Case studies

After completion of the case study, the students will be able to assess Paytm’s share buyback in the context of conventional practices, especially for loss-making firms, analyze the influence of initial public offering (IPO) performance on market sentiments and the role of subsequent events in shaping investor confidence, explore the regulatory framework for share buybacks in India and its impact on Paytm’s decision, scrutinize Paytm’s post-IPO financials and evaluate the board’s rationale for the share buyback and examine the factors influencing Paytm shareholders’ decisions amid the buyback, considering market conditions and the company’s outlook.

This case study discusses the unorthodox choice made by Paytm, a leading Indian digital payments and financial services provider, to begin a share repurchase program just one year after its substantial IPO. Paytm encountered difficulties as its stock price experienced a sharp decline of 74% following the IPO, which raised concerns among shareholders and elicited mistrust from analysts. This case study explores the reasoning for the buyback, the legislative framework of share buybacks in India and the diverse viewpoints of analysts regarding the company’s financial strategy. This case study provides not only ample opportunity to discuss ethical issues around managers’ corporate actions but also brings investors a dilemma.

This case study is suited to Master of Business Administration/Master of Science/Bachelor of Business Administration/Bachelor of Science.

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CSS 1: Accounting and Finance.

The authors have discussed the importance of creating socially transformative health-care ecosystems in emerging economies like India. After completion of this case study and assignment questions, the students will be able to apply the case experience to comprehend the underlying factors influencing the decision of the implementation and replication of the Sanjeevani health-care service delivery model, understand the impact of free and subsidized health-care service delivery models on social transformation, evaluate the operational performance of health-care institutions using the balanced scorecard model and create practical relevance when implementing novel health-care solutions like Sanjeevani, which has been successful due to its singular pin-pointed focus on solving the issue of congenital heart diseases (CHDs).

Forty thousand surgeries against 0.3 million new CHD patients every year was the unbalanced equation of pediatric cardiac care in India. It also contributed to almost 46% of total CHD prevalence in the world. This case study explores the evolution of the affordable health-care ecosystem provided by Sri Sathya Sai Sanjeevani Hospital (Sanjeevani), Raipur, Chhattisgarh, which included services ranging from OPD to postoperative surgical care, including accommodation and food, completely free of cost. Over the past eight years, it had managed over 80,000 pediatric cardiac outpatients and performed over 9,000 surgeries. This case study also outlines the execution of Sanjeevani, as an affordable health venture aimed at producing social transformation. The pertinent question to be explored is, “Can the Sanjeevani healthcare ecosystem be replicated, both operationally and financially?”

This case study is suited to undergraduate Bachelor of Business Administration, Master of Business Administration (MBA) and executive MBA.

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CSS 2: Built Environment.

This case study aims to equip students with the skills to evaluate the rationale behind a demerger decision, derive the enterprise value and equity value of the conglomerate using the discounted cash flow valuation modelling and assess the company’s value based on qualitative parameters using economy industry company analysis and strengths, weaknesses, opportunities and threats analysis.

This case study delves into the demerger of the financial services arm of Reliance Industries Limited into a separate unit named Jio Financial Services Limited. The independence of this unit is anticipated to enhance shareholder value and unlock the conglomerate discount. In light of these factors, a fundamental analysis of the firm is conducted to determine whether it presents a viable investment opportunity.

This case study is suitable for -graduate and postgraduate courses in financial management.

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CSS 1: Accounting and finance.

The learning outcomes are as follows: to evaluate the suitability of Surplus business model from accounting, finance, strategy and cultural perspectives; to identify the factors that contribute to the reluctance of business partners to join Surplus ecosystem and to suggest solutions; to identify the factors that contribute to the reluctance of consumers to join Surplus ecosystem and to suggest solutions; and to address unique funding and financial challenges faced by Surplus.

This case study discussed the challenges faced by Surplus Indonesia, a company founded upon the belief that a harmonious balance can be achieved between profitability and environmental stewardship. Stemming from the founder’s encounter with leftover food going to waste after buffets, Surplus embarked on a pioneering initiative using an application technology to address food wastage at the consumer level. Collaborating with various stakeholders such as retail outlets, restaurants, bakeries, cafes and hotels, the goal was to combat food waste while supporting Sustainable Development Goals 2, 12 and 13: Zero Hunger, Responsible Consumption & Production and Climate Action, respectively. Each meal saved through the Surplus app not only translated to reduced expenses for businesses but also contributed to reducing greenhouse gas emissions from landfills. Surplus’ overarching mission was to cut food waste and loss in Indonesia by half by 2030, fostering an environment where food waste is virtually nonexistent in the nation.

Undergraduate as well as graduate courses that focus on sustainability, accounting, financing and strategy

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Risk identification and qualitative assessment are the learning outcomes.

The Bharat Bijlee Construction Limited (BBCL) was one of the largest construction companies operating in the power sector in India. After successfully completing a few projects in the Middle East, BBCL decided to expand its presence into African region. The BBCL was awarded a $85m contract for three sub-station projects to modernise Algeria’s power grid system by the “Shariket Karhaba Koudiet Eddraouch Spa”, a state-owned company in charge of power generation, transmission and distribution in Algeria.

The project, which is the first of BBCL in Saharan region in Algeria’s, presents many unique situations that company had never encountered before, including sand dunes, severe weather, remote locations, supply chain & logistics, strict contractual deadlines and a high level of construction risk. The project manager for BBCL was sceptic about how well his company would perform under the present project circumstances. How could he better align himself with the client, the various on-site local contractors and the numerous suppliers spread around the world?

The case emphasises the identification of various project risks that the project manager might encounter in the project. What do the PESTLE and ASCE frameworks for risk identification each represent, and how are they helpful for the project team in understanding various risks? How should the project’s qualitative risk assessment be conducted? And how can a heat map be a better tool for comprehending the criticality of each risk in the project?

Undergraduate and post graduate courses in project management, civil engineering and architecture domain.

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CSS 2: Built Environment.

After completion of the case study, the students will be able to define and compute equivalent units of production, apply management accounting procedures for manufacturing businesses (Furqani Sugar Mills), calculate product cost and track product cost flows and prepare process cost summary using the weighted average method. By studying this case, learners will gain insights into the challenges and financial complexities faced by a sugar mill and how strategic decisions and economic analysis can impact the sustainability and profitability of such businesses.

This case study explained the problem Mr Zoraiz, chief financial officer (CFO) of Furqani Sugar Mill, was facing. The problems started in the month of November 2020. Mill’s owner Mr Jabbar asked him for suggestions that employees should not be laid off. So he was analysing and estimating the cost of production when increasing production. He was focusing on cost reduction in process or increasing production, and utilization of resources efficiently and effectively. This case study focused on the market segment of the sugar industry for process costing. Furqani Sugar Mill, founded in 1992 in Pakistan (Company Document), had a noble mission to improve the lives of local peasants by producing sugar and molasses. Pakistan heavily relied on agribusiness, particularly sugar production, which contributed significantly to manufacturing. However, Furqani Sugar Mill faced a dire situation despite its vital role. During the sugarcane season, it struggled due to a shortage of raw materials, primarily sugarcane. Zoraiz, the CFO, grappled with running the mill below total capacity in recent years due to two significant issues: government-fixed sugar prices and limited sugarcane supply from local farmers. The high cost of sugarcane hindered Zoraiz’s desire to operate at total capacity. Zoraiz, Furqani’s CFO, must decide what he can do so that the mill can operate at its total capacity. The future of Furqani Sugar Mill hung in the balance as Zoraiz navigated complex financial decisions while striving to uphold the mill’s legacy and commitment to the local community.

This case study is suitable for teaching in several modules, notably managerial accounting and control systems, management accounting decision-making and cost and management accounting. Specifically, it covers performance management and process costing in management accounts. It is appropriate for teaching at the undergraduate and postgraduate levels.

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The case study’s primary learning objectives are to develop a number of professional competencies, such as personal ethics and citizenship, decision-making acumen and business acumen. Students deal with a novel situation, underpinned by four Sustainable Development Goals (reduced poverty, quality education, decent work and economic growth, and reduced inequalities) and are required to consider a broad range of historical and cultural nuances in a resource-constrained environment, to address the dilemma at hand.

This case study tracks the efforts of a non-profit company called Just Grace, which was established in 2012 in Cape Town. Just Grace’s mission is to uplift the Langa community, an underprivileged urban suburb in Cape Town, via educational, career development and social programmes. Just Grace’s programmes have achieved success in Langa. The dilemma now facing Just Grace is whether their existing model is transferable to a rural community in the Eastern Cape in South Africa.

The case study is aimed at both local and international postgraduate students studying an honours or master’s degree in a business-related field such as accounting or an MBA.

