For many Indian tycoons, 2019 turned woeful as lenders -- empowered by the nation’s recent bankruptcy law and desperate to clean up soured debt from their books -- started seizing assets of delinquent firms or dragged them into insolvency.
Indian banks wrote off a record $39 billion of loans in the 18 months through September in a bid to repair their balance sheets as they battled the world’s worst bad debt pile. Making matters worse, a shadow banking crisis led to a funding squeeze, crushing debt-laden businesses that were critically dependent on rollover financing.
“Life has come a full circle for tycoons that had enjoyed debt-fueled growth,” said Nirmal Gangwal, founder of distress and debt restructuring advisory firm Brescon & Allied Partners LLP. “Many firms collapsed like a house of cards. The downfall was rather unprecedented.”
The government has also been cracking down on economic crime to assuage public anger over absconding businessmen. It’s even barred some from traveling overseas if they were deemed a flight risk.
Here are some of the country’s biggest and most-storied businessmen who saw their fortunes fade. Spokespersons for none of these tycoons, except Essar, immediately replied to emails and text messages seeking comments.
Anil Ambani
The chairman of Reliance Group, which makes movies to metro lines, had a close shave with jail time in March before his elder brother and Asia’s richest man, Mukesh Ambani, bailed him out at the last minute. The woes of the ex-billionaire came to the fore when India’s top court asked him to pay Ericsson AB’s India unit about $77 million of past dues or go to jail since Anil Ambani, 60, had given a personal guarantee. His telecom carrier slipped into insolvency this year, while unprofitable Reliance Naval & Engineering Ltd. faced a cash crunch. Reliance Capital Ltd. is selling assets to pare debt. Ambani is also fending off Chinese lenders in a London court.
Malvinder & Shivinder Singh
Karma caught up with ex-billionaires and brothers Malvinder Singh, 47, and Shivinder Singh, 44, and how. Scions of a prominent business family, they once helmed India’s top drug maker and second-largest hospital chain. In October, the two were arrested on charges of fraudulently diverting nearly $337 million from a lender they controlled. India’s market regulator found in 2018 that the brothers had defrauded their hospital company of about $56 million. The collapse of the $2 billion empire turned brother against brother, prompting their mother to broker a peace deal that was short-lived. In February, Malvinder accused Shivinder and their spiritual guru of fraud.
Shashikant & Ravikant Ruia
After a hard-fought battle to keep their flagship steel mill, the first-generation entrepreneurs finally saw the bankrupt Essar Steel India Ltd. pass on to ArcelorMittal last month. The $5.9 billion takeover was almost two years in the making with multiple legal wrangles. The group, controlled by Shashikant Ruia, 76, and Ravikant Ruia, 70, were also reprimanded by a U.K. judge in March this year for concealing documents. Started in 1969 as a construction firm, Essar Group diversified, investing about $18 billion between 2008 and 2012, and piled on debt. In 2017, the group had sold another prized asset, Essar Oil.
Selling an asset to pare a liability shouldn’t be seen as a “lost asset,” an Essar spokesman said, adding that the group remains a diversified conglomerate.
VG Siddhartha
Before jumping off a bridge into a river in July in an apparent suicide, the founder of India’s biggest coffee chain Cafe Coffee Day had penned a letter that spoke of pressure from lenders, a private equity firm and harassment by tax officials. He had spent much of the last two years pledging ever more of Coffee Day Enterprises Ltd. shares to refinance loans for ever shorter periods, at ever higher interest rates. “I would like to say I gave it my all,” V.G. Siddhartha, 60, wrote in the letter. “I fought for a long time but today I gave up.”
Naresh Goyal
The former ticketing agent who built India’s largest airline by value, stepped down as chairman of Jet Airways India Ltd. in March, caving in to pressure from banks who took over the company. Cut-throat price wars and surging costs pushed Jet deeper into loss. The airline stopped flying in April and went into bankruptcy two months later as lenders failed to find a buyer. In July, an Indian court barred Naresh Goyal from flying overseas after the government said it was investigating an alleged $2.6 billion fraud involving Jet Airways.
Rana Kapoor
The founder of Yes Bank Ltd., which became India’s fourth-largest non-state lender, tweeted in September 2018 that his shares were invaluable and requested his children never to sell them upon inheritance. But trouble was brewing. The nation’s banking regulator, which found the lender had repeatedly under-reported its bad loans, refused to extend his tenure as chief executive officer. This forced Rana Kapoor, 62, to step down by end-January. Kapoor, who has pledged some of his Yes Bank shares in July, sold almost his entire stake in the lender by October.
