Suits & Sayings: Big Bull now eyes a theatre

ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours ZAHIDTaxing Times A drug bust is not the only raid that has rattled the chatterati of Mumbai this week. The taxman came calling on several businessmen through the week, sending shivers down many spines. We learn that a Dubai-based ‘businessman’ with several CEO pals has turned approver after a dubious defence deal became headline news and has since been singing like a cuckoo. A jet-setting, flamboyant, well-connected billionaire known as much for his ‘naughty’ ways as much as for his business deals, a restauranteur whose lamb chops are truly lipsmacking, and two others who had sent their companies packing to BIFR but themselves netted a packet are among the long list who have been probed. What may be even more embarrassing is some from the list have availed of special real estate financial packages announced by the central government to help complete unfinished projects with last-mile financing.Chipping In?The meeting of the prime minister with this semiconductor CEO during his recent overseas trip has aroused considerable interest. No, we are not hypercharged on 5G as yet but wonder if this was part of an invitation to accelerate investments in India, especially when one of our top groups has stated their big plans in this space. Previous discussions with some of the Taiwanese giants have been lukewarm and Uncle Sam has always been a preferred technology partner for this group for decades. A nudge from the top should go a long way.Fee for AllThe recent controversy around questionable fees in this pedigreed financial giant has not only rankled the current leadership team but, insiders say, even the previous ones. The spate of bad news has been embarrassing to say the least, but nobody wants to claim responsibility is what we hear, thereby causing collective heartburn. Members of the previous dispensation are furious that their names too are being dragged in the mud, especially since they believe many, including the board, were privy to such deeds and chose to stay mum. Wonder if the regulator will fire another salvo.Golden TicketAny deal-maker worth his M&A fee will tell you it can be highly stressful to strike a balance between the egos and aspirations of competing clients. The buzz on deal street is that a Wall Street investment bank that has had a dream run in India the last two years, despite leadership setbacks, had to withdraw from a marquee sell-side mandate after a large corporation frowned upon this assignment over possible conflict. Last heard, a peer across the street, also known for its prowess in tech and internet, scooped up the opportunity. Who wouldn’t? After all, league tables ka bhi maamla hai!Curtain CallGuess what the Big Bull wants to pick next? Nope, it’s not any media stock, or an airline. Nor is it a sizzling hot internet startup primed for listing—it’s theatre. Turns out the ace investor is keen to open his purse for a noble cause and join a group of well-heeled individuals and revive the iconic Prithvi Theatre. The Mumbai institution has been struggling for resources and this should most certainly be a big support. An introduction has been made and last checked both sides want to see this through. Big man, bigger heart.Team PlayerWhat do you do once you become a power couple in Bollywood? Become a producer? Talent spotter? Investor? If you have done all that then you might look to add to the glam quotient for IPL. It’s auction season yet again and within days two new teams will be bid out. A top-tier celebrity couple is sending feelers to join groups that are looking to take part. As of now, we know two large business groups from Ahmedabad, one from Kolkata and a pharma scion are padding up. We wonder where these two will land up on the pitch. Here’s a clue: One of them just relived one of the most iconic sporting moments in our history.Chinese WhispersWhat does one call a conspiracy theory if more than one person seems to think the same? It’s still a conspiracy theory. Many investment bankers and even some investment consultants advising M&As seem to have a new theory around Chinese funds and their investment strategy. Many think that some of the sudden rise in “unheard funds” or new funds investing in Indian startups and some Indian companies are nothing but “safe-keeping platforms” of Chinese funds. These are Chinese investors who are under tremendous pressure following the government crackdown at home. Two or five years down the line, if the Chinese government softens its stand and if the Indian government too changes or tweaks regulations on Chinese FDI, then the original investors would buy back their stake from these buffer funds. The only problem with this theory, apart from being too juicy, is that everyone who talks about it seems to know one guy in China “who is directly involved in such an arrangement”.Hiring PitchThe old joke of hiring anyone passing by the office door is back on WhatsApp groups of tech companies. As they grapple with a shortage of talent that has resulted in high attrition and skyrocketing salaries, getting people to build their products and deliver services is on top of the minds of senior executives of all global technology companies. “If you have friends and relatives, please recommend them to us,” was a pitch from an executive of a large company to us as they look to hire and expand their talent pool in India, amid attrition.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/3A8d636