A tale of two brothers

[email protected] (V Krishnaswamy, Tehelka)
February 18, 2014

two_brothers

His favourite book is The Godfather. His favourite film probably goes by the same name, but we don't know if he watches films at all. Most of his cars have the registration number 9001. He loves his immaculate Savile Row and Armani suits and his scotch in the evening. If there is something he regrets, he once told a TV interviewer in jest, it is his golf handicap that has gone from eight to double digits. He hates losing.

He is the president of the Board of Control for Cricket in India (BCCI); the next ICC chairman, set to take over in June 2014; the 'de-facto' owner — he denies it — of the Chennai Super Kings; former president of the All India Chess Federation; and the reigning supremo of the Tamil Nadu Cricket Association and the Tamil Nadu Golf Federation. Meet Narayanswami Srinivasan, a man, who does not know the meaning of giving up.

These days, it is not just cricket that is in trouble. Olympic sports, always a poor country cousin to cricket in India, too, has been in trouble. It was always in a bit of a mess, but the pain has become more acute now. Some years ago, the Indian sports officials decided they could conduct a successful Commonwealth Games. Those Games in 2010 went off well, India won almost a 100 medals, but the mess began thereafter.

Reports of financial wrongdoing, large-scale corruption and much else began emerging. Soon after that, a whole lot of people connected with the Commonwealth Games were made to shift their residences temporarily from their posh homes to Tihar jail. Then in November 2012, within a few months after India won its best-ever haul of six medals, it was suspended by the International Olympic Committee (IOC). Reason: the IOC felt that 'tainted' officials ought to be shown the door, but the Indians disagreed, and the IOC simply banished the Indians and forced onto them the ignominy of walking behind an Olympic flag instead of the Indian tricolour. It hurt when a bunch of Indian youngsters won medals, including gold, at an Asian Youth Games, but were forced to stand behind an Olympic Council of Asia flag.

Last week, India's only five-time Winter Olympian, Shiva Keshavan and his two colleagues Himanshu Thakur and Nadeem Iqbal, too, were not allowed to carry the Indian colours. The whole nation seemed to be up in arms.

Yes, Olympic sports in India needed a saviour.

And in he walked. He was a former president of the Indian Triathlon Federation, who went on to head the Asian Triathlon Federation.

Side by side, from being the Secretary-General of the Squash Rackets Federation of India, he became its president and was then elected president of the Asian Squash Federation in 2005. He was re-elected to this position in 2005 and by 2009 he was the Patron of the Association. In between in 2008, he took over as the president of the World Squash Federation (WSF) from Jahangir Khan. In 2012, he became the World Body's president for a second term. Coming into the Indian Olympic Association (IOA) as an associate vice-president, he was elected a vice-president in 2005 and in 2007, he was appointed as an executive committee member of the Sports Development Authority of Tamil Nadu. A member of the Audit Committee for the Delhi Commonwealth Games 2010, he was also on the executive board for the Games. He sure knew his way up.

As a president of the WSF, he twice, though unsuccessfully, made presentations to the IOC to include his sport in the Olympic programme. It was supposed to be a creditable presentation, but it lost out to wrestling, a sport that has won India medals in the past two Olympic Games.

This past week, he became the new IOA president. Unopposed, just as many of his elections in other sporting bodies, have been. That he was also being called a 'proxy' for the 'tainted' officials is another matter. Outside of the sports arena, he was a respectable industrialist and a former executive director of India Cements and his interests included sugar, shipping, power, and trading and finance. As if that was not enough, he is also the honorary consul for the Government of Latvia with jurisdiction for Tamil Nadu and Kerala. Meet Narayanswamy Ramachandran, the new IOA president and brother of N Srinivasan.

Indian sports can be divided into two categories — cricket and the rest (that means Olympic sports). One brother, 'Srini' held the reins in cricket and 'Rami' was the master of the rest. Under normal circumstances, that would merit a headline by itself: Brothers ruling Indian sport. Alas, not all stories are fairytales. The two brothers are hardly, well… brotherly, or even friends.

A LOT has been said and written about how Srinivasan returned from the United States at the age of 23 to take over his father's business. Then began a series of tales, which saw him take control, and then lose control of the business at India Cements. But the man who never gives up waited for his time.

He cultivated friends in the right places and after 10 years, got his business back. He may attribute it to luck, but luck, if any, was just a footnote. It was a result of his tenacity and ability to bounce back.

His has been a tale of nurturing and leveraging powerful relationships. Murasoli Maran, nephew of DMK supremo M Karunanidhi, was his friend and it was with his help that he wrested back the control of his business. That Maran's son, Kalanidhi, also a media baron, became the owner of Sunrisers Hyderabad, when the team came up for grabs in the last season, would seem a coincidence, but insiders say, Srinivasan's presence helped. Besides, Kalanidhi also owns an airline.

