should he go with the INDIA Bloc then he is openly challenging PM Modi. That does not augur well for a party whose future is hanging in balance because of succession issue. His man Friday VK Pandian who went under the radar for more than a year is now openly seen with Patnaik. He was holding his mentor’s hand and leading him out of the hospital. An speculations are rife that Pandian could well take over the reins of the party. What goes against him, he is an outsider –Tamilian from Tamil Nadu. If Naveen goes by Pandian’s advise chances are BJD will back NDA candidate. In the end the options before Patnaik is: One, abstain from voting , two, side with Congress instead, three, go for conscience voting like last time which divided BJD party members, four , support NDA’s choice.
Karnataka government’s decision to invite Booker Prize winner Banu Mushtaq to inaugurate Mysuru Dussehra festivities was censured after a video went viral in which she was seen criticising the worship of the Kannada language in the form of Goddess Bhuvaneshwari. At the 2023 Jana Sahitya Sammelana, Banu Mushtaq had said the appropriation of Kannada as Goddess Bhuvaneshwari draped in yellow and red, the colours of turmeric and vermilion, was “exclusionary” to people like her (minorities). BJP state president BY Vijayendra asked Banu Mushtaq to inaugurate the Mysuru Dussehra only after accepting the Sanatana culture and rituals. “The Sanatana Dharma includes idol worship and offering prayers to the deity. Do you agree with that?” He also took exception to Siddaramaiah’s decision to invite only Banu Mushtaq and ignore translator Deepa Basthi. Hindutva proponents asked how Banu Mushtaq agreed to “bow down before Chamundeshwari’s grandeur when “she cannot tolerate Kannada Bhuvaneshwari”. BJP MP Tejasvi Surya claimed that there was a bigger “game plan” behind having Banu Mushtaq. He felt these were not isolated moves… “The so-called Anti-Communal Task Force, the Hate Speech Bill, the Rohith Vemula Bill pushed at Rahul Gandhi’s insistence on the dubious Dharmasthala SIT, and now the Congress government’s decision to invite Banu Mushtaq…are part of a single, well-orchestrated game plan scripted by urban naxals and Marxists, executed with the full enthusiasm of Siddaramaiah government.” On her part, Banu Mushtaq made course corrections. She termed Dussehra a state festival and said referring to Mother Chamundeshwari with love and affection is a part of our culture. “That’s why it is dear to me as well. People call her Mother Chamundeshwari. I respect the people’s sentiment.”
Tamil Nadu chief minister MK Stalin has decided to skip the ‘Global Ayyappa Sangamam’ being organised by the Travancore Devaswom Board at Pampa in Kerala as part of its 75th anniversary on September 20. Oddly, he has cited “prior commitments” in his letter to his Kerala counterpart Pinarayi Vijayan, and has deputed two state ministers to participate. The political buzz is that Stalin most likely excused himself from the event because of the pressure exerted by the BJP. The invitation from Kerala CM had kicked up a political row with the BJP criticising the invitation extended to Stalin. TN BJP president Nainar Nagenthran, in his post on X, wrote that deputy CM Udhayanidhi Stalin, minister TRB Rajaa, former Minister K Ponmudy and DMK treasurer TR Baalu had made “disgraceful remarks” against Hindus. Nagenthran had said if Stalin intends to attend the event, as a first step, he should make the above DMK leaders apologise for their remarks. Besides, Kerala BJP president Rajeev Chandrasekhar strongly objected to Stalin’s participation. He demanded that both chief ministers apologise to Hindus “Pinarayi, Stalin and his Deputy Chief Minister son Udhayanidhi Stalin have hurt the sentiments of the Hindus and are trying to sabotage Hindu beliefs. Pinarayi government jailed many Ayyappa devotees and unleashed brutal police attacks against devotees who tried to protect the belief on restriction on women’s entry to Sabarima Ayyappa temple,” Chandrasekhar said in a statement. It is most likely in this backdrop that Stalin has chosen to skip visiting Kerala.