Subhash Chandra
The rice trader-turned-media mogul, 69, who brought cable television into Indian homes in the early 1990s with his ZEE TV, resigned as chairman of Zee Entertainment Enterprises Ltd. in November and lost control of his crown jewel. Subhash Chandra has been selling stake in Zee Entertainment in the past few months to repay group’s debt.
Gautam Thapar
A default by Gautam Thapar, founder of the paper mill-to-power transmission Avantha Group, on pledged shares made Yes Bank Ltd. the biggest shareholder in CG Power and Industrial Solutions Ltd. In August, the firm was hit by an accounting scandal forcing the board to remove Thapar, 59, from the chairman’s post. A month later, the market regulator ordered a forensic audit of the firm and barred Thapar from accessing securities market.
The SKSM had in fact panned to host Dr Zakir Naik's event at Nehru Maidan in Mangaluru on December 27 last year and then postponed it to January 2 this year.
Comments
Any single word Allah spoke to Muhammad in the quran. It is from limited angel. Angel is not almighty. God is Almighty. Allah is limited to time, race and place- appeared in the 14th century. His head quarter's is in Mecca. Zakir Naik has not circumcised because it is not mentioned in the Quran.
See how the Sanghis are scared to life coz of this one Daa'ee of Islam.
These cowards can't even challenge this man of intellect with their knowledge, with all their religious scholars.\
It is like - \"When you fear Allah more than anything else, Everything else fears you.\""
DEAR Bro HANEEF
Millions have been REVERTED on his stage... & when they do, They all are asked to repeat the Shahada by Zakir naik . He ask them to repeat \ There is no God but ALLAH and Muhammad is the messenger and slave of ALLAH. This itself proves your claim FALSE of he is not following Prophet of ALLAH.
Please brother there are many videos twisted by the haters, Dont rely your SOURCE from that... He is calling people to Worship ONE GOD and follow prophet Muhammad pbuh... according to QURAN and Sunnah... There are many biddat happening around us in the name of ISLAM which we dont see during prophet or the times of Sahaba when U dig & study deep about the Seerah and life of Sahabas.
I request U to learn the SEERAH and the stories of sahabas along with the QURAN to understand better what is ISLAM"
Dear AK & Noor and all truth seekers. Zakir Naik also claims, Allah cannot create tall man short and many other nonsense which does not make sense to a common man. but that is not the point. how a so called scholar make such statement which we understand as statement of kufr. secondly, he also says there is some point % of hope who does not believe in prophet Muhammad sallallahu alahiwasallam but only believes in Allah that he may enter paradise.
Common brothers if you have sense isn't these are basic belief of islam and from parts of shahada? and one does not become a believer until he believe our prophet Muhammad sallallahu alahiwasallam. a small child will reject him.
his problem is that he is victim of fame and cannot accept the advice when given. he does not like criticism for his mistakes. your problem is that your reach is only to the speaker like him not beyond.
open your mind and heart. learn the Deen from those who are capable of. May Allah give us tawfeeq to be upon haqq.
Dear “Truth”
Allah cannot do ungodly things. You cannot imagine him to become creation which you look around. Suppose you are manufacturer of Nail and we want you to become nail, can you? Similarly Allah can do everything but you cannot expect him to do ungodly thing.
Dear Noor and AK,
kindly read end of the ayat quran 2:148. :\Allah is able to do all the things\", Zakir lied, Allah said in quran he is is able to all the things\", he used his logic to explain Quran instead of quran and sunnah and understand of Salaf. for your information one more mistake in his aqeeda he tells that if some one does not believe in prophet Mohammed and he does not associate partner in Allah than there is a chance of entering him jannah .00001 chance. Brothers you call me as tiger, cat, no problem, but accept the truth when it reaches you."
Dear so called Truth,
Just listen clearly what Zakir naik says. He says ALLAH has power over all things.... and he takes this from QURAN.
He says NO where in the Quran mentioned that God can do everything.he gives example....Can god make mistake ....