Srinivasan's friends included the late BS Adityan, a former IOA president and a business magnate, who owned a string of newspapers and a TV channel, NDTV-Hindu. Adityan was a director at India Cements till he passed away in 2013.

Interestingly, Ramachandran too, was once a director in the company. Of course, elder brother Srini was all-powerful. Then suddenly in 2009, Srinivasan bought over Ramachandran's stake in the company and both refused to talk about it, calling it a private transaction. To date, no one is clear, why Ramachandran, 61 then, and three years younger than his elder brother, decided to suddenly leave.

As time went by, Srnivasan grew and grew while Ramachandran stayed in the shadows. Or so it seemed.

Ruthless to those who dared to oppose him and benevolent beyond imagination to those he considered 'loyalists', Srinivasan has as many admirers as detractors. For every official, who he has sidelined or brushed aside in his march to numero uno position in Indian cricket, there is somewhere a cricketer, local or national, he has given a job. He has backed no less than a dozen teams, probably more, at local and national leagues and the list of cricketers he has had on his rolls is like a who's who of Indian cricket — current India and Chennai Super Kings captain MS Dhoni, former India captains S Venkataraghavan and Rahul Dravid and many, many more have played for his teams.

It is said that when it came to giving the former players monies for their contribution to Indian cricket, many other BCCI officials felt it should be done in instalments to ensure the ex-cricketers stayed ingratiated to the Board. Srinivasan rejected the idea and gave the money in one go. The likes of Sunil Gavaskar, Kapil Dev, Ravi Shastri, Dilip Vengsarkar, Syed Kirmani were among those who got Rs 1.5 crore each from the Rs 75 crore or so that was distributed among the 174 cricketers who retired before 2004.

Srinivasan's detractors allege that he has caused losses of hundreds of crores to the BCCI because of various deals — allegations that have not yet been proved. Srinivasan himself is unfazed.

When it comes to the alleged 'conflict of interest' of 'owning' an IPL team and also being the president of the BCCI, Srinivasan claims the team belongs to India Cements, and not him. That he is also the managing director of India Cements is another matter.

Srinivasan's son-in-law, Gurunath Meiyappan, who for the past six seasons was seen hobnobbing with the Chennai Super Kings, was arrested last year and questioned in connection with alleged betting and fixing matches in the IPL. Both charges are yet to be proved in a court of law.

The Justice Mudgal Committee, which was set up by the Supreme Court to look into the IPL scandal, has reported that Meiyappan did indulge in betting, but also said that it is unclear if he was involved in passing information, which could have led to fixing. The report has also claimed that Meiyappan was very much the face of Chennai Super Kings, while Srinivasan and Indian skipper MS Dhoni, who was questioned by the Committee, have claimed that Meiyappan was a mere “enthusiast”. That an enthusiast could sit on the auction table and be with the team on the ground is a little difficult to swallow. And there hangs a tale, whether or not Chennai Super Kings should be banned from the IPL as per the rules of the competition. The Mudgal report has been submitted and the matter will be taken up by the Supreme Court on 7 March.

Ramachandran may be relatively low-profile, but he, too, is no stranger to controversies. Clean Sports India (CSI), a non-profit organisation run by a bunch of sportspersons and officials, claims Ramachandran misled the government to get the Rashtriya Khel Protsahan Puraskar in 2011 by the President. The case will come up for hearing in the Delhi High Court on 21 February.

The CSI also alleges a case of conflict of interest (much like that of his elder brother Srinivasan) against Ramachandran. He is said to have given an undertaking to the WSF (which he currently heads) in 2012 that he had no commercial interest in the game, and projected himself just as a patron of Squash and Racquet Federation of India (SRFI). They claim he was then serving as the president of SRFI, but currently, the president of the SRFI is KS Tripathi.

While Ramachandran's election brought in immediate results and the Indian trio in the Sochi Winter Olympics will be able to walk with the Indian flag at the closing ceremony, Indian cricket and Srinivasan, who only a week earlier was named as the next ICC chairman, are under a cloud.

It is said Srinivasan does little without consulting his astrologer, who goes by the name of Vaastu Venkatesan. Years ago, the religiously inclined Srini ensured the rebuilding of the then dilapidated Ganesh temple outside the Chepauk Stadium (now the MA Chidambaram Stadium) in Chennai, from there the Gods watched his rise in the Tamil Nadu Cricket Association, which he has ruled for years

These days, Vaastu Venkatesan must be a busy man, and Srini needs a bit more than tenacity; he also needs the Lords' blessings more than ever before.

