<ul class="summary-list"><li>Ulta, Kroger, and Guess are among the retailers offering deals this upcoming weekend as part of the <keyword id="10058116" type="UNKNOWN" weightage="60" keywordseo="10-10-shopping-festival">10.10 Shopping Festival</keyword>. </li><li>The goal of the new event is to entice shoppers to start their holiday gift-buying earlier than usual. </li><li>In a year marred by the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic, retailers are concerned a logistical nightmare could ensue if too many people leave their <keyword id="847717" type="PERSON" weightage="60" keywordseo="Holiday-Shopping">holiday shopping</keyword> until the last minute.</li></ul>A group of retailers are signing up for a shopping event that hopes to save a holiday season unlike any before. Ulta, Kroger, and Guess are among the stores that will be offering deals as part of the new 10.10 Shopping Festival, which runs from October 9 to October 12. The <a href="https://www.businessinsider.com/deals-discounts-october-10-save-holiday-shopping-2020-9">name of the event is a nod</a> to China's massive Singles' Day shopping event, which happens on November 11 (11/11) each year. Created by Coresight Research, rewards app Shopkick, and fashion marketplace Fashwire, the goal of the 10.10 Shopping Festival is to entice shoppers to start their holiday gift-buying earlier and spread it out over a longer period of time than usual. Thanksgiving weekend is the traditional kick-off of the holiday shopping season. But this year, the ongoing coronavirus pandemic has thrown a wrench in the usual schedule.<a href="https://www.businessinsider.com/holiday-shopping-could-bring-issues-for-retailers-execs-2020-8">Retailers are beginning to warn</a> that their systems could become overloaded and customers could face order delays close to the holidays. Shipping volumes <a href="https://www.reuters.com/article/us-health-coronavirus-retail-shipping/fearing-shipping-crunch-retailers-set-earliest-ever-holiday-sale-plans-idUSKBN25H158">have been unusually high</a> as consumers opt to shop online and largely stay at home amid the ongoing coronavirus pandemic. If more people are shopping around the same time due to the holidays, the problem could get worse. Shoppers who buy from participating retailers — both online and in stores — during the 10.10 festival can earn rewards in the form of "kicks," which can then be redeemed for gift cards or donated to charities including St. Jude Children's Research Hospital, Pink Aid, Retailers United, Soles4Souls, The Mayor's Fund to Advance New York City, and the Breast Cancer Research Fund.Fashwire will also be highlighting participating designers in a curated shop. "The extra time before December will help alleviate every retailer's nightmare in a year involving skyrocketing online sales: order processing, fulfillment, and shipment delays," Coresight CEO and founder Deborah Weinswig said in a press release."The timing, coupled with what we've learned from Alibaba's Singles' Day — a newly created shopping holiday that turned into a resounding success for the Chinese <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> platform — are key aspects of our decision to band together to create this event."In 2019, <a href="https://www.businessinsider.com/alibaba-singles-day-beats-amazons-estimated-prime-day-sales-2019-11">Singles' Day generated about $38.3 billion in sales</a>, according to Alibaba, which hosts the 24-hour shopping extravaganza. The festival also falls just before Amazon Prime Day, which was postponed to October 13 and 14 this year. Amazon has said it will offer <a href="https://www.businessinsider.com/amazon-prime-day-best-deals">more than one million deals</a>, exclusively available to Amazon Prime members, as part of the shopping extravaganza. Here are the retailers that have signed on to participate in the 10.10 Shopping Festival, according to Coresight:<ul><li>Auburn Jewelry</li><li> Bloom Beauty</li><li>Dermelect</li><li>Graphic Image</li><li>Guess</li><li>Hollywood Fashion Secrets</li><li>Jos A. Bank</li><li>G Fashion Stores</li><li>Kroger</li><li>Mens Wearhouse</li><li>Organic Candy Factory</li><li>Puravi</li><li>Shock</li><li>Shop Fashwire</li></ul>These brands are participating on Shopkick: <ul><li>First Leaf</li><li>Lenovo</li><li>Shoe Carnival</li><li>Ulta Beauty</li></ul>These brands are participating on Fashwire: <ul><li>Alivia</li><li>Amaya</li><li>Andrew &amp; Cole</li><li>aSady</li><li>Beauhstyle</li><li>Celeste Sol</li><li>CoFi Leathers</li><li>D-Luca</li><li>DEZEN</li><li>Elizabeth Moore</li><li>Elizabeth Reid</li><li>FELLER</li><li>GiGi New York</li><li>Gold &amp; Honey</li><li>Kaanas</li><li>Maneesha Ruia</li><li>Mantari</li><li>Milwaukee Boot</li><li>Modern Tie</li><li>Mona Assemi</li><li>Moral Code</li><li>MURMUR</li><li>Rafe New York</li><li>Rebecca Nadler</li><li>Redd Accessories</li><li>Rossario George</li><li>Royal Nomad</li><li>Rubin Singer</li><li>Shannon Koszyk</li><li>Suzanna Dai</li><li>Valeria Amaral</li></ul>