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Upon completion of the case study, student will be able to discuss valuation of new-age ventures and understand how it is different from the valuation of organisations with a longer history; analyse the considerations (quantitative and qualitative) while evaluating investments in new-age ventures; and develop a framework involving the various dimensions of investment readiness.

The fintech space in India has seen an upsurge of activities since 2016. The growth of Paytm, RazorPay and many such ventures and the drastic improvements in this ecosystem have been significant catalysts for this segment of new-age tech companies. Funding and valuations have seen a sharp increase, especially when businesses worldwide felt the after-effects of the pandemic, with India being home to a large number of unicorns, second only to the USA. Open Financial Technologies Ltd (OPEN TECH) is one such venture that claimed its spot as the 100th unicorn of India within a span of five years since inception. With a strong focus on disrupting the banking sector in India, this neo-bank aspires to be the equivalent of Stripe in India and eventually be a strong competitor in the international market.

Richard O’Neil is an active investor in the fintech space, based out of the UK, and he is currently looking to expand the market by considering investment options. In the process, Richard and his team have identified India as a viable and competitive market, as new venture support and funding are increasingly emphasized through policies such as Startup India, Make in India and many such more to sustain and propel its benefits. As the team was exploring ventures worth investing, Open Financial Technologies caught their attention. However, Richard, given his experience across fields and being a seasoned private equity investor, realised that valuing new-age companies is as much an art as it is a science. Multiple quantitative and qualitative aspects need to be considered while relevance of traditional valuation techniques to put a value on such entrepreneurial ventures is questioned. At this juncture, he finds it crucial to evaluate the investment readiness of OPEN TECH.

This case allows students to understand how valuation of new ventures is different from that of established companies and analyse the crucial factors worth considering while evaluating an investment proposal as a venture capitalist, which eventually helps shape the funding pitch of an entrepreneur in the space.

This case study can be useful for students undertaking graduate- and executive-level courses on business valuation and strategy and entrepreneurship, as well as entrepreneurial finance elective at the undergraduate level. One could use this case in courses on entrepreneurship and innovation, such as an introductory course on entrepreneurial finance and a course on venture capital and private equity. It also allows discussion on fintech and neobanking and the valuation of privately held companies.

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This case aims to introduce students to the social sector financing (internal and external) landscape, and its nuances. It specifically provides material to enable critical evaluation and decision-making around financing a for-profit social enterprise and its associated challenges.

The case highlights the fundraising options available to a social enterprise in an emerging economy like India. EnglishHelper Technologies Private Ltd. (EH) commenced operations in 2011 as a subsidiary of its parent Boston-based company, to provide technology-based learning solutions primarily to the underserved segments of the country’s population. Sanjay Gupta, co-founder and CEO, EH Inc., wanted to explore funding options suitable for the company’s next growth stage. The existing funding sources of equity from its parent company, grants and revenues (mainly from product sales to government schools) had worked well for EH in the initial years of its growth. But its financial performance was being impacted, and, additionally, further scaling up would require sources that could give a much larger quantum of funds and add support to EH’s operations. EH would also need to revisit its revenue model to strengthen its financial sustainability, by drawing lessons from the other prevalent ones in the ed-tech sector and make it more effective. The case encourages students to assess the various funding alternatives, internal and external, for a social sector private company with a for-profit model like EH, to enable it to achieve its scaling-up plans while serving its social mission.

The case is relevant for both undergraduate and postgraduate students and can be used in business administration programs.

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After working through the case and assignment questions, students will be able to recognize essential considerations for the initial public offerings (IPO) decision, compare different types of fundraising options for startups, evaluate the free pricing regime for IPO pricing, examine the pricing process of IPOs, explore the issue of valuation of IPOs and assess the decision choices of the founder regarding IPO given the trade-offs and market conditions.

The case study explores the dilemma of Ghazal Alagh, the co-founder and chief innovation officer of Mamaearth, a direct-to-consumer babycare and skincare unicorn, regarding its IPO decision. Mamaearth had filed the draft offer document with SEBI in December 2022, and Ghazal was busy engaging with the investment bankers for the upcoming IPO. However, the weak market sentiments and shelving of IPO plans by many startups were forcing her to think about facing the possibility of postponing the IPO or continuing the IPO process but at lower valuations. The case study provides an opportunity to explore a startup’s financing choices. It allows for discussion of various IPO challenges from the perspectives of founders, venture investors, regulators, investment bankers and new IPO investors.

This case study is best suited for senior undergraduate- and graduate-level business school students in courses focusing on entrepreneurship, corporate finance, financial management, strategic management and investment banking.

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This case study is designed to enable students to understand the demand for flexible containment products in India, understand the need for a joint venture (JV) with an international company, assess Agastya Inventions Private Limited’s (AIPL) cost and benefits of acceptance of the JV offer, evaluate the growth possibilities in the Indian biogas sector, and conduct the valuation of AIPL for its better positioning during the JV deal.

The case study is about the dilemma faced by Prantik Sinha, co-founder and director of Indian company AIPL, to accept or decline a JV offer from a French industrial conglomerate Serge Ferrari Group SA (SFG). AIPL is a leading manufacturer and trader of biogas storage tanks, water storage tanks, airlifting bags, floating boom barriers, trash floating boom barriers and inflatable swimming pools. The company adopts business-to-business and direct-to-customer business models. It develops products as per clients’ specifications and their exact requirements. In 2022, SFG proposed collaborating with AIPL to market its biogas digesters in India and abroad. As per the partnership deal, AIPL needed to split its biogas digester portfolio and sell it to the proposed JV for a specific one-time value. Sinha believed that the JV was an opportunity to scale the business globally and would likely shape the company’s future. However, he was in a quandary about making a final decision on accepting the JV offer because biogas digesters remained the company’s highest revenue-generating product portfolio. It was against this backdrop, what would Sinha do to accomplish his business objective and protect the interest of the company? The case study highlights Sinha’s commitment to nurture and expand AIPL’s business in India and beyond. It provides ample scope for students to analyze the pros and cons of AIPL’s JV initiative with SFG and suggest whether the company can leverage this offer for business growth.

This case study is meant for MBA-level students as part of their strategic management and financial management curriculum.

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After completion of the case study, the participants will be able to understand the significance of quality as a pivotal domain within project management and to analyze the issues related to quality and offer logical solutions.

In this case, the Bharat Bijlee Construction Limited (BBCL) group, with a proven track record of over five decades in the transmission and distribution business in India, decided to venture into international projects, considering the prevailing stagnant domestic power sector. They secured contracts worth $85m from the “Shariket Karhaba Koudiet Eddraouch Spa,” a state-owned company responsible for power generation, transmission and distribution in Algeria. However, during the execution phase of these projects, BBCL encountered significant challenges related to product and service quality. These challenges arose due to the tight schedule constraints and cost considerations, as well as a lack of understanding of the dynamics involved in executing international projects, especially in the demanding conditions of the sub-Saharan desert. This case study addresses the complex issue of ensuring and maintaining high-quality standards in large-scale substation projects situated in the challenging environment of the sub-Saharan desert, highlighting the importance of effective project management and international project execution expertise. The case study is from quality management knowledge area and focuses on identification of root cause of quality noncompliance and for better decision-making in projects.

The teaching case is designed for undergraduate and postgraduate courses in project management, civil engineering and architecture domain. The participants will be able to understand the application of various quality tools, statistical process tools and control charts in problem identification, categorization, root cause identification and decision-making.

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CSS2: Built environment

The primary objectives of the case study are to get the participants exposed to the issues of working capital which even profitable companies face on a day-to-day basis; give the participants an understanding of how to balance the, at times, conflicting objectives of increasing profits and sales through favorable credit terms; and expose them to the impact of increase in inventory levels and average collection period on margins in a period of slow growth. They will also learn about the concept of factoring and its uses.

The case study is about a group of companies engaged in education, steel fabrication and oil businesses owned by a single proprietor. The company was based in Fatehnagar which was part of Hyderabad district in the state of Telangana, India, and the case study traces the origins of the group from 1960s to 2021. The group was invested the surplus cash flows from the oil business to initiate and expand other businesses during this period. The economic downturn due to the COVID-19 pandemic had hit the company, particularly its oldest business – Noble Chemical Agency. The oil business was facing issues related to its growth and profitability, and the uncertainty around COVID-19-related restrictions had only augmented the fears of the management. The case study looks at issues and the dilemma which the owner of the company faced. The case study highlights various issues related to working capital management, especially related to receivables management and inventory levels faced by businesses during the slow-growth phase. It demonstrates how working capital management issues, if not resolved in time, can lead to insolvency of even a successful company with a sound business model.

