Suits & Sayings: Difficult time for start-up’s poster boy; pharma scion avoids limelight after liquor trade controversy; Delhi’s entrepreneur couple plans exotic Bali getaway

ET’s weekly round-up of the craziest whispers and murmurs in corporate corridors and policy salons:

Messy Tutorials
The woes for this one-time figurehead of the startup set seem never-ending. Just as we’ve gotten a feel for his finances, one of his key partners – recently in the news for a mega home purchase – is said to be unhappy and sulking in Dubai most of the time, possibly to focus on his family investments. The professionals responsible for the business are also looking outside. If the headmaster is disinterested, we wonder how the tutorials will work.

Down the rabbit hole
The diverse interests of this billionaire pharma scion – real estate, sports, business angels – often distract him and sometimes get him in a soup. The core business is doing really well, like many competitors who have been riding the Covid wave, and is now net debt free. The Street always gives the company a governance discount, and privately most people talk about political connections. One little bird tells us that the offspring’s name has somehow been linked to the liquor trade controversy in Delhi, and that has made him avoid any limelight.

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Candlelight & champagne
This Delhi-based power couple has certainly worked tirelessly to achieve success that anyone would be jealous of. We all know that building a consumer brand in this country takes years, and the speed at which they’ve broken through is a testament to their entrepreneurial chutzpah. But after the pandemic, we all need real vacations to recover, right? We like the fact that they are taking a trip to exotic Bali leaving children and nannies behind. “Me” time or shall we say “we” time is an absolute must, especially when celebrating your birthday. My dear husband planned an explosion, we hear. Cheers.

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Singapore sling
It would have been impossible for the non-PE fraternity to find a room in Singapore last week. Most of the hotels were packed with fat fund sponsors from around the world meeting their general partners at the conference, which is part of the must-attend annual event for most fund managers. Some we’re hearing are speaking with an extended pause after all that networking to stay for next weekend’s F1 race. What did they say about all work and no play?

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The more the better
Our banks may or may not reclaim their money from Kolkata-based Hindusthan National Glass, the country’s largest bottle glass maker, but advisers shouldn’t fare too badly. With the exception of Grant Thornton, all the big names are involved in the process. The RP, Girish Juneja, is assisted by EY while BDO India looks at transaction verification and valuation metrics.

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The three bidders also named the Big Four. Deloitte advised Nirma, KPMG advises South Africa-based Madhvani Group, while PwC advises AGI Greenpac. As in the first few weeks, Alvarez & Marsal were also in the picture – the RP was behind it. But Juneja later sought support from EY. With promoter Mukul Somany also trying to regain control, advisors will play a key role.

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