Retailers are desperate to kick off holiday shopping early this year, and brands like Ulta, Kroger, and Guess are turning to a new shopping event to get consumers out to shop

Mumbai, Jan 31 () Moody's Investors Service on Friday downgraded the ratings of Nayara Energy to Ba3 from Ba2 and also changed the outlook to negative from stable.
 Formerly Essar Oil, Nayara is controlled by the Russian state-owned lender VTB and oil giant Rosneft along with a clutch of funds after they bought the debt-laden Ruias out in August 2017 for over USD 13 billion.
 "The downgrade to Ba3 reflects the significant deterioration in Nayara's corporate family credit metrics, driven largely by the weak refining margin environment in Asia," Moody's said in a note.
 The weak industry conditions are reflected in the Singapore benchmark refining margins, which declined to around UD3.4/bbl for the June 2019 quarter, from USD4.9/bbl in FY19 and USD 7.2/bbl in FY18, the agency noted.
 "The weakness in refining margins is attributable to weak product demand as well as high differential between Brent and West Texas Intermediate crude prices, which kept feedstock cost elevated for Asian refiners," it added.
 Nayara's operating performance was further affected by the planned maintenance shutdown in December, leading to lower throughput and capacity utilisation.
 In addition, the implementation of new accounting standards has resulted in higher leverage and further weakened the credit metrics, the report said.
 Nayara's leverage increased to 6.3x for last 12 months to June 2019 from 3.9x in FY18, and interest cover declined to 1.5x from 2.1x over the same period.
 However, tightening regulations on the use of heavy fuel oil in the shipping industry from January 2020 will result in an increase in demand for middle distillates and thus lead to some recovery in refining margins, the note said.
 "We expect Nayara to benefit from the new regulations given its high proportion of light and middle distillate output," it said, adding in addition, the expansion of its fuel retail network along with the deployment of surplus cash towards debt reduction will support further improvement in its profitability and credit metrics.
 "While we expect Nayara's credit metrics to improve over the next 12-18 months, they will continue to remain weakly positioned ," the note said, adding in particular, the leverage is expected to improve to 4.7x by March 2021, and the interest cover to around 1.8x over the same period.
 Negative outlook reflects that the regional refining margin environment continues to remain uncertain and could delay improvement in Nayara's credit metrics from current levels, the note concluded. BEN ABM
ABM

Moody's downgrades Nayara Energy to Ba3 with negative outlook

<ul><li><keyword id="47654" type="COMPANY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, the world’s largest steelmaker, has submitted a revised bid of ₹420 billion, which is well above <keyword id="6235176" type="ORGANIZATION" weightage="20" keywordseo="numetal">Numetal</keyword>’s ₹370 billion offer. </li><li>However, the Luxembourg-based steelmaker has yet to clear the dues owed by its local subsidiaries, Uttam Galva and KSS Petron, which calls into question its eligibility to bid. </li><li>It will only pay the outstanding dues on the condition that its bid is accepted by <keyword id="6357251" type="COMPANY" weightage="20" keywordseo="essar-steel">Essar Steel</keyword>’s creditors. The matter is being heard by the Supreme Court. </li></ul>A fresh round of bidding for the indebted Essar Steel - which was one of the first 12 accounts identified by the RBI for resolution last year - began this week. Just like the first round, ArcelorMittal, the world’s largest steelmaker, will face off against Russia’s Numetal. Vedanta is also participating but its bid is much lower. The two companies were deemed to be ineligible to bid for Essar Steel in the first round. On one hand, two local subsidiaries of ArcelorMittal, Uttam Galva and KSS Petron, had defaulted on their loans. This went against the rules of the Indian <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> code, which prevents wilful defaulters or entities associated with wilful defaulters from bidding for bankrupt firms. Meanwhile, it was revealed that Numetal bid was partnering with the former promoters of Essar Steel for its bid, the Ruia family, which was also a contravention of the bankruptcy code. However, last week, the the National Company Law Appellate Tribunal (<keyword id="6396355" type="ORGANIZATION" weightage="20" keywordseo="nclat">NCLAT</keyword>) allowed Numetal to participate in the bidding after the 25% stake owned in it by the Ruias was bought by JSW Steel. It also approved ArcelorMittal’s eligibility on the condition that it paid the ₹70 billion outstanding dues of Uttam Galva and KSS Petron by September 11th. Second act drama On September 10th, ArcelorMittal, which is partnering with Japan’s Nippon Steel &amp; Sumitomo Metal for the bid, submitted a revised offer of ₹420 billion for Essar Steel, which includes an offer to clear the dues of its subsidiaries. This was well above its original offer of ₹310 billion and Numetal’s ₹370 billion bid. If the bid is accepted, it will mark a significant win for India’s new bankruptcy regime. However, there’s one large hurdle standing in ArcelorMittal’s way. Despite selling its shares in its local subsidiaries, the Luxembourg-based steelmaker has not yet cleared the dues owed by them, which calls into question its very eligibility to bid as today is the deadline to do so. More importantly, in a letter to sent to Essar Steel’s creditors, it has said it will only pay the outstanding loans of Uttam Galva and KSS Petron if its bid for Essar Steel is accepted. Third act resolution? Given the NCLAT’s refusal to recognise its eligibility, ArcelorMittal has now taken the case to the Supreme Court. Essar’s creditors will obviously go for the higher bid, but will want to avoid any further litigation. Essar, which is India’s fourth-largest steelmaker, has outstanding dues of ₹490 billion. Unless Numetal is able to match ArcelorMittal’s bid, it seems certain that that Essar’s creditors will pick the latter as their secured debt claims will be covered. However, the final decision rests with the Supreme Court. ArcelorMittal’s appeal will be heard tomorrow. A ruling on the matter is expected soon. The outcome will set an important precedent for Section 29A of the Insolvency and Bankruptcy Code, which determines the eligibility of bidders.