The case study is meant for teaching in postgraduate management programs (Master of Business Administration and Postgraduate Diploma in Management) in the following courses: corporate finance/financial management course in the first year (the case study should be taught towards the end of the course); and management accounting courses in first year (the case study should be positioned in the middle of these courses). The case study can also be used to highlight issues related to working capital and small business management in a Management Development Programme (MDP) course for “Finance fundamentals for non-finance executives”.

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After completion of the case study, students will be able to learn, understand, examine and customize leadership styles per organizational culture; understand the conflict management styles of a female leader; and comprehend the organizational change process to devise an effective communication strategy.

Ever-changing business demands managers adopt organizational change in leadership styles, business processes, updated skill sets and minds. One must be ready to understand influential nurtured corporate culture and human resource resistance towards the inevitable change. This case study attempted to discuss the female protagonist dealing with an organizational conflict. The case study introduces one such protagonist from a century-old woman’s educational institution. Subsequently, this case study presents organizational change under the leadership of a female protagonist. This teaching case study gives the reader an insight into situational leadership, conflict management styles and the corporate change process by implementing an appropriate communication strategy. This case study describes the change process through the various decision-making scenarios that an academic institute over a century old faced during the post-pandemic crisis after adding a crucial protagonist. The employee union, followed by students and administrative employees, has challenged the dominating leadership position held by the college principal. Protests occurred due to the college administrator’s refusal to adjust her approach to leadership. This teaching case then provided different leadership styles of the current and old leaders. Finally, the case study lists the challenges a leader faces during turbulent times and the lessons a leader should learn from such situations while transforming the institute.

The teaching case benefits undergraduate students in business management subjects such as conflict management, leadership and organizational behaviour. Nevertheless, trainers can use this case study to teach seasoned managers and emerging leaders the significance of adopting and implementing change while understanding situational leadership.

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After completion of the case study, the students will be able to understand the different risks associated with a business, focusing on price risk and the importance of price risk management in business; understand and evaluate the products available for hedging price risk through exchange-traded derivatives in the Indian scenario; and understand and evaluate the different strategies for price risk management through exchange-traded derivatives in the Indian scenario.

The case study pertains to a small business, M/s Sethi Jewellers. The enterprise is being run by Shri Charan Jeet Sethi and his son Tejinder Sethi. The business is located in Jain Bazar, Jammu, UT, in Northern India. The business was started in 1972 by Charan Jeet’s father. They deal in a wide range of jewelry products and are well-established jewelers known for selling quality ornaments. Tejinder (MBA in marketing) was instrumental in revamping his business recently. Under his leadership, the business has experienced rapid transformation. The business has grown from a one-room shop fully managed by Tejinder’s grandfather to a multistory showroom with several artisans, sales staff and security persons. Through his e-store, Tejinder has a bulk order from a client where the client requires him to accept the order with a small token at the current price and deliver the final product three months from now. Tejinder is in a dilemma about accepting or rejecting the large order. Second, if he accepts, should he buy the entire gold now or wait to buy it later at a lower price? He is also considering hedging the price risk through exchange-traded derivatives. However, he is not entirely sure, as he has a few apprehensions regarding the same, and he is also not fully aware of the process and the instruments he has to use for hedging the price risk on the exchange.

The case study is aimed to cater to undergraduate, postgraduate and MBA students in the field of finance. This case study can be used for students interested in commodity derivatives, risk management and market microstructure.

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The case study is designed to help students understand how the “growth at all costs” attitude can lead to compromised corporate governance in a start-up leading to disastrous implications for all the stakeholders. This case study aims to make students understand the components of the fraud triangle, the impact of financial fraud on various stakeholders, the role of venture capitalist (VC) investors and the importance of good corporate governance in start-ups. The case study presents an excellent opportunity for students to discuss the consequences of ignoring good governance in the pursuit of growth in a start-up. After analyzing the case study, the students shall be able to explain the concept of the fraud triangle and to be able to identify the motivation, opportunity and rationalization of financial irregularities in a start-up; analyze the impact of financial irregularities on various stakeholders; comprehend the business model of VCs and evaluate its influence on VC-funded start-ups; and appraise the importance of good corporate governance in start-ups.

The case study revolves around the confession of financial irregularities made by one of the cofounders of GoMechanic, a start-up headquartered in Gurugram, India. On January 18, 2023, Amit Bhasin confessed to financial irregularities in the company’s financial statements, leading to laying off 70% of the workforce of the company. GoMechanic had earlier raised close to US$62m [1] from maverick global investors including Sequoia Capital, Tiger Global, Orios Venture Partners and Chiratae Ventures, and was negotiating to raise Series D financing from the Japanese multinational SoftBank with aspirations to be a unicorn (start-up with a valuation of over $1bn). The confession led to a debate about the consequences of the “growth at all cost” culture being followed by start-ups as well as VCs. GoMechanic was not an isolated instance of a lack of governance in the start-ups. The confession had consequences not only for the GoMechanic but for the entire start-up ecosystem of India, which was the third largest in the world. Bhasin stated that the founders take full responsibility for the situation, and they were working on a plan which was most viable under the circumstances. However, it was not going to be easy to regain the confidence of the investors.

The case study is best suited for senior undergraduate- and graduate-level business school students and in executive education programs in courses such as corporate governance and ethics, private equity and entrepreneurial finance.

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This case study is related to start-up post-listing investment analysis. Through this case study, students will be able to perform the business analysis guided by the Venture Evaluation Metric tool, perform financial analysis using the discounted cash flow methods and perform investment analysis recommendation with justifications from the business and financial analysis performed above.

This case study sets out the study of a scalable start-up, Zomato, which is a successfully listed start-up firm in India. Despite the start-up development success in the pre-listing, the firm has exhibited a continuous unprofitable finance performance in the post-listing and has further experienced a volatile share price performance, both of which have puzzled existing and potential investors. In addition, some analysts are in the opinions that the firm share price valuation have been inflated with overvaluation since in the initial public offering stage and remain traded with overvaluation in the market. Notably, considering the negative indicators mentioned above, investors are concerned about long-term sustainability of the firm business and financial performance. In the context of post-listing investment, the following questions are material to investors: What is the realistic growth trajectory for Zomato in the medium term? What is Zomato’s share fair value in the medium term? Can one see opportunities or risks ahead of investing in Zomato’s shares? What will be the investment strategy for new investors?

This case study is suited to bachelor’s and master’s level in business schools studying entrepreneurial finance analysis.

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After completion of the case study, students will be able to examine the financial implications of Maghreb Steel’s substantial investment in the Blad Assolb complex in 2007 within the restructuring plan; explore how this decision influenced the company’s financial health and strategic position in the steel market, within the context of the restructuring plan; assess the impact of the 2008 economic crisis within the restructuring plan; analyze how the crisis affected the company’s pricing strategies, profitability and overall business strategy; investigate the financial and strategic consequences of the hot rolling activity initiated as a result of the Blad Assolb project within the company’s restructuring plan; and critique how this venture impacted the company’s operations, cost structure and competitiveness in the steel industry, aligned with the restructuring plan.

This case study deals with the only flat steel producer in Morocco: Maghreb Steel, the Moroccan family-owned company created in 1975 by the Sekkat family. It was a leading steel company. At the beginning, the company was specialized in the field of steel tubes, but thanks to its growth ambitions, the Sekkat family had made Maghreb Steel a major player in the Moroccan steel sector. In the same logic of development, the top management of Maghreb Steel launched in 2007 in the adventure to create the first production complex of cold rolling in Morocco – an investment that pushed Maghreb Steel to resort to a debt of more than 6bn dirhams (DH) with a consortium of six banks and would have allowed the company a huge leap in growth, except that the decision-makers of the group Sekkat could not see coming the economic crisis of 2008 causing the fall of steel prices by 62% compared to 2007. Thus, from its effective launch in 2010, the activity of hot rolling would become, for the company, a regrettable orientation. Moreover, the national market could not absorb all the production of the complex that the company called Blad Assolb. In response to this difficult situation, Maghreb Steel decided to store its goods to avoid selling at a loss. Faced with this situation of sectoral crisis and deterioration of its activity, Maghreb Steel lost its ability to honor its financial commitments with the banking consortium. From then on, the company became a case of failure, and the recovery measures had not ceased to be duplicated by the various stakeholders: State, Sekkat family, creditors and management of the company, having only one objective in mind: Save Maghreb Steel! This said, the present case study is dedicated to the financial and strategic analysis of the current situation and the evolution of the company throughout the crisis period to finally propose a suitable recovery plan to save Maghreb Steel.

The case study can be taught to students of master’s degrees in financial management as a synthesis of finance courses. It can also be used to train executives and managers working in family businesses as part of professional certification training.

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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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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.

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Upon completion of this case study, students are expected to be able to reflect on strategic industry sectors and the formulation of long-view public policies; understand some of the main biases that affect making decisions in environments of high uncertainty; and build and apply judgment models to support decision-making processes.

