Dhirubhai Ambani - Wikipedia
India Business News: Richest Indian Mukesh Ambani's elder son 24 being the engagement date, saying "No dates of either the wedding or. agreed to an engagement between the two. - Issue Date: Jan 15, Dhirubhai Ambani finally lets son Anil Ambani wed Tina Munim. Dhirajlal "Dhirubhai" Hirachand Ambani (28 December – 6 July ) was an Indian Dhirubhai Ambani was one of the sons of a village schoolteacher belonging to the Modh community, born in Chorwad Gujarat. He migrated to the.
It was the inaugural words of the partition of an empire. She then placed the peace treaty at the feet of the deity, and prayed for her sons who had long ago lost faith in each other. Next morning, armed with the four-page agreement and a word press statement, she was there to face the world and rehabilitate the legacy of her late husband Dhirubhai. In a house divided, the mother alone remained supreme, as the singular upholder of family values. In Julywhen her husband died, Kokilaben was the richest widow in India, and that could have been her moment to become the all powerful dowager of Indian business.
Dhirubhai didn't leave a will and, as per the Hindu Succession Act, she was the natural inheritor. Reliance Click here to Enlarge "I am confident that Mukesh and Anil will uphold the values of their father and work towards enhancing value for RIL shareholders.
They let her down; they let their father down, as a corporate edition of Cain-and-Abel began to be played out in public. On that Saturday morning, when the brothers were disarmed at her command, she was more than mother.
Akash Ambani, Son Of Mukesh Ambani, Engaged To Diamond Magnate's Daughter Shloka Mehta: Reports
She was the matron saint of partitioned peace and sole protector of the indivisible legend of Ambani. For, what was at work was the Four Commandments of Kokilaben.
After Dhirubhai's funeral, it was not a happy family, certainly not happy business. Even though there was no clear division of ownership, Mukesh got the Rs 73, crore flagship company with a market capitalisation of Rs 83, crore.
The trouble began when the big brother began to act really big. The younger one found himself isolated, persecuted. Warring camps were born and cronies and courtiers were having a field day.
Kokilaben couldn't afford to be a passive witness to the disintegration of the House that Dhirubhai built. On December 28,Dhirubhai's birthday, she called all of them-sons, daughters and sons-in-laws-to her private quarters on the 10th floor of Sea Wind for some hard talk.
At long last - Eyecatchers News - Issue Date: Jan 15,
And the commandments were issued: Reliance, the brand, shall not be split; You shall not walk away with cash; You shall not compete with each other; You shall not allow outsiders to interfere.
Sons, I won't let you mess with Dhirubhai's memory.
And Kokilaben was no longer going to indulge her wayward sons. The mother with an iron fist was born.
So she came out with a partition formula: It was too smart a plan to please the sons, for mother and daughters together would remain the single largest shareholders in the companies managed by Mukesh and Anil. Kamath, the trusted banker of Dhirubhai and a family friend. In January, she asked Kampani to give her an evaluation of the entire group.
Kamath would talk to the brothers and report back to her.
During this period, Ambani and his family stayed in a two-bedroom apartment at the Jai Hind Estate in BhuleshwarMumbai. It is believed that both had different temperaments and a different take on how to conduct business. Ambani's control over stock exchange[ edit ] Extensive marketing of the brand in the interiors of India made it a household name.
Franchise retail outlets were started and they used to sell "only Vimal" brand of textiles. InReliance Industries came up against a rights issue regarding partly convertible debentures. Sensing an opportunity, The Bear Cartel, a group of stock brokers from Calcuttastarted to short sell the shares of Reliance. To counter this, a group of stock brokers until recently referred to as "Friends of Reliance" started to buy the short sold shares of Reliance Industries on the Bombay Stock Exchange.
Mukesh Ambani's son Akash proposes to Shloka Mehta, wedding in early December
The Bear Cartel was acting on the belief that the Bulls would be short of cash to complete the transactions and would be ready for settlement under the " Badla " trading system operative in the Bombay Stock Exchange. On the day of settlement, the Bear Cartel was taken aback when the Bulls demanded a physical delivery of shares.
To complete the transaction, the much money was provided to the stock brokers who had bought shares of Reliance, by Dhirubhai Ambani. The settlement caused an enormous uproar in the market. The Bear Cartel bought shares of Reliance from the market at higher price levels and it was also learnt that Dhirubhai Ambani himself supplied those shares to the Bear Cartel and earned a healthy profit out of The Bear Cartel's adventure.
Not many people were able to understand as to how a yarn trader until a few years ago was able to get in such a huge amount of cash flow during a crisis period. The answer to this was provided by the then finance minister, Pranab Mukherjee in the Parliament. These investments were routed through many companies like Crocodile, Lota and Fiasco. These companies were primarily registered in Isle of Man.
The interesting factor was that all the promoters or owners of these companies had a common surname Shah. An investigation by the Reserve Bank of India in the incident did not find any unethical or illegal acts or transactions committed by Reliance or its promoters.