ArcelorMittal submits a higher bid for bankrupt Essar Steel but on one condition

<ul><li>India's Supreme Court ruled status quo on the sale of Essar Steel to ArcelorMittal. </li><li>Essar Steel's lenders had appealed against the verdict of National Company Law Appellate Tribunal. </li><li>The NCLAT verdict had put banks at par with other suppliers who were owed money from the bankrupt Essar Steel. </li><li>ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. </li></ul> The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. Finally, in June 2019, it's $6.1 billion bid for the bankrupt steel company, owned by the Ruia family, was approved by a lower court but the Supreme Court of India has put the proposal on hold once again. A bench headed by Justice Rohinton F. Nariman admitted the appeals by Essar Steel lenders and ArcelorMittal challenging the order of the National Company Law Appellate Tribunal (NCLAT). The share price of ArcelorMittal jumped over 3.7% in trade in Amsterdam. The court said it will conduct detailed hearing on the contentions made in the appeal and also look into the issues emerging from the verdict after two weeks. ArcelorMittal had offered ₹42,000 crore to Essar Steel's lenders and promised to invest another ₹8,000 crore in the company. Banks were hoping to get a lion's share of the money for what Essar Steel had owed them but then the NCLAT order had put the banks at par with other suppliers of the company at par with the suppliers with unpaid dues. Essar Steel is under a debt of ₹30,030 crore to financial creditors and ₹11,969 crore to operational creditors. The tribunal has asked the committee of creditors to engage professional firms to finalise the exact amount to be distributed among each operational creditor. In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers would have received 60% of the dues. However, the standoff between the lenders and the vendors has not landed in the Supreme Court putting on hold steel tycoon's bid for the bankrupt Essar Steel once again. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cmshttps://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's $6.1 billion bid for Essar Steel is on hold again

New Delhi, Jan 14 () Bhuwan Chandra Tripathi, former chairman and managing director of state-owned GAIL India Ltd, has joined Essar Exploration &amp; Production Mauritius as the firm's Non-executive Chairman.
Tripathi, whom the government had in July last year denied an extension of service as Chairman and Managing Director of GAIL India Ltd till he reached his superannuation age six months later, has taken a non-executive position on the board of the Mauritius-based firm, sources privy to the development said.
He will chair the board but will not hold any executive position in the company, they said, adding Tripathi will provide managerial and functional advice for overseas E&amp;P assets of the Essar group.
Essar Exploration &amp; Production Ltd Mauritius (EEPLM) is an early-stage developer, focussed primarily on oil &amp; gas exploration, Ruias-owned Essar group said on its website.
"Its global portfolio includes conventional acreages as well as unconventional hydrocarbon acreages that have a resource base of 15 trillion cubic feet of gas. It has invested HSD 1.1 billion in various acreages across the world," it said.
Tripathi, 59, who was the youngest person to become a chairman of an oil and gas PSU in August 2009, completed his second five-year term on July 31 and was eligible for an extension till his date of superannuation in January 2020. But, the government declined an extension.
As per the government rules, any functional director of a PSU denied an extension of service for reasons other than vigilance is not governed by a mandatory one-year cooling-off period.
"No functional Director of the company including the Chief Executive who has retired/resigned from the service of the company, after such retirement/ resignation, shall accept any appointment or post, whether advisory or administrative, in any firm or company, whether Indian or foreign, with which the company has or had business relations, within one year from the date of retirement without prior approval of the Government," the rule states.
This, however, does not apply to those who are denied an extension for reasons other than proven misconduct.
"The term retirement includes resignation; but not in cases where the term of appointment was not extended by the Government for reasons other than proven misconduct," the DPE's latest circular issued in April 2018 states.
Tripathi was appointed Chairman and Managing Director of GAIL by the Congress-led UPA government in 2009, for an initial five-year term. His extension was due to be reviewed in 2014, but the UPA government in October 2013 approved another five-year term till July 31, 2019.
Prior to taking over as CMD, Tripathi had served as Director of Marketing at GAIL from July 2007 to July 31, 2009.
NTPC chairman Arup Roy Choudhury was denied an extension in August 2015 during the first term of the Narendra Modi government even though he had two years to go before retirement. In the oil sector, ONGC chairman Subir Raha, GAIL chairman Proshanto Benerjee, Bharat Petroleum chief Ashok Sinha and Indian Oil Corp (IOC) chairman Sarthak Behuria were all denied extensions. ANZ BAL