Motivated by recent international events responsible for causing supply shock and great volatility in the price of imported fertilizers, Brazil, which in 2022 was responsible for producing only 15% of all the fertilizer consumed by its agribusiness, ran against time by launching a new national fertilizer plan (PNF). The plan proposed to boost Brazil’s national fertilizer industry to fulfil a long-term vision of reducing the country’s external dependence by 2050. While awaiting the first results of the PNF, this case study casts the student participants in the role of Breno Castelães, chief advisor of the special secretariat for strategic affairs of the presidency of the republic, whose role is to recommend the country’s position in the face of external pressures to adopt international embargoes of Russian fertilizers because of its war with Ukraine.

This case study is suitable for undergraduate and graduate students of business administration and public management courses who want to deal with topics such as public policy, judgment and decision-making.

Teaching notes are available for educators only.

CSS 10: Public sector management.

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.

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CSS 1: Accounting and finance.

After reading and analysing the case study, the students would be able to understand the various challenges in terms of credit expansion for a rural co-operative bank, discuss the role of an apex co-operative bank within the three-tier credit structure, understand the co-operative banks’ product offerings in the agribusiness space and understand the various styles of leadership and change management models within a rural bank.

This case study exemplified the enabling role played by a co-operative credit institution, Andhra Pradesh State Co-Operative Bank (APCOB). It discussed the issues and challenges APCOB faced in mainstreaming an unconventional lending process through its lower tiers. Although the three-tier credit structure played a significant role in the disbursal of short-term loan to farmers, the managing director strongly felt the need to reach out to farmer institutions like farmer producers organization through suitable product offering and right processes.

This case study could serve as an introduction to rural credit co-operatives in MBA courses such as bank management, agricultural finance and rural credit and organizational behaviour. The case study could also be administered as a part of training programmes for state co-operative banks, district central co-operative banks and urban co-operative bank that are involved in planning and execution of development strategies in the area of co-operative banking and agribusiness development.

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CSS: 1: Accounting and Finance.

This case study will allow students to understand and analyse the process for conducting equity valuation by building a three-statement financial model, to understand and apply the workings of discounted cash flow (DCF) valuation methodology and its components, to apply the concepts related to the calculation of the weighted average cost of capital in the determination of discounting rate, to understand the terminal value calculation and assumptions thereof and to analyse the intrinsic valuation for the target company using the traditional multi-stage DCF model for investment decision-making.

In July 2019, Kapil Agarwal, an equity analyst operating out of Mumbai, India, was carefully looking over the financials of Asian Paints, a leading paints company in India. As an equity analyst, Kapil was constantly on the lookout for fundamentally strong but undervalued companies that could create long-term wealth for his equity fund. To decide upon the right valuation of Asian Paints, Kapil conducted fundamental analysis using the DCF method on the basis of available financial information. This case study puts students in an investment analyst role wherein they forecast financial statements and conduct DCF valuation for Asian Paints to discover potentially undervalued stocks for investment decision-making.

This case study is designed for use in an undergraduate or postgraduate programme in business management, particularly in a course on business valuation or investment management or security analysis.

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CSS 1: Accounting and Finance.

After working through the case and assignment questions, the learning outcomes of this study are to understand the dividend policy of a company; compare different types of dividends that a company may give; assess the impact of stock splits and the issue of bonus shares (stock dividends); compare cash dividend and buy-backs as methods of cash distribution to shareholders; evaluate the methods of cash distribution that may be appropriate for the company; and assess the trade-off between long-term value creation and shareholder expectations.

This case study presents the dilemma faced by Partha DeSarkar, the executive director and global CEO of Hinduja Global Solutions (HGS) Limited, a leading business process management (BPM) company. The company would have surplus cash of about US$1.2bn from the selling of its health-care service businesses. The company planned to invest a part of this cashflow into the company’s future growth, with some of it distributed among its shareholders. This case study provides an excellent opportunity for students to determine the best method for rewarding the shareholders. It allows students to compare various cash distribution methods. Students can examine in detail the process involved, the quantum of distribution, tax implications, financial implications, fundraising flexibility and valuation impact of available options.

This case study is best suited for senior undergraduate- and graduate-level business school students in courses focusing on corporate finance, financial management, strategic management and investment banking.

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CSS: 1 Accounting and Finance

The learning outcomes of this study are to examine the financial performance of Bangalore Metro Rail Corporation Ltd. (BMRCL) during past five years, to compare the financial performance with the initial projections, to identify the causes of deviations in the performance, to recommend the measures to improve financial performance and to apply the learning from the BMRCL project to other similar upcoming projects in India.

BMRCL has been struggling to perform as per projections made in the initial detailed project report. The situation has further worsened because of the COVID-19 pandemic and its post-impact on the overall economic level of activity. Ramana Rao, the consultant for infrastructure projects, was worried after reading a news article which deemed the project a white elephant. Various articles published in the newspaper also reported that BMRCL was incurring a loss of Rs 45 lakhs every day. The consultant worried about the sustainability of the project. He wanted new ideas and plans which could turn around these losses and convert them into profitable ones. He, however, does not have any immediate plans to execute and is therefore in a dilemma about how a project that was launched with so much fanfare could be made profitable. Because of COVID-19 pandemic, BMRCL’s financial situation, which although improving, had taken a significant hit. It looked like the corporation might need government assistance to cover its losses. The transport utility suffered a loss of Rs 170 crore, as a result of a decline in ridership as well as other revenue sources including parking fees and leasing revenues. This amounted to a daily loss of Rs 1 crore. The pressure on revenues was putting the officials in a tight spot about meeting the company’s debt obligations and market borrowings.

The case study aims to enable participants to understand financial performance and viability of large-scale projects such as metro rail in India.

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CSS 1: Accounting and Finance

The learning outcomes of this study are to gain an understanding of the banking regulations and their impact on banking performance, to understand the intermediation role of banks by channelizing depositors’ savings and providing loans to borrowers, to explain an impact of a recent regulatory change in the Indian banking that directly impacts their financial performance, to critically evaluate the different financial ratios to analyze the performance of a bank and to build a DuPont analysis framework for banks.

The case serves as a primer on banking regulations in India and provides insights into banking performance. Banking regulations play an important role in maintaining financial stability, specifically in emerging economies like India. The protagonist of the case is Salil Kumar who presented his internship project to the review committee of Stock Investment Company on April 16, 2021. However, he had to rework and present his final project within seven days on the basis of the feedback received from the committee. Kumar faced the dilemma of bringing together a comparative study across two banks, namely, Industrial Credit and Investment Corporation of India (ICICI Bank) and State Bank of India (SBI) and building a DuPont framework covering the different aspects of banking performance. The case exemplifies the intricate regulatory landscape in India within which banks operate and highlights the recent alterations introduced by the Reserve Bank of India. For instance, the framework for dealing with domestic systemically important banks (D-SIBs) was introduced in 2014 and subsequently adopted in August 2015. The D-SIB framework provides inherent guarantee to large banks such as ICICI Bank and SBI. This ensures government backup in the event of any failure, thereby securing financial stability. The case study is suitable for banking and financial accounting courses taught in postgraduate management programs. Once the case is studied, the students are expected to understand the basics of banking, regulations, impact of regulations on banking performance and financial measures.

The case provides valuable insights into the intricate dynamics of the banking industry, offering a critical perspective for analysis. A well-structured teaching note would serve as a valuable tool for instructors, allowing them to facilitate engaging classroom discussions and effectively guide students toward achieving the desired teaching objectives.

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CSS 1: Accounting and Finance.

Case explains how female leaders are more concerned about social issues the industry in which they operate could resolve. Obo-Nia, CEO of Vodafone Ghana, showed concern for resolving the digital divide in Africa and offered a collaborative solution. The case also suggests how female CEOs invest in strategic corporate social responsibility (CSR) that could create a competitive advantage for firms. The case also discusses gender diversity issues in the science, technology, engineering and math (STEM) field and how Vodafone Ghana’s CEO tried to enhance gender diversity in the telecommunication sector and Vodafone. Obo-Nai did not emphasize gender diversity from a CSR perspective but believed in a business case for gender diversity, as an increase in participation of women in the STEM workforce could help the telecommunication sector innovate faster and resolve the digital divide challenge while also empowering women working from the informal sector.

What is the significance of a digital divide and the societal role of the telecommunication sector; Why female CEOs are more concerned about CSR and how CSR makes not charity but business case; Why female CEOs are more inclined toward collaborative strategies and how stakeholders are involved in collaborative strategies for reducing the digital divide; Exploring various strategies for enhancing gender diversity in the STEM field and the significance of gender diversity in the STEM field.

