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MC Insider | Promoter regains his mojo, economics of a vacant post, a defaulting celeb and more! - Moneycontrol

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[content] [title]Promoter's homecoming[/title]

[body]Things seem to be finally falling in place for this embattled promoter. After a long-drawn court battle, his company is set to finally merge with a peer and the consequent non-compete fee comes as a blessing in disguise. Rumour has it that the promoter may use that fee to buy back his stake in another group company that he has been eyeing for long. Earlier, his credit was running thin but now with the merger gathering steam, his pockets will be full if D-street chatter is anything to go by. [/body] [/content]

[content] [title]Mining malady[/title] [circularimage]

[/circularimage] [body]A little birdie tells us that a metals player is all set to close one of its bleeding mines in eastern India. Apparently, a few years back, the company renewed the mine's lease for 50 years, only to realise that much of the low-hanging exploration was done. With the mine running deeper, the cost of production is now piling up. On top of that, the company has to pay a fine if it is unable to show the mandated amount of production. What earlier mined good fortune is now proving to be a bugbear. [/body] [/content]

[content] [title]No need for a PEA![/title] [circularimage]

[/circularimage] [body]There are whispers in the corridors of power that the government is unlikely to appoint anyone to the post of Principal Economic Advisor ( PEA), which is lying vacant since February 2022. Sanjeev Sanyal held the post for five years till February 2022 before he was appointed to the Prime Minister’s Economic Advisory Council. “We do not need a Principal Economic Advisor. Though the post is not abolished,” a top government official told Moneycontrol. He also said that there is no work that remains to be allocated to the PEA.  The chair exists in the economic division of the finance ministry which is headed by the Chief Economic Advisor ( CEA) . The mandate of the PEA along with the CEA, used to be advising the government on economic matters and preparing the Economic Survey of India. [/body] [/content]

[content] [title]NO DOGLAPAN![/title] [circularimage]

[/circularimage] [body]While many start-up founders are busy building personal brands through either podcasting, content creation or TV reality shows, this co-founder of an online travel agency (OTA) prefers to stay out of the virtual world. His argument is one cannot have 'money, power and fame' all at the same time. He rather ditch fame for money and power. He also exemplifies how a co-founder of a fintech platform was ousted from the company because the executive, who was also a Shark Tank judge, became too popular on social media – so much so that it added to his troubles. While others build virtual clout, this founder rather enjoy riches built from his online business in the offline world. Many would say it is a wise decision as fame often comes with a cost. [/body] [/content]

[content] [title]Too good to be true![/title] [circularimage]

[/circularimage] [body]This startup has been in the market to raise funds for about 3-4 months but hasn’t been able to close the round yet. The buzz is that this company showed numbers which were too good to be true. Investors are taking a hard look at the numbers, given that there are a few players who have succumbed to stress that this industry brings. The founder group has, however, put a brave face on and hasn’t given away any hints. Industry observers believe that the round will eventually materialise after a lot of back and forth, but the timing is anybody’s guess. [/body] [/content]

[content] [title]Of miffed celebs and defaults[/title] [circularimage]

[/circularimage][body]The senior management of this public sector bank swung into damage control mode over the weekend, following an unintended public notice issued by one its departments. The issue was regarding a newspaper advertisement concerning the e-auction of a property owned by a celebrity, who had defaulted on his loan. The department issued an advertisement in leading newspapers without getting the consent of the bank's senior management. The notice was meant to be a private correspondence to the defaulter. After the notice went public and was widely reported in the media,we picked up that the miffed celebrity's team engaged in a verbal battle with the bank management, which then requested  reporters to withdraw the news reports. Ouch! It was too late by then. [/body] [/content]

[content] [title]Family matters[/title] [circularimage]

[/circularimage] [body]With the likes of Premji Invest showing the way with a diversified portfolio, more and more family offices are upping the ante when it comes to fresh investment bets. Take the case of this player which has backed a diabetes management app and has been recently linked with two prominent players in the startup space. We hear this family office has been flooded with offers of late and is busy sifting through the lot to pick the best deals. So can we expect any announcements soon? Watch this space![/body][/content]

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MC Insider | Promoter regains his mojo, economics of a vacant post, a defaulting celeb and more! - Moneycontrol
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