Can Opposition leaders like Trinamool Congress Supremo Mamata Banerjee or Congress CM Siddaramaiah or AAP CM Bhagwant Mann shun a high-level panel being set up by the Centre to prepare for the centennial birth anniversary of former PM Atal Bihari Vajpayee? Just because they are politically opposed to PM Modi. Of course, not. The Ministry of Culture has notified three high-level committees for the commemoration of 150th birth anniversaries of Sardar Vallabhbhai Patel and Birsa Munda, and the centennial birth anniversary of Vajpayee. PM Modi will chair each committee which as members have several CMs as well as union ministers. The committee for Sardar Patel will have 124 members is top heavy panel and includes former Presidents Pratibha Patil, Ramnath Kovind, Rajya Sabha deputy chairman Harivansh Singh, Lok Sabha Speaker Om Birla, Defence Minister Rajnath Singh, Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and has 21 CMs, including Opposition CMs Siddaramaiah, Omar Abdullah, Sikhvinder Singh Sukkhu, MK Stalin and Revanth Reddy. The committee also has Patel’s family members Nandini and Diribhai Patel. The committee on Birsa Munda has 118 members, including President Patil and President Kovind, Lok Sabha Speaker Om Birla, several cabinet ministers and 20 Governors and L-Gs. The committee also has over 20 CMs, including Opposition CMs Hemant Soren, Pinarayi Vijayan and Revanth Reddy, besides Naidu and Advani. The Committee on Vajpayee has 124 members, and in addition to the former Presidents and Cabinet ministers, Advani and Naidu, 19 Governors and L-Gs and 17 CMs including Mamata Banerjee and Bhagwant Mann, besides Soren and Siddaramaiah. This committee also has as members Ranjan Gogoi, spiritual guru Ravi Shankar, Vinay Sahasrabuddhe, Ram Madhav, Suresh Prabhu, Kapil Dev, Azim Premji as well as Advani’s daughter Pratibha Advani.
This news comes as a much needed relief for many family-run enterprises. In a sudden about-turn, SEBI decided to make splitting of the posts of chairperson and managing director (CMD) by listed entities voluntary and not mandatory. A dozen such enterprises thrive in the Dravidian land. With one too many family members within such enterprises, splitting the CMD could have triggered considerable tensions within such enterprises. The consequences for them would have been a lot severe if it was enforced with a stricter fiat from the market regulator? What made the regulator do a U-Turn? One can debate the volte-face endlessly. One thing is sure, however. Regulation by force has often proved ineffective, and hasn’t really delivered the intended result. We have seen this happening in the unfolding Chitra imbroglio in the NSE. The entire governance structure at NSE appears to have gone for a toss. Will more rules solve the problems? They won’t. Be it in the re-nomination of the Maran couple on the board of Sun TV Network or the infamous Tata-Mistry imbroglio, corporate governance has been a consistent casualty. It reflects the erosion in the value system of society. The Venu Srinivasan and R Dinesh-led wings in the now partitioned TVS group have gone for non-family members to chair some of their boards. That’s refreshing. Laws often don’t get the right result.
In the corporate world, the phrase ‘All is fair in love and war’ has assumed a new meaning. Well, all is fair if rules are observed is now the touted line and reasoning given to explain away an ethically and morally unjustifiable action. Institutional shareholders voted against a resolution but found themselves unable to vote out the resolution in the face of a steamrolling majority held by the promoters. A classic case was when the resolution relating to the reappointment of the Maran couple — Kalanithi and Kavery — sailed through at the annual general body meeting of the Sun TV Network despite a majority of institutional shareholders voting against it. The Maran couple are the highest paid executives in India. They have taken home close to Rs 1,500 crore by way of managerial remunerations over the last decade. The promoter remuneration is now the subject of intense debate. Is it ethical for promoters to vote on a resolution pertaining to their own compensation? The whole issue has made a mockery of the so-called SEBI-ordained tight governance system. Like the RBI does, can’t corporations be told to make public disclosure of detailed minutes of meetings that clear the compensation paid to promoters? At least that will give the minority shareholders a clue about the logic for the high pay packets.
What holds a business family together? Just about everything. But, when it entails an extended family, then the task become more daunting. One Chennai-based conglomerate discovered the right formula many summers ago, to navigate the business cycles smoothly while also keeping the assorted wings of the larger family well and truly satisfied. The Murugappa group employs a house-keeping entity that has largely been instrumental in fairly compensating male members of the extended Murugappa family. They may all be differently talented but, when it comes to compensation, each of them (read every male heir) is treated on par. This entity came in handy especially when the group established a Murugappa corporate board and went in for a group branding in the ‘90s. The board members and others in the family were largely paid compensation through this unlisted house-keeping entity. A public limited outfit, this house-keeping firm doesn’t include any family members as directors. It was structured in such a way to avoid action under the MRTPC lens. A little birdie tells us that female heirs in the family aren’t fortunate enough to enjoy identical benefits. That may explain the cause for the open rebellion demonstrated by Valli Arunachalam, whose father MV Murugappan, former executive chairman of Murugappa group, expired a few years ago. This family enterprise makes for a fascinating story, all the same.
