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<keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>'s <keyword id="198636" type="PERSON" weightage="100" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>'s wealth jumped 162% to Rs 7,300 crore and he is now the richest entrepreneur under 40 in Hurun's India rich list for 2016. 
 The rise in his wealth from Rs 2,824 crore a year earlier to Rs 7,300 crore is due to <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>'s investment in Paytm and following funding rounds. As Paytm’s valuation jumped, Sharma’s net wealth also shot up. Sharma holds about 21% stake in the company. 
 Apart from Sharma, Indigo co-founder <keyword id="3633577" type="UNKNOWN" weightage="20" keywordseo="rakesh-gangawal">Rakesh Gangawal</keyword> saw highest increase in wealth of over 150% at Rs 15,900 crore. 
 Anas Rahman Junaid, MD India of <keyword id="448667" type="UNKNOWN" weightage="20" keywordseo="Hurun-Report">Hurun Report</keyword>, magazine that focuses on high net-worth individuals in India and China, said subdued investor interest in e-commerce and online businesses had reduced valuations of ecommerce unicorns in 2016.

Paytm’s Vijay Shekhar Sharma becomes the richest entrepreneur under 40. This is his net wealth now

<ul><li><keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">Indigo</keyword> co-founder <keyword id="843530" type="PERSON" weightage="20" keywordseo="Rakesh-Gangwal">Rakesh Gangwal</keyword> has called for an exceptional general meeting of the board.</li><li>He’s pushing for a resolution that would allow him to sell his stake in the airline without seeking the permission of his partner and the one who’s feuding against – Rahul Bhatia. </li><li>Shares of Interglobe Aviation jumped 3.08% to ₹1374, as hopeful investors think the feud might finally be coming to an end. </li></ul>It’s a new year and the saying to keep your problems in the old one - doesn’t seem to suit Rakesh Gangwal. The US-based billionaire Indigo co-founder has called for an exceptional general meeting of the board. He is pushing for a resolution that would allow him to sell his stake in the airline without seeking the permission of his partner and the one he’s fighting with – Rahul Bhatia. The war of the founders is another blow to the Indian aviation industry where many carriers are in trouble – from Jet Airways shutting shop to a debt ridden Air India struggling to make ends meet. But the news of the meeting made Indigo investors happy. Shares of Interglobe Aviation jumped 3.08% to ₹1374, as hopeful investors think the feud might finally be coming to an end. This could also lead to the possibility of an existing promoter leaving or a strategic investor coming on board. The call for the meeting could be Gangwal’s indication that he is giving up on a fight that has lasted for at least a year now. Or it could be his last try to have a greater say on the board, says an aviation expert. <table><tbody><tr><td></td><td>Name of the Shareholder</td><td>Shares</td><td>Percentage of total</td></tr><tr><td>1.</td><td>Rohini Bhatia</td><td>10,000</td><td>0</td></tr><tr><td>2.</td><td>INTERGLOBE ENTERPRISES PRIVATE LIMITED</td><td>145,706,774</td><td>37.88</td></tr><tr><td>3. </td><td>Shobha Gangwal</td><td>32,310,461</td><td>8.4</td></tr><tr><td>4.</td><td>The Chinkerpoo Family Trust (Trustee: Shobha Gangwal &amp; J. P. Morgan Trust Company of Delaware)</td><td>52,263,313</td><td>13.59</td></tr><tr><td>5.</td><td>Rakesh Gangwal</td><td>56,421,132</td><td>14.67</td></tr><tr><td>6.</td><td>Kapil Bhatia</td><td>50,000</td><td>0.01</td></tr><tr><td>7.</td><td>Rahul Bhatia</td><td>40,000</td><td>0.01</td></tr><tr><td>8.</td><td>Asha Mukherjee</td><td>1,250,688</td><td>0.33</td></tr><tr><td>9.</td><td>Alok Mehta</td><td>255</td><td>0</td></tr></tbody></table> “Gangwal probably tried to make it a reasonable bargain in terms of having a say in what is going on. He is talking about improving the governance – an equal number of people representing major shareholders. If that doesn’t happen, he will keep his options open. We have to wait for the meeting to understand more and see what really happens,” Amrit Pandurangi, an aviation expert told Business Insider. The logic behind the EGM Experts believe that Gangwal hopes that with this EGM, members of the board will understand his logic or argument. He will insist that special policy decisions or strategy decisions have to be taken when the full board is present. Earlier, Gangawal raised questions on the governance of Indigo and related party transactions. “Suppose he does not have this, even if he wants to exit he would like to do this from a position of strength rather than as somebody who did not get support and is that’s why moving out. But whether he wants to or not, remains to be seen. We should not look so far yet,” said Pandurangi. ‘Lack of checks and balances’ In June last year, Gangwal wrote to the Securities and Exchange Board of India (SEBI), alleging multiple violations at Indigo. This led to the differences between Gangwal and Bhatia coming out in the open. Gangwal had then written that he had entered into a shareholder’s agreement with Bhatia, which gave the latter controlling rights over the majority of decisions at Indigo. “I hadn't contemplated that over the years, Bhatia would start building an ecosystem of other companies that would enter into dozens of related party transactions with IndiGo. We are not against RPTs as long as proper checks and balances exist and such RPTs are in the best interest of the Company,” Gangwal <a href="https://www.cnbctv18.com/aviation/read-full-text-of-indigo-co-founder-rakesh-gangwals-letter-to-sebi-3948801.htm">wrote in the letter.</a> SEE ALSO <a href="https://www.businessinsider.in/business/news/without-buyer-ai-might-be-forced-to-shut-down-in-six-months-airline-official/articleshow/73031626.cms">Air India might shut down in 6 months if it isn't sold, says official</a> <a href="https://www.businessinsider.in/careers/news/india-has-made-commercial-pilot-licences-faster-and-easier-to-beat-the-shortage-in-airlines-most-expensive-asset/articleshow/73032441.cms">India has made commercial pilot licences faster and easier to beat the shortage in airlines' most-expensive asset</a>

