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College dropouts who made it to the millionaires club !
Report dated 29/05/2014 @ 8:18 PM
With the recent controversy over the new HRD Minister Smriti Irani it bodes well to point out that on Forbes list of billionaires who are college dropouts six Indians were named among the top 20.
Among them are :
Gautam Adani, Chairman of the Adani Group, who dropped out in his second year at Gujarat University. His is now one of the largest import export corporations in India. After he decided he did not want to inherit his father's business he moved to Mumbai and worked at Mahindra Bros then started his own diamond brokerage company. Adani's net worth is estimated at $4.8 billion in 2010.
Mukesh Ambani is a Stanford University dropout whose Reliance Industries (RIL) is world renowned, and was listed on the Fortune 500 and the Bloomberg Billionaires Index as the 2nd richest man in Asia and 9th richest in the world in 2011 with an estimated net worth of $22.6 billion.
Subhash Chandra a rice exporter turned media baron who is chairman of the Essel Group and introduced the first satellite TV in India - Zee TV. His net worth in 2012 was estimated at $1.8 billion according to Forbes. He is, by the way, a 12th grade dropout.
Shahid Balwa is the youngest Indian featured on Forbes' List of 10 Youngest Billionaires in the World. He dropped out of college to head his father's hotel business. His net worth is estimated at over $798 million.
Micky Jagtiani topped the list of richest NRI entrepreneurs in the Gulf Co-operation Council. He had joined an accounting school in London but later dropped out and now heads the Dubai based Landmark group. His net worth is said to be around $3.2 billion.
Vinod Goenka MD and co-founder of DB Realty opted out of college to join his family's construction business. His net worth is $1.18 billion and DB Realty was listed on the Bombay Stock Exchange and National Stock Exchange in 2010 under his leadership.
Azim Premji chairman of Wipro, is an IT tycoon and also a Stanford dropout. He headed Wipro at the early age of 21 and only completed his Stanford degree in 1999. His estimated net worth is $11 billion.
Other great college dropouts who remarkably made it to millionaire status are PNC Menon of Sobha Developers; Walchand Hirachand who founded the Hindustan Construction Company then went into shipping and the aircraft business and more, and Kunal Shah co-founder CEO of FreeCharge.
Another MiG-21 crash - in south Kashmir
Report dated 28/05/2014 @ 3:22 PM
Indian Air Force (IAF) pilot squadron leader Raghu Bansi was killed when an MiG-21 aircraft crashed in Anantnag District, south Kashmir.
The IAF is tight lipped over the cause of the crash, but a defence spokesperson said the pilot was on a routine training sortie when the plane crashed, and a court of inquiry has been ordered to investigate the cause of the accident.
An eyewitness said he saw the pilot ejecting before the plane hit the ground but he hit a high tension wire and died and the plane turned into a fireball after it hit the ground. Jammu and Kashmir chief minister Omar Abdullah tweeted a message saying 'not entirely disconnected from today's crash, the new government needs to sort out the defence procurement issue for the Navy, Air Force and Army ASAP.
The Union defence minister Arun Jaitley sent his condolences to the bereaved family.
Modi government's first action : SIT to track Black Money
Report dated 28/05/2014 @ 3:20 PM
On its first day in office PM Narendra Modi's new government constituted a Special Investigation Team (SIT) to unearth and bring back black money stashed abroad.
SIT will be headed by retired Supreme Court Judge Justice MB Shah. and the highest level of financial, revenue and economic management of the country are members of SIT, according to Law Minister Ravi Shankar Prasad.
Shortly after appointment to his office PM Modi met senior officials of his government and later held a series of meetings with eight South Asian leaders who had attended his swearing in ceremony. He also called on his predecessor Manmohan Singh.
CEO of Amway India in judicial custody for financial irregularities
Report dated 28/05/2014 @ 3:16 PM
William S Pinckney, Chairman and CEO of Amway India has been sent by a Kurnool district court to 14 days judicial custody, after he was arrested by Andhra Pradesh police in connection with a criminal case registered against the direct sales company, by advocate Jagannath Reddy in December 2013. He was arrested in Gurgaon and brought to Kurnol Andhra Pradesh on a warrant for alleged financial irregularities in Amway's operations.
Pinckney was booked under the Prize Chits and Money Circulation Schemes Banning Act as well as on charges of cheating and extortion under sections of the Indian Penal Code. A bail petition that was moved in the court was rejected and the case has been posted for arguments.
In an official statement Amway said it was 'aggrieved and shocked' as the arrest was unwarranted and the case was filed in 2013. The company had no prior information on the allegations mentioned in the FIR that it considers frivolous and misleading. However as a 'law abiding' corporate, it has always cooperated with investigations, and responded to all queries and documents sought by the authorities.
Interestingly this is the second time the Amway India CEO has been taken into custody, after Kerala police arrested Pinckney and two Amway directors earlier, for alleged financial irregularities after a complaint in 2006, when a Court held that Amway's scheme was an illegal money circulation scheme and fell within the 'mischief of definition of money circulation scheme'.
Narendra Modi sworn in as India's 15th Prime Minister
Report dated 27/05/2014 @ 2:43 PM
Narendra Damodardas Modi, 63, has been sworn in as India's 15th Prime Minister by President Pranab Mukherjee. 45 other ministers also took the oath of office as his Council of Ministers. Present at the swearing in ceremony were VIPS including political leaders, businessmen, celebrities, leaders of religious faiths and leaders of neighbouring countries.
PM Modi's Cabinet will have 24 ministers, 10 Ministers of State with Independent Charge and 12 Ministers of State. The leading 3 portfolios in the Cabinet are allotted to BJP President Rajnath Singh, who is likely to get the Home Ministry. Sushma Swaraj who may get External Affairs Minister and Arun Jaitley who may get the Finance Ministry with additional charge of Defence.
Others with foreseeable portfolios are Venkaiah Naidu with Heavy Industries, Nitin Gadkari with Surface and Shipping Transport Ministries and Ravi Shankar Prasad in charge of Law and Telecom. Former Karnataka Chief Minister DV Sadananda Gowda is expected to get the Railways Ministry and Dr Najma Heptullah the Minority Affairs portfolio.
In his first official message as Prime Minister, Modi said "We seek your support, blessings and active participation. Together we will script a glorious future for India. Let us together dream of a strong developed and inclusive India that actively engages with the global community to strengthen the cause of world peace and development.
On his official website P Modi said the site would be constantly updated and he will keep people informed about innovative initiatives to be undertaken.