Kannan M

[M K Venu @mkvenu1]

Business World magazine has a sensational scoop based on the internal minutes of a Committee of Secretaries on Disinvestment showing how rules were changed for the controversial privatisation of IDBI Bank which was sold to Canada based Fairfax Financial Holdings at Rs 52,878 crore ($5.55 billion) at Rs 81 per share.
The internal minutes state that the initial sealed bids from Fairfax and another entity came well below the confidentially set minimum reserve price of Rs 94.42. The Fairfax bids came at Rs 75. So what do the babus do? They pull off something unprecedented but do it openly and transparently. They move to another valuation method and ask Fairfax and another bidder (strangely not named because it was later rejected by Home Ministry for security reasons!) to give new bids. This time Fairfax bids Rs 81 per share , still well below the original reserve price of Rs. 94.42. Then Fairfax says this is the final offer and it would withdraw if not accepted. The government accepts it and also gives some relief on disputed tax claims on IDBI Bank. Tax payer also makes a hefty contribution here!
The deal goes through at Rs 81 per share(the original reserve price was Rs 94.42) and the internal note strangely gives reasons why this sale was necessary for the government at this juncture- Fiscal stress on Centre due to high energy prices, lack of FDI inflows and the currency under strain because of the global energy crises!

As per Business World report the justification for change of rules and methodology for the sale of IDBI Bank came from the General Financial Rules for sale of government physical assets but not shares. Then it cites the Railway Stores Code on auctioning scrap:

"Bids lower than the reserve prices may, however, be accepted by the Depot Officer where found expedient provided the Depot Officer doing so records his reasons in writing."
In my 40 years of journalism I have not come across such justification for privatisation.
Business World's Palak Shah must be commended for this investigation.

[krtgrphr @krtgrphr]

I am extremely annoyed by this வெற்றிப் பயணம் that adorns all the bus boards in Chennai now. Slap it on as a sticker all you want, but don't take up precious bus board real estate. That extra 3 seconds could be vital for somebody to understand where the damn bus is headed.

[Abhijeet Dipke @abhijeet_dipke]

China ko laal ankh dikhayi nahi ja rahi…
Trump ke samne bola nahi ja raha…

Toh ghar par baccho ko peet kar hi strong leader vaala feel le lete hai mahamanav.

[Abhijeet Dipke @abhijeet_dipke]

If fearlessness had a face.

[Siddharth @DearthOfSid]

The social media discourse around Saudi Arabia executing two Bangladeshis is stuck on whether they kissed, had sex or did something else. Who gives a fuck? No consensual act warrants execution. Saudi Arabia is a barbaric state and this is nothing but state terrorism.

[Sandeep Manudhane @sandeep_PT]

Requesting all 400 to return to India immediately and contribute to Amrut Kaal of New India for 2047 to be Superpower and Rich nation.

[Dhruv Rathee @dhruv_rathee]

Gangsters and rapists are roaming free in the country

And activists are being jailed. Mother of democracy!

Release Saurav and Ashutosh now!

[Saket Gokhale @SaketGokhale]

Two young men on their way to join a peaceful protest were arrested & have been in Tihar Central Jail for 5 days now.

This would be unbelievable even in the worst of democracies.

Why are we allowing this travesty? If you don’t speak up for them, there’s gonna be no one standing up for you tomorrow.

RELEASE @SauravDassss & @AshutoshRanka NOW!

[Abhijeet Dipke @abhijeet_dipke]

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[Abhijeet Dipke @abhijeet_dipke]

A few years ago, Ashu had a high-paying corporate job in London, earning millions. Saurav was writing about the country’s legal system and living a great life. Both had successful careers, financial security and every reason to continue living the lives they had built for themselves.

But they chose to give it all up in the hope of making this country a better place. They had absolutely no reason to leave behind their comfortable lives, take to the streets, face uncertainty and eventually end up in jail. Yet they did.

What I admire most about these two is that despite coming from privileged backgrounds, they chose to fight for those who aren’t as fortunate. They could have easily looked the other way, enjoyed their lives and never bothered about the struggles of people they had never even met. Nobody asked them to make these sacrifices. Nobody expected them to. But they did, because they genuinely care about people beyond themselves.

And to me, that is the greatest quality a human being can have. To stand up for people you don’t know, to fight battles that aren’t your own, and to risk everything you have so that someone else might have a better life.

That’s the kind of people Ashu and Saurav are.

[Karthik 🇮🇳 @beastoftraal]

Lovely write-up on Deva, by Deepan Ramachandran, founder of the ad agency Mind Your Language (MYL).

[Abhijeet Dipke @abhijeet_dipke]

Modi, as PM, is an embarrassment to India.

Never has this country seen a bigger coward and bully.

[Raazi @Crick_logist]

This guy has more spine than so called "GOD" "PRINCE" "KING" "WALL" "LAWDA" "LEHSUN" of Indian cricket.
He is sidelined & will continue to sidelined from commentators job even after one of most honest & best analysts of game.
But he still have guts to say this.
Hats off ❤️❤️❤️

[Sincere Dibya @TheSincereDude]

Sanjay Manjrekar >>> Virat Kohli

[Chinmayi Sripaada @Chinmayi]

India has become a country where the Election Commission of India can LIE on record that the Supreme Court had approved a modified Form 6.

This is the quality of our Government, our politicians and our officials.

[The Nobel Prize @NobelPrize]

"There are many causes that I am prepared to die for but no causes that I am prepared to kill for."

Remembering Mahatma Gandhi on the 157th anniversary of his birthday. Gandhi was nominated for the #NobelPeacePrize on 12 occasions.

Read more: https://t.co/wguSgNHzJP

[Roshan Rai @RoshanKrRaii]

In India, you can literally glorify the assassination of our father of the nation but face no action from @DelhiPolice because the account posting it is hangs on the testicles of Narendra Modi.

[Saran Shanmugam @saranstm]

I was chatting with a barista here in my little corner of North Carolina. He said he’s thoroughly disgusted with both Democrats and Republicans, while the Libertarians apparently aren’t his cup of coffee.

So naturally, he wants to see TVK win the 2028 U.S. presidential election. He also assures me that Vijay’s place of birth won’t be an issue.

At this rate, the next campaign slogan is probably - Vijay 2028: From Box Office to Oval Office.

[Abhijeet Dipke @abhijeet_dipke]

Election Commission Thik Karo!

Important PC tomorrow in Delhi.

Gyanesh, it’s done bro!