One of Indigo’s promoters – Rakesh Gangwal – wants more say or a way out

<ul><li>The country’s largest airline <keyword id="6354706" type="COMPANY" weightage="20" keywordseo="IndiGo">IndiGo</keyword>’s shares crashed 10.7% to ₹ 1,397 on Wednesday’s closing. </li><li>Gangwal, one of the co-founders of IndiGo, wrote to the markets regulator SEBI seeking intervention on curbing possible governance violations by Bhatia. </li><li>As per Gangwal’s allegations, Bhatia’s InterGlobe Enterprises (IGE) unduly has received benefits from faulty transactions which had <a href="https://www.moneycontrol.com/news/business/companies/the-indigo-rift-with-this-20b-deal-did-rahul-bhatia-leave-rakesh-gangwal-with-a-hurt-ego-4188841.html">violated company norms</a>. </li></ul>The country’s largest airline IndiGo’s shares crashed 10.7% to ₹ 1,397 on Wednesday’s closing, thanks to the very public fight between its two promoters--Rahul Bhatia and <keyword id="843530" type="PERSON" weightage="20" keywordseo="Rakesh-Gangwal">Rakesh Gangwal</keyword>. It also touched lower circuit and the volumes also swelled probably due to large number of people selling the stock. Gangwal, one of the co-founders of IndiGo, wrote to the markets regulator SEBI seeking intervention on curbing possible governance violations by Bhatia, a stock exchange notification said. As per Gangwal’s allegations, Bhatia’s InterGlobe Enterprises (IGE) unduly has received benefits from faulty transactions which had <a href="https://www.moneycontrol.com/news/business/companies/the-indigo-rift-with-this-20b-deal-did-rahul-bhatia-leave-rakesh-gangwal-with-a-hurt-ego-4188841.html">violated company norms</a>. IGE is the parent company of IndiGo which also has hospitality, flight training and other aviation related businesses. The friends-turned-partners-turned-foes had joined hands in 2005 to form IndiGo airlines. Now, they own almost equal stake in the company, making it a long and tough fight. Bhatia and his family own 38% of the IndiGo shares while Gangwal had 37% shareholding. Bhatia however has controlling rights of the company and also a greater say in decision making, which includes appointing senior company management. The deal that drifted them apart A drift developed between the promoters after the company struck a $20 billion deal with US based CFM international for LEAP-1A engines in June. The engines are to be used in Indigo’s future fleet of 280 Airbus 320 and 321 aeroplanes. The deal was finalised after many flight disruptions were reported in the Pratt and Whitney engines, which it had been using since inception. “This was a huge change. Pratt and Whitney was supplying the engines since start of Indigo. Of course, P&amp;W engines had major problems with the Neos,” said a senior executive from the aviation industry. Hurt Egos In June, Gangawal sought a requisition for an extraordinary general meeting (EGM) to highlight governance issues. However, Bhatia alleged that his partners wants him to dilute his rights. “The genesis of Mr. Gangwal’s angst lies elsewhere - the refusal of the IGE Group to succumb to his demands to dilute the IGE Group’s controlling rights,” Bhatia said. He added that, “Gangwal’s ego was hurt on realizing that upon his refusal to lend in the company’s ongoing negotiations with Original Equipment manufacturers (OEMs), the company had proceeded to make alternate arrangements for the purpose.”

