Drama in Mumbai realty firm after brothers in a brawl | Economic Times

ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.Valuable AssetIt is well known that this storied asset management company, which also held a recent IPO, has several of the country’s largest state-owned banks as investors. After the IPO lock-up, most expect approximately 40% of the company will be up for grabs as many of them would want to exit non-core bets. The street is now speculating whether this stake will be of interest to one of the largest private sector peers, which itself is a JV but has been hungry for more, or if a well-known corporate house in the news recently for a spate of deals, but with a weak financial services offering of its own, will be a surprise bidder.Helping HandOne would expect one’s influence is directly proportionate to one’s professional worth. But not this financial services veteran. His sway seems to have only gone up even after retirement. Recently, he became the chairman of the board of a leading health tech platform. He then convinced the management to also invite his associate to join the board. Both receive a hefty eight-figure sitting fee we are told but then they both were also allowed to dip into the firm’s investor cap table at, shall we say, a ‘friendly’ valuation. But it looks like the same associate has returned the favour by inviting him to join a south-based group where he is chairman of the board. Wish we had such fond friends too.Thirty RocksIt’s a milestone birthday for this billionaire sibling so a massive jamboree has been planned in London for friends and family. Guess, if you own properties around the world, you are spoilt for choice. But the fear of Covid has not really abated and this family is not known for taking any chances when it comes to health. Thus the entire guest list has been quarantined at home before they can board the private jet and fly off. Better to be safe than…Brothers in ArmsOperations and development work at a Mumbai-based realtor, known for its projects in one of the key eastern suburbs of the city for more than four decades, has come to a standstill in the past two weeks. The reason: a family feud between two brothers, who are also partners in the company, boiled over into a physical brawl in full view of employees. The office has been shut since then and all stakeholders have been informed that any dealings and transactions after the skirmish will be deemed illegal and null and void. The family has had a chequered past. This now just made it colourful once again.Hook that BouncerSeveral well-heeled parties have been padding up to bid for the two new IPL franchises that will debut next season. But the authorities have bowled a bouncer — inserting two contentious clauses relating to individual net worth and turnover. There is no relaxation if a consortium is in play — the floor price just gets multiplied by the number of members in it, each one has to qualify on their own. This dampened the spirits for many, including Bollywood celebrities, who have been very keen to become part of the jamboree. But we learn a persuasive pharma scion with a passion for real estate from down south has managed to convince the powers that be that some relaxation in turnover must be allowed so that he can bid via multiple private group entities. Now, will this upset the prospects of the grand favourite whom everyone thinks is a sureshot for one of the teams —Howzzat?