Case studies

T Education is a leading educational science and technology enterprise in China with technology-driven, talent intimacy and quality leadership as the core development objectives. Since its inception, it has been committed to creating better learning experience for children. As the predecessor of T-education, X-education was founded in Beijing in 2003. At first, it mainly provided after-school math counseling for school-age children. Over the past 10 years, its business has been expanding, covering almost every aspect of school-age education. This case studies accounting issues and business ethics challenges that firms may face when they transform from a single (traditional education) line of business to a multiple channel business.

In the increasingly competitive leisure food market, Lyfen has become a well-known leisure food brand in Shanghai after long-term independent operation. Insisting on chain retail specializing in various kinds of leisure food, Lyfen captures the consumption habits of consumers, timely launches new products in line with consumers' preferences, and leads the consumption trend. Its main competitors include other leading enterprises in China's leisure food chain industry, such as Three Squirrels, BESTORE and Baiweilin. The company's products are mainly divided into nine categories, totaling more than 900 special products. Some products under Lyfen's name have established good reputation in East China. Regarding business model, Lyfen has devoted its full energy to the construction of brand and channel, and created a unique asset-light model, which mainly involves sourcing and sales two chains.

As the operational entity of China Yiwu Commodity Market, Yiwugou is designed to integrate online and offline business to upgrade the physical market by relying on and serving the physical market. It aims to highlight Yiwu Market where every physical shop is related to an online shop, thus protecting honest trade. The strong support from more than 70,000 physical shops owned by Yiwugou ensures the first-hand supply that poses a problem for most e-commerce merchants, and equips Yiwugou with competitive advantage. In terms of marketing, Yiwugou is now aiming at commodity markets across the country through the “Center Plan”, and advertising in public space such as airports. Relying on physical market, Yiwugou Hall distributes commodities with Yiwu's features and superior sources of goods to other places, and connects local market players to Yiwu market, establishing an unobstructed supply channel.

The case study will help to learn about the importance of pre-sanction precautionary measures before lending to self-help groups (SHGs), to learn about the potential lapses and errors while sanctioning SHG finance and to learn about the importance of bank’s guidelines and compliance before sanctioning loans.

This case study details the tenure of Seema in a rural branch of Safe Bank of India located in Haryana which she joined as a manager in the year 2016. She overachieved the target given by the district collector office, and going by the tide, she kept her reliance on the references provided by non-government organization (NGO) without complying the bank’s instructions. She committed errors while sanctioning the loans, which led towards the upsurge of non-performing assets of the branch. Later on, after investigation it was discovered that she did not follow fundamental bank’s instructions. In wake of those lapses and errors, how she could have avoided those lapses and secure the public money? What were the most important documents while granting agriculture finance and what due diligence she should have taken? How did she treat calls from the government departments? Was she right in trusting the suggestions of the NGO?

This case study caters to students of various streams, namely, management, business administration and law, and can be targeted at both undergraduate and postgraduate students. It could be suitable for several types of courses and students. Furthermore, this case study can also be targeted for various training programmes for bank employees and employees of various lending institutions engaged in agriculture finance and credit linkage programmes.

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CSS 1: Accounting and finance.

In the light of the case study and the accompanying case study questions, the incumbent would be able to gain a comprehensive understanding on the theoretical underpinnings of retail store expansion, identify the challenges for expanding a brand into emerging markets such as India and apply various marketing strategies aimed at in-depth analysis retail expansion. Learners can further comprehend the importance of brand communication incorporated by the brand to attract its customer subset.

It was in December 2022, when Mason Chatterjee, the Indian brand head of Armani Exchange (A|X), was confronted with the managerial dilemma whether launching the second store in the city of Ahmedabad would be a right decision. Another issue that was troubling him was how to go about launching a second store in a city which was not a home to other luxury sublabels. The case study illustrates the decisional aspect of retail expansion adopted by Chatterjee, considering the distinct managerial perspectives. Chatterjee found potential in the city of Ahmedabad, owing to an increased number of high-net-worth individuals and other macro factors. The case study is primarily an outcome of research carried out at A|X store at Ahmedabad One mall, Ahmedabad, for over a fortnight in the month of February 2023. The expansion decision of Chatterjee proved to be a success in the city of Ahmedabad reaching a sales figure of INR 1 crore (US$130,344.11) in the very first month of its launch. However, he was confronted with the managerial dilemma of further expansion, just six months after the launch of the latest expansion.

The case study is intended for advanced undergraduates or postgraduate programs in management or electives such as marketing, retail management and strategic management. It has not only been specifically designed for teaching the concept of retail expansion but can also be used to integrate contexts on brand’s merchandise mix, retail positioning, visual merchandising and brand communication. The case study has an overview of each of these elements. The instructor may choose them into the context for a wider encompassing detailed lesson or particularly on the main aspect of the case.

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CSS8: Marketing

Upon completion of the case study, the students will be able to apply business upscaling strategies to an upcycling social enterprise that is embracing a circular economy approach by using the Ansoff growth matrix; to analyze strategies for transition to circularity using the butterfly diagram tool for both business and personal use; to indulge in upcycling exercises for a used product of their choice, not only unleashing their creative potential but also contributing to an idea that might get them to win a contest; to analyze different operational problems and efficiency opportunities that arise when a company takes on social and environmental causes as a business opportunity; and to strategize how a social enterprise can be sustained and made for-profit by applying business strategies.

This case study covers the concepts of upcycling under the gamut of circular economy, a concept that has become more of a strategy to sustain and survive in today’s world. This case is about Rimagined, an upcycling company that could be a model for circular ideas and upcycling of stuff. This case study narrates the growth and the challenges faced in upcycling and encourages students to ideate a new design for any upcycling item of their choice. This case will also make students strategize the expansion plan for Rimagined. Shailaja Rangarajan is the protagonist of this case study who started this social enterprise to make a difference and do her bit. Sustaining a social enterprise requires business acumen and risk-bearing capacities like any other business. Rangarajan was facing the dilemma of expansion and was trying out several feasible options. Rimagined had been unable to attract investors because their expectations of quick returns could not be immediately fulfilled. Investors focused more on waste management as an industry and not on upcycling as a separate area of work.

This case study is suitable for students of MBA or executive MBA level. Specifically, this case study can be used in business strategies and circular economy courses.

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CSS 4: Environmental management.

After completion of the case study, students will be able to analyze the marketing mix strategy of a firm, discuss the importance of a generic strategy to gain a competitive advantage, analyze the basis of consumer segmentation in furniture and highlight the importance of positioning in influencing the overall marketing mix strategy of a firm.