All of a sudden, the Chennai corporate landscape is buzzing with action. It is witnessing some significant transformation. Indeed, coming events are casting their shadows before them (read SEBI ruling on splitting the CMD post). For the first time perhaps in its annals, a TVS group company will have a non-family member as chairman. Come April 1, TVS Motor Company will see non-executive director Prof Sir Ralf Dieter Speth becoming its Chairman. Promoter Venu Srinivasan will then be designated as Chairman Emeritus. Several summers ago when the TVS group chose to dilute its majority holding in its then joint venture, TVS Whirlpool, Suresh Krishna voluntarily gave up his position as the Chairman of the joint venture. Well, much water has flown under the bridge since then. Venu Srinivasan’s son, Sudarshan, in the meanwhile, has been inducted into the board of Coromandel International, a Murugappa group company. Sudarshan has joined the board of Coromandel International as an Independent Director. In an equally significant development, Srinivas Acharya, former managing director of Sundaram Home Finance, a subsidiary of Sundaram Finance, is being roped in to join the board of Hindujas’ housing arm. An able hand with enormous experience in the field of housing finance, Acharya can provide the Hinduja housing arm with deeper insights. Indeed, the Chennai corporate world is undergoing a churn
When NS Raghavan, one of the seven co-founders of Infosys, was inducted as the Chairman of the Chennai-based Murugappa group, it took the entire corporate world by surprise. It was hailed as a path-breaking initiative by a family-owned group. Subsequently, the group set up a Murugappa Corporate Board. The ostensible reason for setting it up was to let the myriad group firms be run professionally. In 2020, the corporate board was dismantled. That has also taken many by surprise. Has the wheel come full circle? Tongues have, in fact, started wagging. Why was the two-decade old group corporate board dismantled after being in existence for two decades? Well, much water appears to have flown under the bridge since its formation many summers ago. The group itself has seen GenNext coming to the fore. Also, the group is under public glare with the daughters of late MV Murugappan alleging discrimination and seeking legal recourse for justice. Though the group comprises four families, there isn’t any complicated cross-holding structure in group firms. If grapevine is to be believed, there seems to be an informal demarcation of business among the varied families within. And, these sources suggest that each of them enjoys operational leeway with little cross-participation of family members in different group boards. Is Murugappa following the TVS model?
The Indian pharmaceutical industry witnessed many learning curves and has come a long way since the days of controls. Today, the industry wears an entirely transformed look. In the rough and tumble of the modern-day business world, which has to contend with intense competition, only an honourable few have managed to ensure the longevity of their respective businesses. Take the case of Chennai-based company Tablets (India), one of the early pharmaceutical ventures in the country. It was founded in 1938 by Sri Krishna Jhaver, who ventured into the healthcare and pharmaceutical industry and acquired the British-owned Oakley & Bowden Company based out of Chennai. While primarily set up to serve the healthcare needs of British Colonials, it was renamed Tablets (India). It boasts of some well-documented products in the pharmaceutical and nutraceutical segments and is recognized as a pioneer in amino acids and probiotic therapy. A flagship company of the closely-held Jhaver Group, it is managed by accomplished professionals across various functions in the organization. It has five business divisions and three manufacturing facilities. How long could it have remained a family-owned enterprise? Not just that. The owners too, want to unlock value, thereby monetizing a part of their holdings. And what better way than to tap into the capital markets even as IPOs seem to be the flavour of the season.
What’s in a name? Everything, some will say. So what, some will argue. At least in the Dravidian land of Tamil Nadu, the name and personality still count. With the business landscape undergoing rapid metamorphosis by the day, the conventional wisdom of placing faith on name and personality, however, is wrought with risk. If proof is required, you have. Take the case of the Shriram group and Star Health, the country’s first private sector stand-alone health insurance company. The Shriram group has long ceased to be a Chennai conglomerate. Known largely for truck financing, Shriram is also known for its chit business. Founded by R Thyagarajan (popularly known as RT), the group has since changed a lot. Today, it is driven from Mumbai by the Piramals. Not many know that the Shriram of today does not really belong to the city of Chennai. Star Health, too, is known by its founder V Jagannathan, an insurance industry veteran. That states such as AP and TN rolled out health cover for the citizens largely due to his connection was well known. Star too has changed. Once the IPO is over, Star will be vastly different. Perhaps the people of Chennai can’t really claim Shriram and Star to be their own!
Why is everybody eyeing the cement industry? N Srinivasan, the vice-chairman and managing director of The India Cements has an interesting take on this. The industry has something “macho” about it. That is an irresistible attraction, he says. To be sure, the cement scene in Tamil Nadu at least heads for some exciting turns. It is a market where the price is holding up – and often heads north – despite excess capacity. Surely, this can’t go unnoticed by enterprising minds. Dalmia and Ultratech have already gotten into action mode. Dalmia is planning grinding units in Coimbatore, Chingleput, and Virudhunagar districts. Well, it already has cement plants at Dalmiapuram in Trichy and Ariyalur. Ultratech, on the other hand, has a grinding unit at Arakkonam and a cement plant in Reddipalayam (acquired from Dharani several summers ago. It is now planning expansion by putting up grinding units at Karur, Tuticorin, and Ranipet. These two have indeed chosen strategic locations for their proposed grinding facilities. Their move is bound to intensify action on the ground. Product innovation and savvy marketing could hold the key for the players in this part of the world to secure their position and expand in a market that is set for intense competition. Surely, CSK and Dhoni could come in handy for India Cements in the unfolding cement turf!