The case is about the challenges faced by Patricia Obo-Nai, the first female CEO of Vodafone Ghana, to bridge the digital divide in Africa while doing so in a profitable manner. Obo-Nai was an engineer by profession and won several awards as she rose to the post of CEO in Vodafone Ghana in 2019. During the COVID-19 pandemic, she took several corporate social responsibility (CSR) initiatives, such as making internet service freely available in certain schools and universities so that education could continue. Obo-Nai also emphasized gender diversity within Vodafone and urged other telecommunication players to focus on gender diversity from a social responsibility perspective because it was essential for innovation. Under Obo-Nai’s leadership, Vodafone itself launched several new products. She called for a multistakeholder collaborative approach to bridge the digital divide and to make 4G internet affordable in Africa. Obo-Nai collaborated with competitors like MTN Ghana to enhance Vodafone Ghana’s roaming services.

This case is intended for undergraduate or graduate-level business and management courses, especially international business and society, CSR and leadership courses. Graduate students in public policy may also find the case compelling.

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CCS5: International Business; CCS10: Public Sector Management

The case aims to understand and analyse the capital structure decisions made by a profit-making, growing organisation which aimed to be India’s premier airline and the market leader. The company that had pursued a high debt policy, to take advantage of the financial leverage that it would get, was now facing problems in an operating environment that proved to be challenging. A decline in operating profit, coupled with high-interest costs and an uncertain environment with cutthroat competition, had caused the company to plunge into losses. Attempts to deleverage by equity infusion were proving to be difficult. The case can be used in MBA, Executive Education and doctoral programmes. The learning objectives of this case are: to analyse the capital structure of the company, to interpret the relationship between financial leverage and risk, to assess the pecking order theory, to analyse the nuances of the aviation sector and the factors influencing the profitability of the companies in the aviation industry, to estimate the risks and the rewards associated with foreign currency loans, to evaluate the magnifying impact of the financial leverage and to propose deleveraging methods like sale and leaseback, debt conversion to equity and devise a revival strategy for the company.

The case discusses the dilemma faced by Naresh Goyal, promoter and chairman of Jet Airways (India) Limited. At the initial stage, Jet Airways, like many other companies in its growth phase, relied on borrowed funds to meet its investment needs. However, over-reliance on borrowed funds with just one equity infusion resulted in a high leverage ratio and an aggressive capital structure. Moreover, the company operated in a sector that was highly regulated, with competition that was cutthroat and a cost structure that was volatile. A high operating risk, coupled with high financial leverage, pushed the company into incurring losses. Having run out of cash, Jet Airways eventually defaulted on loan repayments to its lenders. Facing the eventuality of losing control of the company to lenders or to a strategic investor, Goyal was trying to figure out a way to save the company from insolvency and liquidation. It was becoming increasingly difficult for Goyal to keep Jet Airways, the company he had nurtured like a baby, airborne.

The case can be taught in both online and offline modes of delivery in a 90-minute session. Post-covid, the delivery mode of classes has changed. In online sessions, it may be a challenging task to ensure student participation.

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CSS 1: Accounting and Finance.

The learning outcomes of this study are as follows:

1) illustrate the project management failures that contributed to the fire accident at Grenfell using a fishbone diagram;

2) identify and classify the power and influence of various stakeholders involved in a brownfield project using a relevant framework; and

3) elaborate the need for following effective stakeholder management processes and project leadership, especially in the context of a refurbishment/renovation project.

On 14th June 2017, the Grenfell Tower in North Kensington, West London, UK, caught fire. The fire raged for 60 h and around 72 people lost their lives. Many criticized the response of the London Fire Brigade (LFB) and their lack of preparedness to respond to such an emergency. There were calls for Dany Cotton, the Chief of LFB, to resign. However, there had been a major cladding-related refurbishment at Grenfell, and subsequent investigations revealed that the use of combustible materials, a lack of compliance with the fire-safety norms and a blatant disregard for resident safety had contributed to the fire. The tragedy was a cumulative outcome of failure on two counts: effective project management and stakeholder management during the process of refurbishment, especially in the context of a low-cost housing project. Given this situation, this case considers whether Dany Cotton should own up to her responsibility and resign from her position. In the process, the case considers Grenfell refurbishment from the theoretical lens of project management in the construction management scenario to understand the factors that could have led to an “avoidable” tragedy.

Postgraduate students of construction management; final year undergraduate engineering students who have a foundational course on project management; and architects.

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CSS 2: Built environment.

The learning outcomes are as follows: to be able to evaluate early warning signs/red flags through financial statement analysis; to be able to analyse company’s credit or debt servicing using a thorough process of fundamental analysis; to be able to analyse and decode the financial health of an organization through different financial tools applicable according to the industry such as default probability and financial ratios; and to be able to synthesize credit rating framework and role of credit rating agencies in the bond market.

In late January 2019, the allegation by an online investigative portal about the misuse of the Dewan Housing Finance Corporation Ltd. (DHFL) money by its promoter for buying asset abroad was the start of the fall of the non-banking finance company giant. This was followed by a series of downgrade by credit rating agencies on its debt and eventual default on its interest payment on 4 June 2019 which upset multiple portfolio investors and the regulators. Investors became sceptical about the regulator’s policy and inefficiencies of credit rating agencies in predicting the default along with asset management houses which were expected to guard investors’ interest. One investor, Shikhar Pachori, decided to scrutinize all hidden information on DHFL to investigate if DHFL crisis arises because of unknown factors which was not in control of management or if it a clear negligence on the part of all involved parties. The case tries to emphasize the aspect of Asset-Liability Management and process of credit analysis while looking for red flags which aids in identifying any stress in company’s financial or any potential default by company.

This case can be used in the advance level of post-graduate finance course or MBA program for elective/specialization courses such as Financial Statement Analysis, Financial Institutions and Market and Fixed Income.

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CSS 1: Accounting and Finance

Through this case, participants will be able to:

▪ understand the different approaches to preparing operating budgets;

▪ classify the costs based on traceability to its cost centres;

▪ understand the difference in budget preparation and its analysis under different cost centres;

▪ put together the required information, identify the format and prepare major operating budgets; and

▪ evaluate operating budgets and give suggestions to the company based on budget analysis.

This case is about a manufacturing company that is going to introduce a budgeting system. It highlights the process of information collecting from key employees for budget preparation. This case also deals with various decisions to be made during the implementation of the new system such as the context of budgets, cost units and sequence of budgets.This case will help students to enhance their understanding of the operating budgets. The students will able to visualize the difficulty faced by companies to implement a new system.

This case is applicable in the courses such as Master of Business Administration, Master of Commerce or other postgraduate studies. This can also be discussed in professional courses such as Chartered Accountants, Certified Management Accountants, Company Secretaries, Institute of Cost and Works Accountants of India and Chartered Financial Analysts.

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CSS 1: Accounting and Finance.

After reading the case, the students shall be able to explain the concept of insider trading and differentiate between illegal insider trading and legal insider trading, business ethics, financial institutions, financial markets and accounting; to interpret the legal framework for prevention of insider trading; to identify the role and significance of the market regulator, Securities and Exchange Board of India (SEBI), in detecting financial crimes such as insider trading; to demonstrate the association between information, stock trading and stock prices within the framework of efficient markets; and to appraise the ethical dilemma in a family-owned firm, where the family members of the promoter group are alleged to have indulged in a financial crime.

The case revolves around allegations of insider trading against the promoter and the promoter group of the family owned and controlled firm, Lux Industries Limited. On January 24, 2022, the SEBI, the regulator of securities markets in India, accused Udit Todi, the Executive Director of Lux Industries Limited, of engaging in insider trading through a chain of 14 connected parties. Udit Todi was also the son of the Managing Director, Pradip Kumar Todi, and the nephew of the Executive Chairman, Ashok Kumar Todi. In its interim order, SEBI alleged a breach of insider trading regulations by a group of 14 connected entities that had built up long positions starting from May 21, 2021, before the quarterly financial results (Q4) and the annual results of the financial year (FY) 2021 in the equity shares of Lux Industries Limited, with its registered office in Kolkata, India, were announced. Subsequently, they squared off the long positions to make a profit of ₹29.43m. To restore the confidence of the investors, the Executive Chairman, Ashok Kumar Todi, needed to review the matter expeditiously and impartially. Taking into consideration the family ties of the accused, it was not going to be an easy task, yet, it had to be done. The case highlights the role of the regulator, SEBI, in unearthing financial frauds such as insider trading in an emerging market such as India.

Postgraduate programs in management, Executive education programs.

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CSS 1: Accounting and Finance

At the end of the case students will be able to:

1. Relate risk as one of the 12 principles in project management contemplated in the international standards of the PMBOK Seventh Edition guide.

2. Determine high-level risks by articulating the WBS and RBS of a construction project.

3. Perform a qualitative and quantitative analysis of the probability and impact of risks through the heat map tool and the Expected Monetary Value (EMV) technique.

