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Hush-hush tales from the world of stock markets, banking, corporate world and corridors of power

MC Insider: Crypto confusion, political winds in UP and Punjab, M&A exits, deal whispers and more

Hush-hush tales from the world of stock markets, banking, corporate world and corridors of power

Last Updated: June 07, 2021 / 08:23 AM IST

TECH IT EASY

TECH IT EASY

This top executive of an IT firm, which has significant operations in Japan, came across this very Japanese phenomenon since he started closely working with Japanese clients—Nemawashi. "You know what Nemawashi is?" he asked. It is the informal process of laying a foundation for a project before the formal meeting takes place. "So it is sort of like a pre-meeting before a meeting to decide what to do, discuss in the meeting," he said. He was forced to reckon with this process, he recounted, after a particular remote meeting, which he thought went spectacularly well. "I got an escalation soon after," he said, still bewildered. "They were like, 'Why don't you tell us what you want to discuss?'" The 45-year-old executive has primarily worked in the US market, where decision-making is swift and more direct. Of course soon after got over being frustrated, the dynamics in Asia have given him more than a few chuckles!

CRYPTO DILEMMA

CRYPTO DILEMMA

An official from a major private bank rushed to wrongly spin a recent clarification from the central bank on virtual currency regulations. The regulator, already unhappy with many other banks using its old invalid circular for formal communications, is somewhat irritated with this comment, we hear. On the other side, an explanation from the said official has been sought by the bank on his comment. All this is because the RBI never formed an opinion on the said subject. It only clarified the already stated position. The old adage ‘look before you leap’ comes to mind!

MAN ON A MISSION

MAN ON A MISSION

In the cutthroat world of startups size matters for sure, but some firmly believe there’s more beyond size. A former start-up founder who exited the firm and moved on to pursue other entrepreneurial ambitions has been quoting management guru’s and sharing nuggets of wisdom of late on social media. "Don’t try to be the largest, try to be the best instead. Don’t try to be successful, try to be useful instead. Let success and size be side effects," he shared recently. Hmm, some food for thought indeed.

PUNJAB’S POLITICAL WINDS

PUNJAB’S POLITICAL WINDS

Congress leaders in Punjab feel the national media in Delhi has missed the wood for the trees by reducing the current crisis in the party in Punjab to a tussle between Captain Amarinder Singh and his bete noire Navjot Singh Sidhu. They claim that while all efforts are being made by the Congress High Command to retain Sidhu and give him an honourable position in the Punjab government or the state party organisation, not many in the Punjab Congress are in the favour of projecting Sidhu as the CM face or back him even as the Deputy Chief Minister or the state Congress president. Why? Well, since he is just four years old in the party and came from the BJP. In fact, if that happens and the Gandhis overrule such objections, it could escalate the tussle in the party on the issue of seniority and long-standing loyalty. Congress leaders insist that the real issue in the upcoming Punjab polls is punishing the Badal father-son duo in the sacrilege-police firing cases, a matter on which the CM has dragged his feet since 2017.

MUCH ADO ABOUT A TWEET

MUCH ADO ABOUT A TWEET

The absence of a tweet from Prime Minister Narendra Modi to wish Uttar Pradesh Chief Minister Yogi Adityanath on the latter’s birthday on June 5 created a social media flutter. Many have linked it to rumours in Lucknow of the Centre being upset with the CM and mulling plans to change him. However, we hear the Prime Minister and Home Minister Amit Shah personally called up the UP CM early in the day to wish him and even the CMs adversaries like Akhilesh Yadav and Mayawati did the same. The Prime Minister has not tweeted birthday wishes to CMs and fellow ministers since April during the second wave of coronavirus, and this list includes cabinet minister Nitin Gadkari and CMs Pinarayi Vijayan, Manohar Lal Khatar, Ashok Gehlot and Pramod Sawant.

MOVING ON

MOVING ON

COVID-19 or no COVID-19, the game of musical chairs continues in the deal advisory world and this time a little birdie tells us that three M&A tax partners of a Big 4 firm, which has had its share of exits in the past, are now headed to a rival. The executive churn clearly continues, be it Big 4 firms, i-banks and law firms.

BETS ON INDIA STORY

BETS ON INDIA STORY

A top Asia focused investment firm which had struck a strategic partnership last year with a domestic financial services group is betting big on the Indian market. It expects to pump in a billion dollars in the next one or two years and has its eyes set on diverse sectors, including the hot pharma segment. We hear it has serious expansion plans and may look to open new offices and hire top talent from the industry.

PRACTICALLY SPEAKING

PRACTICALLY SPEAKING

While the CBSE Class 12 board exams were cancelled last week giving much relief to students, the area of practical exams has been left out as a grey area. CBSE hasn't officially brought out a nationwide circular on whether or not practicals need to be held. Looks like it’s guesswork for schools with some asking students to give practical tests physically while the rest are opting for phone-based viva exams. The education board has now left it to the states' district administration to decide on this matter. The schools remain confused.

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