NO never...He is Perfect and cannot make mistake is one such example. which is not going your throat... Think Yaar
Dont depend on Islamhaters BLOG and just rely on your GROUP teachings which is destroying our UMMAH. RELY on QURAN and HADEES
Dear Noor,
I know you people are not ready to accept the truth, dint He claim 1000 things Allah can not do?? first tell him to rectify his basic belief than to teach others.
Dear so called TRUTH / Tiger Sunni
A person who reminds YOU to FEAR ALLAH is your true companion worth more than ANYTHING and EVERYTHING this world can possibly offer...
Zakir naik is asking people to come close to ALLAH with Evidence and LoGIC using QURAN and Sunnah... He asks to depend on ALLAH and follow the teachings of Prophet Muhammad pbuh...
When U rely on the same old cultural rites which came after prophet Muhammad pbuh. it will take time for YOU to accept to RELY ONLY on ALLAH...
Shaitan deceives many. Our cultural ritual, if we research its core base i think is from the Shia group where they depend on imams and auliyas while asking along with ALLAH. (Allah knows best)
I request YOU to depend on ALLAH ALONE if anything happens in YOUR LIFE with Patience (Dont panic, Ask with ALLAH Gradually when YOU ask ALLAH with TRUST ... He shows YOU the Sign. Surely those who rely on ALLAH alone are Successful.
before U comment just VERIFY and RESEARCH what Zakir Says. Dont be a SLAVE of your EGO.
Dear Zakir Naik Fans,
You are all very much stressing to Non muslim to accept the truth, will you accept the same advise which your giving to others, kindly note that Mr.Zakir Naik claims that he can list 1000 things which Allah can not do, you can refer youtube for above said video, and he has other major issue in his basic belief of islam, first let him rectify his belief before teaching others. yes i am bit harsh in this advise because even after continues advise from many brothers he is not ready to accept his mistake.
Dr. Zakir Naik had delivered speech in Bangalore few years back even which was debate with sri sri Ravishanker it has ended peacefully. For mangalore he is coming for addressing to his own religion followers then congress government why not allowing to mangalore, this is what backstabbing congress, now time has come to choose AAP
keep all negotiable leaders in a side it will be just a blaming game, silent people are killers of Democracy.
RSS is scared of getting exposed by Dr Zakir Naik
Distribute Dr. Zakir Naik CD's/Mobiles to every Mangalorean House/ street. Lets see how they can stop him from delivering the true message of The Creator.
people of coastal karnataka why afraid of zakir naik whether they r hindu or muslim, you have right to except his message or reject simple. he can't force any one. thats all
By ALLAH's will Surely HE WILL COME In-SHA ALLAH.
What does Zakir naik say:
He says There is no God But ALLAH & Muhammad pbuh is the final messenger of ALLAH
He says Dont WORSHIP other things except ALLAH
He says to use LOGIC & Scientific ways to accept WHAT He SAYS.
He says DONT FOLLOW BLINDLY.
He says STUDY, RESEARCH and VERIFY on what QURAN & PROPHET MUHAMMAD pbuh says.
He says the ONENESS of GOD is mentioned in OTHER SCRIPTURES TOO>
He Says HINDU scriptures also Mentions that those who WORSHIP demigods will end up in DARKNESS -- Please VERIFY and PONDER Y it is also said in HINDU Scriptures...
ZAKIR naik is SAVING people from falling into DARKNESS which many non muslims are already SWIMMING in darkness without the knowledge of who is the CREATOR of all that exist...
Worship the CREATOR and not his CREATION. Accept Zakir naik and LISTEN what HE SAYS and then VERIFY what he Says & then DO your research what he says ....
Dont be the like the people who just want to live like animals (cos it doesnt have thinking power like humans ) Please use this God given intellect and VERIFY what he Says.
Violent & evil groups will surely stop you from reaching the TRUTH. YOUR CHOICE to check the TRUTH atleast once in your lifetime.
The state ruled govt has yet again surrendered to the Hindutva group. A man who wants to spread peace is not allowed while the hate mongers of BJP and RSS are welcomed with protection. Living under atrocity is the fate of Indians. No wonder why 4000 millionaires have shifted overseas in 2015 for peace & better standard of living. @times of india published on 30th march 2016.
Thanks to congress chaddi government for cheating us, we know how to teach you in coming elections. You have broken the trust,, remember we have an internal political party \SDPI\" in our community. We all fans of Dr.Zakir Naik will surely bring you down."