IndiGo’s shares crash to a new low after a promoter alleges the other of governance violations

<ul><li>The five businesses that made the most <keyword id="6355005" type="UNKNOWN" weightage="20" keywordseo="news">news</keyword> in the year are <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword>, Amazon India, <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> and <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">Indigo</keyword> Airlines.</li><li>A report made by the technology led PR platform Wizikey shared insights into what made these companies the newsmakers of 2019. </li><li>From Reliance’s AGM to Jet Airways downfall, it was a mix of good and bad that brought these companies in the news.</li></ul>2019 was a year of headlines – from Indian general elections to the economic slowdown. Businesses have been at the receiving end – from those which shut shop to those that opened new doors to success. The top five businesses that generated the most news are Reliance Industries, Jet Airways, Amazon India, Tata Sons and Indigo Airlines, according to a report by the technology-led PR platform Wizikey. They stayed in the news for both good and bad reasons. Reliance Industries Mukesh Ambani-led Reliance recently created history in the stock market with its market cap crossing ₹10 lakh crore. It was the first Indian company to do so. But that wasn’t the only news that caught everyone’s attention. The stock and the company has been buzzing especially during the second half of the year. According to the Wizikey report, Reliance holds the credit for one-third of the total news created by the top 5 companies. The busiest news month for the company was in August, when it held its annual general meeting. At the AGM, Ambani made major announcements -- like fundraising apart from unveiling next-gen technology. <div type="Article" hostid="261" msid="70638299" title="Mukesh Ambani's speech at the Reliance Industries AGM had ten big takeaways" mstype="2" mssubtype="0"></div>

 Jet Airways The Indian airlines shut shop in April this year and not surprisingly, that was the month it was mentioned the most. The report said that the most common buzzwords around Jet Airways were “flight cancellation, aircraft grounding, insolvency proceedings, debt resolution and management takeover”. <div type="Article" hostid="261" msid="69878191" title="It’s official-- Jet Airways is bankrupt, declares a Indian court on the same day the share price jumped 93%" mstype="2" mssubtype="0"></div>

 IndiGo Accompanying Jet Airways in the newsmakers sector, was one of India’s largest airlines – IndiGo. Having gained from the collapse of Jet Airways, with more bookings coming its way, IndiGo too had its fair share of trouble. A feud between its founders Rahul Bhatia and Rakesh Gangwal over company’s control took an ugly turn. Both of them had landed in the courts in July 2019, after Gangawal’s sensational expose on the workings of the airline. <div type="Article" hostid="261" msid="71740625" title="Indigo debt has swollen by seven times in one year" mstype="2" mssubtype="0"></div>

 Amazon India Amazon India has been generating both good and bad news this year. “Amazon saw itself being mentioned the most throughout the year - for all the wrong reasons,” said the Wizikey report. October was the month of most mentions, after the Department for Promotion of Industry and Internal Trade called in the e-commerce giant for its <a href="https://www.businessinsider.in/business/ecommerce/news/headline-amazon-dismisses-deep-discounts-and-says-sellers-set-their-own-pricesamazon-dismisses-deep-discounts-and-says-sellers-set-their-own-prices/articleshow/72450155.cms">deep discounts</a> and possible foul play. But it was also the festive month, where Amazon’s great sales kept it in the news. <div type="Article" hostid="261" msid="70222978" title="Amazon India sets up ‘war rooms’ to handle Prime Day pressure" mstype="2" mssubtype="0"></div>

 Tata Sons Tata Sons owe their “newsy” year to one person – Dr Subrahmanyam Jaishankar, when he was appointed the Minister for External Affairs. Jaishankar held the post of President, Global corporate affairs at Tata Sons, which is why his appointment in the ministry shared the spotlight on the company. But that’s not all. “Rumours around Jaguar being sold to BMW saw Tata mentioned in the news early in the year,” said the report. Tata’s interest in Jet Airways too got them a lot of space in the papers. <div type="Article" hostid="261" msid="71802900" title="Not just Tata Motors, a lot of other companies are excited by Jaguar Land Rover numbers" mstype="2" mssubtype="0"></div>

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Paytm’s Vijay Shekhar Sharma becomes the richest entrepreneur under 40. This is his net wealth now

BI India Bureau

One of Indigo’s promoters – Rakesh Gangwal – wants more say or a way out

Sanchita Dash

IndiGo’s shares crash to a new low after a promoter alleges the other of governance violations

BI India Bureau

Mukesh Ambani’s Reliance, Jet Airways and other top newsmakers of 2019

Sanchita Dash

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