The yellow jersey, nay CSK (Chennai Super Kings), has deeply embedded itself in the heart and mind of fans across the canvass. Ipso facto, that has also become an easy target. A trip down memory lane would reveal how the CSK matches were shifted out of Chennai over the Cauvery river water dispute with neighbouring Karnataka. That a sporting event was forced out of Chennai told a tale of its own for the world investing community. Such episodes during the previous regime had had its fall-out on the investor sentiment. So much so, Tamil Nadu lost the AK47 project of the Russian company to Uttar Pradesh. Much water has flowed since then. Nothing much, however, appears to have been learnt. It is now the turn of the main Opposition in Tamil Nadu – the AIADMK – to use CSK to take a dig at the Stalin government. Using the proverbial “fiddling while Rome was burning” analogy, a top AIADMK functionary questioned Stalin’s participation in the India Cements’ function to celebrate IPL cup victory of CSK in the just-concluded edition. When the rains have engulfed the state, how could Stalin participate in a celebratory event? Life is not about this or that. It is all about this and that. Is it cricket to indulge in such diatribe?
Covid has changed the world upside down for many. The distance between the home and the office has, in many cases, simply shrunk drastically. One part of the house has become a regular office. And, this has thrown new business opportunities. The housing sector at least is witnessing a demand re-jig. Safety and WFH (work-from-home) compulsions are forcing home-buyers to opt for bigger flats. Sensing this, French glass maker Saint-Gobain has trained its focus on providing downstream solutions in India. Towards this it has chalked out an ambitious capex plan of Rs 2,500 crore. It has already set up a separate business unit for home solutions to satiate the emerging needs of home buyers. And, it is promising to offer customized solutions for every individual client. This calls for a sense of agility and spirit of entrepreneurship. To be sure, a highly technology-oriented and end-to-end digitized independent entity is now anchoring Saint Gobain’s foray into this downstream exercise. A game-changing initiative, this move reflects a new strategy in thinking for this predominantly material manufacturer. The end-user-focussed unit has already hired over 300 people with diverse skill sets to grab a reasonable share in the $25 billion home solution pie. End-user, nay home-buyer, terrain isn’t going to be an easy nut to crack. But Saint-Gobain has chosen to do so. India is shining for this French group, it appears.
Working in a corporate environment is one thing. But being a part of the government is quite another. Perhaps, he got a bit carried away initially. And, that got him into one controversy after another. Well, Tamil Nadu Finance Minister Dr P Thiaga Rajan, popularly known as PTR, appears to have understood the difference. He doesn’t stray into avoidable terrain now. He has chosen to be a lot more measured and focused. He made the right noises when he met the Press on October 1, 2021. A huge quantum of public money is lying outside the treasury. The task is to identify and bring it back into the Treasury. His efforts seem to be bearing fruits as close to Rs 2,000 crore of unused funds were identified by a task force set up by him. He is not against freebies (for the poor and the backward). But he is all for accounting, even the freebies. Handing out freebies without any responsibility is clearly not his way of doing things. The government order on gold loan waiver gives a clue or two to his thinking. The benefit should reach the deserving. And the system should be capable of doing this. This is what he is striving to do. Well, the thought-process is laudable.
What is in a name? Reputation. When this TVS firm wanted to stop accepting deposits, there was a huge public outcry. If you don’t, where will we go? That was the reaction of senior citizens then. For Chenniates, Sundaram Finance Ltd (SFL) has been a part and parcel of their life. SFL and Chennai are inseparably entwined. SFL has been hosting the annual Mylapore festival for very many years now. And, it has been holding a mikeless concert every first Sunday of a month for over a decade now at the Nageswara Park to provide kids a platform to demonstrate their skills. Covid-19 however has changed everything. In the new normal social distancing world, SFL has its job cut out. It is on a mission mode. It wants people to get fully vaccinated. It has launched a music video ‘Oosingo’, composed by singer Anirudh Ravichander and written by lyricist Arivarasu Kalainesan. Celebrity-influencers too figure in the video. “We are in the last mile in our fight against Covid,” says Harsha Viji, executive vice-chairman of SFL. Well, this TVS company has the experience in providing last-mile connectivity in the vehicle finance segment too. It has budgeted Rs 10 crore for the public service programme. Trust, thy name is SFL.