It was April 18, 2022. Puneet Singh Seehra (Seehra), the owner and director of Shearling Skins Private Limited (Shearling), was visibly worried as he was looking at the recent sales report. Shearling was in the business of manufacturing premium-quality furniture for corporate clients. Seehra was happy about the growth of his company. However, he was lately concerned about the declining sales figures. Some important questions were troubling Seehra. Was competition eating into his business? How could he differentiate Shearling from competition? What was the right marketing strategy for a market dominated by unorganized competitors and a few major players? His head spinning, he leaned back on his chair as he looked out of his office window.

The case study can be taught in a graduate-level course in marketing or strategy.

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CSS: 8 Marketing

The case study has several objectives: to gauge the evaluation of the direct-to-consumer industry in the economy of India, to analyse the competition of the brands, to ascertain the evolution of smaller direct-to-consumer (DTC) brands on the purchasing capacity of consumers, to analyse challenges in branding in Tier 2 and 3 cities and to evaluate the strategic branding decisions of Mamaearth.

During her pregnancy, Ghazal Alagh and her husband Varun Alagh, the co-founders of Mamaearth, were looking for some good and natural products for their baby’s skincare. However, she could not find products that were 100% safe. Hence, as a concerned mother, she started using a few hands-on home remedies for her baby, which were 100% organic, and then the idea clicked to her to start a baby care brand named Mamaearth, which later also included personal care products. The company started as a DTC/internet-first brand in 2016, which only used to sell products online without any intermediaries when it was still trying to make its way in the market and was aware of the stiff competition by giants such as Hindustan Unilever and Proctor & Gamble, who were ruling the market for decades. When the COVID-19 pandemic hit, the market saw a shift in consumer buying patterns. There was greater use of e-commerce touch points for shopping, as various digital platforms such as the official site of products, social media and mobile platforms were used by consumers during the pandemic, leading to digitalization in buying and digitalization of consumer shopping journey. These technology platforms were expected to play a substantial role in reaching and creating consumer awareness, transaction and retention post-COVID according to reports by Deloitte 2020. Moreover, such a shift in behaviour amidst the COVID-19 pandemic shot up sales of this DTC brand and made itself the big shot it is today, where they were looking to get into an initial public offering in just seven years of its launch. They re-evaluated their strategy, which helped them become the biggest brand in no time.

This case study is suitable for Doctor of Philosophy students.

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CSS 8: Marketing.

An instructor engaged students in managing and reporting sustainability initiatives at an organisation. After completion of the case study discussion, the students will be able to critique the sustainability initiatives that can be undertaken at an organisation; understand sustainability reporting; analyse how result-based management aids in sustainability report preparation; recommend critical considerations for conducting a sustainability impact assessment by an educational institute.

The case contributed to the growing knowledge base about reporting sustainability initiatives at an organisation and managing them to aid in decision-making. The case called for better integration between sustainability activities and reporting under organisations’ Sustainable Development Goals (SDGs) or environmental, social and governance (ESG) reporting.

Ajay served as the head of the management department and a leading member of the sustainability initiatives at University Alpha, Delhi NCR, India. He was assigned the task of publishing the university’s annual report. The management had requested him to consider preparing a standalone sustainability report for the university.

He began the task by examining the benefits of standalone sustainability reporting. He proceeded to analyse the specifics of SDG reporting, SDG Accord reporting and ESG reporting using the Global Reporting Initiative guidelines. During discussions with a consultant, the necessary steps for creating an SDG-only report and an integrated SDG and ESG sustainability report were clarified.

Guidance from an expert led to an intention to use a result matrix in preparing the sustainability report and ongoing impact assessment of SDG initiatives for reporting. The dilemma involved deciding between continuing with the sustainability initiative listing in the annual reports or opting for a standalone sustainability report. Critical considerations concerning the sustainability impact assessment of SDG-related activities at an educational organisation were also explored.

This case is intended for discussion in the graduate-level program in strategy, general management, sustainability management, environmental management and environmental economics. The case may also be used for participants in executive program.

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CSS 4: Environmental Management.

Upon completion of the case study, the students will be able to conceptualize the importance of brand differentiation; suggest the implications of brand differentiation in the context of the traditional Chikan art form; examine the aspect of a brand’s product portfolio management; and critically analyse the competitive advantages of the brand using the VRIO framework.

The Chikankari art form gained worldwide recognition. In fact, it also received a geographical indication (GI) tag which is important for international branding. The case is centred around an entrepreneur, Mr. Vinod Punjabi, who redefined the essence of the existing Chikan art form by value addition in terms of intricate designs, patterns and exclusivity. He founded the brand Ada in 2015 aimed at preserving the traditional art form while curating elegance and exclusivity in its product portfolio. The case outlined Punjabi’s journey. The protagonist carefully analysed the open and unorganized Chikankari market and adopted the strategy of brand differentiation to stand apart from the competitors. Punjabi’s daughter, the chief operations officer of Ada, described the aspects. The journey was arduous, but over the years, Ada emerged as a successful name in the Chikankari market. The brand’s intent of becoming synonymous with Chikankari was successful owing to its authentic and exclusive hand-crafted products in the competitive environment of machine-made replicas. Furthermore, the brand also consistently worked on the aesthetic appearance of its store to attract a wide range of customers. Punjabi ensured that the brand was an amalgamation of all the essential elements for its survival in the long run.

The case is aimed for students pursuing bachelor’s and master’s degrees in business administration/diploma in management, marketing and entrepreneurship. Furthermore, it will assist the management trainees in gaining valuable insights.

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CSS 8: Marketing.

This case study aims to stimulate the students’ thoughts about the introduction of sustainability and its importance in the travel and tourism industry and introduce the concept of resilience and building of dynamic capability of a venture from the perspective of an entrepreneur.

Established in 2009, India Someday was a fledgling travel company based in Mumbai, India. The team comprised passionate travellers who provided planning assistance for those willing to explore India independently. The company offered customised, personalised and tailor-made trips to create a memorable travel experience for travellers with differing budgets and age groups. Upon the launch of Asia Someday, an extension of the travel venture India Someday, Mr Asif Munshi shared a moment of relief as he shook hands with his co-founder, Mr Harsh Shirodkar. The pandemic significantly impacted the tourism industry, yet it fortified their entrepreneurial spirit and inspired them to bounce back with a dynamic and vigorous comeback and further strengthened the foundation of the endeavour. The expansion of their entrepreneurial venture marked the initiation of the second innings of their enterprise. Although the company had managed to stay afloat because of savings, it was soon depleted. But the withdrawal of the no-fly list and the gradual opening of borders brought a ray of hope for India Someday. Munshi was preoccupied with his thoughts about the future steps of his dream venture. With emails from his previous clients regarding travel plans to India, he could see that the prior impact of India Someday had not gone in vain. Although relieved with the commencement of people travelling, the future was uncertain and the founders knew that they had to be prepared to successfully operate their venture.

