T.M. Mathachan breaks into a smile as he recollects the time Ratan Tata walked up to him and asked, “Don’t we know each other? Then, why didn’t you come and say hello when you saw me?”

As young men, this former employee of TELCO (now Tata Motors) and the chairman emeritus of Tata Sons were hotel-mates in Jamshedpur. Now retired and settled in his home in Kandanad in Kerala’s Ernakulam district, Mathachan could not stress enough the warmth of the legendary industrialist.

Mathew, known locally by his family name as Thukalan Mathachan, and Tata were hostel-mates in 1962 when they were trainees in TELCO. He fondly remembers Tata as the personification of grace, nobility, and humility.

ALSO READ: Ratan Tata’s 12 closest family members

After the training, Tata moved back to Mumbai. After a decade or so, Tata spotted Mathachan in the crowd when he was leading a delegation from Africa to the training centre in Jamshedpur. As he was an employee, Mathachan chose to be professional and stayed in the background. However, Tata spotted him immediately, walked over, and broke the ice with his friendly query.

No special service

The Jamshedpur hostel was managed by the trainees themselves. So, they devised a way to keep the mess bills down—providing room service to special guests. This and any other additional privileges were billed and the money was added to the common pool. Tata was given special service, but he was only charged the regular amount.

The following month, when Mathachan took over as mess manager, he mentioned the discrepancy to Tata and suggested that it should be corrected. The conversation was interrupted by a shocked hostel warden, but Tata intervened, saying, “He has the patience to explain it to me, and I have the patience to listen. Please don’t interfere.”

READ MORE: End of an era: Ratan Tata, titan of India Inc, passes away

Tata explained that he assumed the meals were being sent to his room as his presence in the dining hall might inconvenience others. Mathachan assured him that his presence was always welcome. Tata smiled and added humorously, “By the way, my car is a bit large. Do I need to pay a parking fee?”

Tata, the ‘taxi driver’

Mathachan also recalled the time when Baiju, a canteen worker from Odisha, fell off his bicycle and injured himself. As Mathachan rushed around to find transportation to the hospital, Tata stepped in and offered his car. When Mathachan said a taxi might be more appropriate, Tata insisted on using his car and personally drove Baiju to the hospital.

ALSO READ: Tata and Tejas: How Ratan Tata saved light combat aircraft Tejas programme from being shut down

While returning, Tata asked Mathachan, “Aren’t you the one who insists on following all the rules? Shouldn’t I be paid taxi rates for this trip?” To this, Mathachan replied, “How could I ever think of you as a taxi driver?” The trainees both laughed at the banter as they drove down to the hostel.

Sitting in Kandanad, Mathachan today mourns a man who was his boss, and genuinely, a friend.

(This story first appeared in Malayala Manorama)

There is a “possibility” that chancellor Rachel Reeves may create a new tax during the Budget on 30th October.

This is what Barnett Waddingham self-invested pensions technical specialist James Jones-Tinsley told Money Marketing.

“There is a lot of precedent that this may happen,” and as Reeves is early into her career as chancellor she could be “experimental”.

Jones-Tinsley predicts that the new tax would be likely to target the ultra-wealthy who traditionally vote Conservative.

Still, a new tax brings with it, a lot of “unprecedented” changes as well as legal challenges as ultra wealthy people tend to have lawyers, Jones-Tinsley said.

The creation of a new tax depends on how “bold” Reeves is and how much left the government needs to fill of the “black hole”.

In July, Reeves vowed to “fix the foundations of our economy” and aimed to plug a reported £22bn black hole.

This announcement was made in response to the findings of the Treasury’s internal audit of public finances.

The audit showed the £22bn gap between tax revenues coming in and expected spending.

She accused the previous government of “covering up the true state of the public finances”, although the Conservatives argues she would have been aware of this before taking office.

Jones-Tinsley believes that Labour were expecting a “black hole but not of that magnitude”.

Regarding the possibility of a new tax, the “devil will be in the detail” but it many not be the “panacea” the chancellor is hoping it will be.

However, the trouble is she has to fill the £22bn “black hole quickly” and the Labour Party’s 2024 manifesto pledged not to increase national insurance, income tax and VAT.

As a chancellor with “limited options available to her without breaking manifesto pledges”, a new tax could be possible.

Jones-Tinsley added: “If she had the chance to rewrite the manifesto pledges again, she would most likely want to make some changes”.

Jones-Tinsley made these comments as a majority (87%) of clients working with Independent Financial Advisers (IFAs) are anxious about the upcoming Budget.

According to a survey from Opinium, almost half (47%) expressed significant unease.

Clients’ top concerns include the possible scrapping of the 25% tax-free lump sum accessible at the age of 55 (70%), changes to capital gains tax rates (44%) or inheritance tax (47%), and potential pension reforms (54%).

The anxiety surrounding these areas has led to an increase in requests for advice (50%), as individuals seek reassurance on how to prepare for potential changes to the financial landscape.

HUNDREDS of struggling households could receive direct payments worth hundreds of pounds into their bank accounts this winter.

The cash support is available through the government’s Household Support Fund (HSF).

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Earlier this month, the government extended the scheme for the sixth time, releasing £421 million to be distributed among councils. 

This funding will be allocated to vulnerable residents from now until March 2025.

Each local authority gets a different proportion of cash depending on the size of the catchment area, population, and number of vulnerable households.

This means the voucher or grants on offer will vary by location, so you must check to see what you can get and how your council will pay you.

