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New Delhi, Srichand Parmanand Hinduja, the eldest of the four <keyword id="333308" type="General" weightage="20" keywordseo="hinduja-brothers" source="Orion">Hinduja brothers</keyword> and chairman of the Hinduja Group, passed away in London on Wednesday. The <keyword id="840924" type="General" weightage="20" keywordseo="hinduja-family" source="Orion">Hinduja family</keyword> patriarch and his brothers, Gopichand and Prakash, were accused of receiving nearly Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract. A court had however exonerated them. "Gopichand, Prakash, Ashok and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and chairman of Hinduja Group, Mr <keyword id="567842" type="General" weightage="20" keywordseo="s-p-hinduja" source="Orion">S P Hinduja</keyword> today," a spokesperson for the family said. A British national, he died in London after a prolonged illness. He was 87, a family spokesperson said. The Hinduja brothers were exonerated in 2005 due to a lack of evidence. The brothers who have been intensely secretive about the size of their wealth, have been sparring in British courts over control of family assets. "Gopichand, Prakash, Ashok, and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and Chairman of the Hinduja Group, Mr. S P Hinduja today," the family spokesperson said in a statement. It described him as a "visionary and mentor to the family bestowing the founding principles and values of our late father, PD Hinduja. "He played a very important role alongside his brothers in building a strong relationship between his host country, the UK, and his home country, India," it said. "A titan amongst his peers, S P Hinduja truly lived and embodied the Hinduja Group's founding principles and values. A deeply spiritual and philanthropic person, he was courageous in action and generous at heart. His loss has left a huge void as the brothers have always been four bodies and one soul, the statement said. "The Hinduja family is in grief and sorrow at his demise. Our prayers to the Almighty to grant his soul eternal place at His Lotus Feet."

S P Hinduja, eldest of Hinduja brothers, passes away

<ul><li><keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> had caught the attention of Srichand and <keyword id="375933" type="PERSON" weightage="20" keywordseo="Gopichand-Hinduja">Gopichand Hinduja</keyword>, who are worth $16 billion. </li><li>Jet may not be the biggest bet Hindujas ever made. Their first major acquisition was Ashok Leyland in 1987. </li><li>The Hindujas are one of the wealthiest families in the UK</li></ul> Last week, Jet Airways stock suddenly jumped 6.9%, even as the airline was grounded for seven months. The stock started buzzing after Indian-born Hinduja brothers, who run the London-based group worth $50 billion, <a href="https://economictimes.indiatimes.com/markets/stocks/news/share-market-update-aviation-stocks-fly-jet-airways-climbs-5/articleshow/73056864.cms">are showing interest, yet again</a>. In May 2019, <a href="https://www.businessinsider.in/jet-airways-could-avoid-nclat-with-bid-from-hinduja-brothers/articleshow/69422808.cms">Hindujas emerged as prominent bidder </a>for the airline but the deal fell apart. Months later, they said that they want to bid only if they were protected from legal liabilities. It is safe to say that Jet Airways has caught the attention of Srichand and Gopichand Hinduja, <a href="https://www.businessinsider.in/jet-airways-could-avoid-nclat-with-bid-from-hinduja-brothers/articleshow/69422808.cms">who are worth $16 billion</a>. <div type="Slideshow" msid="73068512" hostid="261" title="The billionaires who want to fly Jet Airways are also the world's largest bus manufacturers" firstImageMsid="73068593" slideCount="3"></div>

The billionaires who want to fly Jet Airways are also the world's largest bus manufacturers