ICAI President Nihar N Jambusaria has stirred a hornet’s nest. In a signed message published in the October issue of The Chartered Accountant journal, he exhorted the members of India’s apex body for chartered accountants to adopt Hindi in their work and interactions with other stakeholders. For him, Hindi is a rajbhasha (official language). And, he wants his fellow CAs to promote Hindi. His appeal has virtually kicked up a row with many senior CAs, especially in the state of Tamil Nadu, warning the ICAI chief of the adverse fall-out of his action. Should ICAI be promoting a language? Or, should it be guiding the CA fraternity as a whole? The debate has already picked up steam on social media. Predictably, his move has drawn political reaction as well. A sitting MP from Madurai, S Venkatesan, has taken to Twitter to condemn the ICAI chief. “May be it (Hindi) is your mother tongue but not for all,” he tweeted. He has already dashed off a letter to ICAI, opposing the move. “Tamil Nadu would resist imposition (of Hindi),” Venkatesan asserted. The CA fraternity in Tamil Nadu is seething in anger. ICAI could live without such controversy. And, Jambusaria could have avoided playing to galleries (on September 14 being marked as Hindi Diwas). He reportedly clarified: “It (Hindi) is a choice… If you want to write in whatever language you want, there is no restriction on anybody.”
Indian Premier League (IPL) has proved to be a heady mix of sports, entertainment, and business. Not surprisingly, there is quite an interest around it. Sanjiv Goenka-led RPSG group is new franchisee for Lucknow and PE player CVC Capital for Ahmedabad. Indeed, the sport has changed. Is it cricket? Well, the debate has been on for a long while now. But N Srinivasan, the indefatigable former boss of Board of Control for Cricket in India, has a different take on his IPL team. “We look at CSK (Chennai Super Kings) as a pure sport,” says Srinivasan, who is the vice-chairman and MD of ICL (India Cements Ltd). ICL owned the IPL franchise team CSK from inception in 2008 till 2014, when the ownership was transferred to Chennai Super Kings Ltd. “CSK is a sport and never a business for us,” he makes it clear. Srinivasan is the fulcrum around both ICL and CSK. “I think my personality has rubbed off in CSK,” he says. Both at ICL and BCCI, he had endured the worst. “A less strong person would have wilted,” he feels. “Our reaction to victory and loss is the same. When we win we are happy in our heart. We don’t need to go out and blow the trumpet,” he said. Indeed, CSK will remain an inseparable part of Srinivasan.
Sankar Cement and Coromandel Cement of India Cements have been part of some of the country’s iconic structures. Sankar Cement is associated with the building of Idukki Dam in Kerala, Pamban Bridge in Tamil Nadu and Swami Vivekananda Rock Memorial in Kanyakumari. Infosys Building in Bengaluru and Rajiv Gandhi International Sports Stadium in Hyderabad were built with Coromandel cement. Well, Sankar and Coromandel are trusted brands in the cement industry for many summers and belong to 75-year-old India Cements Ltd (ICL), a leader in south India. With such history behind it, the ICL management, led by N Srinivasan, vice chairman & MD, is now engaged in the process of reconfiguring the brand strategy. The time appears to have arrived now. With the Chennai Super Kings having a dream run in the ongoing edition of the Indian Premier League (IPL), team ICL chose to celebrate Platinum jubilee of the company with Captain Cool Dhoni & his boys and the dealers in a live engagement. This is perhaps the first and unique exercise to leverage CSK to promote India Cements, which is the principal sponsor of Chennai Super Kings. The focus now is on creating a distinct and strong corporate brand identity for India Cements. Iconic cement brands are to be promoted around this corporate brand among dealers and influencers. Well, the pitch is clear indeed!
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.
The 100-year-old Thoothukudi-based Tamilnad Mercantile Bank (TMB) has always made for a heady cocktail. Incorporated as Nadar Bank Limited on May 11, 1921, it underwent a name change on November 27, 1962. Since then, it has come to be known as Tamilnad Mercantile Bank Limited. Promoted by the Nadar community, the bank has often found itself at the centre of news. The community bank hit national headlines post-liberalisation in the 90s when the Ruias of the Essar group acquired TMB shares by cashing in on the internecine quarrel within the promoter-groups. But the Ruias faced resistance. And, the Reserve Bank of India, too, was cool to their entry into the banking space. The acquisition of TMB shares by the Ruias has time and again kicked up intense political battle in Tamil Nadu with parties of all hues, picking cudgels on behalf of the Nadar community to reclaim TMB. The Ruias exited by selling the TMB shares to serial entrepreneur C. Sivasankaran as sale consideration for buying the Delhi cellular licence from him. He, too, had to exit after a peace was brokered during the Vajpayee regime. Ramesh Vagal-led (former Pepsico India head) group chipped in to buy a part of TMB shares. Still mired in legal rows, the bank has now plans to go public. A community bank is getting a new tag now.
