The Supreme Court on Friday rejected division of gas under the Ambani family MoU and said that it was government's right to decide the price and utilisation of the fuel, which is a national asset.
After the controversy over pricing of gas from the Krishna-Godavari basin, the Ambani brothers are locked in another court battle.
Forty Indians entered the billionaires' club in the pandemic-stricken 2020 to take the number of those in the coveted list to 177 people, a report said on Tuesday. Mukesh Ambani continued to be the wealthiest Indian with a networth of $83 billion. The head of Reliance Industries witnessed a 24 per cent jump in fortunes and climbed up one spot to be the eighth richest globally, as per the Hurun Global Rich List. Gautam Adani from Gujarat, who has had a spectacular rise in fortunes in the last few years, saw his wealth almost doubling to $32 billion in 2020 and climbed 20 places to be the 48th richest person globally and the second wealthiest Indian.
Unprecedented bribery charges, farewells, separation, failed union, monumental mergers and record-breaking IPOs, along with a healthy dose of online happenings in the form of spat and lessons in customer care, corporate India saw it all in 2024.
A communication by RIL claiming its first right of refusal to buy a majority equity in RCom had triggered the latest round of fight in middle of Anil Ambani Group company's negotiation with South African telecom major MTN group for an estimated $70 billion amalgamation deal.
In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for Anil to pay $100 million to three Chinese banks as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove".
The Samajwadi Party members stormed the well dissatisfied over the government's response to their demand for gas allocation to Anil Ambani-promoted Dadri power plant in Uttar Pradesh from the Mukesh Ambani-led RIL's D-6 gas field in the Krishna-Godavari basin.
A division bench of Justices Revati Mohite Dere and Gauri Godse quashed the sessions court's 2013 judgment acquitting Sharma, terming it as "perverse" and "unsustainable".
IT major HCL Technologies' Shiv Nadar has retained his position as the 'most generous Indian' in 2023 as well, with a 76 per cent jump in his donations at Rs 2,042 crore. Wipro's Azim Premji's donations zoomed by 267 per cent to Rs 1,774 crore during the same year, according to the Edelgive Hurun India Philanthropy List 2023 released on Thursday. Richest Indian Mukesh Ambani donated Rs 376 crore in the year, which is an 8 per cent decline.
In a new twist in the gas row between the Ambani brothers in the Supreme Court, the Anil Ambani-led RNRL on Thursday sought cross-examination of Petroleum Minister Murli Deora, accusing the Government of siding with the Mukesh Ambani's group RIL.
Mukesh Ambani's Reliance Industries Ltd on Wednesday told the Supreme Court that the demerger scheme worked out with his brother Anil Ambani was categorical that the gas supplies from the KG Basin to his group was not for trading and meant for promoting power generation plant.
Suspended police officer Sachin Waze on Monday filed a 'habeas corpus' petition in the Bombay high court, challenging his arrest by the National Investigation Agency in connection with the recovery of an explosives-laden SUV near Mukesh Ambani's house.
A meeting of the board is being convened on December 27 to consider the "proposal for purchase of company's own equity shares, that is buyback of shares," RIL said in a communiqué to the Bombay Stock Exchange on Monday.
Cutting across party lines, MPs in Rajya Sabha expressed deep concern over the dispute and said the private contractor should not be allowed to enter into a memorandum of understanding for distribution of gas from a national asset.
It is business and days of big announcements on Sundays for industrialist Anil Ambani, contrary to golf and get-togethers for the rest of the corporate world.
Samvat 2070 was a great year for top Indian conglomerates in the stock markets.
RIL board, headed by Mukesh Ambani, on Saturday approved a demerger plan as part of separation of group companies Reliance Energy and Reliance Capital to create a separate entity for younger sibling Anil Ambani.
When contacted a spokesperson for Anil Ambani, who is engaged in a battle with elder brother Mukesh over control of Reliance empire, confirmed the news.
No fewer than 276 new billionaires have entered the list this year.
Glimpses of how the stars interacted at the NMACC opening.
In the third infrastructure sharing agreement between firms run by brothers Mukesh and Anil Ambani, Reliance Industries' telecom arm has agreed to use Reliance Communication Ltd's intra-city fibre network to roll out 4G services.
The country's most valued firm RIL's bid to acquire a majority stake in bankrupt petrochemical group was called off by LyondellBasell after the latter found the price offer was undervaluing the company.
Anil Dhirubhai Ambani Group on Wednesday announced the process for listing of the four new companies, which were transferred by Mukesh Ambani group to them on Tuesday, will begin next week.
Anand Jain, a key confidant of Reliance chairman and managing director Mukesh Ambani, has not quit the board of the group's petrochemical company IPCL contrary to media reports.\n\n
Anil dared the oil ministry to cancel the production sharing contract with RIL if it was really aggrieved and not challenge third party agreements.
The division bench of Justices J N Patel and K K Tated would continue to hear the case, though Justice Tated was transferred to Aurangabad bench of the High Court last week, high court sources said. The case is likely to come up for hearing on January 12, RIL lawyers said.
This year's list includes 40 influential people under 40 years of age in five categories -- finance, technology, healthcare, government and politics, and media and entertainment.
The stock market rout has caused the country's five richest, led by Reliance Industries Chairman Mukesh Ambani, to lose more than $10 billion in just about a fortnight.
The nation is now home to 52 billionaires, up from 27 last year and only two short of what India had at the peak of its stock market boom in 2007.
The Anil Ambani group, fighting a legal battle for securing 28 mmscmd gas for Reliance Natural Resources from RIL at a price of $2.34 per mmBtu under a family settlement, had last week questioned the marketing margin and had informed RIL that it would not pay the same.
Reliance Industries Ltd -on Saturday authorised its board committee to suggest a 'suitable scheme' of reorganisation in the wake of the settlement of ownership issues between the Ambanis.
Siding with Reliance group chairman Mukesh Ambani, the board of the flagship company RIL on Wednesday rejected objections raised by his younger brother and vice chairman Anil
On the method of computation of its share value under the new dispensation for the purpose of taxation.
Mukesh Ambani controlled Reliance Industries fears that gas supplied to Reliance Natural Resources, belonging to younger brother Anil Ambani, would be traded to a third party as RNRL does not have a power plant, said Harish Salve, the legal counsel of RIL.
Reliance Communications could become a much more formidable opponent.
The Mukesh Ambani-controlled Reliance Infocomm on Sunday said it had invested over Rs 14,000 crore towards rolling out its information and communication infrastructure, and dismissed allegations of huge bad debt.
It is said he worked towards losing weight in natural and safe ways.
Even four years after splitting the Reliance empire, the Ambani brothers still seem to be washing dirty linen in public: the latest battle is over gas pricing.
