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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>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

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.

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

<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

<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

Business scenario is constantly changing all over the world and equally fast in India. If you are interested to know who rules the entrepreneurial domain in India, here are the top 10 businessmen in India. 1. <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> 
 
 
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 Ruling the petrochemicals, oil and gas sector in India, Mukesh Ambani has a net worth of $47.3 B. He is the chairman of $90 B enterprise in the giant of Oil and Gas domain called as Reliance Industries. Reliance also is one of the leaders in the telecom market in India that serves more than 300 million customers with free domestic calls, cheap data services and free smartphones. 2. <keyword id="6419840" type="PERSON" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword> 
 
 
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 Azim Premji’s net worth is $21 B and he is one of the leaders in the software services in India. He is a popular tech magnet in the country. His outsourcing firm Wipro is the third largest in India. His innovation center in Silicon Valley develops new technologies and collaborates with startup businesses. 3. Lakshmi Mittal 
 
 
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 The third richest man in India, Lakshmi Mittal has a net worth of $18.3 B. He is a leader in the steel industry in India. He is the CEO of the world’s biggest steel manufacturing company Arcelor Mittal. In November 2018, his firm completed the $2.1 billion acquisition of Ilva, Italy’s steel group. 4. Hinduja brothers 
 
 
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 Hinduja brothers, the fourth richest persons in India with a net worth of $18 B own establishments with diversified interests dealing with lubricants, banking and cabling industries. 5. <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword> 
 
 
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 Pallonji Mistry is the fifth richest businessman in India with a net worth of $15.7 B. he controls Shapoorji Pallonji Group, the construction company based in Mumbai. His family also own an 18.4% stake in Tata Sons that holds an outfit of $100 billion in Tata Group. 6. Shiv Nadar 
 
 
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 With a net worth of $14.6 B, Shiv Nadar is the sixth richest entrepreneur in India. A pioneer in the IT sector of India, Shiv Nadar is the cofounder of the HCL starting initially with the production of calculators and microprocessors. Today, HCL Technologies is an $8.2 billion company in the country. 7. <keyword id="2349569" type="PERSON" weightage="20" keywordseo="Godrej-family">Godrej family</keyword> 
 
 
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 The seventh place among the richest businessmen in India goes to Godrej family. With a net worth of $14 B, the Godrej family controls the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> which is a giant player in the consumer goods segment in India. 8. Dilip Shanghvi 
 
 
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 The net worth of Dilip Shanghvi is $12.6 B. A leading player in the pharmaceuticals industry, Dilip Shanghvi chairs the India’s largest pharmaceutical establishment and the world’s fourth largest specialty drugs manufacturing company Sun Pharmaceutical Industries. 9. Kumar Birla 
 
 
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 Kumar Birla with a net worth of $12.5 B is the head of Aditya Birla Group dealing with diversified offerings namely cement, aluminium, telecom and financial services. In 2018, his firm Idea Cellular acquired Vodafone India, India’s largest telecom firm. 10. Gautam Adani 
 
 
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 With a net worth of $11.9 B, Gautam Adani is the tenth richest businessman in India. Dealing with commodities, power generation and transmission and infrastructure, Gautam Adani is a ports Tycoon who controls Mundra Port, the largest port of India in Gujarat. 
 See also: <a href="https://www.businessinsider.in/the-top-10-richest-person-in-india/articleshow/68352802.cms">Meet the top 10 richest people in India</a> <a href="https://www.businessinsider.in/These-are-the-10-richest-people-in-India/articleshow/65957318.cms">These are the 10 richest people in India</a>

Meet India's top 10 Businessmen in 2019

<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>Indian Oil threatened to stop supply of aviation turbine fuel to the airline, over unpaid dues.</li><li>Air India’s pilots also threatened the government with mass resignations if they go on with the divestment plan.</li><li>The debt of Air India has ballooned to a massive ₹60,000 crore and is struggling to carry on operations.</li></ul> The troubles of debt-laden Air India do not seem to come to an end. Even as the government is planning to go ahead with its divestment, today yet another state-owned company Indian Oil threatened to stop supply of aviation turbine fuel to the airline, over unpaid dues. BPCL and HPCL too said that they will cut off<a href="https://trak.in/tags/business/2019/10/14/air-india-flights-can-be-cancelled-after-october-18th-these-6-airports-will-be-affected-due-to-payment-crisis/"> fuel supplies unless</a> their bills, running into few thousands of crores, is cleared. This comes two days after the pilots union was enraged with the government’s plan to sell 100% of the national carrier. The pilots threatened a mass resignation if they plan to go ahead with it. Already as many as 120 pilots resigned in protest. In the Budget 2019, the finance minister Nirmala Sitaraman said that they plan to speed up the process of divestment, and is ready to make structural reforms. She also said that they plan to expedite it by October this year, but there has been no major movement. In the meanwhile, the debt of Air India has ballooned to a massive ₹60,000 crore, joining the ranks of state-owned telecom operators BSNL and MTNL who are struggling to carry on operations. This divestment could have brought in a new investor who could have help cut its debt, while providing the government with much-needed revenue as well. As government moves slowly in its planned sell-off, there is little interest from investors as well. In spite of rumours that Tata Group might bid for the airline, the group spokesperson insists that it <a href="https://www.thehindubusinessline.com/economy/logistics/air-india-buy-tata-sons-back-at-the-drawing-board-may-place-bid-soon/article29653782.ece">is speculation</a>. Yet another airline Jet Airways which was grounded in April this year, failed to find a bidder and its case is now with the bankruptcy court. This was in spite of billionaire Hinduja brothers showing interest in it.