For example, struggling residents and families who live in Torridge can apply for free cash grants directly to bank accounts worth £100s.

These grants can be used to help households with their energy and water bills.

Others may be eligible for cash vouchers to be spent on food at their local supermarket.

Torridge Council says that the fund can also be used to help hard-up households pay for new white goods, including fridges, freezers, ovens and slow cookers.

It added that in exceptional circumstances, the fund could also help those with emergency housing costs.

During the previous round of the council’s Household Support Fund, the local authority assisted 247 individuals after receiving £192,000 from the central government.

In the scheme’s sixth round, Torridge District Council has been allocated £210,000 to distribute to residents most in need.

To be eligible for the latest round of funding, you must be experiencing some form of financial hardship.

To find out more and apply, visit bpag-encompass.org.uk/projects/torridge-household-fund/.

As part of the application, you’ll need to include your name, email address and National Insurance number.

You’ll also be expected to explain what type of support you require and a detailed description of your financial situation.

What if I don’t live in Torridge?

What you can get depends on where you live and what support is available.

Each local council receives a portion of the £421million fund, which is then distributed to residents based on need.

Some councils may provide direct cash payments, while others issue vouchers to help cover essentials like energy or food.

How the money is distributed will vary, so it’s important to check with your local authority.

For example, Birmingham City Council has announced £200 payments to help residents with winter costs.

Other councils, like Coventry, have offered community supermarket schemes, where households can pay £5 a week and get a basket of food worth up to £25.

However, there are changes to the scheme this time around.

Some councils have introduced monthly caps on funding, meaning once the allocated amount for the month is spent, applications are paused until the following month.

This is to ensure that everyone has a chance to receive support, but it does mean you should apply as soon as possible.

Who’s generally eligible for the scheme?

The Household Support Fund is designed to help households in financial difficulty, particularly those on low incomes or those who don’t qualify for other forms of government assistance.

If you’re struggling to make ends meet due to rising living costs, you could be eligible for support.

The criteria you need to meet will vary depending on where you live.

You’ll likely need to prove your financial hardship when applying.

This can include showing evidence of your income, benefits or other forms of support you’re currently receiving.

For example, if you’re receiving Universal Credit or a council tax reduction, you could qualify.

But even if you’re not on benefits, you may still be able to get help if you can demonstrate financial hardship.

Do I need to apply?

Applications for the Household Support Fund are handled by your local council, and the process can vary depending on where you live.

Most councils offer online application forms, but if you need help completing an application, you can call your council’s customer service centre for assistance.

To apply, you’ll need to provide details such as your National Insurance number and may need to submit bank statements or benefit evidence.

If you’re applying for a family member or someone else, there’s also an option to upload supporting documents like benefit letters or pay slips to prove eligibility.

Some councils, such as Haringey, are issuing automatic payments to eligible residents, while others require residents to apply directly.

If you’re unsure of the process in your area, it’s best to check your local council’s website.

Gautam Adani, who entered the cement business through the acquisition of ACC and Ambuja from Holcim back in 2022, has added Orient Cement to his kitty amid a high stakes battle for sector leadership between the Adani Group and Kumar Mangalam Birla-led Aditya Birla Group.

Ambuja Cements has signed a binding agreement for the acquisition of Orient Cement (OCL) at an equity value of Rs 8,100 crore. Ambuja will acquire 46.8 per cent shares of OCL from its current promoters (CK Birla Group) and certain public shareholders.

“This timed acquisition marks another significant step forward in Ambuja Cements’ accelerated growth journey, increasing cement capacity by 30 million tons per annum (MTPA) within two years of Ambuja’s acquisition,” said Karan Adani, director of Ambuja Cements.

By acquiring OCL, Ambuja is poised to reach 100 MTPA cement capacity in the current financial year noted Adani.

“The acquisition will help to expand Adani Cement’s presence in core markets and improve its pan-India market share by 2 per cent,” he added.

Earlier, Ambuja had acquired Penna Cement Industries.

CK Birla, the chairman of Orient Cement, pointed that the group is continuously reallocating capital as it looks to sharpen its focus on consumer centric, technology driven and service-based businesses.

OCL has 5.6 MTPA clinker capacity and 8.5 MTPA cement capacity along with statutory clearance to increase the clinker capacity by another 6.0 MTPA and cement capacity by another 8.1 MTPA. Additionally, OCL also has a limestone mining lease in Chittorgarh, Rajasthan for setting up an integrated unit (with clinker of 4 MTPA and a split grinding unit of 6 MTPA in North India.

The Aditya Birla Group, whose UltraTech is the market leader in the cement industry has also been strengthening its position. Earlier this year, UltraTech acquired a stake in India Cements.

In 2023, UltraTech had acquired the cement business of Kesoram Industries. With the acquisitions and it’s own expansion, UltraTech’s cement capacity will surpass 200 MTPA by financial year 2027, Chairman Kumar Mangalam Birla had said earlier this year at the company’s annual general meeting.

Sajjan Jindal-led JSW Cement too has been exploring acquisitions to grow its cement and was also reportedly in the race to buy the Orient Cement stake.

JSW Cement had filed papers earlier this year to raise around Rs 4,000 crore via an initial public offering. The issue was put on hold by market regulator SEBI in September.

On Tuesday, Orient Cement shares were 2.3 per cent lower at Rs 344.25 on the BSE in noon trading. Ambuja Cements was down 1.6 per cent at Rs 563. UltraTech was up 0.6 per cent at Rs 10,938.95.