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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Modi’s ‘Melody’ diplomacy stuns the world

Overjoyed investors buy shares of a wrong company after the PM’s gift Mumbai: Prime Minister Narendra Modi on Wednesday gifting his Italian counterpart Giorgia Meloni 'Melody' toffees, reviving the light-hearted "Melodi" wordplay associated with the two leaders on social media. Meloni thanked Modi and shared a video on the social media in which she could be heard saying, “Prime Minister Modi brought as a gift, a very, very good toffee - Melody.” Modi, who was also seen in the video, burst...

Modi’s ‘Melody’ diplomacy stuns the world

Overjoyed investors buy shares of a wrong company after the PM’s gift Mumbai: Prime Minister Narendra Modi on Wednesday gifting his Italian counterpart Giorgia Meloni 'Melody' toffees, reviving the light-hearted "Melodi" wordplay associated with the two leaders on social media. Meloni thanked Modi and shared a video on the social media in which she could be heard saying, “Prime Minister Modi brought as a gift, a very, very good toffee - Melody.” Modi, who was also seen in the video, burst into laughter as Meloni jokingly referred to the "Melody" toffee while showcasing the gift. The hashtag "Melodi", a blend of Modi and Meloni's names, was coined by the Italian prime minister during the COP28 in Dubai in 2023 and later went viral on social media following the warm interactions between the two leaders at global events. Modi, who arrived in Rome on Tuesday, is on the final leg of his five-nation tour to the UAE, the Netherlands, Sweden, Norway and Italy from May 15-20. Modi’s gift not only floored the social media, but also earned gushing gratitude from the manufacturer of the sweet candy, Parle Products, in Vile Parle, Mumbai. “Thank You. Hon’ble Prime Minister Shri Narendra Modi for taking Parle Melody to the global stage. A proud moment for all of us at Parle Products to see an Indian favourite being shared across borders,” said a social media post from @ParleFamily, a 97-year-old company. Parle Products describes Melody: “Parle Melody brings to you an irresistible layer of caramel on the outside & a delightful chocolate filling inside. Open & pop it in your mouth & relish the unique experience. It won't be too long before you start asking yourself the age-old question "Melody Itni Chocolaty Kyun Hai?”.” Cong Attacks Modi Congress leader Rahul Gandhi and several other Congress leaders also attacked Modi saying he continues his PR even when the economy is suffering. However, Union Commerce Minister Piyush Goyal hit back at Gandhi, accusing him of "hating India" and refusing to tolerate the "global respect" the country has garnered under Modi's leadership. Gandhi, who is on a visit to his constituency Raebareli and Amethi, said on X, "This isn't leadership, it's a gimmick." At a time farmers, labourers, traders and others in the country are all in tears, the prime minister is laughing and making reels while BJP folks are clapping along, the former Congress president said in his post in Hindi. "An economic storm is raging over our heads, and our prime minister is busy handing out candies in Italy!" he said. Congress chief Mallikarjun Kharge attacked Modi over issues of "rising" prices, unemployment, paper leaks, "dampening" investment and "sinking" Rupee, saying the prime minister continues his PR even as the economy is suffering. Shares turn sweet but the company was mistaken Shares of Parle Industries Ltd saw frenzied buying on Wednesday, surging five per cent to hit the upper circuit limit after Meloni posted the video. Investors wasted no time and flocked to the counter to buy the stock. Shares of the firm jumped to Rs 5.25 - the highest trading permissible limit for the day - on the BSE. On volume terms, 8.57 lakh shares of the firm were traded on the BSE during the day. But, there is a catch! Investors mistook Parle Industries for the maker of Melody toffees. Parle Products, the FMCG major, is the manufacturer of Melody toffees and is not listed on the stock exchanges. Parle Industries Ltd is a diversified commercial services provider, engaged in the business of infrastructure & real estate, and paper, waste paper and allied products. The history of swadeshi toffee is entwined with the country’s Independence and the company, House of Parle was founded in 1928 by Mohanlal Dayal Chauhan, a tailor from Pardi near Valsad, then part of the Bombay Province. As the country was flooded with imported sweets and confectionery, he decided to give it a ‘desi’ touch and flavour, and with a band of 12 workers, he launched the Parle products from a musty old warehouse near Vile Parle east station, when large parts areas of Vile Parle west were still marshes dotted with a few old bungalows and chawls. Later, he visited Germany to master the art of confectionery and returned with machinery worth Rs 60,000 to churn out simple sweets, toffees and locally flavoured Indian confections at affordable prices – willy-nilly challenging the imported British offerings. It was in 1983 that the chocolate Melody toffee. -WITH PTI