<ul><li>The 27 year old Hinduja Bank is one of the three major financial institutions, owned by the conglomerate, aside from <keyword id="46717" type="COMPANY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword> and Hinduja Leyland Finance. </li><li>The <keyword id="57519" type="COUNTRY" weightage="20" keywordseo="Cayman-Islands">Cayman Islands</keyword> order, from May 2020, said that the bank even failed to maintain the minimum <keyword id="6360278" type="DEFINITION" weightage="20" keywordseo="Net-Worth">net worth</keyword> of 400,000 Cayman dollars and hasn’t submitted its audited financial statements since 2018. </li><li>The Cayman Islands is popular as a tax haven for the world’s super rich and many multinational corporations.</li></ul>The stock of IndusInd Bank took a beating after a report that the group had lost its banking licence in Cayman Islands for not taking steps to stop money laundering. However, the report was based on an order from May 2020. The shares of IndusInd Bank fell as much as 6%, on June 3, 2021, as investors got spooked but recovered a part of those losses soon after. The Cayman Islands, popular as a tax haven for the world’s super rich, had stripped the <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> of its banking licence for the conglomerate’s Geneva-based bank. The Hinduja Bank is one of the three major financial institutions owned by the conglomerate ⁠— the other two being IndusInd Bank and Hinduja Leyland Finance. In an order dated May 27, 2020, the Cayman Islands Monetary Authority, also said that the company “failed to prepare adequate” anti-money laundering policies. The director, Gilbert Pfaeffli, has been held ‘not fit and proper’ for the position. Hinduja Bank was established in 1994 as a Swiss Banking Institution. The group website says it offers, among other services, “innovative solutions in wealth management and private banking, trade finance, corporate advisory services and global investment solutions.” The bank has presence in Dubai, London, Paris, New York, Chennai, Mumbai, Mauritius and Cayman Islands. The Cayman Islands order said that the bank even failed to maintain the minimum net worth of 400,000 Cayman dollars and hasn’t submitted its audited financial statements since 2018. A Cayman dollar is approximately ₹88, at current prices. The more than a century old Hinduja Group led by Chairman Srichand Hinduja ⁠— with a net worth of over $15 billion shared with his brothers, Gopichand, Prakash and Ashok Hinduja ⁠— has international interests in a variety of industries from technology to finance, from media to oil and chemicals, and from real estate to healthcare. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-indian-government-is-doling-out-1500-crore-to-reserve-300-million-of-biological-es-covid-19-vaccine-doses/articleshow/83196362.cms">The Indian government is doling out ₹1500 crore to reserve 300 million of Biological-E’s COVID-19 vaccine doses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-must-brace-for-a-further-rise-in-petrol-and-diesel-prices-as-crude-oil-scales-a-2-year-high/articleshow/83195870.cms">Indians must brace for a further rise in petrol and diesel prices as crude oil scales a 2-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a>

IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces

<ul><li>The case has been brought by Srichand Parmanand <keyword id="28125" type="DOMAIN" weightage="20" keywordseo="hinduja">Hinduja</keyword>, 84, described as the "patriarch" of the family, against brothers G P Hinduja, 80, P P Hinduja, 75, and <keyword id="2048248" type="PERSON" weightage="20" keywordseo="A-P-Hinduja">A P Hinduja</keyword>, 69, and revolves around the "validity and effect" of a letter dated July 2, 2014. </li><li>The letter includes statements to the effect that the brothers appoint each other as their executors, and that assets held in any single brother's name belong to all four. A related second letter, dated July 1, 2014, is also linked to the dispute. </li><li>The High Court judgment makes references to the family's other legal proceedings, including over Hinduja Bank in Switzerland and confidential proceedings in Jersey. </li></ul> The UK-based <keyword id="333308" type="COMPANY" weightage="20" keywordseo="Hinduja-brothers">Hinduja brothers</keyword> are locked in a legal dispute in the High Court in England over their <keyword id="9455061" type="UNKNOWN" weightage="20" keywordseo="billionaire-family-assets">billionaire family assets</keyword>, it emerged in a ruling in London. The case has been brought by Srichand Parmanand Hinduja, 84, described as the "patriarch" of the family, against brothers G P Hinduja, 80, P P Hinduja, 75, and A P Hinduja, 69, and revolves around the "validity and effect" of a letter dated July 2, 2014. The letter includes statements to the effect that the brothers appoint each other as their executors, and that assets held in any single brother's name belong to all four. A related second letter, dated July 1, 2014, is also linked to the dispute. "In summary, SP seeks a declaration that neither document has legal effect, whether as a will, power of attorney, declaration of trust or other binding document, or alternatively that the documents are revocable and have been revoked," <keyword id="9455060" type="UNKNOWN" weightage="20" keywordseo="justice-sarah-falk">Justice Sarah Falk</keyword> notes in her judgment on Tuesday. "Additional relief is also sought, in particular an injunction restraining use of the documents and an account of the persons to whom the documents have been submitted and steps taken in reliance on them," she notes. Presiding over a private hearing in the Chancery Division of the High Court, Justice Falk also partially ruled against a privacy order in the case and agreed for S P Hinduja's daughter, Vinoo, to act on her father's behalf as his "litigation friend" and safeguard her father's interests due to his ill health as a result of a form of dementia. "I have concluded that the court should exercise its power under CPR 21.6 to appoint Vinoo as SP's litigation friend...There is no evidence to indicate that Vinoo's statement that her father has asked her to act for him in the proceedings because he is unable to do so is anything other than accurate," the ruling notes. The High Court judgment makes references to the family's other legal proceedings, including over Hinduja Bank in Switzerland and confidential proceedings in Jersey. It also notes that the three defending brothers contend that they have been prevented from seeing their eldest brother, Srichand P Hinduja, for some time. "It will be apparent from the judgment of the High Court in England, that Mr S P Hinduja's health has been deteriorating for a number of years suffering from Lewy Body disease, which is a form of dementia. Vinoo, his younger daughter, acting as his Litigation Friend is bringing these proceedings on his behalf," said a joint statement by G P, P P and A P Hinduja. "It is very unfortunate that these proceedings are taking place as they go against our Founder's and family's values and principles that have stood for many decades, especially, 'everything belongs to everyone and nothing belongs to anyone'. We intend to defend the claim to uphold these dearly held family values," they note. Referring to the issue as "private family matters" now subject to litigation, they add: "We would also stress that this litigation will not have any impact on our global businesses, which will continue to function as they have been." The Hinduja brothers, who run the <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> of companies, have an estimated fortune of 16 billion pounds, according to the 2020 'Sunday Times Rich List'. Their business conglomerate, based in Mumbai and headquartered in London, covers a wide range of sectors including automotive, hospitality, banking and healthcare. AK SCY SCY

The $13 billion Hinduja brothers, the richest people in the United Kingdom, are fighting with each other over a letter dispute

