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
June 17,2020

In a bid to help tackle rise in domestic violence during the social distancing times in India, Twitter on Wednesday launched a dedicated search prompt to serve information and updates from authoritative sources around domestic violence.

Twitter has partnered with the Ministry of Women and Child Development the National Commission for Women in India to expand its efforts towards women.

The search prompt will be available on iOS, Android and on mobile.twitter.com in India, in both English and Hindi languages, the company said in a statement.

Data shows that since the outbreak of Covid-19, violence against women and girls has intensified in India and across the globe.

"We recognise collaboration with the public, government and NGOs is key to combating the complex issue of domestic violence. Accessing reliable information through this search prompt could be a survivor's first step towards seeking help against abuse and violence," said Mahima Kaul, Director, Public Policy, India and South Asia, Twitter.

Every time someone searches for certain keywords associated with the issue of domestic violence, a prompt will direct them to the relevant information and sources of help available on Twitter.

This is an expansion of Twitter's #ThereIsHelp prompt, which was specifically put in place for the public to find clear, credible information on critical issues.

The feature will be reviewed at regular intervals by the Twitter team to ensure that all related keywords generate the proactive search prompt, said the company.

Violence against women and girls across Asia Pacific is pervasive but at the same time widely under reported.

"In fact, in many countries in our region, the number is even greater, with as many as 2 out of 3 women in some countries reporting experiences of violence," added Melissa Alvarado, UN Women Asia Pacific Regional Manager on Ending Violence against Women.

Rekha Sharma, Chairperson, the NCW, said: "With social distancing norms in place, several women are unable to contact their regular support systems. This initiative by Twitter will provide big support to the survivors, who would otherwise be easily isolated without access to relevant information and help".

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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
April 17,2020

New Delhi, Apr 17: The Indian Railways turned 167 years old on Thursday and for the first time ever, its trains did not carry any passengers on its birthday and instead stood idle in the yards waiting for the nationwide lockdown to end.

On this day 167 years ago, the wheels of the first passenger train in the country from Mumbai to Thane started rolling.

In 1974, Indians experienced life without trains for the first time. In May 1974 during the strike of the railways that lasted for around three weeks, drivers, station masters, guards, track staff and many others went on 'chakka jam' demanding fixed working hours for train drivers and an across-the-board pay hike.

"I can recall those times vividly. I remember that our leader George Fernandes had almost secured a deal with the then railway minister, but it fell through when it was taken to the then Prime Minister Indira Gandhi," All India Railwaymens Federation General Secretary Shiv Gopal Mishra, who was an apprentice in the railways at that time, told PTI.

"Fernandes was arrested in Lucknow. The workers went through a lot at that time. But those were days that angry workers had refused to give in and took great risks to get their demands met," he said.

However, just like this time, four decades ago too freight trains carrying essential supplies were run and the unions agreed to let some passenger trains run on the trunk routes like the Kalka Mail from Howrah to Delhi.

"Never ever in its history, there has been such a long interruption of services. Not during the World Wars, not during the 1974 railway strike, or any other national calamity or natural disaster," a railway spokesperson said.

The first Indian Railways passenger train was flagged off on April 16, 1853, from Mumbai to nearby Thane.

On Thursday, the Railway Ministry wished the railways a happy birthday on Twitter - "Today, 167 years ago with the zeal of 'never to stop' the wheels of the first passenger train from Mumbai to Thane started rolling. For the first time, passenger services are stopped for your safety. Stay indoors & make the nation victorious," it said.

Railway has suspended all passenger services since March 25 till May 3 due to the coronavirus outbreak. Around 15,523 trains run by the railways have been affected including 9,000 passenger trains and 3,000 mail express services which are run daily. It caters to over 20 million passengers every day.

According to the Union health ministry, the death toll due to coronavirus rose to 414 and the number of cases to 12,380 in the country on Thursday.

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