Suits & Sayings: Wackiest whispers and murmurs in corporate corridors

ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
Flavour of the Season A marketing executive of a drug firm recently sent across two dozen freshly picked ripe alphonso mangoes to a doctor. The executive lost no time in doing so after the Department of Pharmaceuticals deferred its plans to introduce a mandatory code of marketing ethics. All in good taste, of course, since the deferral gave companies more time to comply with just the voluntary ethical guidelines. Now, who can object to that?

Heads I Win, Tails I Don’t Lose Now, how’s that for a bet? The younger Ambani scion known for his marathon runs sealed one such recently when he met fellow industrialist and real estate developer Niranjan Hiranandani at a jogging park in Mumbai early morning. A casual conversation ensued and Anil Ambani ended up making a bet with Hiranandani for a marathon in May. If Niranjan does not participate in the marathon, he will have to give Ambani a spacious flat in a building he is developing in suburban Mumbai. But what if Niranjan does participate in the marathon? Well, as per the terms of the bet, Niranjan will win the right to keep the flat.

Back at Square One The grapevine has it that due diligence on Electrosteel Steels’ prospective buyer First International has not been favourable. This deals a blow to a possible deal which was touted as a precursor to many such buyouts that would save not only India’s steel industry but also the country’s state-run banks which are weighed down by nonperforming assets of more than Rs 3 lakh crore. So where does this development leave the bankers that are seeking to salvage their Rs 10,500 crore loans to Electrosteel Steels? Firmly back at square one, of course.

When Bankers Play Musical Chairs Another investment banker may be readying to switch jobs in what appears to be a longrunning musical chairs. We hear that a senior executive with a British Bank, which is cleaning up its books due to heavy bad loans, may move to a rival Swiss bank. The potential employer can surely do with all the help it can get to revive its fortunes. It is in quite a spot, having been reduced to a five-member team with no visible mandates in the pipeline.

Banking on Amma’s Return Bankers’ woes are many, especially when it comes to recovery — courts, rusting assets, missing promoters. Here is the latest addition to the list — Amma. A senior AIADMK leader has refused to go through with a deal in Tamil Nadu to buy a defaulter’s assets after making part payment. He said the party general secretary and Chief Minister J Jayalalithaa has mobilised every possible penny to return to power, so he needs funds for the upcoming assembly polls. But what happens if the party loses? Will it be a case of another stuck deal?

Hiccups in UB(Holdings) Case Some more hiccups are in the offing for those who had hoped for a speedy resolution to the case to wind up United Breweries (Holdings). The Karnataka High Court, which renewed the hearing in the case, has decided against putting it on fast track and given another date. The case is now posted for mid-June.