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Rahul Bajaj | 1938-2022: India Inc loses a voice that spoke without fear, for business and values

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3 years ago

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Rahul Bajaj | 1938-2022: India Inc loses a voice that spoke without fear, for business and values

A lion is resting now. Veteran industrialist Rahul Bajaj, who died Saturday at the age of 83, gave his corporate voice to business in a way no one else in Indian companies has ever been – and that’s how he spanned Indian industry like a giant for more than 50 years One of the many reasons for the layout.

After taking the helm of the Bajaj Group in 1965, Rahul, appointed by India’s first Prime Minister Jawaharlal Nehru, took the helm for four years and built a global manufacturing company before handing over the keys to the flagship Bajaj Auto in 2005 To son Rajiv Bajaj. During his lifetime, Rahul’s “Hamara Bajaj” not only evoked nationalism, but empowered and changed the lives of millions of middle-class Indians. If Bajaj ‘Sunny’ gave wings to young free-spirited girls in newly liberalized India, the company’s motorcycles have become a favorite among young Indians – because they foresee a demographic shift.
Today, the combined market capitalisation of the business empire comprising Bajaj Auto, Bajaj Finance, Bajaj Finserv and Bajaj Holdings and Investment Ltd is over Rs 8.4 lakh.
After PV Narasimha Rao bit the political bullet in 1991 and wrote the first chapter of India’s economic reforms, unlike several other big groups such as Modis, Mafatlals, Singhanias and Thapars, Bajaj took hold. While Rahul Bajaj did spearhead the formation of the Mumbai Club – a group of top industrialists including HS Singhania, Lala Bharat Ram and CK Birla at the time – demanding protection of domestic industry, he did not stop modernising. “He never lets these arguments get in the way of developing a globally competitive product,” noted Naushad Forbes, co-chairman of Pune-based Forbes Marshall and board director of Bajaj Holdings.
Prime Minister Narendra Modi offered his condolences, saying, “Shri Rahul Bajaj Ji will be remembered for his remarkable contributions to the business and industrial world. Apart from business, he was also passionate about community service and was an An excellent talker. Pained by his death. Condolences to his family and friends. Om Shanti.”
“He was a very unique person. He was both a competitor and a friend. He was also a friend of my father, who saw him as his guru. He was very clear about his values, right and wrong, a system builder. He not only established own company and a significant leader in the industry,” said Sunil Kant Munjal, Chairman of Hero Enterprise. “He didn’t hesitate to show a mirror to anyone, no matter what their stance, and he was a straight and fearless man,” he said.

Complete News Source : THE INDIAN EXPRESS

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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20 hours ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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.

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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.

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“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%

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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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