Mukesh Ambani tops India's 100 richest billionaires, Mallya drops out

September 26, 2014

Singapore, Sep 26: For the first time, the 100 richest tycoons in India are all billionaires with Mukesh Ambani topping the league for the eighth consecutive year, according to Forbes.

Mallya dropsWith a net worth of USD 23.6 billion, up USD 2.6 billion from last year, RIL Chief Mukesh Ambani topped the list for the eighth consecutive year.

Ambani was followed by Dilip Shanghvi, who got richer this year by USD 4.1 billion. Shanghvi is the new No. 2, after he displaced steel baron Lakshmi Mittal (USD 15.8 billion), who slipped to the fifth place.

Wipro's Azim Premji moved up one notch to the number three position as his net wealth increased to USD 16.4 billion from USD 13.8 billion previously. Pallonji Mistry, patriarch of construction giant Shapoorji Pallonji Group which is the biggest shareholder in Tata Sons with a new worth of USD 15.9 billion, was placed in the fourth place.

Forbes said that "good days are here" for the India's 100 Richest, as the top 100 richest Indians are all billionaires with combined wealth of USD 346 billion, up more than a third from USD 259 billion in 2013.

Propelled by the euphoria after the Bharatiya Janata Party's landslide victory in May, the stock market has gained 28 per cent since January, driving the net-worth of the uber-rich people in India.

The biggest dollar gainer is ports magnate Gautam Adani, who jumped 11 spots to 11th rank in the list, adding nearly USD 4.5 billion to his wealth which reached USD 7.1 billion on soaring share prices.

"Shares of Adani's companies started soaring ahead of the elections on hopes of a BJP victory. The gains added close to USD 4.5 billion to his wealth, more than anyone else," Forbes said.

Others in the top 10 include NRI businessmen Hinduja Brothers who were at the sixth position with a net worth of USD 13.3 billion, followed by Shiv Nadar (7th, USD 12.5 billion), Godrej family (8th, USD 11.6 billion), Kumar Birla (9th, USD 9.2 billion) and Sunil Mittal & family (10th, USD 7.8 billion).

As many as 85 of the 89 who returned to the top 100 from last year are wealthier, and several are billionaires for the first time.

Among them are Qimat Rai Gupta (ranked 48, net worth USD 1.95 billion), Chairman of Havells; V G Siddhartha (75, USD 1.27 billion), founder of the Cafe Coffee Day chain; and brothers Harsh Goenka (82, USD 1.18 billion) and Sanjiv Goenka (69, USD 1.4 billion), who run their independent empires and are listed separately.

UB Group Chairman Vijay Mallya is no longer a member of India's 100 Richest club, even as fortunes of the country's uber-rich have seen a significant growth since last year.

Mallya, who has been declared as 'wilful defaulter' by lenders following huge debts on his Kingfisher Airlines, is missing from the Forbes latest list of 100 richest released today. He was ranked at 84th position in 2013, with a net worth of USD 800 million.

With a record USD 1 billion as the minimum net worth this year, as many as 11 persons dropped out of this year's list including Mallya.

"The flamboyant Vijay Mallya, who was tagged by his bankers as a "willful defaulter," also dropped off," Forbes said.

The drop-offs this year also include, Brij Bhushan Singal, whose Bhushan Steel's shares tanked after son Neeraj was arrested in a corruption scandal, Forbes said.

In sharp contrast, the combined net worth of India's 100 wealthiest is USD 346 billion, up from more than a third from USD 259 billion in 2013, thanks to soaring stock markets which have gained 28 per cent since January this year.

Earlier in March 2013, Mallya was dropped from Forbes global rich list, while he had moved out of the billionaire league way back in 2012.

Amid huge debt burden and mounting losses at Kingfisher Airlines, Mallya's fortunes has been declining continuously over the recent years.

The airline owes Rs 7,600 crore to 17 banks. In February 2012, the banks had formally declared loan recall on KFA and began recovery process. They have recovered around Rs 2,000 crore by selling pledged shares.

Already, United Bank of India has won a legal backing on its decision to declare Mallya and other top executives of the airline as "wilful defaulters". India's largest bank SBI has also sent a notice to tag them as "wilful defaulters".

State-run PNB and IDBI Bank, and private lenders Federal Bank and Axis Bank are also in the process of doing the same.

Burdened with huge losses and large debts, Kingfisher Airlines stopped flying in October 2012 and its flying licence also lapsed about two months later.

About Mallya Forbes India in October 2012 had said that the 'king of good times' is having nothing but bad times lately.

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Agencies
July 10,2020

In a first, the Supreme Court on Friday allowed the service of summons and notices, a necessity in almost all legal proceedings, through instant messenger like WhatsApp as well as by e-mail and fax.

A bench headed by Chief Justice SA Bobde observed that it has been brought to the notice of the court that it is not feasible to visit post offices for service of notices, summons, and pleadings. The bench also comprising Justices AS Bopanna and R Subhash Reddy observed that notice and summons should be sent through e-mail on the same day along with instant message through WhatsApp and other phone messenger services.

