Forbes said that Mukesh’s younger brother Anil Ambani saw the biggest erosion in his wealth in absolute terms. Anil Ambani’s net worth declined by $7.4 billion to $5.9 billion and he “slipped out of the top 10 for the first time since his 2004 debut”
New Delhi: Mukesh Ambani, who heads the oil-to-retail conglomerate Reliance Industries (RIL) Group, has retained his position as the world’s richest Indian with a net worth of $22.6 billion, reports PTI quoting the Forbes India annual rich list.
Despite a fall of $4.4 billion in his net worth over the past one year, Mr Ambani managed to hold the top slot.
He is followed by steel tycoon Lakshmi Mittal and technology czar Azim Premji, as per the list published on Thursday by the Indian edition of global business magazine Forbes.
Mr Mittal was ranked second with a net worth of $19.2 billion, while Mr Premji was at the third position with $13 billion of net worth, Forbes said.
The 100 richest persons in the country together saw their net worth falling by 20% in one year, to $241 billion, as inflation, corruption scandals and falling stock and currency prices diminished their wealth.
The list comprises of 57 billionaires, a dozen less than the last year.
Forbes said that Mukesh’s younger brother Anil Ambani saw the biggest erosion in his wealth in absolute terms, while power producer Lanco Infratech’s Madhusudan Raw was the biggest loser in percentage terms as his net worth fell by 78% during the past one year.
Anil Ambani’s net worth declined by $7.4 billion to $5.9 billion and he “slipped out of the top 10 for the first time since his 2004 debut”. He was ranked 13th in this year’s list.
In the top-five, Mukesh Ambani, Lakshmi Mittal and Azim Premji were followed by Essar group’s Shashi and Ravi Ruia ($10.2 billion at 4th position) and Savitri Jindal ($9.5 billion at 5th).
Others in the top 10 include Sunil Mittal ($8.8 billion at 6th position), Gautam Adani ($8.2 billion, 7th), Kumar Mangalam Birla ($7.7 billion, 8th), Pallonji Mistry ($7.6 billion, 9th) and Adi Godrej ($6.8 billion, 10th).
This year’s list included 14 new faces and the richest debutante was the founder and CEO of the London-listed oil and gas firm Indus Gas—Ajay Kalsi, at the 38th position with a net worth of $1.39 billion.
Father-son duo Kapil and Rahul Bhatia of travel group, InterGlobe Enterprises, made their debut at position 51, with a net worth of $1.09 billion after their budget carrier IndiGo became India’s third-largest and most profitable airline.
Also debuting on the list was V G Siddhartha, ranked 84th with a net worth of $595 million, and founder of coffee shop retail chain Cafe Coffee Day.
Naazneen Karmali, India editor of Forbes Asia, said: “This has been a turbulent year for India’s richest. Despite the economy growing at close to 8%, a spate of corruption scandals and rising inflation has taken a toll.”
Indrajit Gupta, editor of Forbes India, said: “Even though it’s been another tough year for the wealthiest Indian entrepreneurs on the 2011 India Rich List, the fact that there are as many as 14 new entrants is a clear pointer to the exciting and diverse business opportunities in this part of the world.”
The magazine said that the net worth of persons on the list are based on share prices and exchange rates as on 12th October and privately held companies were valued on the basis of their comparison with similar publicly traded firms.
The net worth figures of individuals also include family fortunes, it added.
Bharti Airtel had moved the TDSAT early this month against the DoT order asking it to pay a Rs50 crore fine for issuing SIM cards in bulk to firms. However, the tribunal asked it to first pay half of the penalty for being heard. The company then approached the Delhi High Court, which too rejected its plea and asked it to pursue the case before the tribunal itself
New Delhi: The Delhi High Court has dismissed Bharti Airtel’s plea against the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) that asked it to first pay half the Rs50 crore fine imposed on it by the Department of Telecom (DoT) before the hearing, reports PTI.
The DoT had imposed a Rs50 crore fine on the country’s largest telecom operator for issuing SIM cards in bulk to two firms for distribution among foreigners and non-resident Indians (NRIs), allegedly violating security conditions in the licence agreement.
As Bharti Airtel moved the TDSAT early this month against the DoT order, the tribunal asked it to first pay half of the penalty for being heard.
Bharti Airtel then approached the Delhi High Court, which too rejected its plea with the bench of justice Vipin Sanghi asking it to pursue the case before the tribunal itself.
Former solicitor general Gopal Subramaniam, appearing for the private operator, contended that the tribunal was not right in directing it to pay half the fine, as it had noted in the order that DoT had not given any reason for imposing the penalty.
Bharti Airtel also contended that it had only issued SIM cards/connections in bulk, and it had already terminated the rental agreements or contracts for them 19 months before the demand of penalty by DoT.
The tribunal’s interim order had come on a petition by Bharti Airtel challenging the penalty demanded by DoT.
The DoT had imposed the penalty on the telecom operator on 19th September after it found that the company had issued 1,847 bulk mobile connections to Falcon Business Resource Pvt Ltd and 741 to Galaxy Rent, violating the terms and conditions of its licence agreement.
During the proceedings, DoT had submitted before the tribunal that by issuing SIM cards to the companies, which later transferred them to NRIs and foreigners, Airtel breached the security conditions of the licences.
It further submitted that the government suffered a loss in Adjusted Gross Revenue (AGR).
Bharti Airtel, however, opposed the DoT charge, saying that the right AGR was paid by the company to the government.
The company had further said that the two firm selling SIM cards were actually franchisees and were distributing them on behalf of Airtel.
The subsidiaries of stock exchanges had requested SEBI to consider the ‘in-person’ verification carried out by their sub-brokers since they are also the stock brokers of the parent stock exchange and the subsidiaries are not permitted to register direct clients
Mumbai: Market watchdog Securities and Exchange Board of India (SEBI) has allowed sub-brokers to carry out ‘in-person’ verification (IPV) of clients, reports PTI.
“... the subsidiaries of stock exchanges, acting as stock brokers, may rely upon the ‘in-person’ verification done by their sub-brokers (who are also registered with SEBI as stock brokers of the parent stock exchange) for their respective clients,” SEBI said in a circular.
However, the ultimate responsibility for ‘in-person’ verification would remain with the subsidiaries and they shall obtain the necessary IPV documents for their records, it added.
The subsidiaries of stock exchanges had requested SEBI to consider the ‘in-person’ verification carried out by their sub-brokers since they are also the stock brokers of the parent stock exchange and the subsidiaries are not permitted to register direct clients.
In July 2008, SEBI mandated the stock brokers to carry out ‘in-person’ verification of their clients by their staff while registering them and also ensure that this function is not outsourced.