The over 100-year-old TVS group is going through a transformation of a significant kind. It just underwent a smooth reorganisation. This saw four promoter-families aligning the ownership of different companies with the arms of the family that managed them. While this caught many by surprise, something else – a big one, at that – too is quietly happening at the TVS. And this has largely gone unnoticed. Is it becoming a truly Indian MNC conglomerate? Be it manufacturing or financial services, the foreign investors’ presence is fast evaporating. Global majors have all cashed out of the group by selling their holdings to the respective TVS companies. It all began in mid-90s with Abex Corporation exiting Sundaram Abex which became Sundaram Brake Linings. Later, Suzuki quit the two-wheeler joint venture which became TVS Motor. TRW, too, went out of Lucas TVS. In the last one year, the group saw Brakes India and Wheels India buying out the stake of foreign partners. Also, foreign partners in the insurance, housing finance and mutual finance ventures of Sundaram Finance have exited. More recently, TVS Supply Solutions has bought out the Canadian pension fund, CDPQ. Now, the only prominent JV in operation is Delphi-TVS, a JV of Lucas TVS. Group patriarch Suresh Krishna always talked of Indian MNCs. Well, TVS is on track.
Often, we tend to hold a poor view of politicians. With Parliament stalled at the drop of a hat, our misgivings about Parliamentarians and the Parliamentary systems of democracy deepen. A closer study, however, will reveal how misconceived our views are. Look at the way the Parliamentary Standing Committee on Finance sought to address ticklish issues in the corporate debt resolution process. Why should the resolution option be inflexible? Why should a resolution plan result in the disposal of the entire business and operations of corporate debt (CD) under a single plan? A combination of bidders taking different business units or assets could well be a superior solution. This could be better than a single bidder acquiring the entire business from a committee of creditors (CoC). The Insolvency and Bankruptcy Code (IBC), it appears, doesn’t facilitate multi-plan solutions for corporate debt resolution. The rules under Corporate Insolvency Resolution Process (CIRP), however, do provide for flexible disposal of assets/business of CD to different bidders. But IBC appears to grant no such flexibility to CoC. While IBC is a Parliamentary statue, CIRP laws are subordinate legislations. Hence, the Parliamentary Committee has recommended changes to IBC so that a resolution is achieved by pursuing either of the means prescribed by CIRP rules. Indeed, Parliamentarians do a quiet job behind.
It has been an inconclusive debate. Which is better of the two: Family-run businesses or professionally managed companies? In today’s world, the business dynamics have changed quite drastically. So much so, private equity firms have come to play a dominant role in driving the destiny of any business. When a business entity aspires for growth, a quick one at that, a trade-off becomes inevitable. The founders, nay promoters, don’t hesitate to sell a perception and project to the world at large that their enterprises are professionally-managed. This statement attracts PE players in hordes and in the process drives up valuations. Hence, it has come as no surprise when Zomato founders declared that they aren’t the promoters as their holding dropped below 25%. Ditto: Paytm. The oldest example of a company without a promoter is that of L&T, an Indian multinational conglomerate which is professionally managed. In the case of ITC, it is 29.4% owned by UK-based BAT, again no owners but a professionally managed company. Likewise is Hindustan Unilever, a subsidiary of British company Unilever. Being a promoter does not entail benefits nor liabilities. But, in case of any eventualities – like we saw with Vijay Mallya or Mehul Choksi – the buck stops there. Giving up the promoter‘s tag to attract global PE players may be a new trend but will it last?
With the DMK returning to Fort St George after a considerable hiatus, expectations are running high among people. After all, it is a dream come true for MK Stalin, the son of former chief minister late M Karunanidhi. Having become the chief minister, Stalin is in an ideal position. In his ascension to the chief minister gaddi, DMK has an opportunity to refurbish itself to play a decisive role in the national politics. If politics is an art, late Karunanidhi proved himself to be a fine artist. When Karunanidhi was around, he had in him an astute Murasoli Maran, his nephew and Member of Parliament for 36 years. The senior Maran was Man Friday for the former chief minister. And he played the perfect communication bridge between the then DMK government and the ruling class in New Delhi. The erstwhile combination in the DMK kept political channels open all the time. This worked well for the welfare of the state of Tamil Nadu time and again. The connecting line appears to be conspicuous by its absence now. That seems to have put the DMK government under Stalin at a disadvantage. And, that is not doing any good for the Stalin regime. You stay connected in politics. That can be done by a mature mind. Well, Stalin has a quick job on hand.
The raging pandemic has triggered in its wake a social distancing of an unusual kind. That has reconfigured the relationships. While relatives staying afar have become digital friends, immediate neighbours have become close relatives. Indeed, the world has changed so much since the outbreak of the virus early last year. Well, that has brought connectivity issues for many religious institutions. The Kanchi Kamakoti Peetam in Kancheepuram, Tamil Nadu has now sought to overcome this by embracing the digital platform. It is all set to launch a web TV in the name and style of Kamakoti TV. Coming up with the blessings of the current Shankaracharya, it will go live on the auspicious Vyasa Puja Day – July 24. The ostensible objective of launching a TV is to reach the programmes and events of the Mutt to devotees across the globe. Also, the devotees are assured of an ad-free experience of watching the Mutt programmes. Mutt followers – young and old alike – can now hope for a round-the-clock spiritual delight with the advent of Kamakoti TV. Shri Kanchi Kamakoti Peetham was established by Sri Adi Sankara in the year 482 BC and has the distinction of an unbroken line of 70 Acharyas.
