Business
Mukesh Ambani talks succession for 1st time as RIL chief
The wealthiest Indian, Mukesh Ambani, mentioned on Tuesday about the leadership transition of his energy retail conglomerate, saying he hopes the elderly, including him, will speed up the process and make concessions to the younger generation.
The 64-year-old Ambani has not mentioned the succession plan of the country’s most valuable company before. He said that Reliance is “in the process of achieving a major leadership transition.”
Ambani has three children-the twins Akash and Isha, and Anant.
On the Reliance Family Day to commemorate the birthday of Dhirubhai Ambani, the founder of the group, he said that Reliance Industry Co., Ltd. will become the most powerful and well-known in the world in the next few years. One of the Indian multinational companies. And the green energy sector, as well as retail and telecommunications businesses have reached unprecedented heights.
“Achieving lofty dreams and seemingly impossible goals is all about finding the right people and the right leaders. Reliance is now making an important leadership transition…from the predecessors of my generation to the younger generation of the next generation. Leader,” he said.
And this process, he wants to be “accelerated.”
News18.com, a news outlet owned by Ambani, reported the speech.
The company did not immediately respond to an email requesting comment on Ambani’s remarks about his succession.
Ambani said: “All predecessors-including myself-should now succumb to Reliance’s highly capable, extremely loyal and very promising young leaders.” “We should guide them, help them, encourage them and empower them. Power…then sit down and applaud because they behaved better than us.”
Cimplete News Source : Business Standard
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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