BC Tripathi joins Essar Exploration & Production Mauritius as non-executive chairman

New Delhi, Apr 22 () The operating cost of retailers would increase by up to 35 per cent after following the new standard operating protocol (SOP), which includes implementing social distancing and a token system at stores, introduced in the wake of coronavirus pandemic, Future Retail Managing Director Rakesh Biyani said on Tuesday.He also said that "business is churning but supplies are inconsistent" and the number of footfalls has reduced due to restrictions imposed by the local authorities during the lockdown."Operating costs will go up by 30-35 per cent easily for small stores, larger stores will see costs going up by 10-15 per cent," he said while speaking at an online media briefing organised by the Retailers Association of India.According to Biyani, delivery services across the board have gone up and all retailers are trying hard to serve customers as much as they can in the extended lockdown period."Around 20-30 per cent of business is now in deliveries, which is 10 times what was happening earlier. However, overall revenues have fallen by 30-35 per cent given that people are not consuming as much," he said.Under the new SOP that RAI is suggesting retailers to take, more emphasis be given to digital payments and reduce cash transaction, and maintain social distance.This may also require reskilling of the employees.Commenting on inventory pile-up, Biyani said as only essential items have been allowed to be sold during the lockdown, many retailers have huge stocks of apparels and other non-essential items."Retailers do have a problem of holding inventory. We are helping to find a win-win situation for retailers and manufacturers to accept orders already placed. Orders will not be cancelled but deliveries might be delayed," Biyani said.However, he ruled out end of season sales to replace the stocks."I don't think an end of season sale will happen. We cannot discount existing stocks and we don't want to run sales and have crowds coming in. We want to be more responsible about this," he added.Biyani also added that though supply is inconsistent, the situation is under control and the number of customers visiting stores has been reduced due to the existing restrictions."Things are in order, business is churning but supplies are inconsistent. Some places where the curfew is strict, the working hours of stores have been reduced and hence the number of people coming to buy have reduced."The Retailers Association of India (RAI) expects that it would take at least nine months to a year to reach pre-lockdown sales."The last quarter of this financial year we would see the curve flattening out. We don't see the industry resuming before the next 9-12 months," said RAI Chairman B Nagesh.While, Kulin Lalbhai, Executive Director of leading textile manufacturer Arvind Ltd said the Indian retail sector needs support for 6-9 months."If this support is given, largely financial, that will allow the entire wheel to get back to normalcy," he said.Stressing the need for cash rotation, he said: "To reset the Indian economy, the cash engine needs to be going, or manufacturing can't function alone. And it is not just India; the entire world has collapsed and exports can not be the solution. Getting the economy to move within India is the best way for revival."Atul Ruia of Phoenix Mills, which is a retail mall developer, said that it is considering reducing the hours of operation of the mall and reduced working hours.According to RAI chief executive officer Kumar Rajagopalan, the association has been in touch with the government and they are listening to their suggestions."However, unless a financial package comes in, revival is going to be very difficult," he said.According to RAI, for retail to survive, the government must provide working capital loans to the extent of 2-3 months of sales at low interest and provide a moratorium of 6 months for repayment of loans."To survive, retail needs to retain employees to avoid job losses. The government needs to provide wage subsidies up to 50 per cent of wages of blue-collared workers earning salaries of up to Rupees 25,000 or minimum wages, whichever is higher," said Nagesh. KRH RKL MR

