Mukesh Ambani emerges richest Indian for 11th consecutive year in Forbes list

Agencies
October 4, 2018

New Delhi, Oct 4: Reliance Industries' Chairman Mukesh Ambani has emerged as the richest Indian for the 11th consecutive year with a net worth of USD 47.3 billion, according to Forbes magazine.

Ambani is also the year's biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.

As per the 'Forbes India Rich List 2018', Wipro Chairman Azim Premji has retained the second spot, adding USD 2 billion to his wealth at USD 21 billion; while ArcelorMittal Chairman and CEO Lakshmi Mittal moved a place ahead to the third slot with a net worth of USD 18.3 billion, increasing his wealth by USD 1.8 billion.

Mittal is followed by the Hinduja brothers at with a net worth of USD 18 billion and Pallonji Mistry with USD 15.7 billion.

Other business magnates making the top 10 list are Shiv Nadar (USD 14.6 billion), Godrej family (USD 14 billion), Dilip Shanghvi (USD 12.6 billion), Kumar Birla (USD 12.5 billion) and Gautam Adani (USD 11.9 billion).

"In a challenging year, which saw the rupee taking a tumble, the country's 100 richest collectively managed to hold their own. Moreover, new billionaires continue to be minted, which indicates that India's entrepreneurial energy is upbeat as ever," said Naazneen Karmali, India Editor of Forbes Asia.

Biotechnology pioneer Kiran Mazumdar-Shaw has emerged as the biggest percentage gainer of the year. One of only four women on the list, her net worth rose 66.7 per cent to USD 3.6 billion. In terms of net worth, she stood at 39th spot.

"Despite a rout in the rupee that practically wiped out the Indian stock market's 14 per cent rise from a year ago, tycoons on the 2018 Forbes India Rich List saw a modest gain in their combined wealth to USD 492 billion," a Forbes India statement said, adding that among the nation's 100 richest, 11 saw their wealth jump by USD 1 billion or more.

"The growth in the overall wealth of India's richest in a challenging year is one indicator of the country's economic advancement. New faces on the list - five of them - are also an encouraging sign of the rise of domestic mega-firms, many with a presence in global markets," Forbes India Editor Brian Carvalho said.

According to the statement, this list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India's regulatory agencies.

"Public fortunes were calculated based on stock prices and exchange rates as of September 21. Private companies were valued based on similar companies that are publicly traded," it said.

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ALTHAF MAHAMMED
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Thursday, 4 Oct 2018

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Agencies
February 14,2020

Kochi, Feb 14: A special National Investigation Agency (NIA) court on Friday extended the remand of Thalassery-based students Allan Shuhaib and Thaha Fasal till March 13.

They were arrested under the Unlawful Activities (Prevention) Act in Kozhikode in November 2019.

Meanwhile, Alan Shuhaib has approached the High Court seeking permission to appear for the LLB 2nd semester exam scheduled on February 18.

Kerala Chief Minister Pinarayi Vijayan on February 6 wrote to Home Minister Amit Shah, urging him to transfer the case of the two students, who were arrested for alleged links with Maoists, from the NIA to state police.

Allan and Thaha, students of law and journalism respectively of Kannur University, were taken into custody by the police from Pantheerankavu in Kozhikode on November 1 last year for alleged links with the Naxals.

The duo was charged under Sections 20 (punishment for being a member of terrorist gang or organisation), 38 (offence relating to membership of a terrorist organisation) and 39 (offence relating to support given to a terrorist organisation) of the UAPA.

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Agencies
June 4,2020

New Delhi, Jan 4: The Supreme Court on Thursday extended till June 12 its earlier order of May 15 asking the government not to take any coercive action against companies and employers for violation of Centre's March 29 circular for payment of full wages to employees for the lockdown period.

A bench of Justices Ashok Bhushan, S K Kaul and M R Shah reserved the verdict on a batch of petitions filed by various companies challenging the circular of the Ministry of Home Affairs issued on March 29 asking the employers to pay full wages to the employees during the nationwide lockdown due to the coronavirus pandemic.

In the proceedings conducted through video conferencing, the top court said there was a concern that workmen should not be left without pay, but there may be a situation where the industry may not have money to pay and hence, the balancing has to be done.

Meanwhile, the apex court asked the parties to file their written submissions in support of their claims.

The top court on May 15 had asked the government not to take any coercive action against the companies and employers who are unable to pay full wages to their employees during the nationwide lockdown due to the coronavirus pandemic.

The Centre also filed an affidavit justifying its March 29 direction saying that the employers claiming incapacity in paying salaries must be directed to furnish their audited balance sheets and accounts in the court.

The government has said that the March 29 directive was a "temporary measure to mitigate the financial hardship" of employees and workers, specially contractual and casual, during the lockdown period and the directions have been revoked by the authority with effect from May 18.

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News Network
February 14,2020

Washington, Feb 14: The United States has called for making Jamaat-ud-Dawa (JuD) chief Hafiz Saeed accountable for his involvement in the planning of "numerous acts of terrorism, including 2008 Mumbai attacks". "We continue to call for Hafiz Saeed to be held accountable for his involvement in the planning of numerous acts of terrorism, including 2008 Mumbai attacks that killed 166 innocent people, including 6 Americans," US State Department spokesperson said on Thursday (February 13, 2020).

US State Department spokesperson said this while commenting on the Saeed`s conviction in terror financing cases.

The spokesperson said Hafiz Saeed`s conviction on terror financing is a step towards curtailing the operation of a terrorist group that threatens peace and stability in South Asia.

"We urge Pakistan to continue to take appropriate legal action against individuals who commit acts of terrorism, raise funds for, or advocate for terrorism," the official said.

On Wednesday, Alice Wells, Principal Deputy Assistant Secretary of US for South and Central Asian Affairs had termed the conviction of 26/11 Mumbai terror attack mastermind Hafiz Saeed as an "important step forward" towards holding terrorist organisation LeT "accountable for its crimes".

"Today`s conviction of Hafiz Saeed and his associate is an important step forward - both toward holding LeT accountable for its crimes and for #Pakistan in meeting its international commitments to combat terrorist financing," she tweeted.

"And as @ImranKhanPTI has said, it is in the interest of #Pakistan`s future that it not allow non-state actors to operate from its soil," she said in another tweet.

An anti-terrorism court in Lahore, Pakistan on Wednesday sentenced Mumbai terror attack mastermind and chief of the banned Jamaat-ud -Dawa (JuD) Hafiz Saeed to five-and-a-half years in prison each in two terror financing cases.

Pakistan based Dawn reported that he was slapped with a prison sentence of five-and-a-half years and a fine of Rs15,000 in each case and the sentences of both cases will run concurrently.

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