Tourism and hospitality courses/entrepreneur courses

Beginner

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CSS 12: Tourism and hospitality.

After completion of the case study, students will be able to understand the concept of clustering and identify clusters for improving capacity utilization, analyse transport routes to optimize logistics resources, analyse the impact of a full truckload on resource optimization, evaluate unused capacity and ascertain the impact of reverse milk run to reduce the same and apply clustering and reverse milk run to optimize the logistics resources.

The case study is about a freight forwarding company that offered end-to-end logistics solutions for the exporters based in India. Within a short time span, the company became one of the sought-after service providers for its clients. However, when the company planned to expand its business by expanding its client base, the efficiencies reduced and hurt the profitability of the company. It was all excellent with the limited number of clients, but as the number of distantly located clients surged, the operating costs increased. Trucks were running with partial loads, thus reducing efficiency. The rate of increase in cost surpassed the rate of revenue every time. The cost per mile of transportation was on the rise. The surging fuel prices were adding to the heat. In spite of being one of the first choices for clients, the company could not generate good profit margins. If they chose to increase prices, the company would have lost customers to the cheaper unorganized players in the market. It was time to choose between growth and survival. The company could not sustain itself without devising a mechanism to reduce costs. The company would not have sustained itself without devising a mechanism to reduce costs. To sustain in the business, the company had to device a mechanism to reduce costs. Whether to continue operating the conventional way or to transform? Was there a logistics strategy that would have improved transportation efficiency and reduced the costs for the company?

The case study is suitable for teaching post-graduate management courses in operations and logistics, supply chain management and supply chain analytics, as well as entrepreneurship-related courses.

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CCS 9: Operations and logistics.

This case study is designed to enable students to formulate the strategic planning process in relation to an organization’s resources; assess the critical tasks required for the company’s business planning for growth and market expansion; and examine the importance of the value delivery process for the company, its customer and its employees. At the end of the case discussion, students will learn how to plan their business in an emerging market by using their existing resources, where the business stands at present and where it may go in the coming future.

The case study discusses how Byju’s, an Indian multinational educational technology company, revolutionized student learning programs through its innovative strategic implementation. It explores the company’s growth and expansion strategy by considering a strength, weakness, opportunity and threats analysis. It elaborates on how Byju’s acquired various companies in India and other countries to become an international technology-based educational brand with 150 million users in 2022. The case study also highlights the marketing and promotional strategy used by the company on online and offline platforms. The case study elaborates on the value delivery process and its importance for customer and employee satisfaction. Despite its success in the Indian market, Byju’s faced tough challenges in the US and European markets, such as lower-than-expected growth rates and lower subscription numbers, even though it followed the same strategy as in the Indian market. The acquisition and celebrity strategy works in emerging economies such as India but not in developed countries. The company’s return on investment was down owing to the high costs it had incurred over the years on market acquisitions and marketing promotions. The growing competition was also expected to bring more challenges for Byju’s. New players such as Tata Studi and YouTube planned to enter the market. Byju Raveendran and his management group had to decide whether to maintain or change the current market offering to reflect market developments to satisfy their customers and employees. They also had to determine whether the main components of the marketing strategy, such as the company’s ongoing value delivery process and ongoing strategy toward the target audience, partners and rivals, are advantageous to the firm or not. The team was in dilemma whether the marketing planning process was going in the right direction and how to make all elements of its businesses more efficient in dealing with the issues. Raveendran kept asking questions about to what extent it is still possible to alter the marketing plan.

The case study is appropriate for discussion in courses such as marketing management, service marketing and strategic marketing management, whether they are part of an undergraduate program (Bachelor of Business Administration [BBA]), a postgraduate program in business management (Master of Business Administration [MBA]) or an executive-level program (executive MBA). The breadth of business topics addressed and the intricacy of the scenario make this case study best suited to be used after the semester as either a culminating project or as a seminar discussion for undergraduates (BBA). The case study can also be discussed in the marketing management course (graduation level) under the marketing and service strategy chapters.

CSS8: Marketing

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This case study covers marketing concepts, including marketing mix, segmentation, targeting and brand positioning and communication. After completion of the case study, the students will be able to understand the importance of segmentation and targeting; recognize the differences between business-to-business (B2B) and business-to-customers (B2C) segments; gain knowledge about the points of parity and points of difference while positioning; and examine the elements of a marketing mix.

The case centered around Mr. Ashvinder Singh, founder and director of Uni Style Image (USI), who initiated the polo T-shirt business in 1990 in Okhla, Delhi. The brand expanded across the country, but from 2010, USI faced fluctuating demand due to the rise of online marketing and intense competition from global fashion brands. Revenues dropped massively, leading to a significant downsizing from over 300 employees to just 11 by the end of fiscal year 2016–2017. In 2018, Singh explored the B2B model; however, the onset of the COVID-19 pandemic in 2020 impacted many small- and mid-sized apparel businesses, including USI. In the fiscal year 2021–2022, the B2B segment accounted for 90% of total revenue, but the business size could not cover significant operating expenses. Despite only 10% of revenue coming from the B2C segment, Singh wanted to leverage the online space. In September 2022, Singh closed his factory in Noida, National Capital Region, Delhi. Amid the uncertainty, Singh explored various opportunities in the Indian market. In 2023, he even engaged a consultancy for expertise in marketing initiatives. He had to choose the target segment/s, develop a positioning strategy and create an effective marketing mix with very limited resources.

This case is designed for undergraduate and postgraduate students, offering a valuable teaching tool for essential marketing concepts, such as the marketing mix, segmentation, positioning and brand communication. It can be used in both core marketing courses and elective courses like brand management, consumer behavior and integrated marketing communication. The decision dilemma presented in the case enriches the understanding of these concepts, making it a valuable resource for marketing education.

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CSS 8: Marketing.