New Delhi, Jun 25 () A USD 11 billion business empire spread over 38 countries that includes banks, India's second-largest truck maker and lubricant making firms is at the heart of a legal dispute in the Hinduja family that is now playing out in a London court. Four Hinduja brothers -- Srichand, Gopichand, Prakash and Ashok -- had in 2014 signed on a document saying the assets held by one brother belong to all, and that each of them will appoint the others as their executors. But now family patriarch Srichand Hinduja, 84, and his daughter Vinoo want the letter to be declared of "no legal effect" and the family's assets be separated as per his wish of 2016. Hinduja Group has presence in auto, financial services, IT, media, infrastructure, energy and chemicals and healthcare sectors. Differences among the brothers, who shot into prominence in the 1980s when they were accused of taking a commission from Swedish firm Bofors to secure a defence contract of procuring heavy artillery for India, cropped up over control of a bank the group has in Switzerland. The four brothers have been inseparable, putting up joint appearances in the Bofors case investigation and court hearings. However, the charges against them could not be proven in court. Gopichand, Prakash and Ashok tried to use the 2014 letter to take control of Hinduja Bank -- an asset that was in Srichand's sole name, resulting in the legal battle. Vinoo and Srichand Hinduja now want the court to agree that the document has no legal standing and can be revoked. Hinduja Bank has Shanu Hinduja, the other daughter of Srichand, as chairperson, and her son Karam was appointed CEO just last week. It was not immediately known if the 2014 document, which is at the centre of the dispute, is an informal agreement, a will or the basis of a family constitution. Ashok Leyland, India's second largest truck and bus manufacturer, is the flagship firm of the Hinduja Group. Lubricant maker Gulf Oil Lubricants India Ltd is the other listed firm of the group, while Hindujas hold 14.34 per cent in IndusInd Bank Ltd that has a market-cap of over Rs 33,000 crore. According to the company website, Hinduja Group was started by Parmanand Deepchand Hinduja with an office in Iran. "Merchant Banking and Trade were the twin pillars of the Group's business. The Group remained headquartered in Iran till 1979. It then moved to Europe," it said. The group also has a BPO, the Bengaluru-headquartered Hinduja global Solutions (HGS). It had through Gulf Oil Corp Ltd acquired lube and industrial oil maker Houghton International in December 2012. Besides IndusInd Bank, the group in 1994 set up Hinduja Bank (Switzerland) Ltd. Making its foray into the power sector, Hinduja National Power Corp Ltd set up a 1,040 MW coal-based merchant power plant at Visakhapatnam in Andhra Pradesh. The group's NXTDigital offers cable and DTH services. Hinduja Realty Ventures (HRVL) is flagship real estate development arm of the Hinduja group which also runs a hospital in Mumbai. Eldest of the four brothers, Srichand is the chairman of the Hinduja Group, Hinduja Bank of Switzerland and Hinduja Foundations. He has two daughters -- Shanu and Vinoo. Gopichand, 79, is the co-chairman of Hinduja Group and chairman of Hinduja Automotive Ltd, UK, while Prakash, 75, is the chairman of Hinduja Group (Europe). Gopichand has two sons, Sanjay and Dheeraj and a daughter, Rita. Prakash has two sons, Ajay and Ramkrishan, and a daughter Renuka. Youngest of the siblings, Ashok, 69, is the chairman of Hinduja Group of Companies (India). He has two daughters, Ambika and Satya, and one son, Shom. Ashok Leyland, Gulf Oil and IndusInd Bank, the three BSE-listed firms, do not have any individual shareholding of the family, as per data provided by the companies to the exchange. These companies have promoter group entities holding stakes. Hinduja Global Solutions, the BPO service provider, is the only group company that has members of the Hinduja family directly holding shares. The promoter stake of Hinduja flagship firm Ashok Leyland is split into four entities -- Hinduja Bank (Switzerland), Hinduja Automotive, Hinduja Foundries Holding and CitiBank NA -- making up nearly 52 per cent stake. No Hinduja family member holds any direct stake in Ashok Leyland, as per the BSE data. It is not known how much each brother holds in these companies. The brothers have been ranked together in rich lists. Among the third generation of the family Vinoo, Sanjay, Dheeraj, Ajay, Ramkrishan (Remi) and Shom Hinduja are involved with the group, while Shanu, Ritu, Ambika and Satya Hinduja are not engaged in the business. Dheeraj Hinduja, son of Gopichand Hinduja, is the chairman of Ashok Leyland. Dheeraj's brother Sanjay Hinduja chairs Gulf Oil. Their cousins Vinoo, Shom, Ambika and Shanoo are listed under the promoter group of Hinduja Solutions. ANZ ABM ABM

