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
March 3,2020

Facebook on Monday launched a new consumer marketing campaign in India titled 'More Together'. India is the first country in the Asia Pacific region where such a campaign is being rolled out.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

It is also the first time that Facebook is rolling out a 'high decibel campaign of this stature in India', the company said in a statement.

"India is at the heart of Facebook and one of our focus areas this year is to tell the exciting story of a service that is deeply embedded in the fabric of India," said Ajit Mohan, Vice President and Managing Director, Facebook India.

The campaign would have multiple campaigns over the next few weeks in eight languages and the one will be set in the context of Holi.

Facebook in 2019 introduced a new company logo to further distinguish the company from the Facebook app.

The company recently announced the appointment of Avinash Pant as the Marketing Director for India operations, to drive the consumer marketing efforts across the family of apps.

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Agencies
June 18,2020

New Delhi, Jun 18: Vodafone Idea on Thursday told the Supreme Court that it has incurred Rs 1 lakh crore losses as it insisted it is not in a position to furnish bank guarantees.

A bench comprising Justices Arun Mishra, S. Abdul Nazeer, and M.R. Shah, taking up the adjusted gross revenue (AGR) matter through video conferencing, directed the telecom companies to submit their financial documents and books for the last 10 years.

Asking Vodafone if it was a foreign company, the bench said that how can the company say it would not furnish any bank guarantee.

"What if you fly away overnight in future without paying anything?" it asked.

Senior advocate Mukul Rohatgi, representing Vodafone Idea, denied his client is a completely foreign firm and cited before the bench its tie-ups and investments.

Vodafone owes over Rs 58,000 crore as AGR dues and so far, has paid close to Rs 7,000 crore.

Rohatgi contended before the court that the telecom company is in a tough situation, and cannot furnish any fresh bank guarantee, as profits have eluded the company in past many quarters. He submitted before the bench that Rs 15,000 crore bank guarantees are lying with the government, and his client's losses are over Rs 1 lakh crore.

"I cannot offer any more surety," he informed the bench.

Justice Mishra noted that this is public money and these dues should be recovered. "Do not tell us that you will pay if you were to make profits... the money must come," he noted.

Justice Shah observed that the telecom industry is the only industry which earned during the Covid-19 pandemic. "After all, this money will be used for public welfare", he said.

Rohatgi argued that his client would have to fold up if orders were issued to clear dues tomorrow. "11,000 employees will have to go without notice, as we cannot pay them," he added.

Senior advocate Abhishek Manu Singhvi, appearing for Bharti Airtel, contended before the court that out of Rs 21,000 crore AGR dues, the company has already deposited a sum of Rs 18,000 crore.

He argued that his client has given a bank guarantee, in excess of demand, to DoT, and supported the proposal for phased repayment of remaining AGR dues. He insisted that the company needs to sit down with the government and calculate the dues. Airtel owes Rs 25,976 crore after paying Rs 18,000 crore, as per the government.

Senior advocate Arvind Datar, representing Tata Telecom, informed the bench that his client has paid Rs 6,504 crore in AGR dues so far, and furnishing a bank guarantee may adversely impact investments in the sector.

The total AGR dues are close to Rs 1.5 lakh crore.

The top court will now take up the matter in the third week of July.

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Agencies
January 22,2020

New Delhi, Jan 22: "Don't get into a trap. Your security is in your hands," the Border Security Force (BSF) has said issuing its social media rules for its officers and men. It has directed them not to use 42 mobile applications and show caution while using Facebook, Twitter and WhatsApp.

"Be cautious while using social media," said the BSF in a circular issued recently.

"Before using WhatsApp, Facebook, Twitter and other social media platforms, one needs to keep in mind that you are border guarding force and Central Civil Services (Conduct) Rules rule duly are applicable," it said.

It further pointed out that by commenting/writing about or forwarding unverified reports and rumours one violates laws of land.

"Several times unverified reports would be presented in way that they are absolutely true and start believing it. Seeing such post always use your commonsense and never get into the trap (sic.)," it state adding that the anti-national elements uses social media to propagate their agenda to cause unrest in India.

A picture clicked by Border Security Force personnel and posted on a social media platform remains there for always. Therefore, one should use officially approved pictures about any incident or untoward incidents related to Border Security Force, stated the circular. It pointed that unauthorised persons should not engage into taking pictures of the incidents.

It also highlighted how through social media, a few BSF personnel have fallen into trap of espionage racket carried out by enemy countries.

"Our security and respect is in our hands. Always think twice whether you are doing correct by accepting friendship requests from unknown persons, especially women and girls," it cautioned the troopers and officers.

It also highlighted that while going on leave and joining back the force, always follow the rules and regulations laid out for safety and security. "This is for your own safety," it stressed in the end.

The BSF has also issued a list of 42 mobile applications that needs to be completely avoided by serving BSF officers and jawans.

They are MI store, Weibo, Wechat, Shareit, Truecaller, UC News, UC Browser, Beautyplus, NewsDog, Viva Video - QU video Inc, Parallel Space, Apus Browser, Perfect Corp, Virus Cleaner - HI Security Lab, CM browser, MI Community, DU recorder, Vault Hide - No mobile Security, Youcam Makeup, Cachecleaner DU Apps Studio, DU battery saver, DU privacy, 360 security, DU Browser,Clean master - Cheeta Mobile, Baidu Translate, Wonder Camera - Bindu Inc, ES Ifle Explorer, Photo Wonder, QQ international , QQ music, QQ Mail, AA player, QQ News Feed, Wesync, QQ security Center, Selfie City, Mail Master, Mi Video Call -Xaomi and QQ launcher.

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