New coronavirus SOP to inflate retailers cost up to 35pc: Rakesh Biyani

New Delhi, Jan 1 () Whos who of the corporate world - from Reliance to Tatas to ArcelorMittal - were in corporate law court but what took the cake was the NCLAT order reinstating the ousted Tata Sons head Cyrus Mistry as it shocked as well as shook the entire business world.
 Though the National Company Law Appellate Tribunal (NCLAT) passed several orders/judgments in the insolvency and corporate matters in 2019 which include Tata-Mistry feud, Essar Steel, Jet Airways, IL&amp;FS, Jaypee Infratech, and Reliance Communications, several of them failed to pass the scrutiny of the Supreme Court and were either set aside or modified.
 While for 2020, NCLAT's calendar is marked with several important matters and would start the year with the government-controlled Registrar of Companies (RoC) plea to modify the order passed by it in the Tata-Mistry case, in which it had directed to change the status of Tata Sons from a private company to a public company, the holding firm of USD 110 billion empire.
 Besides, judgments are also expected from the appellate tribunal on other important matters which include the insolvency of Bhushan Power &amp; Steel Ltd in which JSW has challenged attachment of assets by the ED; resolution of IL&amp;FS group which has an outstanding debt of over Rs 90,000 crore; and McDonald's-Bakshi matter, where state-run HUDCO is opposing settlement offer by US-based QSR major.
 In the Essar Steel insolvency matter, the NCLAT in July this year while giving a final go ahead to the global steel giant ArcelorMittal for Rs 42,000 crore takeover of Ruia's firm had put all the operational creditors of the company almost at par with the secured financial creditors over the disbursement of funds.
 It had shaken the banking world as the appellate tribunal had altered the plan voted by Essar Steel's lenders and approved by NCLT Ahmedabad and was challenged before the Supreme Court.
 The apex court on November 15, not only upheld the primacy of financial creditors in the distribution of funds received under the corporate insolvency scheme but also ruled that the CoC would have a final say in the resolution plans under the Insolvency and Bankruptcy Code (IBC).
 In August, the NCLAT ordered for liquidation of auto component maker Amtek Auto declining its lenders plea for extension of the insolvency resolution process deadline.
 This was challenged by the lenders before the Supreme Court, which last month directed the resolution professional to invite fresh bids for the auto component maker within 30 days.
 In another case, the NCLAT in November rejected the bid of Dhanuka Laboratories for Orchid Pharma and set aside the approval granted by the Chennai-bench of the NCLT.
 The NCLAT observed that the approved resolution value, which stood at Rs 1,146.04 crore, proposed by Dhanuka Laboratories was lower than the liquidation value of Rs 1,309 crore of the company. This was challenged by the CoC before the Supreme Court which granted a stay on the order last month.
 In July, the NCLAT permitted fresh bidding for the debt-laden Jaypee Infratech and extended the resolution period for another 90 days. However, in November the apex court annulled the order and allowed only two revised resolution plans from NBCC (India) Ltd and Suraksha Realty for voting.
 The apex court had directed to complete the resolution process of Jaypee Infratech, which is developing about 32,000 flats, in which it has delivered 9,500 units, in 90 days.
 The NCLAT order of January last directing initiation of insolvency proceedings against investment firm La-Fin Financial Services over the plea of IL&amp;FS Financial Services had similar outcome at the apex court. The order was set aside by the Supreme Court which held that IL&amp;FS Financial Services plea was beyond the period of three-years mentioned in Article 137 of the Limitation Act, and thus is time-barred and cannot be proceeded further.
 In 2019, some of the NCLAT orders also raised eyebrows. The order in case of Sterling Biotech was such a case. The appellate tribunal not only stayed the liquidation of the company but also directed to hand over the management to its promoters, including absconding Nitin Jayantilal Sandesara and Chetankumar Jayantilal Sandesara.
 The NCLAT also said that the Enforcement Directorate will probe and ascertain whether the money paid by the absconding promoters is not from the proceeds of crime.
 NCLAT Chairman Justice S J Mukhopadhaya, who is going to hang his boots in March 2020 is also expected to pass the final judgment on fair trade regulator CCI's nod to Walmart's USD 16-billion acquisition of Flipkart.
 The appellate tribunal had reserved its order in January last over the plea filed by trade association CAIT challenging approval by the Competition Commission of India (CCI).
 In October, the NCLAT gave its go-ahead to NCLT Mumbai to decide on Adani Ports and SEZ Ltd's bid for Dighi Port, however, it said that the outcome would be subject to its final order.
 In the same month, the appellate tribunal also rejected the oil ministry's plea seeking USD 314 million (around Rs 2,245 crore) from insolvency-bound Videocon Industries in unpaid profit petroleum from the Ravva oil and gas fields in the eastern offshore. KRH ANZ 
MR

2019: NCLAT passed several judgements but many of them failed Supreme Court perusal

Acharya Balakrishna is now counted amongst the richest men of India. Balakrishna, who is a close aide of <keyword id="6355107" type="PERSON" weightage="20" keywordseo="Baba-Ramdev">Baba Ramdev</keyword> and the CEO of <keyword id="6356684" type="UNKNOWN" weightage="20" keywordseo="patanjali">Patanjali</keyword>, has entered the list of Adi Godrej, Ravi Ruia, Ajay Piramal, etc. 
 
Patanjali, which has become a household name now and has shaken up India’s top notch FMCG companies, has become the fastest growing company as its net sales for 2015-16 stood at Rs 5,000 crore. 
 
With Patanjali’s growth, CEO Balakrishna became the 25th richest man in India, as per a report by Hurun India Rich List 2016. 
 