4. Propose the different response strategies contemplated in the risk management through the formulation of a response and contingency plan.

MORESA S.A.S was a family company founded in 1994, whose value proposition focused on construction and permanent advice for the execution of innovative and contemporary projects with more than 27 years of experience in the city of San José de Cucuta, department of Norte de Santander, Colombia. The objective of the case is to Relate risk as one of the 12 principles in project management contemplated in the international standards of the PMBOK Seventh Edition guide; Determine high-level risks by articulating the WBS and RBS of a construction project; Perform a qualitative and quantitative analysis of the probability and impact of risks through the heat map tool and the Expected Monetary Value (EMV) technique and propose the different response strategies contemplated in the risk management through the formulation of a response and contingency plan. The teaching case is designed for academic programs in areas of knowledge of civil engineering, architecture and at postgraduate level such as: Master’s in civil engineering, Master’s in risk management, Master in project management or MBA. For this case, an expert judgment was developed with professionals belonging to different areas of knowledge. Likewise, secondary information was collected from the organization's strategic documents and the analogous estimation through the historical records of the project portfolio developed by the construction company. Finally, the case, classified in the Built Environment, a challenge that project managers must face in VUCA environment through risk management.

The teaching case is designed for academic programs in areas of knowledge of civil engineering, architecture and at postgraduate level such as: Master’s in civil engineering, Master’s in risk management, Master’s in project management or MBA. In the modules of risk management, project management, international standards, the case guides the applicability of methods and artifacts used in risk management considering the process identification, quantitative, qualitative analysis, and development of response strategies and contingency plans.

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CSS 2: Built Environment.

▪ Perform relevant analysis (financial and non-financial) related to investment decision-making.

▪ Make decision based on the analysis.

Jade Sdn. Bhd. (JADE), since its establishment, has been mainly involved in providing services in facility management and cleaning services. Apart from these main services, JADE was also involved in hospitality management, travel and tours, and agribusiness. The current involvements were already varied, and the Board was thinking of furthering the diversification activity to generate more revenues. As the Chief Executive Officer (CEO) of JADE, Ahmad was required to conduct the necessary analysis and provide his recommendation to the Board whether JADE should proceed with the purchase of Tulip Garden Hotel (TULIP). He had one month to act before proposing his recommendation to the Board.

Undergraduate and Postgraduate

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CSS 1: Accounting and Finance.

▪ Identify and explain the factors that contribute to the success of a restaurant business.

▪ Analyse different sources of entrepreneurial finance.

▪ Identify and explain local entrepreneur’s expectations from a funding agency.

▪ Evaluate investment decision-making criteria for entrepreneurial funding agencies.

Kartikey Rajput, the promoter of a food park Urban Chowk, was waiting for the Covid regulations in the country to be relaxed. The entrepreneur in him found a business opportunity to provide hygienic food with a beautiful ambience and floated a food park (Urban Chowk) with the support of his wife Nikita Agrawal in 2017 and the second edition amidst Covid in 2020. The business model was well-appreciated by food vendors as well as customers. Rajput could see future growth potential in urban India. But his aggressive business plan to open five food parks in different cities in the next three years was disrupted due to the Covid pandemic. The expansion required huge investments, and post-pandemic challenges were plenty. The decision to go beyond Ahmedabad required the selection of cities besides the major challenge of the financing choice. The new cities might have huge footfall potential but finding the right location at the right price was a different challenge. Rajput was also concerned with the sources of getting the required finances. The entrepreneur was contemplating and evaluating the alternative sources of finance available to a start-up.

This case is appropriate for a graduate and post-graduate level programme in the courses like entrepreneurial finance, entrepreneurship and strategy. This case can also be used in an executive programme on management and Management Development Programmes (MDPs) on entrepreneurship or entrepreneurial finance.

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CSS 1: Accounting and Finance.

The learning outcomes of this study are as follows:1. Learn to analyze a hostile takeover bid from the perspectives of the acquirer, target firm’s management and a large institutional investor in the target firm.2. Review the structuring, financing, valuation, mode of consideration, legal and regulatory aspects of a hostile takeover.3. Understand the role of the target firm’s board in a hostile takeover transaction.4. Address “to sell or not to sell” dilemma of a large institutional investor in the target firm in the event of a tender offer given financial and non-financial considerations.

On June 14, 2019, Pulak Prasad, Founder and Chief Executive Officer (CEO) at Nalanda Capital, in consultation with other managing partners at Nalanda Capital, had to decide whether to tender a 10.6% equity holding in Mindtree Ltd. in an unsolicited open offer made by Larsen and Toubro (L&T) Ltd. Until then, Nalanda Capital, led by Prasad, had aligned with the Mindtree founders and had led a campaign to thwart L&T’s bid to acquire Mindtree; L&T’s offer to acquire 31% of Mindtree shares was because of open on June 17, 2019 and it is time for Prasad and the management team to take a reasoned call – whether to stay in Mindtree or to exit? Associated aspects included – What could be the consequences of not selling the stake? What could be L&T’s game plan? Could Mindtree continue to create wealth for its shareholders under L&T?

This case is appropriate for Mergers & Acquisitions and Strategic Financial Management courses in modules focused on structuring, financing and takeover defence techniques in a hostile takeover transaction. The case is appropriate for graduate MBA and EMBA programmes.

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CSS 1: Accounting and Finance.

The learning outcomes of this study are as follows: ■ understand organizational turnaround and its sustainability;■ applying the understanding of turnarounds to distinguish between operational and strategic levers of a turnaround strategy; ■ analyze and evaluate past and present turnarounds from a sustainability perspective; and ■ formulate managerial actions to make turnaround sustainable.

Braithwaite Company Ltd. (Braithwaite) was a specialized engineering firm headquartered in Kolkatta, India. It primarily undertook structural steel fabrication to make railway wagons and bridge structures. It was incorporated as a private enterprise almost a century back. However, since its nationalization five decades ago, it has been operating as a public sector undertaking (PSU) under the aegis of Indian Railways, a department of the Government of India. The case documents the past three decades of the firm’s journey, during which it experienced three episodic turnarounds. Details of the first two turnarounds are presented as the background, in light of which sustainability of the third turnaround is to be examined. The case explores the sustainability of organizational turnarounds from the perspective of the current Chairman and Managing Director (CMD), the case protagonist. Braithwaite underwent financial and operational distress in 1992, 2005 and 2015 and negotiated them under different leaders. These leaders from diverse backgrounds used distinct tactics and strategies to bring about organizational turnarounds. The case provides data and information to assess the sustainability of the third turnaround. Hence, it allows a class to explore the paradoxical observation that while “turnaround” inherently implies sustenance of good performance over time, turnaround sustainability is not spontaneous in the real world. The case deals with the performance issues of PSUs, which make significant contributions to the national economy in the case of emerging economies (for example, 5%–8% of the Indian National gross domestic product is contributed by PSUs; https://swarajyamag.com/ideas/psus-are-crucial-for-indias-growth-but-only-if-they-play-a-strategic-role). Under government ownership and management, the poor performance of PSUs is often attributed to bad decision-making by its top management. In contrast, Braithwaite’s top management’s sound contextual decision-making resulted in a jump in its performance during each turnaround phase, but unsound fundamentals resulted in the unsustainability of the turnarounds. Hence, the case enables an exploration of the unique challenges faced by PSU that emanate from legacy roles, monopolistic markets and dual purpose – the concurrent pursuit of profits and social welfare. Consequently, the case allows an examination of the reasons for the distress of PSUs and the viability of turnaround strategies in the context of the broader Business–Government–Society landscape in emerging economies.

The case is written for use in the MBA elective course covering “Strategic Revival and Turnaround Strategies.” It can be used at the beginning of the course to identify reasons for organizational failure/distress or in the later part of the course to discuss the implementation of operational and strategic turnaround strategies.

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CSS 10: Public Sector Management.

This case aims to help students achieve the following learning objectives: ■ to apply the Emergence of Social Enterprise in Europe (Emergence des Enterprises Sociales en Europe – EMES) Network definitional framework to the case, and in doing so, have a useful framework to define social enterprises in emerging markets; ■ to identify the factors that can play important role in making strategic decisions in social enterprises; ■ to evaluate the sustainability of a social enterprise; and ■ to address the unique funding and financial challenges faced by social enterprises.

