What’s in a name?

The completion of ten years of Zee TV was marked by rather crucial changes in the company. In a top management makeover, Subhash Chandra, CE...

The completion of ten years of Zee TV was marked by rather crucial changes in the company. In a top management makeover, Subhash Chandra, CEO not only gave all his colleagues reason for celebration (that apparently still haven’t ended) by removing a boss who had made several of Subhash’s people nervous but also decided to put only key family members once again at the helm of all crucial functions. So we have Jawahar Goel who is the Managing Director of Siticable Network is the younger brother of Subhash as CEO and Director, Zee Telefilms Pvt Ltd, and Puneet Goenka, CEO, Agrani Space Initiative is the son of Subhash Chandra. Now here’s my question, what’s with the many surnames? The currently unknown names at the head of other operating arms are, the grapevine mutters, also actually family members. So whats with the huge invasion of the extended brood and how do they manage with such a wide variety of surnames.

One explanation that comes to mind is that some years ago Subhash Chandra sent out a letter to all, saying he did not want to be referred to as Subhash Goel anymore because, among many reasons, he did not want a name with any obvious caste affiliations. A perfectly plausible and valid sentiment, but while the boss was in reformation mode the rest of the family was clearly not. The move—intended or not—has had a very unexpected but positive effect on the company’s image. While the entire company is in fact managed by family what comes through an overview of the company profile is that it is a professionally managed one, simply because of the names!

But for those of you who are wondering why this is happening here’s the untold story. And remember you heard it here first. The savvy moves by Subhash are apparently one way of ensuring long term family harmony. The sharing of executive responsibilities among crucial cross generational members of various family limbs was a bit of sagacious advice. This will apparently ensure that any talk of family tensions does not even come up. As to who gave the brilliant advice—now that world really be tattling.

Is demerger a solution for Deepak Khaitan?

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Deepak Khaitan executive vice chairman and managing director of the Brij Mohan Khaitan group is a very busy man despite the Puja break. He is hiring ICICI Securities and Rabo Bank to study the pros and cons of demerging the tea and battery businesses and thereby hopes to get value from both. Burdened badly with debt Khaitan has also asked them for suggestions on how to bring down the interest burden. The company posted a loss in 2001-02 but Khaitan optimistically remarks that they would be in the black by 2002-03. This optimism he insists is because the company’s loans have been restructured and benefits of this exercise are beginning to be noticed.

Eveready’s debts are big and Khaitan hopes to sell some of its unremunerative assets to reduce their debt burden. And what are these assets going to be—probably the sale of some of the group’s tea gardens in the Dooars once the tea industry looks up.

Meanwhile Khaitan is burdened with further problems. Eveready’s subsidiary Nepal Battery company has submitted an application to close down the factory, but it was rejected by the government. Khaitan it is learnt is in touch with investors to buy out some of the shares. Even in his business of tea there is the issue of the logo and the brand, which has been a bone of contention since the group’s separation with the Magors. All in all a problematic time for Deepak Khaitan and not too much festival cheer.

(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 dilipcherian@now-india.net.in)

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