But, Balakrishna, who owns 94% stake in Patanjali claims that he does not take any salary. 
 
With his rise and rise with Ramdev and Patanjali, he became the centre to a string of controversies, especially about his degrees and passport. 
 
He went into hiding after his Indian citizenship and degrees were questioned and even cases of money laundering were registered against him. 
 
Here the real Acharya Balakrishna for you: 
 
 
(Image: Indiatimes)

Fake degrees and passports: Here is the real story of Acharya Balakrishna, Ramdev's close aide and Patanjali CEO

<a href="http://www.businessinsider.in/small-business/companies/Indias-Essar-deal-with-Russias-Rosneft-does-not-violate-sanctions-by-the-US/articleshow/54901296.cms">Essar Group</a>, led by the influential <a href="http://www.businessinsider.in/latest/Industrialist-Pawan-Ruiaarrested-on-charges-of-theft-of-railway-equipments-in-West-Bengal/articleshow/55920192.cms">Ruia </a>family, has announced the sale of its BPO company Aegis Ltd to private equity fund manager <keyword id="2038547" type="UNKNOWN" weightage="100" keywordseo="Capital-Square-Partners">Capital Square Partners</keyword>, based in Singapore, thus exiting BPO business. 
 
The deal has been estimated to be worth $275 to 300 million. 
 
Also read: <a href="http://www.businessinsider.in/Indias-biggest-deal-worth-Rs-72800-crores-Essar-oil-sellsto-Russias-Rosneft/articleshow/54877758.cms">India's biggest deal worth Rs 72,800 crores: Essar oil sells to Russia's Rosneft</a> 
 
Aegis had a global presence in the BPO business, with operations in India, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and the UK. With around 40,000 employees, it had 47 BPOs in these 10 countries and had $400 million worth of revenue. 
 
Also read: <a href="http://www.businessinsider.in/lic-wants-essar-to-clear-all-dues-to-give-noc-to-its-deal-with-rosneft/articleshow/57807554.cms">LIC wants Essar to clear all dues to give NOC to its deal with Rosneft</a> 
 
"AGC Holdings Ltd (AGC) Mauritius, a wholly-owned portfolio company of Essar Global Ltd, has entered into a definitive agreement with Capital Square Partners (CSP) to sell 100 per cent of its stake," said a statement from Essar. 
 
"Net proceeds of this sale will be used to retire Essar's debt," it added. 
 
It was in 2004 that <a href="http://www.businessinsider.in/enterprise/Essar-Oil-posts-record-Rs-1063-Crores-Q1-profit/articleshow/48269986.cms">Essar </a>had entered the BPO business after acquiring the US-based Aegis Communications Group, which it later sold in 2014. 
 
"This transaction is in line with our strategy of incubating, building and operating world-class businesses, and being open to monetising them at a premium value when the market conditions are favourable," said Uday Gujadhar, Director-AGC. 
 
(Image source The Indian )

Essar has sold Aegis to a Singaporean private investment firm

A <keyword id="2226735" type="UNKNOWN" weightage="80" keywordseo="Delhi-CBI-court">Delhi CBI court</keyword> today recorded the statement of A Raja, former Telecom Minister and key accused in the 2G spectrum allocation scam. 
Special CBI Judge OP Saini started the statement recording and said that it was a "direct conversation" between him and the accused (A Raja). 
 
"Now the statement of the accused will be recorded. It is a direct conversation between the accused and the judge... You (accused) may chose to reply or not reply," the judge said. 
 
Prior to this, the court had supplied a draft questionnaire to the accused. The draft contained 1,718 questions and 824 pages. 
 
The court has postponed the deposition of the promoters of the Essar Group and Loop Telecom till May 19. Essar Group promoters Ravi Ruia and Anshuman Ruia, Loop Telecom promoters Kiran Khaitan, her husband IP Khaitan and Essar Group director (strategy and planning) Vikash Saraf are facing trial in the case along with the three firms – Loop Telecom Ltd, Loop Mobile India Ltd and Essar Tele Holding Ltd. 
 
"I think there will be no time for you today. The matter is adjourned for recording of statement of accused till May 19," the judge said. 
All the accused have denied the charges levelled by the CBI in the case. 
 Earlier, the court had recorded the statements of 153 CBI witnesses, including Reliance ADAG chairman <keyword id="9171" type="PERSON" weightage="40" keywordseo="Anil-Ambani">Anil Ambani</keyword>, his wife <keyword id="40530" type="PERSON" weightage="40" keywordseo="Tina-Ambani">Tina Ambani</keyword>, former corporate lobbyist <keyword id="149786" type="PERSON" weightage="40" keywordseo="Niira-Radia">Niira Radia</keyword> and Attorney General GE Vahanvati. The statement ran into more than 4,400 pages. 
 Apart from Raja and Karunanidhi’s daughter <keyword id="131867" type="PERSON" weightage="40" keywordseo="Kanimozhi">Kanimozhi</keyword>, former telecom secretary Siddharth Behura, Raja's former private secretary RK Chandolia, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Unitech Ltd MD Sanjay Chandra, and Reliance ADAG executives – Gautam Doshi, Surendra Pipara and <keyword id="166256" type="PERSON" weightage="40" keywordseo="Hari-Nair">Hari Nair</keyword> – are also facing trial in the case. 
 
