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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Seventy-six mayors ruled BMC since 1931

After four years, Mumbai to salute its first citizen Kishori Pednekar Vishwanath Mahadeshwar Snehal Ambekar Sunil Prabhu Mumbai: As the date for appointing Mumbai’s First Citizen looms closer, various political parties have adopted tough posturing to foist their own person for the coveted post of Mayor – the ‘face’ of the country’s commercial capital. Ruling Mahayuti allies Bharatiya Janata Party (BJP) and Shiv Sena have vowed that the city...

Seventy-six mayors ruled BMC since 1931

After four years, Mumbai to salute its first citizen Kishori Pednekar Vishwanath Mahadeshwar Snehal Ambekar Sunil Prabhu Mumbai: As the date for appointing Mumbai’s First Citizen looms closer, various political parties have adopted tough posturing to foist their own person for the coveted post of Mayor – the ‘face’ of the country’s commercial capital. Ruling Mahayuti allies Bharatiya Janata Party (BJP) and Shiv Sena have vowed that the city will get a ‘Hindu Marathi’ person to head India’s richest civic body, while the Opposition Shiv Sena (UBT)-Maharashtra Navnirman Sena also harbour fond hopes of a miracle that could ensure their own person for the post. The Maharashtra Vikas Aghadi (MVA) optimism stems from expectations of possible political permutations-combinations that could develop with a realignment of forces as the Supreme Court is hearing the cases involving the Shiv Sena-Nationalist Congress Party this week. Catapulted as the largest single party, the BJP hopes to install a first ever party-man as Mayor, but that may not create history. Way back in 1982-1983, a BJP leader Dr. Prabhakar Pai had served in the top post in Mumbai (then Bombay). Incidentally, Dr. Pai hailed from Udupi district of Karnataka, and his appointment came barely a couple of years after the BJP was formed (1980), capping a distinguished career as a city father, said experts. Originally a Congressman, Dr. Pai later shifted to the Bharatiya Janata Party, then back to Congress briefly, founded the Janata Seva Sangh before immersing himself in social activities. Second Administrator The 2026 Mayoral elections have evoked huge interest not only among Mumbaikars but across the country as it comes after nearly four years since the BMC was governed by an Administrator. This was only the second time in the BMC history that an Administrator was named after April 1984-May 1985. On both occasions, there were election-related issues, the first time the elections got delayed for certain reasons and the second time the polling was put off owing to Ward delimitations and OBC quotas as the matter was pending in the courts. From 1931 till 2022, Mumbai has been lorded over by 76 Mayors, men and women, hailing from various regions, backgrounds, castes and communities. They included Hindus, Muslims, Christians, Parsis, Sikhs, even a Jew, etc., truly reflecting the cosmopolitan personality of the coastal city and India’s financial powerhouse. In 1931-1932, the Mayor was a Parsi, J. B. Boman Behram, and others from his community followed like Khurshed Framji Nariman (after whom Nariman Point is named), E. A. Bandukwala, Minoo Masani, B. N. Karanjia and other bigwigs. There were Muslims like Hoosenally Rahimtoola, Sultan M. Chinoy, the legendary Yusuf Meherally, Dr. A. U. Memon and others. The Christian community got a fair share of Mayors with Joseph A. D’Souza – who was Member of Constituent Assembly representing Bombay Province for writing-approving the Constitution of India, M. U. Mascarenhas, P. A. Dias, Simon C. Fernandes, J. Leon D’Souza, et al. A Jew Elijah Moses (1937-1938) and a Sikh M. H. Bedi (1983-1984), served as Mayors, but post-1985, for the past 40 years, nobody from any minority community occupied the august post. During the silver jubilee year of the post, Sulochana M. Modi became the first woman Mayor of Mumbai (1956), and later with tweaks in the rules, many women ruled in this post – Nirmala Samant-Prabhavalkar (1994-1995), Vishakha Raut (997-1998), Dr. Shubha Raul (March 2007-Nov. 2009), Shraddha Jadhav (Dec. 2009-March 2012), Snehal Ambedkar (Sep. 2014-March 2017). The last incumbent (before the Administrator) was a government nurse, Kishori Pednekar (Nov. 2019-March 2022) - who earned the sobriquet of ‘Florence Nightingale’ of Mumbai - as she flitted around in her full white uniform at the height of the Covid-19 Pandemic, earning the admiration of the citizens. Mumbai Mayor – high-profile post The Mumbai Mayor’s post is considered a crucial step in the political ladder and many went on to become MLAs, MPs, state-central ministers, a Lok Sabha Speaker, Chief Ministers and union ministers. The formidable S. K. Patil was Mayor (1949-1952) and later served in the union cabinets of PMs Jawaharlal Nehru, Lah Bahadur Shastri and Indira Gandhi; Dahyabhai V. Patel (1954-1955) was the son of India’s first Home Minister Sardar Vallabhbhai Patel; Manohar Joshi (1976-1977) became the CM of Maharashtra, later union minister and Speaker of Lok Sabha; Chhagan Bhujbal (1985-1986 – 1990-1991) became a Deputy CM.

One should ignore volatility and stick to investments

Updated: Nov 18, 2024

Devang Kabra

There are certain questions in the minds of an investor on which could be the best available choice. Devang Kabra, Partner and Co-Fund Manager of Wallfort PMS, tells Mangesh Kulkarni that the investor should stick to the investments despite the fear of volatility. Excerpts…

Q. The Indian stock market has given stellar returns in the last four years. Nifty 50 has risen by 200 per cent, small cap index has risen by almost six times from COVID lows. Should investors book profit, or is there an opportunity for fresh investment?

A. It depends on the time horizon of the investor. On broader index levels, the indices are likely to go into consolidation for 3-6 months. However, we invest with a mid to long term view and not with a short-term view. Hence, one should ideally ignore this volatility and stick to the investments. Probably, the volatility will give a chance to buy more of the chosen stock. We don’t believe this temporary volatility impacts India's structural story.


Q. Private sector banks have underperformed the broader market in the last three years. What is your view on these stocks?

A. Currently, the Private sector banks are facing a double whammy of tight global liquidity and reducing domestic deposits. Their cost of funds is dear compared to pre covid days. Their balance sheet performance and hence stock performance would largely depend on their NIM increase. On the international front, one has to keenly observe the FED interest rates moves and the effect on inflation and global liquidity. On the domestic front, one has to keenly observe what Indian Government and RBI does to motivate investment of households in FD's (which is currently moving out to alternative financial asset classes because of returns and taxation).


Q. On which sectors you are currently over weight?

A. We are overweight on manufacturing and luxury consumption theme.


Q. How much return has your oldest PMS given in the last five and 10 years?

A. Our five years IRR has been 41 per cent.


Q. Which is that one theme in which you are extremely bullish in the current market?

A. We are bullish on manufacturing theme.


Q. Mutual Funds Vs PMS - which option is better?

A. Mutual Funds are best for an investor starting off in life or in the early stages of his financial investment journey. Once a decent corpus is built after consistent 5-10 years of investing in Mutual Funds, the investor can shift to PMS. In terms of absolute returns, PMS will always outperform MF. However, in PMS, there is a barrier of investment size. Hence, the suggestion to build a decent MF portfolio before venturing into PMS investments.

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