Race To Buy Fortis

2

What is it?The number of years for which Usha Ananthasubramanian was the MD and CEO of Punjab National Bank (PNB).

Why is it important?The government has asked the board of Allahabad Bank to divest her powers as MD and CEO of the bank (her current position) after the Central Bureau of Investigation (CBI) detailed her role in the PNB scam. The latter’s board has been asked to take away the powers of its executive directors, KV Brahmaji Rao and Sanjiv Sharan, for the same reason. The CBI filed its first chargesheet related to the $2-billion scam against 25 entities, including individuals and three firms, on Monday.

Tell me more:The chargesheet also describes the role of diamond merchant Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Modi’s firms. 

  

12.5%

What is it?The amount per share that the Manipal-TPG combine is willing to pay more over its initial offer to acquire the hospitals business of Fortis Healthcare.

Why is it important?On Monday, the Manipal-TPG combine increased its offer for Fortis from Rs 160 per share to Rs 180 per share. This comes on the heels of the Fortis board last week expressing its preference for the Sunil Munjal-led group. Since any deal has to be cleared by 75% of shareholders, the new offer adds more intrigue to the race to buy Fortis.

Tell me more:Among these recent ongoing developments, the Fortis stock has moved in a narrow range, a possible indicator of how everything is still open.

 

4

What is it? The number of years since Congress leader Shashi Tharoor’s wife was found dead under mysterious circumstances in a luxury hotel suite in New Delhi.

Why is it important?The Delhi Police, in its nearly 3,000-page chargesheet filed yesterday, has accused Tharoor of abetting her suicide. He is the only person named as accused. The leader says he intends to contest it vigorously. He has questioned the methods/motivations of the Delhi Police, who, he said, stated in Delhi High Court that they had not found any evidence against anyone.

Tell me more: The Delhi Police wants Tharoor to be present when the trial resumes on May 24. The Congress says it will back the leader and called the chargesheet a politically motivated one.

 

14

What is it?The reported number of people killed in violence during panchayat elections’ polling in West Bengal as on Monday evening. Various media reports have reported different numbers.

Why is it important?Though the number of deaths this time are fewer than those killed in 2003 (76) and 2013 (39), this year’s polling reportedly saw rigging on an unprecedented scale, besides booth capturing and burning of ballot papers in the presence of media personnel and, in some places, in front of policemen too. Over 60,000 security personnel were deployed from West Bengal and neighbouring states for the polls.

Tell me more:The central government has asked the state to submit a report on the violence, which opposition parties have blamed it on the ruling Trinamool Congress. Of the 14 dead, five were CPM supporters, four TMC workers, two BJP and two independent candidates’ supporters and a voter.

6

What is it?The number of teams in contention for three playoff spots in the Indian Premier League, with two matches left to play for each side.

Why is it important? Yesterday, Royal Challengers Bangalore hammered Kings XI Punjab to not only stay in contention, but also make significant gains in the net run rate calculation, which could come into play given the bunching up of teams in the points race. There are three teams with six wins and two teams with five wins.

Tell me more:Among these six teams, RCB have the fewest wins (five), along with Mumbai Indians, but have the third best run rate. Today, in one of the several remaining decisive games, Kolkata take on Rajasthan.

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