The bench clarified that all methods should be deployed for a valid service on the party. "Two blue ticks would convey that the receiver has seen the notice," noted the bench.

The bench declined the request of the Attorney General for specifically naming WhatsApp as a mode of effectuating service. The top court noted that it would not be practical to specify only WhatsApp. The apex court also permitted RBI to extend the validity of cheques in the backdrop of lockdown to contain the coronavirus outbreak.

Senior advocate V Giri representing RBI informed the bench that he had circulated the note regarding validity of a cheque as directions issued on the previous hearing.

The bench noted that it will be in discretion of the RBI to issue orders which are suitable to alter the validity of the period of a cheque.

During an earlier hearing on the matter on July 7, the Attorney General contended before the top court that the Centre had some reservations in connection with the utilization of mobile applications like WhatsApp and other apps for service of summons. The Centre's top law officer informed the apex court that these apps claimed to be encrypted, and they were not trustworthy.

The RBI counsel had contended before the top court that it was considering clarifying the validity of a cheque which has been reduced to 3 months from 6 months.

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Agencies
July 2,2020

Leiden, Jul 2: Astronomers have discovered a luminous galaxy caught in the act of reionizing its surrounding gas only 800 million years after the Big Bang.

The research, led by Romain Meyer, PhD student at UCL in London, UK, has been presented at the virtual annual meeting of the European Astronomical Society (EAS).

Studying the first galaxies that formed 13 billion years ago is essential to understanding our cosmic origins. One of the current hot topics in extragalactic astronomy is 'cosmic reionization,' the process in which the intergalactic gas was ionized (atoms stripped of their electrons).

Cosmic reionization is similar to an unsolved murder: We have clear evidence for it, but who did it, how and when? We now have strong evidence that hydrogen reionization was completed about 13 billion years ago, in the first billion years of the universe, with bubbles of ionized gas slowly growing and overlapping.

The objects capable of creating such ionized hydrogen bubbles have however remained mysterious until now: the discovery of a luminous galaxy in which 60-100 percent of ionizing photons escape, is likely responsible for ionizing its local bubble. This suggests the case is closer to being solved.

The two main suspects for cosmic reionization are usually 1) a population of numerous faint galaxies leaking ~10 percent of their energetic photons, and 2) an 'oligarchy' of luminous galaxies with a much larger percentage (>50 percent) of photons escaping each galaxy.

In either case, these first galaxies were very different from those today: galaxies in the local universe are very inefficient leakers, with only <2-3 percent of ionizing photons escaping their host. To understand which galaxies governed cosmic reionization, astronomers must measure the so-called escape fractions of galaxies in the reionization era.

The detection of light from excited hydrogen atoms (the so-called Lyman-alpha line) can be used to infer the fraction of escaping photons. On the one hand, such detections are rare because reionization-era galaxies are surrounded by neutral gas which absorbs that signature hydrogen emission.

On the other hand, if this hydrogen signal is detected it represents a 'smoking gun' for a large ionized bubble, meaning we have caught a galaxy reionizing its surroundings. The size of the bubble and the galaxy's luminosity determines whether it is solely responsible for creating this ionized bubble or if unseen accomplices are necessary.

The discovery of a luminous galaxy 800 million years after the Big Bang supports the scenario where an 'oligarchy' of bright leakers emits most of the ionizing photons.

"It is the first time we can point to an object responsible for creating an ionized bubble, without the need for a contribution from unseen galaxies.

Additional observations with the upcoming James Webb Space Telescope will enable us to study further what is likely one of the best suspects for the unsolved case of cosmic reionization," said Meyer.

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Agencies
March 7,2020

New Delhi, Mar 7: The Union government has issued a Global Invite for Expression of Interest for disinvestment in Bharat Petroleum Corporation Limited (BPCL) from prospective bidders with a minimum net worth of $10 billion as of Saturday.

The EoI submissions can be made till May 2, whereas investor queries will be entertained till April 4.

Another condition pertains to a maximum of four members are permitted in a consortium, and the lead member must hold 40 per cent in proportion. Other members of the consortium must have a minimum $1 billion net worth.

The EOI allows changes in the consortium within 45 days, though the lead member cannot be changed.

The GoI proposes to disinvest its entire shareholding in BPCL comprising 1,14,91,83,592 equity shares held through the Ministry of Petroleum and Natural Gas, which constitutes 52.98 per cent of BPCL's equity share capital, along with the transfer of management control to the strategic buyer (except BPCL's equity shareholding of 61.65 per cent in Numaligarh Refinery Limited (NRL) and management control thereon).

The shareholding of BPCL in NRL will be transferred to a Central Public Sector Enterprise operating in the oil and gas sector under the Ministry and accordingly is not a part of the proposed transaction.

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