Hinduja family feud: $11 bn empire of truck making, lubricants, banks at stake

<ul><li>The top <keyword id="8153180" type="UNKNOWN" weightage="20" keywordseo="5-richest-families-in-India">5 richest families in India</keyword> hold a combined wealth of ₹9,22,600 crore crore. </li><li>The list includes Ambani who have ₹3,80,700 crore, Godrejs who have ₹1,57,000 crore and Hindujas who control ₹1,86,500 crore; occupy the top three positions. </li><li>According to the Hurun Research Institute, the top 10 <keyword id="6908858" type="UNKNOWN" weightage="20" keywordseo="richest-families-in-india">richest families in India</keyword> control more than half the country's businesses. </li></ul>The top ten richest families in India have a combined wealth of a massive ₹9,22,600 crore. And, they are not shy of showing it. According to Hurun Research Institute, the top 10 richest families in India control more than half the country's businesses. From the Ambani's family whose ₹3,80,700 crore comes from Reliance Industries; to Wadias who control a textiles-to-airlines group, here's a rundown of 10 wealthiest families in India. <keyword id="881409" type="PERSON" weightage="20" keywordseo="Ambani-family">Ambani Family</keyword> and their splendid lifestyle <div type="image" title="Mumbai: Industrialist Mukesh Ambani and wife Nita Ambani at the book launch of t..." msid="71323910" hostid="261" caption="Industrialist Mukesh Ambani and wife Nita Ambani at the book launch of the book &amp;#39;A Journey Forever&amp;#39; Authored Vijay Haribhakti (3rd from L) in Mumbai.Photo/Mitesh Bhuvad)("></div>
NetWorth: ₹3,80,700 crore Source of Income: Reliance Industries 
 Mukesh Ambani, his wife Nita, and their three children – Akash, Isha, Anant – make up India's richest family, whose wealth is at ₹3,80,700 crore. The whole country is in awe of them not just because of the wealth, but their glimmering lifestyle. The twins Akash and Isha’s weddings captured national and international attention. Not only did all of Bollywood dance to it, international popstar Beyonce's too performed at one of the functions. 
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 The Ambanis also reside at one of the world's most expensive homes Antilia — the 27-storey skyscraper in Mumbai that allegedly costs a billion dollars. Mukesh Ambani, chairman of Reliance Industries, was named richest person in India in the Hurun rich list for the 8th time in a row. His wealth is more than the combined wealth of country’s second and third richest who are --SP Hinduja family and Azim Premji, respectively. The <keyword id="2349569" type="PERSON" weightage="20" keywordseo="Godrej-family">Godrej family</keyword> is made of old money and new <div type="image" title="a33b9cac8ff8e00ea7d73291ba4100cd" msid="71324115" hostid="261"></div>
Networth: ₹1,57,000 crore Source of Income: Godrej Group The Mumbai-based Godrej family built its fortune from multiple businesses with interests across consumer goods, real estate, white goods and more. The patriarch of the family is Adi Godrej, the 77-year-old Indian billionaire with a net worth of US$2.9 billion. The 122-year-old conglomerate r<a href="https://www.livemint.com/companies/news/godrej-family-locked-in-a-dispute-over-land-seeks-external-advice-1561659296389.html">ecently ran into disputes over a vast land they hold in Mumbai</a>. The family sought external help to resolve the dispute. The Hindujas 
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 Networth: ₹1,86,500 crore Source of Income: The <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> The Hinduja family has four siblings — Srichand, Gopichand, Prakash and Ashok. They run London-based conglomerate, the Hinduja group, which generates an annual revenue of $50 billion. P D Hinduja founded a merchant bank and trading company in 1914. Now, its trading operations are spread across every commodity except tobacco, alcohol and meat. It also expanded to many sectors including energy, foundries and more. The group is the fourth largest bus manufacturer in the world. In two decades, the Hinduja brothers increased their networth by 1,590%, from $1 billion in 1999 to $16.9 billion in 2019, <a href="https://www.forbes.com/profile/hinduja/#62a154084482">according to Forbes. </a> The Hinduja brothers are also one of the wealthiest in the UK. <a href="https://www.google.com/search?hl=en&amp;ei=QouNXZnaI4y89QOPxLGQDw&amp;q=Hidujas+asian+rich+list&amp;oq=Hidujas+asian+rich+list&amp;gs_l=psy-ab.3..33i21j33i160l2.87196.89511..89548...0.2..1.418.1880.2-2j3j1......0....1..gws-wiz.......0i71.58yxa5aXmYM&amp;ved=0ahUKEwiZg8PRkPDkAhUMXn0KHQ9iDPIQ4dUDCAs&amp;uact=5">The family’s net worth saw an increase of over three billion pounds in one year</a>, reported the Asian Rich List that positioned the family number one. They live in august company as their Carlton House Terrace mansion is close to Buckingham Palace in London. Adanis are in shipshape 
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 Networth: ₹120,900 crore Source of Income: The Adani Group Adanis family consists of billionaire <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>, his seven siblings and their families, is probably the largest family in the list. Their fortune is worth ₹120,900 crore, and the group owns India’s largest private port in Gujarat. The Adani group interests span across logistics, energy, agriculture, defense, and aerospace. In 25 years, Adani built one of India's largest infrastructure companies worth ₹4,700 crore. Adani group’s six companies — had a turnover ₹77,000 crore with ₹20,141 crore as operating profit in 2017-18. The Damanis of Dalal Street 
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 Networth: ₹77,500 crore Famous investor Radhakishan Damani along with his wife, daughter and brother form the country’s fifth richest family. They own the popular retail store D-Mart, is the primary source of the family’s vast income. Damani is a famous investor whose wealth doubled after a stellar listing of the retail chain on the stock exchanges in 2017. His daughter Manjri Chandak is a director at D-Mart. Radhakishan Damani who is often called the ‘Warren Buffet of India’, was also a mentor to ace investor, <keyword id="6398943" type="PERSON" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword>. The family has holdings in VST Industries, Sundaram Finance, India Cements, and Blue Dart. The family also owns the Radisson Blu resort at Alibaug, near Mumbai.