Weeks ahead of divestment, Air India faces multiple threats of being grounded

<ul><li>Three business women have made it to the <keyword id="8204835" type="UNKNOWN" weightage="20" keywordseo="forbes-list-of-100-richest-indians">Forbes list of 100 richest Indians</keyword>. </li><li>Savitri Jindal the matriarch of the steel conglomerate OP Jindal Group is ranked 20 on the list, with a net worth of $5.8 billion. </li><li>Kiran Mazumdar Shaw, 66, is placed at the 54th spot on the list for Biocon, with a net worth of $2.38 billion. </li><li>Pharma owner Leena Tiwari of USV India was ranked 71 on the <keyword id="6373044" type="UNKNOWN" weightage="20" keywordseo="forbes">Forbes</keyword> list, with a net worth of $1.92 billion.</li></ul>Three business women have made it to the <a href="http://www.forbesindia.com/article/india-rich-list-2019/india-rich-list-2019-mukesh-ambani-dominates-adani-kotak-make-big-gains/55657/1">Forbes list of 100 richest Indians</a>. While half of the listees witnessed a drop in their net worth, Savitri Jindal of OP Jindal Group, Kiran Mazumdar Shaw of Biocon and Leena Tiwari of USV India featured on the list, again. As per a recent <keyword id="48085" type="COMPANY" weightage="20" keywordseo="Credit-Suisse">Credit Suisse</keyword> report, Indian female CEOs are at a dismal 2%.The few women in the rich list shows that even fewer made it all the way to the top. The list is topped by Reliance Industries’ chairman Mukesh Ambani for the 12th consecutive year who added $4.1 billion to his net worth. This is thanks to the growth in value after he launched telecom services with Jio. He is followed by Gautam Adani and Hinduja Brothers. Interestingly, the list featured six fresh faces — Byju Raveendran of Byju’s, Manohar Lal and Madhusudan Agarwal of Haldiram Snacks, Rajesh Mehra of fittings company Jaguar, and Samprada Singh of Alkem Laboratories. Savitri Jindal the matriarch of the steel conglomerate OP Jindal Group, was once Asia’s richest woman. She is ranked 20 on the list, with a net worth of $5.8 billion. Set up by her husband Om Prakash Jindal, India’s richest woman now holds a stake in JSW Steel and other mining industries. <div type="image" title="savitri" msid="71538574" hostid="261" caption="&amp;lt;p&amp;gt;Savitri Jindal, OP Jindal Group &amp;lt;sub&amp;gt;BCCL &amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Kiran Mazumdar Shaw, 66, founded and runs biopharmaceutical company Biocon. The female entrepreneur is placed at the 54th spot on the list, with a net worth of $2.38 billion. The company was also ranked in the top 20 global biotech employers. <div type="image" title="kiran" msid="71538599" hostid="261" caption="&amp;lt;p&amp;gt;Kiran Mazumdar Shaw, Biocon Limited &amp;lt;sub&amp;gt;Twitter/kiranshaw &amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;&amp;lt;sub&amp;gt;&amp;lt;br&amp;gt;&amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div>

 Yet another pharmaceutical company owner Leena Tiwari of USV India was ranked 71 on the Forbes list, with a net worth of $1.92 billion. The company, which was started as a joint venture with Revlon in 1961 is known for its diabetic and cardiovascular drugs.