This case study discusses the dilemmas related to business expansion faced by Waste4Change (W4C), a waste management organization based in Bekasi, Jakarta, Indonesia. W4C was founded in 2014 by a group of young men who shared the idealism of changing the world by doing the right things. This principally involved protecting the environment and educating communities while maintaining economic profitability. However, idealism can sometimes create dilemmas within decision-making as an organization attempts to prevent market logic from dictating its direction. This case examines two different types of decision: the problem of securing a waste management contract when a permit had not been granted by the local government; and the problem of selecting the appropriate funding sources to enable the organization to grow. The first decision occurred in the context of a dilemma in 2017 when W4C expanded their waste management services to several regions in Indonesia but without having succeeded in securing a permit from the local government to provide such services. Attempts to provide such services without a formal legal permit would have been considered a violation of the law, even though the clients needed them (be it residents or companies) and the nature of the service in question had a positive connotation (i.e. maintaining the cleanliness of the city through waste management).The second decision concerned W4C’s plan to go public around 10 years from now. The CEO, Mohamad Bijaksana Junerosano, also known as Sano, has been considering this option since 2020 in a bid to grow the social enterprise. W4C differed from other startups; however, in the sense that while many startups will approach a plan to go public as an exit strategy, Sano wanted to preserve the idealism that had been a cornerstone of the enterprise since its inception. In other words, for W4C, going public was not just a means to an end.

Undergraduate as well as graduate courses that focus on sustainability, accounting, financing and strategy.

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CSS 1: Accounting and Finance.

After working through the case and assignment questions, students will be able to understand the following aspects:▪ how good strategic planning can convert a crisis into an opportunity;▪ importance of service excellence and customer satisfaction through customer delight and customer feedback; and▪ utilisation of resources and excellent time management strategies.

This case discusses how vital teamwork and motivated leadership can convert a crisis such as Covid-19 into an opportunity. This case study talks about Uttar Pradesh Metro Rail Corporation (UPMRC), a metro rail corporation working to develop metro trains in the Indian state of Uttar Pradesh. The case discusses how challenging it was for the metro rail corporation to transform its processes in a short period and deal with the crisis on major fronts such as facilities maintenance, human resource management, ensuring safety and security of its staff and riders, motivation of staff, service quality and maintaining all operational aspects. The case discusses how UPMRC is a leader on all fronts and has excelled in its operational work. It talks about what challenges the lockdown and unlocking phase posed in front of the leadership and how teamwork, dedication to exemplary service quality and customer satisfaction gave the team the strength to make changes that improved their processes and helped them overcome the crisis.The case starts with a discussion of metro rail inception and incorporation of UPMRC and then how this newly formed metro has to face the challenges of pre-lockdown period where the team worked very hard for sanitisation and safety. The lockdown created a completely different set of challenges related to the facilities and the entire metro train systems, which was a difficult situation to deal because of restrictions and other challenges. However, the team dealt with situations with strength and strategic planning, leading to better managed processes and staff. The unlocking phase also gave many challenges that the team handled with a lot of care and efficiency.

This case is suitable for post-graduate-level courses on services marketing, service operations management, general management, crisis management and strategic management. Participants can use the case to develop an understanding of strategic planning and management.This case can also be used in the executive education program for managers to encourage them to think through challenges faced by metro rail corporations.

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CSS 10: Public Sector Management.

The learning outcomes are as follows: Students/participants can understand the type of financial fraud pertaining to the case; Students/participants can analyse the case using the fraud triangle perspective; students/participants can describe detection/anticipation strategies to prevent such acts from taking place in the future; students/participants can evaluate the case using the ethical decision-making framework; and students/participants can comprehend the importance of financial literacy when investing, especially in this digital era.

This case discusses the investment funds mismanagement accusations addressed to PT Jouska Finansial Indonesia (Jouska). Jouska is a financial planner business that was immensely popular among Indonesian young investors. It actively posted interesting content on its social media accounts, gaining attention from the millennial and Gen Z generations. However, in 2020, many of its clients reported and filed complaints that their portfolio values decreased significantly because of Jouska’s decision to invest their funds in low-quality stocks. Jouska was also alleged to violate its role as a financial planner by being able to perform several activities that fell under the authority of investment managers. This case attracted the attention of authorities so that the Investment Alert Task Force (SWI) stopped Jouska’s operational activities and initiated an investigation into the case. SWI also blocked Jouska’s websites, applications and social media accounts, in cooperation with the Ministry of Communication and Information. Despite settlement agreements that Jouska claimed had been offered to several clients, at the end of 2020 some of its clients and former clients filed a formal lawsuit. As of January 2021, several alleged criminal actions attributed to Jouska were still under investigation, comprised of money laundering, clients’ funds embezzlement, fraud, and insider trading. In October 2021, Aakar’s status was a suspect in the allegations. This case is another example of investment misconduct or fraud; to put it another way, it is the effect. It is expected that the participants can deliberate other perspectives during the discussion that could be the cause of such a case, hence viewing it holistically.

Undergraduate level.

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CSS 1: Accounting and Finance.

The learning outcomes are as follows:• demonstrate an understanding of the fruit farming process;• compare the pros and cons of farming different fruits;• understand the general characteristics of entrepreneurs and identify the issues they face;• compare the risk and returns from two types of investments;• apply capital budgeting techniques to ascertain the best available investment option; and• perform sensitivity analysis based on different anticipated situations for a new business.

Since his birth, Mr Bashir Khan, a 45-year-old father of four, lived as a farmer in Kallar Kahar, Pakistan. He owned 15 acres of land which he used to cultivate wheat and millet. He decided to start fruit farming after harvesting wheat in April 2021 to satisfy his long-standing desire to own a garden. He recently met a friend who was earning well from grape farming, who suggested that Khan set up a vineyard farm which could become a profitable venture for him. At the same time, Khan learned that the government had declared the Potohar region of Pakistan an olive valley, and was giving massive subsidies on olive cultivation. Khan now had a choice of fruits to plant on his land. One of his relatives, Omar Khayam, was an accountant at a firm. Khayam offered to conduct a feasibility analysis for Khan, to provide the relevant data, and help Khan select a high profit-yielding fruit farm.

Introductory finance courses at the undergraduate and postgraduate levels as well as executive training courses focused on the agri-finance discipline.

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CSS 1: Accounting and Finance.

Learning objectives are as follows: Analyze the reasons for the implementation of retrospective taxation by the Government of India; infer the dynamics of international tax laws and the settlement process of international taxation disputes; critically analyze the factors that led to the Indian Government’s decision to scrap the retrospective tax; and infer the relationship between a country’s taxation system and its potential to attract foreign direct investment.

This case is an analysis of the Indian Government’s decision to scrap the retrospective taxation amendment. The case discusses the underlying factors that led the incumbent government to take this sudden decision. The case discusses in detail the causes for the introduction of the retrospective taxation amendment and the tax terror unleashed by this draconian law. The case also discusses the embarrassment faced by the Indian Government because of a series of adverse decisions against it and in favor of Cairn Energy and Vodafone in the international courts. It also discusses the adverse effect on Indian banks in case of ailing telecom conglomerate Vodafone Idea Ltd failure.

The case is best suited for postgraduate and executive students studying Taxation subjects in Commerce and Business Management streams.

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CSS 1: Accounting and Finance.

The learning outcomes of this paper is as follows: to understand and analyze the turnaround model of Pearce and Robbins (1993); to familiarize with parameters and actions in the Prompt Corrective Action (PCA) framework of Reserve Bank of India (RBI); to comprehend the probable situation warranting turnaround; to identify the key ratios which signal the financial health of a bank; and to understand the applicability of the turnaround model in bank’s revival.

The case explores various challenges faced by Mr Prashant Kumar during the turnaround process of Yes bank. The youngest bank started its operation in 2004, and in the first six years of operations, Yes bank registered a compound annual growth rate of 100% on the balance sheet, becoming the fourth-largest private sector bank in the country. However, the irony is that this shine and glitter was a short-lived phenomenon and after the regulatory inspection of 2016, Yes bank collapsed like a house of cards. This case has incorporated the three major phases of Yes bank i.e. the rise, the fall and the revival. The turnaround process led by Mr Kumar was explained using the turnaround model given by Pearce and Robbins (1993) and the PCA framework of the RBI. The conditions which warranted the need for the turnaround in Yes bank and the factors responsible for the same are discussed. The multiple challenges faced by Mr Kumar and the strategic responses adopted by him were incorporated in great detail. What were the outcomes of those strategic choices? Should he continue with similar approaches? Was he successful in stabilizing the bank which was broken from the core? What next if stability is achieved? How Mr Kumar should lift Yes bank to the recovery zone? And most importantly, will Mr Kumar be able to change the poor public image of Yes bank? The reflections of all the above questions are narrated with the actions of Mr Kumar.

The case is intended to be taught in the class of strategic management for postgraduate-, master- or executive-level participants of business administration. As the case is focused on a banking organization, it also can be taught in banking class.

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CSS 1: Accounting and Finance.

This study will help students determine the economic value of a firm particularly in case of a small business. The crux of the case is to help students estimate an enterprise value for a company and figure the actual worth of the company to aid in decision-making.