Dear Brothers,
Alhamdulilha very happy to know that, Zakir Naik has serious error in his basic belief of Islam. he is the one who claims Allah can not do 1000 things, even after continuous advise he is not ready to apologize or to change his belief.
Its clear that Hindutva Group is more powerful than the ruling party.
@ Sister Pramila Mangalore..
You better ask Your Sri Sri Ravi Shanker about DR.ZAKIR NAIK.He will explain you.Because he has very Good Experience about ZAKIR NAIK..
So called Communal people afraid of Dr.Zakir Naik.So they are not al
This is the lesson for muslims those who have the congress party like their family, its never congress only playing game with muslims, muslims must know this
Support BJP they will allow you to bring Zakir Naik. Congress do nothing. BAWA, RAI, UTK will loose their seat in next election.
This is the old Congress tactic. To ban known Muslim hater Perveen Togadia, they also need to ban Zakir Naik. When will Congress learn to take a stand? It is this Congress hypocrisy that is the reason for the part's defeat Lok Sabha polls
all the saffron should be banned not only zakir naik.
There is no truth here . There is no truth from his speeches. Mohan Bhagawat, praveen togadia speech will give no harm to the Society. But his speech possibility is there.
His type of truth cant run for long time. dont allow him to india
ask him to sit home and use youtube to show power of truth....
Those who don't have guts to ask question directly don't want him to come
The Quran: Quran (2:191-193) - \And kill them wherever you find them, and turn them out from where they have turned you out. And Al-Fitnah [disbelief or unrest] is worse than killing... but if they desist, then lo! Allah is forgiving and merciful. And fight them until there is no more Fitnah [disbelief and worshiping of others along with Allah] and worship is for Allah alone. But if they cease, let there be no transgression except against Az-Zalimun (the polytheists, and wrong-doers, etc.)\" (Translation is from the Noble Quran) The verse prior to this (190) refers to \"fighting for the cause of Allah those who fight you\" leading some to believe that the entire passage refers to a defensive war in which Muslims are defending their homes and families. The historical context of this passage is not defensive warfare, however, since Muhammad and his Muslims had just relocated to Medina and were not under attack by their Mecca adversaries. In fact, the verses urge offensive warfare,"
Why are u Afraid? because he is speaking what is in the Books...... you will never agree whats in your Books , we know if you agree whats in your Sacred Books . then there will No need of any Organization to protect Cows and Buffaloes . As in Manipur RSS cadres eat beef.
Useless creatures
The reason behind this is Saffron goons knows that if zakir naik give speech then people will come to know about the true religion. Some people may accept the true religion islam. So these Goons are afraid of zakir naik. These goons never know what their books say about God.
Instead of this drama if you guys have guts then attend the function and question zakir naik.
Let them do what they want. More curiosity among Hindus if these mongers create more troubles on his visit. plenty of debates, speeches are available online, sure millions hits in Zakir's videos if they succeed in stopping Zakir. This is biggest trouble for Sanghis.
Let them create more publicity and it creates more curiosity.
ZAKIR NAIK ZAKIR NAIK WHO IS ZAKIR NAIK?????
ZAKIR NAIK BAGGED MANY AWARDS IN THE NAME OF PEACE, WHAT TOGADIA HAS? Allow him to mangalore, put out togadia from india
u Hindus should be thankful to zakir, he is helping u guys and saving u from hell fire. u guys r very cheap, the one who help u, u guys kick them. Mangalore people should welcome zakir naik this s my humble request to all.
All great men face gag order at some time in their life.
good decision by GOV, we muslims dont support this wahabia person, he is even against the core teachings of ISLAM and his main job is to ignite fire between people.
Why so much of fear for a simple preacher? he is not fire brand controversial speaker like Mohan Bhagawat, Praveen togadia... Its shows the power of Truth... cant run for a long time..
Dr Zakir is a great personality. Govt should allow him to enter Karnataka.
Shame on congress leaders.
If it continues like this, Cheddiyurappa will become next CM.
I have seen most of his videos and find nothing that is inflammatory, in fact in one of his videos he was professing of similarities between different religions and advocating that one should be keen to have zeal to learn comparative religion. In his opinion it would remove misconceptions and encourage people to know about theirs and others faith better. better not to give him permission to enter peaceful mangalore,
The emerge of communal forces is a curse for Mangaluru
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