Tag Archives: S. Sivakumar

Times Private Treaties gets a very public airing

Miracles never cease, and Times Private Treaties (TPT), the investment arm of Bennett, Coleman & Co Ltd (BCCL), publishers of The Times of India group of publications, is suddenly the object of attention with two competing newspapers having chosen Monday, 11 May 2009,to turn their attention on it.

The first story by Shuchi Bansal and B.G. Shirsat in Business Standard, a competitor of The Economic Times, says the total value of Times‘ portfolio of the 240 companies in which it had invested cash in return for advertising has halved from Rs 2,700 crore to Rs 1,350 crore due to the stock market slump.

S. Sivakumar, the CEO and acting CFO of Times Private Treaties, contests the figure and denies the TPT model has collapsed. The total value of the business is closer to Rs 2,000 crore, he says, of which listed companies comprise only a small percentage; the unlisted companies have lost 40 per cent of their value.

Of the Rs 2,000 crore spent by BCCL in picking up stakes in companies in return for advertising, the group had served ads worth Rs 600 crore.

In other words, an inventory of ads worth Rs 1,400 crore is still to be exhausted.


The second story datelined 11 May 2009 on Times Private Treaties is served up by the Times‘ main competitor in Bombay, Daily News & Analysis (DNA).

Special correspondent N. Sundaresh Subramanian takes up the ethics issues raised by TPT’s investment in Pyramid Saimira, the company which was barred by India’s stock market regular recently following an alleged forgery involving Rajesh Unnikrishnan, an assistant editor at The Economic Times.

UTI chairman U.K. Sinha is quoted as saying this:

We are not very happy about these [ads-for-equity] deals. This is not a healthy development. This should not happen. The Securities and Exchanges Board of India has all the powers. It should act.

An unnamed “senior marketman” is quoted as saying: “If this is not brazen insider trading, what is?”

DNA, which puts the value of TPT’s portfolio at Rs 4,000 crore, says the story is not about a company’s bad portfolio of shares. “It’s about a toxic business model, whose noxious elements are contaminating the whole stock-market ecosystem.”

(DNA reports that the list of companies in which Bennet, Coleman & Co has a stake has been removed from TPT’s website following the controversy. The Google cache version can be found here.)

Logo: courtesy Times Private Treaties

SUCHETA DALAL: Forget the news, you can’t believe the ads either

SALIL TRIPATHI: The first casualty of a cosy deal is credibility

PAUL BECKETT: Indian media holding Indian democracy ransom

PRATAP BHANU MEHTA: ‘Indian media in deeply murky ethical territory’

The scoreline: Different strokes for different folks

Sucheta Dalal in public row on private treaties

PRADYUMAN MAHESHWARI: April 1 and the joke is on us (and them)


Sucheta Dalal in public row on private treaties

The true depth of an employer-employee relationship is never quite revealed during the course of the latter’s employment, generally speaking. It is only after the two have parted ways, when the two parties take their gloves off and shadow-box each other, does it become clear whether it was good cohabitation or a charade.

India’s bestknown business investigative journalist, Sucheta Dalal, left India’s largest English daily, The Times of India, several years ago, after a nine-year stint during which she also played a stellar role in unravelling the securities scam involving the now deceased Harshad Mehta.

Since her departure from the paper, Dalal has moved to other things, writing columns and books, setting up a magazine. In recent times, she has played an important role in exposing the “private treaties” of her former employer that has eaten into the vitals of media ethics in boom-time.

Now, ToI has hit back, below the belt.

In an interview with Nikhil Pahwa‘s newly launched medianama, S. Sivakumar, the CEO-designate of ToI’s private treaties division, is asked about a November 2007 letter from Economic Times editor Rahul Joshi that Dalal quoted in an article, that firmly established how the private treaties were casting a dark shadow over the group’s editorial sanctity.

Sivakumar’s response:

“Because you have an agenda. You know Sucheta was working with us… I don’t know whether you know it or not, but she was working with us and I didn’t want to talk abot the Harshad Mehta scam, since you are recording, I didn’t want to go on aboUt that. There’s a lot of background, and under what circumstances she left the organisation.” (emphasis added)

The defamatory insinuation has justly got Dalal (who was given the Femina Woman of Substance award for the expose) fuming.

In response, she writes back:

“I have a letter from the company to say “we treasure” your association with us when I left the Times of India. Do they hand out such letters to all and sundry? It may also interest people to know that Ashok Jain, the late Chairman of the Times Group, had asked me to draft a Code of Ethics for journalists—maybe that too was part of their poor judgement.”

Warned of “recourse”, Sivakumar has sent a clarification:

“As a policy we never comment on any of our employees either currently  working with us or had worked with us in the past…. We as an organisation respect all journalists.”

Sivakumar’s offensive comments have been struck through, and comments disallowed for the piece.

Read the full exchange: ‘There are two currencies for advertising: cash and treaties’

Also read: Forget the news, you can’t trust the ads either

‘The first casualty of a cosy deal is credibility’

‘Indian media in deeply murky ethical territory’