Mukesh Ambani topples Alibaba's Jack Ma to become Asia's richest person

Bloomberg
July 13, 2018

Jul 13: Reliance Industries Ltd (RIL) Chairman Mukesh Ambani became the richest Asian on Friday, pushing Alibaba Group founder Jack Ma to the second spot, according to a report by Bloomberg.

The market valuation of Reliance Industries surged past Rs 7 lakh crore mark during Friday morning trade, as Ambani positioned his company to disrupt the e-commerce space in India.

His net worth is estimated to be around $44.3 billion with RIL rising 1.6 percent to a record 1,099.8 Rupees, according to Bloomberg Billionaires Index. The business magnate added $4 billion to his wealth just in 2018.

Ma’s wealth on the other stood at $44 billion at the close of trade on Thursday in the US, where the company is listed.

Reliance Industries on Thursday crossed the USD 100-billion market capitalisation mark for the first time in the last 10 years.

The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year. The company announced an aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained nearly 14 per cent since July 5.

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News Network
November 25,2024

Udupi: Six junior artists from the prequel of Kannada blockbuster film ‘Kantara’ were injured, when the bus they were travelling in overturned in the district, police said on Monday.

According to police, the accident occurred near Jadkal on Sunday night when the mini-bus carrying the crew of the film overturned.

“The incident happened while they were returning to Kollur after completing the shoot at Mudoor in Jadkal. The mini-bus was carrying 20 junior artistes when it met with the accident,” a police officer said.

The injured were rushed to hospitals in Jadkal and Kundapur for treatment, they said.

The Kollur police are investigating the matter.

"The news making rounds is completely false. The Kantara: Chapter 1 team began shooting at 06:00 AM today, and everything is proceeding as normal. A minor accident occurred 20 kilometres away from the shooting location, involving a local bus carrying some members of the Kantara team. However, no injuries were reported," a source close to the production said.

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News Network
November 27,2024

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Chandrashekaranatha Swami (left) with chief minister

Bengaluru: Amidst the ongoing Waqf controversy in the state, a Vokkaliga seer has sparked controversy by suggesting the disenfranchisement of Muslims, claiming it would end vote bank politics in India.

The provocative remarks were made by Kumara Chandrashekaranatha Swami during a protest organized by the Bharatiya Kisan Sangh, a farmers’ organization with links to the RSS. The protest focused on farmers' lands being marked as Waqf properties.

"Politicians are exploiting this issue for votes. Muslims should be deprived of voting rights. This step is necessary to eliminate vote bank politics and allow India to prosper," the seer stated. He is the head of the Vishwa Vokkaliga Mahasamsthana Mutt, which was founded with support from JD(S) leader and former Prime Minister HD Deve Gowda.

The seer also made misleading claims about Pakistan, stating, “In Pakistan, minorities don’t have the right to vote. If we implement the same in India, Muslims would be isolated, and peace would prevail.” However, minorities in Pakistan have voting rights. 

Chandrashekaranatha Swami continued his criticism of the Waqf Board, accusing it of unlawfully seizing properties. “It is unjust to take someone’s property. We must ensure that the Waqf Board is abolished,” he said. He further emphasized the need for farmers' land to remain protected, even at the cost of political fallout.

Minister Condemns Remarks

Minister for Social Welfare, H.C. Mahadevappa, swiftly condemned the seer’s comments, stating, “After years of struggle, Baba Saheb Dr. B.R. Ambedkar established the principle of ‘one vote, one value.’ It is crucial for Dalits, backward communities, and minorities to understand its significance.”

He continued, "Those who spread hatred for political gain under the guise of religion must end their harmful rhetoric."

Earlier, Kumara Chandrashekaranatha Swami had stirred controversy by suggesting that Chief Minister Siddaramaiah step down to allow Deputy Chief Minister D.K. Shivakumar to assume the role of Chief Minister for the remainder of the term. The statement created a fresh political debate, raising questions about the power dynamics in Karnataka's ruling party.

The seer remarked, “Everyone has had the opportunity to hold the Chief Minister’s position, except D.K. Shivakumar. I request our experienced Chief Minister Siddaramaiah to vacate the post and bless Shivakumar with the opportunity.”

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News Network
November 21,2024

modiadani.jpg

After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

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