Savitri Jindal, Kiran Mazumdar Shaw and Leena Tiwari — the only three women on Forbes list of 100 richest Indians

<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>All the 100 richest people named by Forbes together are worth $452 billion. </li><li>However, his year’s total fortune of the 100 richest people is 8% more than last year.’ </li><li>Mukesh Ambani<a href="https://www.businessinsider.in/meet-the-ambanis-the-richest-family-in-asia-who-live-in-a-1-billion-skyscraper-and-mingle-with-royals-politicians-and-bollywood-stars/articleshow/67150327.cms"> remains the richest person in India</a> with a total net worth of $51.4 billion. </li></ul>The top 100 richest people in India together hold a fortune of $452 billion — that’s 16.58% of the country’s GDP. According to World Bank, India’s GDP was $2.76 trillion in 2018 and its per capita income is $1,670 per annum. Mukesh Ambani adds over $4 billion to his wealth According to the <keyword id="727662" type="ORGANIZATION" weightage="20" keywordseo="Forbes-India-Rich-List">Forbes India rich list</keyword> 2019, this year’s total fortune of the 100 richest people is 8% less than last year. Mukesh Ambani<a href="https://www.businessinsider.in/meet-the-ambanis-the-richest-family-in-asia-who-live-in-a-1-billion-skyscraper-and-mingle-with-royals-politicians-and-bollywood-stars/articleshow/67150327.cms"> is the richest person in India</a> with a total net worth of $51.4 billion. He added $4.1 billion after the success of Reliance’s flagship telecom business— Jio. The venture which started in 2016 <a href="https://www.businessinsider.in/reliance-jio-subscribers-cross-330-million-and-profits-jump/articleshow/70295851.cms">added over 330 million subscribers. </a> Ambani is followed by <a href="https://www.businessinsider.in/gautam-adanis-wealth-multiplied-nearly-3-times-in-the-last-four-years/articleshow/71304596.cms">Gautam Adani</a>, the promoter of Adani group, who<a href="http://www.forbesindia.com/article/india-rich-list-2019/india-rich-list-2019-mukesh-ambani-dominates-adani-kotak-make-big-gains/55657/1"> jumped</a> from position 8 in 2018 to 2 this year. Hinduja brothers came in at the third position. Their networth has dropped from $19.5 billion in 2018 to $15.6 billion in 2019. Forbes placed Pallonji Mistry ($14.4), the owner of the 154-year-old Shapoorji Pallonji Group at fourth position. <a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">Uday Kotak,</a>who is among the three gainers on the list, took the fifth position. <a href="http://www.forbesindia.com/article/india-rich-list-2019/india-rich-list-2019-mukesh-ambani-dominates-adani-kotak-make-big-gains/55657/1">He added $4 billion to his wealth</a> thanks to a 39% increase in the value of his stake in Kotak Mahindra Bank. India’s per capita income is $148 a month A government report earlier stated that India’s per capita income is around <a href="https://timesofindia.indiatimes.com/business/india-business/indias-per-capita-income-rises-10-to-rs-10534-a-month-in-fy19/articleshow/69601770.cms">$148 (₹10,534) in FY 19</a>. This comes after a Credit Suisse report highlighted the inequality in wealth distribution in India. According to the 2018 report , 77.4% of India’s wealth is in the hands of 10% of its population.And, 1% of the richest of India control more than 51% of the country’s wealth. “While wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty, reflected in the fact that 91% of the adult population has wealth below $10,000. At the other extreme, a small fraction of the population (0.6% of adults) has a net worth over $100,000,” said Credit Suisse. Billionaires lost more than $1 billion because of economic slowdown Most of the people on the list have lost fortune except for Ambani, Adani and Kotak. The net worth of half the listees shrank because of the current economic slowdown. As many as 14 people on the list lost more than $1 billion, reported Forbes. However, the total wealth held by all the 100 people, is still more than India’s per capita income. See more: <a href="https://www.businessinsider.in/thelife/personalities/news/byju-raveendran-is-newest-and-youngest-face-on-the-forbes-list-of-100-richest-indians/articleshow/71537667.cms">Byju Raveendran is the newest face on the Forbes list of 100 richest Indians</a> <a href="https://www.businessinsider.in/thelife/personalities/news/savitri-jindal-kiran-mazumdar-shaw-and-leena-tiwari-the-only-three-women-on-forbes-list-of-100-richest-indians/articleshow/71538301.cms">Savitri Jindal, Kiran Mazumdar Shaw and Leena Tiwari — the only three women on Forbes list of 100 richest Indians</a> <h1 style="line-height:1.38;margin-top:20pt;margin-bottom:6pt;"><a href="https://www.businessinsider.in/thelife/personalities/news/uday-kotak-richest-asia-banker-4x-growth-in-wealth-in-10-years/articleshow/71516598.cms">Uday Kotak, Asia's richest banker, multiplied his wealth four times in a decade</a> </h1>

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