Buzz: This legal eagle is soothing a founder’s pre-IPO woes

ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.Evidence Tampering?As the CBI’s moves against this fallen tycoon engulf corporate governance icons and many other gentlemen of eminence, we didn’t realise an equally engrossing side story — between the country’s leading state lender and a little-known local auditor that had undertaken a forensic audit at its behest — was taking a turn for the worse with an avalanche of allegations. As the audit firm’s own ‘dubious’ track record came under scrutiny, we hear its senior team has been trying to rally support, insisting that it hadn’t named the once-regal industrialist as an accused in its report, based on which the sleuths had alleged fraud and fund diversion from listed companies. This report is the basis of the elaborate chargesheet that has shocked Lutyens’ Delhi in recent weeks.Landing a HospitalThere’s every chance that if a major real estate deal in Chennai gets inked, the national capital may get a swanky new corporate hospital in place of a rather ugly commercial tower that dots the Lutyens’ skyline today. The land in the heart of Chennai belonging to the family of an erstwhile cola king has been lying fallow for decades, but prowling land sharks are now swooping in for a hush-hush trade, we hear. What that has to do with a hospital in Delhi though is another story. Singara Chennai, after all, is home to one of the premier healthcare chains with impressive political connects, and a windfall from the estate could see two iconic business families come together in the name of advanced healthcare. The cash from the sale could become seed capital for the JV and help revamp the existing structure that has also been ailing for a while. Even though an ambitious takeover plan had unravelled in the NCR just a few months ago, making several players wary post-Covid, even the most disillusioned healthcare houses are suddenly singing a new tune. A crown jewel within spitting distance of Connaught Place could be a dream come true for anyone and the rulers of Raisina Hill will only be delighted that a high-quality hospital is coming up to further liven up the Central Vista.Influencing PeopleShe’s a firebrand independent director and a leading legal light whose interpretation of competition law is regarded as being among the best in the country. It seems evident now that having her on his side has been a boon for this voluble founder primed for an epic listing later this year. We gather that her good offices and influence are being used to the fullest to charm the regulators who are asking tough questions. You have to hand it to the founder — he’s mastered the art of making friends at the most opportune time as murmurs of the IPO running into heavy weather have already begun. School’s OutBeing the daughter-in-law of a billionaire has many benefits but try convincing irate parents during these pandemic times about this. We reliably learn it was not all kosher when the lady decided to continue running her premier pre-school for the affluent tiny tots of her city in a western Indian state, more so as the state’s directives clearly barred reopening of these institutions after the horrific second wave. When people figured out even the staff was not vaccinated, all hell apparently broke loose, forcing a shutdown earlier last week.Searching for a WinnerA homegrown investor, who was once very popular among young founders but now has a bad name thanks to a series of motivated exits that smacked of opportunism and arm twisting, is clearly finding it difficult to get quality deal flows even when having a bulge bracket backer by her side. Desperate to win future transactions, the team is now contemplating SEO-jacking — getting to the top of search results — to see off competition and drive traffic to the website. That’s a method taken from an old playbook to boost eyeballs by fooling search engines but a VC trying the template to score is certainly a first. Desperate times, desperate measures, eh?Privy to the whispers in power corridors or juicy tips on India Inc? Do share with us at etsuits.sayings@gmail.com

from Economic Times https://ift.tt/2Vkuvai