Here are the 5 richest families in India — who together hold a fortune of ₹9,22,600 crore

<ul><li>The cash-strapped airline’s creditors, led by SBI, have reportedly secured the interest of Srichand and <keyword id="375933" type="PERSON" weightage="20" keywordseo="Gopichand-Hinduja">Gopichand Hinduja</keyword>, who together constitute one of the richest families in the UK with a £22 billion fortune. </li><li>The <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> will commence the process of due diligence in the airline after obtaining the approval of Jet’s promoters <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> and Etihad to do so. </li><li>The news comes a week after Etihad said it wanted to limit its participation in Jet’s turnaround. The UAE-based airline submitted a conditional bid that stipulated it’s desire to be a minority investor.</li></ul> It seems that Jet’s creditors are counting on a last-minute bid to prevent the airline from going under. The cash-strapped airline’s creditors, led by State Bank of India (SBI), have reportedly secured the interest of Srichand and Gopichand Hinduja, who together constitute <a href="https://www.theguardian.com/business/2019/may/11/hindujas-sunday-times-annual-rich-list-top-spot">one of the richest families</a> in the United Kingdom with a £22 billion fortune. Sources told <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/hindujas-get-backing-of-etihad-naresh-goyal-to-board-jet-airways/articleshow/69420459.cms?from=mdr">ET</a> that the Hinduja Group will commence the process of due diligence in the airline after obtaining the approval of Jet’s promoters Naresh Goyal and Etihad to do so. The group will reportedly work on SBI’s investment banking arm on assessing Jet’s finances. The deal will be costly, however. The sources added that the Hinduja brothers would likely require Jet’s creditors to take a significant discount on their outstanding loans of ₹120 billion. As things stand, the Hinduja brothers are reportedly set <a href="https://www.business-standard.com/article/companies/jet-airways-revival-etihad-hindujas-set-for-abu-dhabi-meet-on-may-23-119052100035_1.html">to meet with representatives</a> from Etihad and SBI in Dubai on May 23rd. The news comes a week after Etihad said it wanted to limit its participation in Jet’s turnaround. The UAE-based airline <a href="https://www.businessinsider.in/etihad-submits-conditional-offer-for-jet-wants-a-majority-partner-to-come-aboard/articleshow/69302138.cms">submitted a conditional bid </a>that stipulated it’s desire to be a minority investor. Etihad said that it would invest a maximum amount of ₹17 billion in the airline to retain its minority stake - 11% of the estimated ₹150 billion needed to kickstart the airline’s revival. This investment is contingent on a capital infusion from the banks. Bidding for a majority stake of as much as 75% in <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> ended two weeks ago, and the airline’s creditors <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/jet-airways-lenders-and-etihad-keen-to-issue-boarding-pass-to-hindujas/articleshow/69334306.cms">received only one bid</a> from the entities that it had shortlisted - <keyword id="140808" type="COMPANY" weightage="20" keywordseo="Etihad-airways">Etihad Airways</keyword>. Jet’s creditors have taken a majority stake in the airline and are selling their equity holding to recover their dues. In the event that a mutually beneficial deal isn’t agreed upon and a stake sale doesn’t take place, Jet’s creditors will have no choice but to refer the airline to <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> court. SEE ALSO: <a href="https://www.businessinsider.in/etihad-submits-conditional-offer-for-jet-wants-a-majority-partner-to-come-aboard/articleshow/69302138.cms">Jet’s partner Etihad submits a conditional bid for the cash-strapped airline — and wants to remain a minority owner</a> <a href="https://www.businessinsider.in/jet-airways-and-six-more-global-airlines-either-shut-shop-or-merged-says-care-ratings/articleshow/69352600.cms">Jet Airways isn’t the only one, 6 more global airlines have vanished</a>