Madan Mohanka set up Tega Industries Ltd in 1976 to manufacture abrasion-resistant rubber mill lining products used in the mining and mineral processing industries. In 2006, as part of its inorganic expansion strategy, Tega bought a mill-liner company in South Africa. Buoyed by this growth, two acquisitions were made in Australia and Chile in the year 2011. However, post-acquisition, several managerial, legal and commercial problems crept up in its manufacturing facilities in Chile, leading to financial downturn in Tega's fortunes in 2016 and compelling it to either plan a revival or divest its interest in its Chilean Plant.

What started as a FMCG distributor in 1967 in Kenya as Export Finance Company, is now a dynamic global conglomerate across 48 countries and 5 continents — Export Trading Group. ETG was taken over by the then CFO Mahesh Patel after exit of the founding stakeholders. It was then when the company shifted its focus to being a key regional player. In the next 35 years, the company grew systematically. Business focus evolved when Patel saw an opportunity in logistics in remote sub-Saharan Africa. This was followed by business expansion with supply chain diversification and significant infrastructure investments. All the different businesses amalgamated under a single group for better operations and ease of scaling up. They were later divided into six separate verticals for better management. Vamara (FMCG vertical) was launched in 2018 as the company moved towards digitalisation — externally and internally. ETG plans to focus on new business opportunities and continue to diversify across geographies and portfolios.

Jarsh Safety received an order of 500 units of its Model S helmet. However, the order must be delivered within 15 days. Jarsh Safety was founded by three engineering college peers, who conceptualized air-conditioned, industrial safety helmets. This innovative revolutionary product offered industrial workers not only safety but aesthetics and comfort. The founders hoped that the product could change the perception of safety helmets from mandatory wear to desired wear. The case details the production process, staffing, raw material required and procurement lead time.

This case describes the growth of ReNew Power during its first decade of operation. Sumant Sinha, a first-generation entrepreneur and former banker, founded the company, which grew from a modest generator-cum-developer of wind energy-based electricity to one of India's largest companies in the renewable energy sector. With the entry of large, well-funded players such as Tata Power and Adani Green into the Indian renewable sector by the end of 2020, Sinha had to make a strategic decision: should ReNew continue to organically scale up its presence in an increasingly competitive yet expanding Indian renewable energy sector, should it diversify geographically, or should it pursue emerging opportunities for vertical or horizontal integration within the sector? The case provides an opportunity to discuss how alternative business models and competitive scenarios may facilitate or inhibit the growth of a player in the renewable energy sector.

Sunit Raj was the Vice President, Marketing of Schematic Software Company (SSC), a Software-as-a-Service (SaaS) company. He was pondering how to preserve the company's growth momentum it had achieved over the last few years. In the third quarter of 2021, the company's valuation reached USD 25 billion, representing a year-over-year gain of 50%. Within 12 years of operation, it had over 50,000 employees worldwide and over 100,000 paying customers in more than 150 countries. Raj had to decide the company's future direction among new territories, buyer segments and product categories that would bring revenue and aid in sustaining its growth.

Indian Railways (IR) has been slow in innovation. The competition from other modes of transport has posed new challenges to IR. Railways worldwide have taken help from startups to develop innovative solutions to improve railway operations. Such collaborations have helped in leveraging the technical expertise of startups in domains which are non-conventional for railways to develop in-house. These collaborations have been made possible by funding startups through various investment channels.

The case study aims to provide students with an understanding of the challenges businesses face expanding into the home market after having an international presence through exports. It also throws light on operations in an emerging market economy – both rural and urban. The key objectives are to understand the leather footwear business operation in India, understand the challenges of expanding business in India, analyse strategies adopted to sustain and compete in India and identify the possible distribution strategies for the leather footwear business in India.

The case study focuses on Tata International Limited’s (TIL) leather and leather products business in India. The leather and leather products division was present in India since 1973 (Anand, 2020) and exported to more than 35 countries across the world (Anand, 2020). TIL did not want to miss the opportunity available in India and planned to expand its leather footwear business in the country. The company opened retail outlets in major Indian cities and an experience store in Dewas (Madhya Pradesh) in 2019. It aimed for a domestic presence along with the existing export business. However, the biggest challenge that was in front of V. Muthukumaran, head of leather products division at TIL, was how to go ahead with the idea of domestic expansion (Anand, 2020). Should the company expand the market through sister companies (Westside and Tata CliQ) in India? How and in what way should TIL plan for going through Westside and Tata CLiQ? Should Muthukumaran think of either the brick-and-mortar route or the online route or both?

This case study is designed for use in undergraduate and graduate early-stage programmes. This case study is primarily designed for use in Master of Business Administration and/or Bachelor of Business Administration programmes. The case study is ideal for courses on understanding the expansion in the domestic market, strategy, retail and international marketing. The teaching note discusses theoretical frameworks such as external environment analysis and SWOT analysis to devise distribution strategies. The case study mapped the distribution channel and decision alternatives for the company.

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CSS 8: Marketing.

This case study exposes students to conflicts with distributors, escalated scenarios of a trade association and the possible repercussions of such a scenario. Upon completion of this case study, the students will be able to understand the critical success factors for a distribution setup and alignment of channels for driving growth; understand and manage the power dynamics with a stakeholder, like trade associations, distribution reach, fallacies in managing the distributors and identifying the gaps; critically evaluate negotiation opportunities when a trade association is not directly related to the principal organization.

This case study showcased a conflict between the distributor and Universal Heater Industries (UHI), a leading player in the water heater business in India. In 2015, the global leadership of UHI identified India as an emerging market and undertook a complete management overhaul to implement a new growth plan. Several measures were put in place that leveraged the global product portfolio and new people were appointed to push the agenda. Manish Singhal, the national sales head of UHI, selected Kerala as the pilot state to implement the new plan. However, the projects failed, as the distributor escalated the treatment meted out by UHI to the Electrical Trade Association (ETA). Trade associations have had a history of playing truant with players like UHI, and because of this, business came to a complete halt. The UHI and ETA teams met once; however, the suggested closure by ETA needed to be aligned with UHI’s interests. Singhal’s dilemma deepened, and they had to decide the next steps.

This case study is suitable for a postgraduate marketing course in a segment on managing channels, intermediaries, distribution management and channel conflicts. The uniqueness of this case is in the dimension of the trade association and managing the stakeholders.

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CSS8: Marketing.

Upon completion of the case study, the students will be able to analyze the brand equity construct through the associative neural network model for decision-making; identify prospective scenarios through the Delphi method for the construction of strategic plans in organizations; and propose the innovation of a product by applying creativity techniques to enter international markets.