This case is about a decision dilemma faced by Shashi Hegde, Director, Hycons Renewable Private Ltd, a company ventured into the production of Bio-CNG. It is about a recent proposal received by the firm from APL Ltd for equity investment with 40% stake in the firm. The case reflects the dilemma faced by small businesses to choose between investment or loss of control. Accepting the proposal will bring in additional funds, whereas the Board loss control on the firm. The case revolves around this dilemma. To help Hegde in this task, he seeks advice from his CFO and his confidant Kumar.

This case is most appropriate for a core finance class for both under-graduate and graduate programs.

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CSS 1: Accounting and Finance.

By reading and understanding this case study, students are expected to: 1.Able to understand and review the impact of unethical practices from accounting perspective; 2.Able to make an analysis of how one unethical act triggers a series of forced unethical acts (ripple effect); 3.Identify the unfair practices as well as be proactive in preventing unfair practices in the business day to day affairs; 4.Able to relate the function of various ratios (current ratio, quick ration, debt to asset ratio, debt to equity ratio etc.) and its impact on the business performance; and 5.Able to apply various lean quality tools, doing the root cause analysis in identifying and solving problems.

T.M. Exports (TME) was an India-based privately owned and operated enterprise. The company had a brilliant employee named Sanjay, who was a 12-year veteran. TME’s Business Intelligence (BI) department at TME head office, Kanpur, India, ostensibly learned on April 8, 2019, from the rumors about a brand-new vehicle dished out to Sanjay by his friend who made fortune worth of millions from certain transactions. To add fuel to the fire, another incident surfaced concerning a warehouse keeper, Mohit, who was also involved in embezzlement in one of the sales offices. On May 16, 2019, BI reported these two incidents to the internal auditor who launched an internal investigation to get to root of this case. Consequently, the company owner, Tariq Mahmood got himself caught up in a dilemma to fire both Sanjay and Mohit only or restructure the organization for better transparency and integrative approach in future. Moreover, the newly appointed Chief Executive Officer had the dilemma of keeping high safety stock to maximize service level or keeping conservative safety stock and rely on-spot market-buying if demand spiked. He decided and instructed all the warehouses to keep higher inventories to meet the forecasted demand, considering unexpected spikes in demand witnessed historically. Thus, increase in inventory caused panic in the sales department as demand was sluggish. He, therefore, offered high discounted prices to liquidate the stock. This study integrated the theories of accounting/financial ratio metrics, accounts reconciliation, business ethics and lean tools. It was demonstrated in this case that the irregularities in sales accounting and their inability of reconciliation had a serious impact on business performance. The concept of total reward was also invoked to understand the disruptive and unscrupulous practices.

This case has been particularly focused on undergraduate and postgraduate early-stage-level students pursuing business or commerce program, particularly those specializing in accounting (sales accounting) and human resource management courses.

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CSS 1: Accounting and Finance.

Need for preventive health care: To comprehend the contribution of preventive health care in improving the health quotient. Sri Sathya Sai Sanjeevani Hospital (SSSSH) and its initiative is an apt example of the wonder which preventive care can bring in the context of rural health. Community participation: The case can be instrumental in showing the pathway to encourage community involvement in mainstream health by promoting the holistic model of SSSSH that understands mothers and children's health profile and needs, especially in the unreached rural segments of an emerging economy like India. Importance of healthy childhood: World Health Organization (WHO) promotes the school health programme to prevent health risks among children by inculcating healthy behaviours during childhood. The successful SSSSH model proves that it is implementable by integrating comprehensive health education modules in the existing institutions for medical care.

The challenge of a healthy childhood is inadequate availability and accessibility of quality care. Non-awareness of the parents is also a significant reason for the children who miss the benefit of a happy childhood. While much is planned by the Government and some part of it being executed, this case highlights the effectiveness of the maternal and child health programme executed by the Sri Sathya Sai Sanjeevani Hospital (SSSSH). This initiative fulfills the dire need of ensuring the preventive healthcare component leading to safe motherhood and safe birth of healthy children. Further, the case is also the culmination of pin-pointed innovative awareness activities such as school health screening and the Divine Mother and Child Health Program (DMCHP). It opens up the discussion on the current model of health care followed by SSSSH, Raipur, and its impact in the local areas to decide on its expansion across the country for nationwide implementation.

Bachelors in Business Administration, MBA, Executive MBA, Post Graduate Diploma in Healthcare Management

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CSS 2: Built Environment.

At the end of the course, the participants are expected to be able to: understand and explain what is bridging leadership (BL); understand stakeholder, stakeholder engagement and stakeholder management; conduct a stakeholder analysis based on the details of the case; evaluate the BL processes based on the details of the case; and communicate how BL was used in Dumingag.

Mayor Nacianceno “Jun” Pacalioga’s journey towards the transformation of the municipality of Dumingag, Zamboanga del Sur in Mindanao, Philippines has been rooted in his daily interaction with its residents by way of morning walks around the town. He has always been involved in organizing people in his youth and as a public servant, improving the plight of the people of the 4th class landlocked and agriculture-dependent municipality has always been his primary concern. There are currently an estimated 50,000 people from forty-four (44) barangays (communities/villages) in the Municipality of Dumingag. In 2007, most farming households of the municipality earned US$ 60 monthly. By 2016, after Pacalioga’s 9-year stint as local chief executive or as mayor, the percentage of households with income below the poverty threshold have significantly decreased to 38%. Local health indicators have also become exemplary with only 0.77% of children between 0-5 years old recorded as malnourished, with maternal mortality death rate. When it comes to food, only 0.25% of households experience food shortage.

This case highlights the Bridging Leadership Framework as a paradigm to help address social divides and inequities in complex environments such as Dumingag. In realizing bridging leadership as a community of practice, Pacalioga employed participatory processes to develop the Genuine People’s Agenda, and the integrated Transformative Education to build the capacity of different stakeholders in the municipality. These processes mobilized different stakeholders to move towards the common goal of improving the plight of the Duminganogs. Now Dumingag is enjoying the broad-based benefits of the program; including recognition by numerous local and international organizations and civic groups on the efforts of Pacalioga and the people of Dumingag in transforming their once poverty-stricken town in Zamboanga del Sur, Mindanao, Philippines.

Masters Level/Executive Education.

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CSS 10: Public Sector Management.

The case intends to achieve the following objectives with the audience: Apply the knowledge of fundamental analysis to select good companies for investment; analyse companies for investment through the contrarian strategy; and appreciate the need of own research before investing.

This case study provides an insight into the general process around investment for a retail investor. The protagonist of the case, Rajdeep Sharma, is a middle-class, salaried IT consultant from India. He has taken inspiration from Rakesh Jhunjhunwala, a renowned investor in India, and started his journey on the road to generate wealth. He decides to adopt the contrarian strategy and identifies Jaiprakash Associates Limited (JPA) to invest his savings. JPA is a large conglomerate with decades of experience, which has diversified business across multiple sectors. However, JPA’s pursuit of growth and expansion has created financial issues because of a large amount of debt it has amassed over the past few years. The company has been unable to repay its interest and principal obligations to the debt holders, making it consider a restructuring plan to meet these responsibilities. Meanwhile, Rajdeep has been optimistic about his investments but must experience excessive turmoil due to the high volatility in the company’s share prices. The case highlights the value of sound analysis, along with the impact of information on retail investors’ decision-making process. It will help prospective investors appreciate the importance of economic, sectoral and financial statement analysis before making any investments.

Fundamental analysis for MBA students majoring in Finance.

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CSS 1: Accounting and Finance.

After working through and discussing this case, learners should be able to:1. evaluate the financial condition of Ellerine Holdings Limited (EHL) at the time of the merger proposal and use it to make inferences about the company’s ability, at that time, to function effectively as a going concern;2. identify the conditions within EHL and in the operating environment that may have made it necessary for EHL to seek to change its business strategy;3. determine whether the acquisition price offered to EHL by African Bank Investments Limited (ABIL) was fair; and4. compute the value accretion/loss expected to be realised by the existing shareholders of ABIL and EHL under the merger proposal.

This case situates the directors of Ellerine Holdings, a furniture retail company that merged with African Bank Limited in 2007, reflecting on the events that led up to both entities being placed into business rescue in 2014 and asking whether the merger was the cause of the demise. If they had chosen an alternative partner, would the results have been different?

Masters Level students – MBA or Masters in Finance.

For instructors.The following material has been provided with the teaching note for instructors:- Teaching Note.- Johannesburg Stock Exchange News System (SENS) extract of related original filing.For students.The following supplementary material has been provided to accompany the case:- Financial information on the two companies (Excel spreadsheet).- Johannesburg SENS extract of related original filing.

CSS 1: Accounting and Finance.