One of the richest Indian families has its eye on Jet Airways

The Hinduja brothers have topped the 2017 list of the richest people in the UK with a wealth of 16.2 billion pounds, a massive 3. 2 billion pound hike in their fortunes over the previous year, according to PTI news report. 'The <keyword id="642222" type="UNKNOWN" weightage="20" keywordseo="Sunday-Times-Rich-List">Sunday Times Rich List</keyword>' says that Brexit does not seem to have affected the country's billionaires, who grew in numbers with a 14 per cent rise in their fortunes since the referendum last June to earn a record 658 billion pounds collectively. Srichand and Gopichand Hinduja, aged 81 and 77, lead the pack of 134 UK-based billionaires on the list and have made their fortune from investments in industries such as oil and gas, automotive, IT, energy, media, banking, property and healthcare sectors. Their latest project is converting the Old War Office in London into a five-star hotel and luxury apartments, the newspaper notes. Another sof India-born billionaire brothers, David and <keyword id="1030837" type="PERSON" weightage="20" keywordseo="Simon-Reuben">Simon Reuben</keyword>, who had topped the list last year have moved down to third place with steel tycoon <keyword id="75195" type="PERSON" weightage="20" keywordseo="Lakshmi-N-Mittal">Lakshmi N Mittal</keyword> at fourth. The second spot, occupied by the Hinduja brothers until 2016, has been taken over by Russian-born American businessman <keyword id="222885" type="PERSON" weightage="20" keywordseo="Len-Blavatnik">Len Blavatnik</keyword>. "While many of us worried about the outcome of the <keyword id="6355123" type="ORGANIZATION" weightage="20" keywordseo="EU">EU</keyword> referendum, many of <keyword id="11101" type="COUNTRY" weightage="20" keywordseo="Britain">Britain</keyword>'s richest people just kept calm and carried on making billions," said Robert Watts, compiler of the list. "We expected to see a chilling effect in the run-up to the EU referendum, but that simply did not materialise. A buoyant stock market usually drives the wealth of Rich Listers higher, and since last June equities have soared," he said. This year's list was also described as more diverse in composition, with more women, more people from ethnic backgrounds, and more from surprising walks of life, with egg farmers and pet food makers among the super-rich line-up. It now takes assets of 110 million pounds to break into the ranks of the richest 1,000 people in the UK. The figure in 2016 was 103 million pounds. The top 20 in the list alone are worth a total of 191.77 billion pounds, increasing their wealth by 35.18 billion pounds over the past 12 months.

You Searched For "Srichand Hinduja" and got 8 results

S P Hinduja, eldest of Hinduja brothers, passes away

PTI

The billionaires who want to fly Jet Airways are also the world's largest bus manufacturers

Preeti Soni

IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces

Sriram Iyer

The $13 billion Hinduja brothers, the richest people in the United Kingdom, are fighting with each other over a letter dispute

PTI

Hinduja family feud: $11 bn empire of truck making, lubricants, banks at stake

PTI

Here are the 5 richest families in India — who together hold a fortune of ₹9,22,600 crore

Preeti Soni

One of the richest Indian families has its eye on Jet Airways

Dilsher Dhillon

An Indian just got through the richest people list in the UK! Here’s who

BI India Bureau

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