Lateral upgrade to ailing annihilation

Updated: Oct 21, 2024

Lateral upgrade to ailing annihilation

Being the first person from the private sector to be appointed as chairperson of Securities and Exchange Board of India (SEBI) as part of the government’s lateral initiative, Madhabi Puri Buch also holds the honour of being the first woman to hold the top post as capital market regulator.

But the laurels that the former private sector banker enjoyed in her earlier stint with ICICI Bank, was marred with allegations that she and her husband were having a stake in offshore entities, which were used to artificially inflate shares of Adani group companies.

Terming the allegation as `character assassination, Buch clarified that all disclosures have already been furnished and the fund in question did not invest in any securities involving the Adani group.

When it rains, it pours. This allegation was subsequently followed by Congress Party allegation that Buch had received salary and post-retirement benefits from ICICI Bank after she quit the private sector bank.

In its clarification to the stock exchanges, ICICI Bank asserted that the payments made to Buch were purely retirement benefits after her exit from the bank and they were neither salary nor employee stock options.

Prior to these allegations, Buch tenure at SEBI was all about bringing in quick reforms on operational issues by changing the format of consultation paper to bring in larger responses digitally. Being data savvy, the rationale of her decisions were democratic based on big data analysis derived from the responses received to the consultation papers.

Further she bifurcated the duties of the SEBI staff between operations and enforcement, which were done by the same persons earlier. Having worked for the private sector in the capital market domain space, Buch had a better understanding of the subject compared to officers from the administrative service in the past that reflected even in her orders as a whole-time director at SEBI before becoming the chairperson. As a whole time director at SEBI, her orders on adjudication issues were more directional to the capital market space, according to experts in the compliance space. She was also quick to revamp the old provisions of the 90s at SEBI.

Being tech and data savvy, Buch enhanced regulatory surveillance and detection of market manipulation, insider trading and fraud while also emphasizing on strengthening corporate governance by introducing stricter rules for independent directors and enhancing disclosures for related-party transactions.

To put in perspective, the annual report of the capital market regulator in the just concluded financial year revealed that the number of investigations related to insider trading jumped to 175 in 2023-24 from 85 in the preceding year while probes related to front running jumped over three times to 83 from 24 in the preceding year.

Transparency in mutual funds by implementing measures to protect retail investors along with tightening norms for initial public offers, particularly in the SME platforms were some of her other positive initiatives including confirmation of denial of any market rumours within 24 hours for the top 100 listed companies which will be extended to top 250 companies from December 1. However increased transparency and compliance with tightening regulations led to increased operational costs for the market participants and hence faced resistance from certain quarters. Born in 1966, Buch completed her primary education in Mumbai and graduated with specialization in Mathematics from Delhi and later obtained a management degree from Indian Institute of Management, Ahmedabad. In between, she got engaged to Dhawal Buch, a director at a consumer goods multinational at the age of eighteen and got married at the age of 21.

Besides ICICI Bank, Buch also worked as a lecturer at a college in England, worked at Greater Pacific Capital in Singapore and ICICI Securities as its CEO. She also worked as executive director on several private sector companies and as a consultant for New Development Bank (Brics Bank).

What now remains to be seen, is whether Buch, who survived the 26/11 terror attack when she along with her husband, was attending a meeting at Taj, be able to overcome the current ordeal. Keeping fingers crossed for the times to come.

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