The non-profit set up on the birth centenary of a former bank chair who revolutionised India’s mortgage business is facing cashflow problems. Two years ago, the foundation received a handsome sum of several hundred crores from its key sponsor, then a publicly listed company. Now, the regulator has come down heavily on that contribution, asking the foundation to return the money in full. It’s not clear if the reason for this is the timing of the gift — just days prior to the merger of its mortgage unit with the financial institution it spawned — or the fact that the foundation is helmed by a family member.


(For more on our weekly roundup of wackiest whispers and murmurs in corporate corridors & policy parlours, pick up today's edition of The Economic Times newspaper)