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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Agencies
January 25,2020

New Delhi, Jan 25: The Patiala House court on Saturday started hearing a plea filed by the Nirbhaya convicts that alleged that the Tihar Jail administration have "not presented the papers on time".

The Public Prosecutor informed the court that Tihar Jail authorities have already supplied the relevant documents. He further informed that these are mere delaying tactics adopted by the convicts.

Advocate A.P. Singh, lawyer for three of the four death row convicts in the Nirbhaya gang-rape case had moved an application before the court seeking directions to the Tihar Jail authorities to supply him the relevant documents in order to exercise the remaining legal remedies available with the death row convicts -- Vinay Pawan and Akshay.

The Public Prosecutor also told the court that he spoke to the jail authorities over the phone and a report in this regard will be filed shortly as the jail officials were on their way to the court.

The judge demanded from the convicts lawyer to show what he has filed.

The convicts lawyer, A.P. Singh, said that he received some documents, but has still not been supplied with the personal diary of one of the convict -- Vinay Kumar Sharma and also the medical documents.

Judge then asked the lawyer to wait for until the report arrives form the Tihar Jail.

On this, the convicts lawyer said he was not questioning the intention of the jail. "I know the jail has been changed. It isn't there fault, too," he said.

The Public Prosecutor refuted the allegation saying that the defence counsel was trying to defeat the speed of law.

"We have supplied all the documents to the counsel. We have supplied all the documents except the painting and some other documents. We have nothing apart from that," public prosecutor said.

Singh, in his plea filed before the Patiala House Court sought urgent orders of the court in order to file a mercy petition of Vinay Sharma and in relation to requests for documents for convicts Vinay Sharma, Pawan Kumar Gupta and Akshay Kumar Singh.

He further said that the convicts undertook several steps to obtain relevant information necessary for filing the mercy petitions. In regular interval, the convicts requested the concerned authority to supply documents pertaining to their medical records from 2012 to 2015 and 2019-2020, records of cellular confinement, records of the amount earned in prison through labour, records of educational and reformative activities like Tihar Olympics and Painting, etc.

The Supreme court had recently dismissed the curative petition for the other two convicts -- Vinay Kumar Sharma (26) and Mukesh Singh (32).

The court had recently issued death warrant against the convicts and fixed 6 a.m. on February 1 as the date and time of execution of the death penalty.

The 23-year-old victim in the case was brutally gang raped and tortured on December 16, 2012, which later led to her death. All the six accused were arrested and charged with sexual assault and murder. One of the accused was a minor and appeared before a juvenile justice court, while another accused committed suicide in Tihar Jail.

Four of the convicts were sentenced to death by a trial court in September 2013, and the verdict was confirmed by the Delhi High Court in March 2014 and subsequently upheld by the Supreme Court in May 2017, which also dismissed their review petitions.

A Juvenile involved in the crime was convicted by a juvenile justice board and released from a reformation home after serving a three-year term.

Hearing in a different case, Chief Justice of India S.A. Bobde on Thursday said a condemned person cannot fight the death penalty endlessly and it was important for the capital punishment to reach its finality.

The death penalty, he noted, cannot be questioned at every turn by the convict.

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Agencies
July 9,2020

Twitter has hinted that it is planning a paid subscription platform that can be reused by other teams in the future.

The news that the micro-blogging platform is building a subscription platform with a team codenamed "Gryphon" resulted in Twitter stock rising over 8% on Wednesday.

Twitter revealed its plan via a job listing that seeks a full-stack senior software engineer in New York to join "Gryphon".

Interestingly, Twitter "edited" the job listing once the news broke, removing the part about "Gryphon" and any mention of their internal team or their subscription feature. The listing said the company is looking for an Android engineer to "work on a bevy of backend engineering teams to build components that allow for experimentation to deliver the best experience possible to all of our users".

Later, Twitter users noticed that the company restored the earlier job listing that mentioned the upcoming subscription platform and "Gryphon".

A spokesperson for Twitter told CNN on Wednesday that it's only a job posting, not a product announcement.

This is not the first time Twitter has thought of a paid product. 

In 2017, it sent out a survey to users and a preview of what a premium offering of its TweetDeck app might look like, including breaking news alerts and more analytics, according to The Verge.

"We're conducting this survey to assess the interest in a new, more enhanced version of Tweetdeck. We regularly conduct user research to gather feedback about people's Twitter experience and to better inform our product investment decisions, and we're exploring several ways to make TweetDeck even more valuable for professionals," a Twitter spokesperson had said at that time.

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