Mistrys in the top 3
Third place in the inaugural ranking of India’s Dollar Billionaires Club, formed by Fortune India-Waterfield Advisors, is occupied by Shapoor and Cyrus, sons of the late Pallonji Mistry. Most of their wealth is their family’s stake in Tata Sons. Now, the Mistrys’ 18.41-cent stake in the unlisted Tata Group holding company is now worth 2.57 lakh crore ($32.35 billion), according to Fortune India-Waterfield Advisors.
The irony is that the value of Mistrys stake published in the latest rich list is significantly higher than the value sought by Cyrus or the value assigned by the Tatas in 2020. Fortune India-Waterfield valued Tata Sons at 14.04 ₹ lakh crore ($176 billion), based on its working interests in 15 listed group companies (including one non-group company) worth ₹12.42 lakh crore ($156 billion) and 40 subsidiaries unlisted at ₹1.62 lakh crore ($20.36 billion).
Another interesting fact is that the wealth of the coveted dollar billionaire club is equivalent to 26.67% of India’s GDP. There is also the huge concentration of wealth in India Inc – the top 13 names control about 53% (₹35.07 lakh crore / $440 billion) of the combined wealth held by the 142 billionaires, the Rich Ranking showed. Fortune List.
Steel Cartel Probe Expands
The investigative arm of the Competition Commission of India – DG (Investigation) – is currently investigating alleged cartels by no less than nine steel companies, including biggies such as SAIL, Vizag Steel, Tata Steel and JSW Steel. Reason: In July last year, the Madras High Court had ordered the DG (Inquiry) of the ICC to look into cartel charges brought by the Coimbatore Corporation Contractor Welfare Association, which had approached the High Court. The association had asked CBI to investigate the steel industry’s pricing activities. It now appears that the DG (Investigation) has made important inroads into the cartel case and issued notices to the nine companies.
Limitation of rice exports
The Prime Minister’s office was fully involved in the decision to impose restrictions on rice exports, which was announced last week. Interior Minister Amit Shah was also involved in the decision-making. A little bird says top of the government’s agenda was inflation and the need to distribute free food grains to those living below the poverty line under the PMGKAY scheme. This also explains why the interministerial committee was asked to slow down attack (wheat flour), despite the accumulation of applications for export authorizations. And no prizes for guessing why Shah agreed to allow sugar exports beyond the 10 million tonne export cap set until October 30.
Tire Cartel – NCLAT Decision Coming Soon
All eyes are now on the National Company Law Appellate Tribunal (NCLAT), with its decision on the tire cartel case due this month. The NCLAT will resume the final hearing into the nearly decade-old tire cartel case on Monday. After a lengthy legal battle in the Madras High Court and the Supreme Court, the tire cartel issue is now before the NCLAT, which is currently hearing a series of appeals from the five major tire manufacturers – Apollo Tyres, MRF, CEAT, JK Tire and Birla Pneus — and their association, ATMA.
The CCI had imposed a cumulative fine of ₹1,788 crore on these five tire manufacturers and ATMA in February. These companies have now appealed this decision to the NCLAT, and hearings are underway.
Onam explosion, and after
After Onam, what? Kerala is grappling with a familiar crisis that has come to haunt it even before the week-long Onam celebrations have ended. Prior to the festival, the cash-strapped state government had been left to scratch the bottom of the barrel, so to speak. He necessarily had to exploit the debt market and borrow money in addition to a tranche, which was distributed in the form of cash advances and bonuses to government personnel and social benefits to the eligible. The amount at stake is estimated at ₹15,000 crore.
Rumor has it that the government is about to announce massive spending cuts using tough Treasury controls.
September 11, 2022