Buzz: FMCG biggie goes IPL-shopping; PE boss' deal | Economic Times

ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours:Splurge & PlayThe recent IPL auction meant padding up well in advance to fine-tune strategy. This FMCG billionaire flew to the financial capital for a powwow with his fellow franchise mate, also a business scion, on how to spend the biggest purse this year before going to Chennai. They sure had their shopping spree, including buying a co-owner of another popular team. You get the drift, don’t you?Home ImprovementSo you thought only PLUs have to deal with appliance mishaps such as a malfunctioning refrigerator or television? Truth is, even the most celebrated patriarchs of corporate India face similar snafus. A little bird tells us one such gent even had to leave his tony villa since the AC system at his residence broke down. Fortunately, the weather was nice enough to move to cooler climes in a neighbouring city for a few weeks till the home was back in order.Blazing NightThe overzealous wife of this real estate tycoon was unveiling a luxury show flat done up in collab with one of India’s premier fashion duos over sundowners and canapes recently. Up on the 76th floor of their new mid-town skyscraper, it truly lived up to its masterpiece-in-the-sky billing. The bubbly was flowing freely as the city’s luxe set from the movies, business and the arts mingled. It was a perfect night until a fire at a restaurant below created a flutter among the guests. Luckily, the fire department doused all fears and the merriment continued way after sunset.Wild Goose ChaseThis scuba-diving private equity boss is getting quite hot under the collar over leaks about one of his magnum deals we gather, calling up people and colleagues, threatening them with dire consequences if found to be the source the information. He’s expecting a big pay cheque but it’s not easy in a market such as ours where the public markets are on steroids. But he clearly is in no mood to be held a prisoner to any of that. After all, he’s indeed on a high and who wants to spoil a party?No EntryThis otherwise private manufacturing-to-media industrialist got embroiled in a rather public spat recently with his family members over property in the plush north Mumbai sea-facing suburb of Juhu, home to many business magnates and Bollywood celebs. One side we gather had hired a bunch of bouncers who furnished a court order and blocked the entry of the other’s son and daughter-in-law, resulting in a public shouting match. The brother of another real estate tycoon, married to a leading khiladi of tinsel town, also got mixed up in the family drama, which would have put any TV soap to shame.Faceless PainSoon after the budget, a group of lawyers, exchanging notes over a long WhatsApp chat, explored the possibility of legally challenging the proposal on ‘faceless’ proceedings in the Income Tax Appellate Tribunal (ITAT). How does one cross-examine someone in a virtual medium? How do you know whether it’s the same person responding? One of the veterans in the group advised them to hold their horses as “there can’t be a writ on the Finance Bill unless duly passed into Act.” Also, didn’t the Supreme Court say “virtual hearings are open court hearings,” reminded the person. While they will let the matter lie for now, they may well be gearing up to move the courts — the place they know the best.What Next, Mr Watsa?A few years before giving the green signal to the DBS-Lakshmi Vilas Bank deal, RBI had used its discretion to let Prem Watsa’s Fairfax India Holdings acquire majority control in the south India-based private lender Catholic Syrian Bank (now known as CSB Bank). The regulatory nod had surprised many as RBI has been traditionally circumspect in approving bank M&As. The buzz now is that Mr Watsa and team may also consider bidding for one of the PSU banks that the government plans to privatise. Speculation among bankers is that it may be Bank of Maharashtra.