Problems never come singly, it is often said. It has come in two in this instance. Two think-tanks are in Tamil Nadu. And, that is one TWO many for the political mandarins to care for. Madras Institute of Development Studies (MIDS) and Madras School of Economics (MSE) are two eminent policy institutions in the Dravadian land. They have consistently got sustenance in the form of active support from the Tamil Nadu Government. But there is a catch. And, the catch – nay the truth – lies somewhere in between. The MIDS was founded with the blessings of late M Karunanidhi. While he ruled the state, MIDS was in the limelight. But MSE was patronised by AIADMK founder and former chief minister J Jayalalithaa. Even after her demise, MSE found in her successor a well-wisher and reliable supporter. The Edapaddi Palanisamy regime was favourably disposed towards MSE, and encouraged free flow of advice from its expert team. With the DMK back in Fort St George with Karunanidhi’s son MK Stalin as the chief minister, how will these two institutions be viewed? That the present finance minister of Tamil Nadu PTR Palanivel Thiagarajan is unhappy with the erstwhile AIADMK Government’s softness toward MSE is quite on record. Well, will the balance now shift towards MIDS? Think hard!
Covid-19 has indeed re-jigged the world of business. And, it has realigned relationships as well in several instances. For some, this has turned out to be a new opportunity. One of the big things that happened last year at India’s largest auto component manufacturer Wheels India was the exit of Titan Europe by selling its stake to TVS group. With its exit, Wheels India, part of the TVS Group, can now sell all its products anywhere it wants. When Titan was around, the Chennai-based company had restrictions on where it could do business. A quarter of its turnover comes from exports. Having got out of the Titan bandwagon, Wheels India, led by managing director Srivats Ram, is now feeling free and is very much keen to explore its new found-freedom internationally. It is now eyeing a bigger pie in the global space. And, it has quietly moved toward realising this. A Rs 140-crore cast aluminium wheel plant is, in fact, the result of the de-risking strategy of a U.S. customer who has already committed off-take. A windmill project is currently underway. This too is the consequence of a strategic partnership with a windmill supplier who has decided to build a global base for his product in Chennai. A good portion of its Rs 100-crore capital expenditure will go into this new wind mill plant.
Covid-19 has turned life topsy-turvy for everybody. For practitioners of classical art especially, the past few Covid-hit months have been excruciatingly painful. With Sabhas in Chennai, the Mecca of Carnatic music, shut and no live concerts, the artists have been caught in a pincer-like situation. On the one hand, their income flow has stopped. On the other, their live connection with the audience, too, has snapped. More than anybody else, the disadvantaged artists are worse off. These tough times call for mutual empathy and sympathy. Well, the pandemic has seen top female artistes in this part of the world coming out to aid fellow-artists who are in distress at the moment. Funds for the folks, and disadvantaged folks, at that! This is an initiative facilitated by Panchavarnam Silks. Eighteen top female artistes from the world of classical music and dance (Aruna Sairam, Bombay Jayashri, Sowmya, Chitra Visweshwaran, Sudharani Raghupathy, Priyadarsini Govind, Nityasree Mahadevan and others) have donated a six-yard sari each to help this cause. The saris were put on auction. The money thus raised will go to support the disadvantaged artistes and their families in these stressed-out times. These aren’t yards of fabric. Well, these 18 have given yards of hope to their fellow-artistes.
Dravidian politics is hard to comprehend. Often, it is riddled with inconsistencies. How else could one interpret the composition of the just-announced economic advisory council (EAC) for Tamil Nadu? The MK Stalin-led government of the DMK has set up a high-profile EAC comprising Nobel laureate Esther Duflo (Massachusetts Institute of Technology), Raghuram Rajan (former Governor of Reserve Bank), Aravind Subramanian (former Chief Economic Advisor to the Centre), Jean Dreze (Development Economist) and S Narayan (former Union Finance Secretary). Who said DMK is anti-Brahmins? Well, the just- formed EAC has three Brahmins – two high-profile ones at that! Rajan and Subramanian, in particular, turned much bigger than the institutions they headed. Narayan is all too well known in the political and bureaucratic circles in Tamil Nadu. If these three have roots in Tamil Nadu, the other two are rank outsiders. Not surprisingly, tongues have started wagging. DMK is a party which has vociferously articulated the cause of reservation in higher educational institutions and government jobs. In the formation of the state’s highest policy-advisory body, the DMK regime of Stalin appears to have quietly overlooked its own relentless demand for reservation for dalits, backward classes and the like. Is there a paucity of talent within Tamil Nadu? Inconsistency is the sign of development, it said. DMK has embarked on a growth path, it appears.