Cafe Galavis was one of the leading family businesses in industrial development and had the highest business recognition, with a century of experience in producing and commercializing roasted and ground coffee in Cucuta, Colombia. In 2015, the diplomatic crisis between the governments of Colombia and Venezuela led to the indefinite closure of the Colombian–Venezuelan border, which caused an increase in income from smuggled coffee. In addition, the presence of different competitors and traditional brands negatively impacted the level of sales, which considerably affected financial stability. Likewise, internal difficulties of family nature and administrative management led to the change of senior management. By 2016, Juan Yáñez was appointed chief executive officer (CEO) and was in charge of avoiding the company’s closure. In January 2023, he received feedback from his consulting team, and upon evaluation of the new market challenges with his collaborators, he realized a great challenge that merited the search for a priority alternative solution. How to design a new product considering the loss of brand identity in the face of the generational change of its consumers? These were some of the challenges posed by the CEO that consequently required starting a strategic management process of innovation.

The teaching case is aimed at students of postgraduate academic programs in the areas of knowledge of innovation, product design, industrial design, marketing or MBA. In the modules of marketing, strategic management, brand management and strategic foresight, the case allowed for the orientation of the concepts of brand value or branding as well as the analysis of the value chain for the implementation of strategies that promote competitive advantages of companies. Similarly, in the modules of product or service design, creativity and innovation and complex thinking, the case allows one to approach a complex problem and apply creativity techniques for its solution.

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CSS: 8 Marketing.

Nicolas Dupont, the owner of Chateau de Montana, a struggling (and old) boutique hotel in Crans-Montana Ski Resort, Switzerland, wished to renovate and reposition his family-owned hotel to target higher room rates. Dupont commissioned Olga Mitireva and Yulia Belopilskaya as consultants to assess the proposition. The consultants had to extract cues for the room rate of the repositioned hotel from comparable hotels. However, the room rates varied significantly across similar hotels due to their differing characteristics and locations. It was a cognitive challenge to read the patterns from a few comparable hotels. They collected the data of 200 hotels from similar locations and simulated room prices using hedonic regression models.

Midway through construction, a hotel developer realised that costs had risen too much to be feasible for equity capital. They repositioned the asset as a ResiTel wherein each suite would be sold as a condominium unit to retail buyers. This called for setting up two separate entities: one (PropCo) for asset management and the other (LeaseCo) for operating the hotel. Unit owners would earn a regular share of hotel income. The lenders protected additional sale-risk by more conservative loan terms. The developer must analyse the feasibility of the repositioned asset.

Upon completion of the case study, the students will be able to understand brand differentiation and marketing challenges faced by small businesses in emerging markets; recognize the significance of marketing strategies for a growing business in emerging markets; assimilate paid, owned and earned media to improvise the effectiveness of firm’s communication and digital marketing strategy; analyze the relevance of social media marketing in developing a brand; and create a content marketing strategy.

The case dilemma involved a possible course of action that Fusion Creations faced at the beginning of 2022 about marketing strategies across paid, earned and owned media. “Fusion Creations” was the creation of two sisters who were avid cake bakers since young age. They identified the demand for homemade cakes and the growing number of home bakers in India. It was during the Covid-19 pandemic that they faced challenges in terms of lockdown and scarcity of supply for baking essentials. Moreover, although the pandemic had brought most sections of the society worldwide to a standstill, home bakers were thriving. After the pandemic, these home bakers turned their passion into full-time profession. It was time for the sisters to view this stage as a challenge because of competition from aspiring entrepreneurs and rising home bakers, and convert it into an opportunity. Can Fusion Creation leverage the online social media platforms for their product sales and marketing? With presence established on various social media platforms, were they doing it right, or was there a better way? A few questions lay in front of Chaitali and Kena, owners and bakers of Fusion Creations.

This case is written for use in digital and social media marketing classes for graduation-level courses. The focus of the case aligns well with discussions of digital and social media marketing strategy. The case also has application in discussions regarding implementation of digital marketing strategy. Instructors that choose to emphasize social media strategies could assign this case to explore online marketing and digital communication.

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CSS8: Marketing.

Emami is facing the heat from activist-consumers as well as its competitors. Competitors have renamed their cosmetic products by dropping the controversial word ‘fair.’ This was in response to the Black Lives Movement that erupted in the United States in May 2020. However, the movement against fairness is somewhat muted in India and is mostly occurring amongst urban, highly educated, younger cohort who are unlikely to be the users of the product anyway. The significant consumer base yearns for fairness and is willing to spend money on products which help them achieve the same. In such a scenario, how should Emami respond to competitor actions and consumer-activist pressure?

The case provides an opportunity to discuss the significance of the brand name, role of advertising and gender stereotypes.

After completion of the case study, the students will be able to understand the calculation of cost of individual sources of funds and cost of capital, examine various tools such as economic value added and cash value added analyses which help determining whether a company has added value to its shareholders or not and explore the application of Benford’s law and the Beneish M-score in detecting manipulation of numbers in financial statements.

Nimmy Jacob, a newly recruited research analyst with an equity research firm, was entrusted with tracking the “auto ancillary industry”, specifically “Minda Corporation Ltd” (MIL). MIL was a leading diversified auto components manufacturing companies in India. The company’s share price meteorically rose during February 2021–2022 (Figure 1). The company’s turnover over the past few years had grown at a compounded annual growth rate of 15% during the three preceding years. The company had in the recent past bought a 15% stake in another competitor, Pricol Ltd, for a consideration of INR 400 crores and previously had used joint ventures and acquisitions to scale up its operations. Jacob, apart from the conventional financial analysis, had to ascertain whether all the strategic decisions were adding value to the shareholders’ investments by exploring the various tools available for the same and also calculate the minimum expected rate of return for MIL. Jacob was apprehensive about the financial statements, although the numbers for the company were good. Jacob was skeptical about a high-growth company having the incentive to manipulate its earnings. Manipulations could be in the form of abnormal increase in accruals, inconsistency in expenses and high days of receivables. Therefore, Jacobs used certain analytics/statistical tools to detect any manipulation of numbers in the financial statements of the company and to ascertain apt findings about the company.

This case study is intended for discussion in corporate finance, financial reporting and analysis and financial analytics at Master of Business Administration/undergraduate level.

Teaching notes are available for educators only.

CSS1: Accounting and finance

Upon completion of this case study, students will be able to identify the key changes in the marketing environment affecting the industry, demonstrate the elements of the marketing mix in the fast-food industry, illustrate the crucial elements of customer value-driven marketing strategy, critique relevant marketing strategies that are crucial for business development and formulate effective market expansion strategies for Al-Chef Cafetaria to achieve sustainable competitive advantage in the VUCA world.

