Of Hot Money, Cold Candidates & More

Anxiety is high within factions of the ruling Bharatiya Janata Party about some of its election candidates. Meanwhile, a mega acquisition deal is stonewalled. Read the buzz from markets and the corridors of power

- PALAK SHAH

The Uttar Pradesh Gamble

Political circles close to the ruling Bharatiya Janata Party (BJP) in New Delhi are agog with theories about sabotage since the party declared Parmeshwar Lal Saini as its candidate from the Sambal Lok Sabha constituency in Uttar Pradesh (UP). In 2019, Saini had lost the elections from the same Lok Sabha seat on a BJP ticket. What is more, he had been unable to win the UP Vidhan Sabha (state elections) from the Bilari seat on a BJP ticket even in the midst of a Modi wave. Recently, Hindi language newspaper Amar Ujala carried a story about how Saini’s son had filed a case against some for circulating allegedly obscene videos of his father.

Then, there are other negative videos of Saini floating on social media platforms. Given the circumstances, there is a view among BJP’s party workers that this time too Saini’s chances do not seem too bright. Yet, a ticket to him by the top brass has spun a conspiracy theory within the party about an attempt to restrict the seat tally of the BJP in UP, so that tremors are felt in New Delhi. With 80 Lok Sabha seats, UP plays a crucial role in the Lok Sabha elections in which the BJP anticipates winning between 350 and 400 seats.

Regulatory Arbitrage 

The Hinduja Group’s bid to takeover Reliance Capital has hit a roadblock, thanks to objections raised by the Insurance Regulatory and Development Authority of India (IRDA). The insurance regulator wants to know the hidden ultimate beneficiaries of the Hinduja Group, who intend to gobble up the general and life insurance businesses of Reliance Capital.