Slippery patch

Managing to get an 80 per cent annualised return on your capital in the space of less than six months is the kind of dream that most tycoons...

Managing to get an 80 per cent annualised return on your capital in the space of less than six months is the kind of dream that most tycoons hope for, specially if the capital is as large as Rs 83 crore. But that is precisely what the astute A.L. Batra of the Batra group has managed. And now the man wants to convince the government that it was all the result of a 8220;routine share transaction8221;. Batra argues that what he has just done, is not actually the sale of a hotel, that he is legally not expected to resell having just bid for it in the government8217;s disinvestment process, but a routine share transaction.

Excitement on returns is heightened by the fact that Batra and other associates involved in this share deal were apparently able to net much more than the Rs 32 crore which they have officially declared as their windfall gain. In fact, it is suspected that the sum could be much higher but nobody is talking about transactions that are off the books. Suspicions are particularly high because the group that bought 8220;Mr Batra8217;s shares8221; are among the most efficient users of cash in the country, and are never short of it for the appropriate purposes.

What is amazing though is the absolute conviction with which Batra expects to carry the government with him. Clearly he is backed by such superior forces and associates that he is confident that his explanations will carry the day. Making a mockery of the process of hotel disinvestment and the price that the government has been able to wrest, for what are its crown jewels in this business, is the last thing that was expected to muddy the waters of disinvestment. But certainly this tycoon has ensured that the government is skating on the very edge. The powerful associates who inspired the sweetheart deal that Batra was able to swing may also be the ones who are guaranteeing him immunity from any fallout.

On the fast track

If any tycoon and his family have been synonymous with cars, it is Chakor Doshi and his family, of Bombay Cycle 038; Motor Agency also known as the PAL people. For years, the name Doshi was associated with Fiat. Although Fiat did manage to create an identity for itself, it obviously couldn8217;t keep the Doshis away from the automobile market for too long. The Doshis have made waves in recent times by a succession of new restaurants in Mumbai. One is Karma, the second is the Liquid Lounge, and the third is Bellissima. This isn8217;t an entirely new venture for the Doshis as Chakor had opened the trendy restaurant, Pondicherry, on Fifth Avenue in New York some time ago.

They are clearly striking gold on the food sector if food reviews and restaurant bookings are any indication of a restaurants success, but the Doshis cannot stay away from the auto world for too long. So Chakor Doshi has made news yet again by taking up the Hyundai dealership. Selling close to 100 cars a month, it seems the Doshi name is yet again going to become synonymous with another car in the Indian market.

From raunchy to paunchy

Why is Vijay Mallya carrying people who have no clue as to what they are heading to hear in Bangalore. One worthy, en route to the garden city courtesy Mallya8217;s flying largesse, claimed he was going to meet, hold your breath, 8216;John Elton8217;. Wasted trip, one would guess, for that guest. Vijay Mallya8217;s date with the king of love ballads, Elton John, however, no doubt required company. But for a man who likes raunchy ravers accompanying him on such flights, times have changed. Clearly this is a tycoon burdened by Rajya Sabha politics. Settling for paunchy company must hurt.

Dilip Cherian, runs a public affairs firm Perfect Relations. He is an economy watcher and tycoon tracker. None of the people he writes about are his clients. Your insider tales are welcome at dilipcheriannow-india.net.in