The Al-Chef Cafeteria, established by Ali Arif, one of the partners, became one of the most happening quick service restaurants (QSRs) in Patna. However, the outbreak of the COVID-19 pandemic disrupted the once-thriving fast-food market in the city as the government imposed lockdowns to restrict the onslaught of the pandemic. The relentless waves of the pandemic in the subsequent months severely impacted India and worsened the economic challenges. Consumer behaviour towards outdoor eateries, especially QSRs, became uncertain, which led to the exit of several smaller players in the industry. In June 2021, because of an uncertain future, Arif was forced to contemplate different business trajectories for survival and growth. Arif’s resilience was highlighted, as he endeavoured to revive his dream cafe. To start the café, Arif had quit a stable job in the Middle East. His journey mirrored the broader narrative of businesses navigating uncharted waters as the cafe transformed from a flourishing enterprise to one reeling from adversity and looking forward to undergoing a strategist lens for revival. Against an uncertain business landscape and wavering consumer sentiment, Arif grappled with the question of whether a return to normalcy was possible or if a new-normal system would emerge. This case study highlighted the challenges and uncertainties faced by the Al-Chef Cafeteria post-pandemic and the strategies needed to rewire the previous business model to chart a new growth trajectory.

This case is suitable for postgraduate-level marketing management or sales management (business development) courses in any of the following programmes: MBA programme, PG diploma in marketing management/PG diploma in hospitality and tourism management/PG diploma in sales management/PG diploma in food and beverage service/PG diploma in service management, part-time diploma programmes in management and executive programmes in management.

Teaching notes are available for educators only.

CSS 8: Marketing.

On May 27, 2020, a blowout occurred in Well No. 5 at Baghjan (Assam); the well, owned by Oil India Ltd., caught fire on June 9, 2020. For almost five and a half months, the company tried to douse the 200-foot high flame but failed to do so. Finally, on Day 173, Oil India Ltd succeeded in capping the well. Biswajit Roy, Director (Human Resources and Business Development), was tasked with investigating the nature and cause of the crisis. Roy pondered on the nature of the crisis: Had it been purely technical or stakeholder-induced? What had led to the chaotic condition? Could things have been done differently?

BotGo was started in 2007 by Ravi Panchal, an engineer, after he lost motivation to continue at a managerial role at his job. A hands-on technical person, Panchal was inspired to create an underwater tank-cleaning robot. He started BotGo by bootstrapping it with his savings and roped in his friends for key positions in the company. He also started workshops for robotics education in colleges in order to sustain the company; he called this initiative BotLearn. In 2009, BotGo was incubated and Panchal started franchises for BotLearn as part of his growth plans. This led to a crisis within the company, escalating to a point where Panchal was forced to consider options.

This case highlights the importance of a product-to-market fit and examines the decision to franchise in view of the case facts. The case also points towards the mistakes in crisis management, with particular emphasis on channel management.

Towards the end of the case, Panchal is faced with a dilemma on whether to continue with the franchises or close them down. The dilemma is further accentuated since Panchal's decision would ultimately affect the growth of BotGo as well as directly challenge his intention to franchise.

On completion of this case study, students will be able to understand collaboration and synergy between farmers and organisations through value creation, like fundraising, based on the comprehension of the resource-based theory; understand the overview and concept of the value chain and supply chain management in the agribusiness to reduce costs of inventories; understand the concept of segmentation and positioning to increase revenue for organisations by leveraging existing resources – human and financial; and understand the branding strategy to create a sustainable competitive advantage for Suguna Foods.

Suguna was started by two brothers, B. Soundararajan and G.B. Sundararajan, to help other farmers. Suguna, with just 200 broilers in 1984, grew to be the number 1 poultry company across India. Soundararajan was a pioneer and innovator who started “contract farming” in India in 1991. This model helped both the farmers and the company to became successful. The farmers always struggled to pay the cost of feed and other materials, as credit was not readily and easily available from financial institutions. Suguna helped farmers by providing feed, medicines, etc., free of cost in return for the good rearing of chickens. Because of the success of this venture, they decided to continue with it. Today, Suguna is a successful company that sells chicken, eggs and processed meat. They modernised the retail chain to supply consumers with fresh, healthy and hygienic meat. Suguna’s vision was to “Energize rural India” by helping farmers succeed. They helped over 40,000 farmers from 15,000+ villages in 18+ Indian states. Although the growth helped both farmers and Suguna, the increased cost of raw materials for Suguna and increased input costs/power costs for farmers had to be tackled on a war footing so that both could have good income despite the increased inflation. Moreover, the retail price of live chicken was more or less stagnant in the past five years, especially after the start of the COVID-19 pandemic.

This case can be used as the basis for a 90-min class discussion. This case study is suitable for use in an master of business administration course module or in an executive education program on developing an understanding of value creation in the business model in a rural market and also how the supply chain works. This case study can also be used to teach pricing, segmentation in marketing and supply chain perspectives and decision-making skills.

Teaching notes are available for educators only.

CSS8: Marketing.

This short case provides income statements and balance sheets for a recent year for 7 Indian firms from 7 industries in Exhibits 1 and 2. These firms belong to the following industries.1 Airline2. Banking 3. Information Technology Services 4. Liqour Producer 5. Oild Exploration and Development 6. Pharmaceutical 7. Retail. The task before the students is to evaluate the financial statements given in the exhibits and identify the appropriate industry for each firm.

After completion of the case study, the students will be able to appreciate and understand why brands are an essential asset to the company and how they can enhance business value, understand the factors needed to grow brands in the growth stages and evaluate the choices that start-up companies have to grow their brand in competitive and growing markets.

Mamaearth was born as a direct-to-consumer brand in 2016 by a couple who could not find chemical-free, safe products for their child. The company that introduced as a baby-care brand soon consolidated itself to play in the space of personal care category (targeting millennials), and by 2020, it was earning majority of its revenue from skincare. It started by leveraging the power of social media space and online commerce and slowly moved to be a national brand with offline footprint and mass-media communication. In its growth journey, it acquired many brands and launched a few to cater to the specialized needs of its target audience. As the company grew, attracted impressive investors and started clocking profits, it aspired for an initial public offering (IPO). Varun and Ghazal Alagh, the founders of Mamaearth, knew that to refloat an IPO and to grow the company further, they needed to redefine their portfolio and marketing strategy. They had a choice to either invest in building a broader portfolio – organically or inorganically – or expand across geographies. Both were an option, albeit expensive, which could cost Mamaearth its profitability.