The MK Stalin-led DMK government in Tamil Nadu has just finished a month in office at Fort St George. But it has already come under intense flak from Opposition quarters. The reasons are not far to seek. Escalating cement prices has put the DMK government in a tight spot. The builders’ lobby has turned hyperactive now and accused the cement makers of competitive collusion. Builders have claimed that the retail cement prices have increased by 13% to Rs 520 a bag of 50 kg from Rs 460 in May. Of course, the builders’ lobby have also come down heavily on steel makers for rising prices. Now, the rising cement prices comes as an unsolicited stick to needle the nascent Stalin regime. Put on the defensive, the Stalin government has sort of sought to correct the `recalcitrant cement industry’ through discussions. The builder lobby has always projected itself as the victim in this cement price game. Never once did the builder lobby come out with any explanation for zooming flat cost! Often, politics (read politicians) ignores the hard economics of any business. How to cement this irreconciliation? That is hard to visualise in Dravidian politics.
Sometimes, bad times unexpectedly bring good tidings for some. Almost pushed to the realm of history, Sterlite Copper, part of the Anil Agarwal-controlled Vedanta Group, has suddenly started breathing. Closed for a few years now in the wake of a police firing that killed close to a dozen people outside its plant at Thoothukudi (Tuticorn earlier) in Tamil Nadu, Sterlite Copper virtually got the oxygen when the Tamil Nadu government complied to a court directive to let the plant produce medical oxygen to meet the shortage caused by the deadly Second Wave of pandemic. No doubt the environment (read political) has changed in the Dravidian land with the return of the DMK to Fort St George. But the Corona-induced health dynamics too have brought a change in the anti-Sterlite sentiment in the State. Insiders indicate that the Sterlite Copper team has all of a sudden undergone a major metamorphosis at the top. Vedanta has reportedly named an old-timer Kishore Kumar as the new CEO of Sterlite Copper. The incumbent CEO, Pankaj Kumar, who navigated the Sterlite Copper during its tough phase is believed to have called it quits. Along with him, a top functionary has also reportedly resigned. What surprises long-time watchers of Sterlite is the suddenness with which the changes are made at the top. The top-level re-jig, especially the timing and suddenness of its implementation, has taken everybody completely off-guard.
A soft spoken person, he is now ready to demonstrate his wares afresh. Indeed, he is unfolding a new future. Well, KV Ramani of Future Soft fame is now venturing out to set up a brand new private university. Established under the name and style of Sai University, it is aimed to integrate three fundamental pillars of education – learning, research and societal impact. The 104-acre campus in Chennai has been designed with an eye on maintaining a balance between modern aesthetic and cultural heritage. Ramani, the founder and chancellor of Sai University, played no small role in India achieving a pre-eminent place in the global information technology space. He was a co- founder of the IT industry body National Association of Software and Service Companies (NASSCOM), and served as its chairman during 1997-98. Ramani is currently the CMD of Digital Holdings and the founder and managing trustee of Shirdi Sai Trust. A hugely successful technology entrepreneur, he is a prominent philanthropist now. He joined IBM as a graduate engineer in 1970. Later, he went on to found Future Software in 1985. He also co-founded Hughes Software Systems, a telecommunications software company in India, as a joint venture with the US firm Hughes Software in 1990. The board of Sai University comprises some illustrious names. Well, a new innings has just commenced for Ramani. For a man with a kind heart, providing quality education is not just a passion but a mission too.
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Editor’s Note: Short Post Noticed By People Who Matter
Four years have zipped by and we are crossing another milestone on 31st January 2025 – it’s our 4th Anniversary. It feels good.
Looking back at the 1460 days, I must say Short Post has made its mark with people who matter via 4000 stories published in the areas of politics, business, entertainment and sports. All made possible by the unflinching commitment and dedication of our senior editors, most of whom have been part of this journey from Day One.
Small pack, big impact is in essence the story of Short Post which was launched at the height of the Covid-19 pandemic in 2021. It shows our conviction. In all humility, I can say, we have created a new niche in the news segment space like Hindustan Unilever which created a new segment, when it launched CloseUp Gel.
Yes, we have created a brand (in a limited sense), created demand (readers) and created supply (senior journalists). But we are facing teething problems like all start-ups. What makes us happy and confident is the recognition of our efforts. For instance, we have an arrangement with the OPEN Magazine, part of the $4.5 billion Kolkata-based Sanjiv Goenka-RPG Group. This arrangement sees around 10 Short Post stories posted on OPEN Magazine website every week. This arrangement is testimony that our content has been well received! Also, I may add that the Maharashtra government has recognised Short Post and has allowed our senior editor to cover the Assembly sessions. Ditto: Odisha.
Our goal is to ensure that Short Post becomes a habit. I would like people to keep checking their smartphones to know the latest Authentic Gossip. As regards AI and the fear of it disrupting all businesses including media. On that, personally, I have no such fear as I am confident AI cannot smell news particularly Authentic Gossip. That’s the place we are well entrenched.