Image: Indiatimes

2G
Case: A Raja’s Statement Recorded

ealth does not remain static especially during the fluctuating industry scenario today. India has produced several billionaires who occupy a significant number of slots on the list of wealthiest persons in the world today. Here is the list of the top 10 richest persons in India as per their latest real time Forbes data on 11 October 2021. 1. Mukesh Ambani - $102 billion The wealthiest person in India, Mukesh Ambani of Reliance Industries occupies the Tenth slot in the world’s richest persons’ list. Mukesh Ambani has a net worth of $102 billion. Much of Mukesh’s wealth ensues from the petrochemicals and oil and gas businesses built by his father Dhirubhai Ambani ⁠— a business icon in his own right— but Mukesh is pivoting to more consumer-facing businesses like telecom and retail. Reliance Jio is one of the largest telecom networks in India today and has <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-jio-compared-to-alibaba-and-tencent/articleshow/77059624.cms">already raised over $20 billion in recent months</a> and the next leg of fundraising <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms">will be for retail</a>. 2. Gautam Adani - $71.7 billion Gautam Adani’s net worth as per the latest forbes records is $71.7 billion. He is the Second <keyword id="7413735" type="General" weightage="20" keywordseo="richest-person-in-india" source="Orion">richest person in India</keyword> and ranks 15 on the list of the world’s richest. Apart from Mundra Port, the largest in India, his wealth-generating portfolios include a range of commodities, power generation including renewable energy (like solar farms), and transmission to name a few. 3. Shiv Nadar - $31.5 billion With his $31.5 billion estimated net worth, Shiv Nadar ranks as the third richest person in India. HCL Technologies founded by him is a (₹) 274826 crore (market value) company and one of the largest software services exporters in the world today. With its presence in over 45 countries on the globe, HCL Technologies makes Shiv Nadar claim the 41th slot in the list of world’s richest persons. 4. Radhakishan Damani &amp; Family - $ 22.1 billion Radhakishan Damani’s net worth of $22.1 billion, which makes him the fourth richest person in India today. He occupies the 101 position in the global rich list. Radhakishan Damani is a veteran Mumbai stock market investor who founded <a href="https://www.businessinsider.in/business/news/radhakishan-damani-has-a-string-of-challenges-ahead-of-him-and-falling-profits-at-dmart-dont-help/articleshow/76936913.cms">the supermarket chain DMart </a>which went public in 2017, and eventually went on to be the world’s most-valued retail chain for its unique model that makes the holding company Avenue Supermarts more profitable than many of its peers. 5. Savitri Jindal &amp; Family - $18.6 billion Standing at the 106th position in the world and the richest woman in India is Savitri Jindal, the 70-year-old chair of a multibillion dollar conglomerate, who's worth $18.6 billion. India's women billionaires also include the heads of pharmaceutical, software, and consumer goods companies. 6. Cyrus Poonawalla - $18.2 billion Ranked as the 6th wealthiest person in India, Cyrus Poonawalla has a net worth of $18.2 billion. He founded the Serum Institute of India in 1966 and it is today the largest producer of vaccines for measles, influenza and polio. At present, the company is also co-developing two vaccines for COVID-19 and has a <a href="https://www.businessinsider.in/science/health/news/adar-poomawala-says-oxfords-covid-vaccine-is-expected-to-hit-the-indian-market-in-the-first-quarter-of-2021/articleshow/77107541.cms">significant lead over other similar researches that are underway</a>. In the world’s wealthiest persons list he ranks in the 110th position. 7. Lakshmi Mittal - $ 17.6 billion The Chairman and CEO of ArcelorMittal, Sunil Mittal has a net worth of $17.6 billion and ranks as the Seventh richest person in India. His wealth status positions him in the 115 place on the world’s richest persons list. He is known for turning sick steel producing companies into profitable ventures across the world. He most recently bagged the bankrupt Essar Steel in India, which was owned by the Ruia family. 8. Kumar Birla - $16.1 billion Standing at the 131th position in the world’s richest persons’ list, Kumar Birla has a net worth of $16.1 billion, which makes him the Eighth wealthiest person in India. The head of Aditya Birla Group which he inherits for the fourth generation in row, his group is concerned with producing cement and aluminum alongside retail, telecom and financial services. 9. Uday Kotak - $16.1 billion The founder of Kotak Mahindra Bank, Uday Kotak, occupies the fifth position on the list of India’s richest. With a net worth of $16.1 billion, Kotak takes 132nd place on the world’s richest persons’ list. 10. Dilip Shanghvi - $14.4 billion The tenth richest person in India is Dilip Shanghvi whose latest net worth is $14.4 billion. The founder of Sun Pharma, Dilip Shanghvi has turned his firm into the largest player in the manufacturing of specialty generic drugs. He has also invested in energy and oil ventures. On the world’s richest persons’ list, he ranks in the 146th position. See Also - <a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms">Top 10 richest people in the world</a> <a href="https://www.businessinsider.in/top-10-largest-economies-in-the-world/articleshow/70547252.cms">Top 10 largest economies in the world</a> <a href="https://www.businessinsider.in/finance/news/list-of-top-20-richest-people-in-the-world/articleshow/74475220.cms">Top 20 richest people in the world</a>