This case is intended for discussion in undergraduate and graduate management courses.

Teaching notes are available for educators only.

CSS 8: Marketing.

Milaap is a popular medical crowdfunding platform in India, enabling interaction between those who want to raise funds and those who want to donate. To achieve the critical mass Milaap had to increase the trust among the donors and ensure a higher success rate of the campaigns. Milaap provided two types of services: Do it Yourself (DIY), and Supported Campaign (SC). Milaap charged 5% of the raised amount from the DIY campaigns and 15% of the raised amount from the SC. Overall the chances of success were high in the SC. The case explores the dilemma of type of service to be prioritized.

The case on Moodcafe captures the journey of the start-up and its entrepreneurs from the beginning till the fund-raising stage. The case brings forth critical decisions that each entrepreneur or the team of co-founders have to address during their start-up journey. This short case gives opportunity to delve into two aspects mainly a) As a founder, which investor should one choose for seeking funds and what should be the terms and conditions of investment? and b) How can one review and assess the business model of a start-up?

After reading and analyzing the case study, the students would be able to understand the critical role of the International Financial Reporting Standards (IFRS)-compliant accounting principles in facilitating strategic alliances between publicly traded international corporations and emerging companies in informal business environments, design the company’s accounting system to ensure the application of the accounting standards contained in IFRS and understand the accounting process for properly recording a company’s transactions.

This case study deals with Giulia’s decision to take on the proposal of a conglomerate to acquire a 45% stake in her travel agency, Know Cuba First Travel Agency (KCF). Giulia was an Italian entrepreneur based in Havana, Cuba. She has dealt with informal business practices in the Cuban tourism industry. However, Foreign Investments Ltd., a publicly listed company, needs formal accounting if investing in the venture. If Giulia agrees with the proposal, an accounting information system would have to be implemented to comply with the investor’s requirements.

This case study is suitable for financial accounting undergraduate courses.

Teaching notes are available for educators only.

CSS 1: Accounting and finance.

Incorporated on February 18, 1959, Oil India Ltd. (OIL) was a leading public sector oil and gas company involved in the exploration, development, production and transportation of crude oil and natural gas in India. Since its inception, OIL had committed itself to being a socially responsible organisation in and around operational areas, particularly the north-eastern state of Assam where 90% of company operations were concentrated. Despite many successes, the “People's Company” continued to be a target for disgruntled local and student communities who frequently created operational hazards for the firm—from sit-ins and blockades to pilfering and disrupting production facilities. No less than 400 organisations, of which 50-60 had been consistently active, were currently in the forefront of demanding something from OIL. Many of these demands were beyond the purview of OIL's CSR policy and focus areas. Additionally, being a Public Sector Undertaking (PSU), OIL also faced multiple demands from the government. On February 16, 2019, news arrived that there was yet another blockade in Duliajan, Assam. What should OIL do to address and possibly mitigate operational interruptions?

The pandemic induced lockdown lead to supply and manufacturing disruptions that were swiftly dealt with by the Indian Pharma Industry through successful industry-government collaboration. By May 2020 production was back to normal and exports were higher than the same period in May 2019. The case deals with the processes that enabled this to happen, the policy responses and the changes that happened in the period from March 2020 to August 2020.

Kaleidofin was co-founded in 2017 by Puneet Gupta and Sucharita Mukherjee; former CFO and CEO of IFMR (Institute for Financial Management and Research) Holdings Pvt Ltd. As part of their roles at IFMR, Gupta and Mukherjee focused on designing products and developing technology to push for financial inclusion. In their field interactions, the co-founders had an epiphany of the challenges faced by people while trying to save towards important life goals. They saw an opportunity in the large segment of financially under-served people in India and quit their jobs to start Kaleidofin. Kaleidofin was conceptualised as a digital platform that offers customised financial solutions to help customers meet their life goals. The start-up partnered with mutual fund companies for solutions on one hand and network partners (NGOs, microfinance organizations, cooperative banks) on the other for access to their existing customers.

Kaleidofin grew from 50 customers in January 2018 to 15,000 customers by March 2019. Aiming to grow to 1 million customers in the next 30 months Kaleidofin faces a dilemma about its future course. The start-up could continue to grow by expanding its current target segment which is the low-income households and preserve its vision at the risk of increasing costs. The second option would be to look at other potential target segments, such as, middle-income households and risk diluting their vision. The case study highlights the unique customer-centric model of Kaleidofin and the need for start-ups to understand the value proposition of their products/services.

The case revolves around a critical incident that took place at an Indian pharmaceutical company, in which various stakeholders had very different perspectives regarding the nature, causes and consequences of the incident. By illustrating the contrasting perceptions of the same event, the authors have shed light on the nature of perception and perceptual processes, including cognitive biases and errors in human judgement. The case provides insights into how these manifest in the organisational context and how managers could be made more aware of them to avoid errors in judgment and make choices that are more informed.

This case describes the evolution of MHFC, a player in the Indian informal housing sector. As a new entrant offering micro home loans to the financially excluded lower income families of urban India in 2008, MHFC had grown to an annual number of 18,000 loans worth INR 8 billion with an average ticket size of INR 0.43 million (USD 6,000).

With a 53.5% purchasable equity stake in MHFC, Chopra and his team were left with certain decisions to make. Should the company on-board a new social investor? Or should it bring on the more readily available and capital-rich private equity investors interested in the lucrative prospects of the microfinance housing sector?

The case discusses two key objectives: (1) to understand the entire entrepreneurial journey of a group of entrepreneurs and how they plan to exit the venture, and (2) to enable classroom discussion on how to develop a business model from scratch, get it funded, achieve scale and then exit.

This case is the first of a three-part series that follows the managerial, strategic, and communications decisions of the Swachh Bharat Mission (SBM) or Clean India Mission, the flagship programme of the Government of India to eliminate the practice of open defecation (i.e., not using a toilet) from 2014 to 2019. As of 2014, 550 million people in India practiced open defecation. This problem posed a massive public health hazard and economic drag for the country as well as a threat to global health. Written from an insider's perspective, the cases centre on the decisions made by a new Secretary of the India's Ministry of Drinking Water and Sanitation, who was hired to manage SBM, and the team he assembled. Case A sets the stage for addressing open defecation in rural India and discusses the human resources and strategic challenges to implementing SBM from the vantage point of the new Secretary. It ends with strategic dilemmas related to what the new SBM team should do once they had sized up the challenges to eliminating open defecation by 2019. The case provides an opportunity to deliberate the managerial and strategic decisions of a globally relevant public behaviour change and rural infrastructure development program as well as different forms of public sector implementation in the Indian context.

This case is the second of a three-part series that follows the managerial, strategic, and communications decisions of the Swachh Bharat Mission (SBM) or Clean India Mission, the flagship programme of the Government of India to eliminate the practice of open defecation (i.e., not using a toilet) from 2014 to 2019. As of 2014, 550 million people in India practiced open defecation. This problem posed a massive public health hazard and economic drag for the country as well as a threat to global health. Written from an insider's perspective, the cases centre on the decisions made by a new Secretary of India's Ministry of Drinking Water and Sanitation, who was hired to manage SBM, and the team he assembled. Case B discusses the start-up challenges for SBM, including implementation in India's complex federal system, workplace culture, and the deep-rooted behaviour of open defecation in rural India and the managerial and communication strategies formulated to address them. The case concludes by framing the difficulties with slow-moving states and monitoring rigour that the leadership SBM, with a new team, strategic focus, and early momentum, faced as the mission entered its final two years.

This case is the second of a three-part series that follows the managerial, strategic, and communications decisions of the Swachh Bharat Mission (SBM) or Clean India Mission, the flagship programme of the Government of India to eliminate the practice of open defecation (i.e., not using a toilet) from 2014 to 2019. As of 2014, 550 million people in India practiced open defecation. This problem posed a massive public health hazard and economic drag for the country as well as a threat to global health. Written from an insider's perspective, the cases centre on the decisions made by a new Secretary of India's Ministry of Drinking Water and Sanitation, who was hired to manage SBM, and the team he assembled. Case B discusses the start-up challenges for SBM, including implementation in India's complex federal system, workplace culture, and the deep-rooted behaviour of open defecation in rural India and the managerial and communication strategies formulated to address them. The case concludes by framing the difficulties with slow-moving states and monitoring rigour that the leadership SBM, with a new team, strategic focus, and early momentum, faced as the mission entered its final two years.

The learning outcomes of this case study are to understand the business model canvas and value propositions and apply advanced business innovation tools in electric vehicle business models; evaluate the current cargo vehicle scenarios at national and global levels and draw out the possibilities and costs for a new player; extrapolate the future scenario of the cargo economy, its electrification and positioning in a business-to-business (B2B) and business-to-customer (B2C) segment, especially for a developing economy; and improve the student’s ability to get organisational buy-in and execute new business models.

LoadExx is a fully electrified electric cargo service focusing on logistics in Kolkata, a metropolitan city in the eastern part of the country. The service of LoadExx commenced in January 2021 in the B2B segment after overcoming its then issues of driver hesitancy and customer anxiety and financial issues to adopt electrified cargo systems. The conundrum faced by LoadExx in its commencement thus had been solved under the able guidance of its owner Amit Arora. The case study was positioned four months after the commencement of LoadExx. To gain market power and traction, Arora and his team came up with the idea of market expansion. However, the current conundrum was whether LoadExx would enter the B2C segment in its current location or expand with the same business model to other parts of the country. The expansion was to be implemented in the immediate future to retain its rarity and reduce the imitability of the business model of LoadExx. This case study details the logistics and market operations of the cargo sector, especially electric cargo, in a developing economy, especially India. A teaching note supplementing the “Cracking the conundrum of e-cargo logistics: curious case of LoadExx” case study has been provided.

This case study is designed for undergraduate and postgraduate students and senior management professionals in executive education programmes undertaking courses in logistics management and supply chain operations and related cargo logistics courses. This case study denotes integrating key processes from end-users and gaining the trust of drivers, thereby showing the perspective of the plight and conundrums of a cargo aggregator working in the B2C segment. This case study could be used to discuss concepts related to not-for-profit firms, aggregators, policymakers and think tanks.

Teaching notes are available for educators only.

CSS 9: Operations and logistics.

Aster Retail (AR) is the retail pharmacy division of the Aster Dr Moopen's Healthcare (ADMH) Group. The group delivers healthcare services across the Middle East, India and the Far East, with a portfolio of hospitals, clinics, diagnostic centres and retail pharmacies. AR, under the leadership of Chief Executive Officer (CEO) Jobilal Vavachan, is well known for its people-centric approach, unique culture and innovative human resource (HR) practices. AR has won multiple awards for HR practices, service quality and business performance. In a recent corporate restructuring (2018), “Aster Primary Care” was carved out by combining the group's Clinics and Retail businesses. This case discusses the evolution of AR's HR journey and the challenges associated with integrating culturally diverse businesses without compromising the values of ADMH and its promise, “We'll Treat You Well.”

The non-executive Chairman, Chaturvedi, must lead the Board of Directors of ICICI Bank as it deals with the adverse findings by a former Supreme Court judge against Ms. Chanda Kochhar, the former Chief Executive of the Bank. She had not disclosed a conflict of interest regarding a loan to a corporate group that had business dealings with her husband. Months earlier, the Board had exonerated her and also allowed her to retire from the Bank. Could and should the Board now reclassify Kochhar's retirement as ‘Termination for Cause’ and claw back her past bonuses?

Northern Textiles (NTL) used highly complex derivatives to hedge its currency risk, and these structured products have been profitable in the past. But in 2008, unanticipated movements in exchange rates have led to serious losses. Seth, the Chairman of NTL, has come to know about the losses on a specific deal, but the Treasurer has ensured that he is the only person who understands the derivative book in its entirety. Though Seth is not aware of how grave the problem is, he realizes that he must review NTL's risk management policies and perhaps even replace the CFO.

“NTL suffered huge losses in its foreign exchange hedging activities as its highly complex leveraged structured products backfired badly in the wake of the Global Financial Crisis of 2007 and 2008. The CFO and the Treasury head have both been sacked, and Joshi, the new CFO, has embraced aggressive litigation as NTL's survival strategy to cope with the losses that threaten its solvency. In the meantime, NTL also faces tax investigations and whistleblower allegations of fraud, and it finds that the record-keeping of its derivative transactions was hopelessly incomplete and patchy. A complete reconstruction of the entire derivative transaction history is the only way to rebuild trust, and that task falls on Reddy, a seasoned derivatives expert brought in by the Board specifically for this purpose.

In this dire situation, Seth, the founder Chairman of NTL decides that NTL needs to put all this behind it and focus on rebuilding the business. The challenge for Seth, Joshi and Reddy is to go about doing this in an environment that offers very few rays of hope.”