Meet the top 10 richest person in India

These 119 Indian billionaires are worth over $300 billion right now, according to Forbes

Essar Oil is selling 49% stake to Russia’s top oil producer <keyword id="174417" type="COMPANY" weightage="100" keywordseo="Rosneft">Rosneft</keyword> for around $3.2 billion. 
 
After this move, Rosneft will get a hold in India's second biggest oil refinery and 1,600 petrol pumps. 
 
Reportedly, Rosneft will also supply 10 million tonnes a year of crude to Essar Oil's 20 million tonnes per annum Vadinar refinery in Gujarat for 10 years. 
 Essar Oil, in a statement, said that Rosneft and Essar Oil &amp; Gas Ltd / <keyword id="280431" type="COMPANY" weightage="100" keywordseo="Essar-Energy-Holdings-Ltd">Essar Energy Holdings Ltd</keyword>, companies incorporated and managed under the laws of Mauritius, have signed a non-binding Term Sheet with regard to Rosneft's participation in the equity capital of <keyword id="64884" type="COMPANY" weightage="100" keywordseo="Essar-Oil-Ltd">Essar Oil Ltd</keyword> with a share of up to 49%. 
 
However, news agency PTI reported that the deal does not include Essar Oil's upstream portfolio comprising of five CBM blocks, holding up to 10 trillion cubic feet of gas resource as well as Ratna and R-Series oil and gas fields in the western offshore. 
 
Promoter Ruia family hold 90.5% of Essar Oil. Out of this, 65.6% is in the form of overseas depository shares. 
 
As per reports, Essar may cut imports from Iran to accommodate Russian barrels. 
 
Rosneft is majority owned by the Russian government with BP Plc holding under a 20% stake and public shareholding at around 10%. 
 
Meanwhile, Rosneft in a statement said the crude supply agreement enables it to expand market outlet and amplifies the volume of supplies to the region, where growing points of the world's economy are concentrated. 
 
The deal, Rosneft said, also includes marketing business whereby Essar operate a retail chain of 1,600 stations located in India.

Essar Oil to sell 49% stake to Rosneft for $3.2 billion

A few days after the income tax department told the court that an offer made by a potential buyer for the <keyword id="6354716" type="CITY" weightage="20" keywordseo="Nokia">Nokia</keyword> plant was too little, the <keyword id="6355014" type="ORGANIZATION" weightage="20" keywordseo="Delhi-High-Court">Delhi High Court</keyword> has intervened to resolve the issue. As per a news report by The Economic Times, consulting firm <keyword id="1919178" type="UNKNOWN" weightage="20" keywordseo="EY-India">EY India</keyword> has been directed to value Nokia's manufacturing plant in Chennai within two months. 
 As reported by the ET, Justices BD Ahmed and <keyword id="342753" type="PERSON" weightage="20" keywordseo="Sanjeev-Sachdeva">Sanjeev Sachdeva</keyword> said EY India should assess the plant on an 'on-going and non-going' basis, implying that the factory would be valued as both operational and non-operational. 
 
The order comes a few days after the income tax department told the court that an offer made by a potential buyer for the Nokia plant was too little. The two-judge bench will hear the matter next on September 7. 
 Nokia, which sold its handset-making business unit to <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> in April last year, left the Chennai plant out of the deal after the authorities attached it in a multi-crore rupee tax case. 
 
"We are currently analysing the High Court order and cannot comment further until that work is done. Our overall focus continues to be what we've said for some time now: finding a way to get the asset freeze lifted so we can explore potential opportunities for a sale to a suitable buyer," a Nokia spokesperson told the financial daily. 
The ET had reported previously that the Essar Group was interested in the Chennai plant and had valued it atRs 350 crore-450 crore. Essar Group chairman Shashikant Ruia recently confirmed that the group was evaluating the Nokia factory. 
 
The IT department said the offer made the buyer was very low, even as the court sought the basis of the department's claim. The department had told the court at previous hearings that Nokia's tax liabilities could be about Rs 10,000 crore for a single year and the company had not provided a guarantee to meet its tax liabilities. 
 
(Image: Reuters)

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