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The narrative highlights the dramatic financial downfall of Pramod Mittal, once a billionaire and chairman of Ispat Industries Limited, who was declared bankrupt in 2020. His bankruptcy followed the repayment of approximately 2.5 billion pounds to creditors, leaving him with significant debts, including a loan exceeding 130 million pounds. At the time of his bankruptcy filing, he reported having no personal income and only a nominal property valued at 45 pounds in Delhi. Pramod Mittal's lavish lifestyle is underscored by his extravagant spending, notably the 550 crore rupee expenditure on his daughter's wedding in 2013. His financial troubles were compounded by legal issues, including his arrest in Bosnia in 2019 alongside two officials from GIKIL, where he had acted as a guarantor for the company's debts. The failure of GIKIL to meet its financial obligations ultimately contributed to his downfall. In contrast, his brother, Lakshmi Mittal, remains a prominent figure in the steel industry, maintaining a substantial net worth of USD 15.5 billion, as reported by Forbes. This juxtaposition illustrates the stark differences in their financial trajectories, emphasizing the volatility of wealth and the potential for rapid decline in fortune. #daughter #wedding #india #jail #bankruptcy #investupmedia

Kevan Parekh has been appointed as the new Chief Financial Officer of Apple Inc., effective January 1, 2025, succeeding Luca Maestri, who served in the role for nearly 11 years. As a first-generation Indian-American, Parekh has been with Apple for over a decade, significantly contributing to the company's financial and strategic growth. Prior to this promotion, Parekh held the position of Vice President of Financial Planning and Analysis, where he was instrumental in shaping Apple's financial operations. His new role comes with a substantial compensation package, including an annual salary of $1 million and eligibility for a target bonus of 175% of his base salary under the Executive Cash Incentive Plan for 2025. This appointment was officially announced in a filing with the U.S. Securities and Exchange Commission. Tim Cook, Apple's CEO, praised Parekh as a vital member of the finance team, highlighting his deep understanding of the company's operations and his intellectual and financial capabilities, which make him the ideal candidate for the CFO position. Since joining Apple in 2013, Parekh has held several key roles, including Vice President of Worldwide Finance Support, where he oversaw operations across various sectors such as Engineering, Marketing, Retail, Sales, and iTunes, playing a crucial role in financial strategy and product development. Before his tenure at Apple, Parekh gained experience at Thomson Reuters and General Motors in Europe and Asia. He holds a Bachelor's degree in Electrical Engineering from the University of Michigan and an MBA from the University of Chicago. #Apple #CFO #MBA #indian #salay #investupmedia

In 2023, First Lady Jill Biden was presented with several notable gifts, highlighting diplomatic relations and cultural exchanges. Among these, the most significant was a 7.5-carat diamond valued at $20,000, gifted by Indian Prime Minister Narendra Modi. Additionally, she received a brooch worth $14,063 from the Ukrainian ambassador. Furthermore, a collection of gifts from Egypt's President and First Lady, totaling $4,510, included a bracelet, a brooch, and a photo album. These gifts reflect the importance of international diplomacy and the personal connections fostered through such exchanges. #PM #Narendra_Modi #most #expensive #gift #White_House #investupmedia

The body of Mukesh Chandrakar was discovered in a septic tank on the property of a contractor he had recently accused of corruption in Chhattisgarh. Mukesh had been missing since January 1, following his investigation into contractor Suresh Chandrakar, which revealed alleged irregularities in a significant road construction project valued at Rs 120 crores in Bastar. This investigation led to the government launching an inquiry into the contractor's activities. Mukesh's body was found on January 3 in a water tank at the location where he was last seen. The Chief Minister of Chhattisgarh, Vishnu Deo Sai, expressed his condolences, describing Mukesh's death as an "irreparable loss to journalism and society." This incident highlights the risks faced by journalists in exposing corruption and raises concerns about safety and accountability in such investigations. #scam #journalist #found #dead #chhattisgarh #investupmedia

Vinay Hiremath, co-founder of Loom, recently shared his experiences and challenges following the substantial financial success of his startup, which was acquired by Atlassian for approximately $975 million. In his blog post, he expressed feelings of disorientation and a lack of direction after achieving wealth, stating that life has become a haze and that he no longer feels motivated by the desire for money or status. Despite having infinite freedom, he struggles to find purpose and admits to a pessimistic outlook on life. Reflecting on personal relationships, Hiremath acknowledged that his insecurities contributed to the end of a two-year relationship, which he described as painful yet ultimately necessary. He expressed gratitude and remorse towards his ex-girlfriend, recognizing his inability to meet her needs. After the acquisition, Hiremath chose to leave his position as CTO at Loom, despite the potential for a significant financial payout. He found the role unfulfilling and sought clarity by retreating to nature. This introspection led him to the decision to pursue new ventures that would allow him to feel alive again. Currently, he is self-studying physics and intends to start a new company focused on manufacturing tangible products. He has come to terms with the possibility that this new endeavor may not replicate the success of Loom, but he is eager to rediscover meaning through creation. #Vinay_Hiremath #selling #startup #business #what_to_do #investupmedia

Women are increasingly taking on significant roles in the business sector, exemplified by Alisha Malik and Farah Malik Bhanji, who lead Metro Brands, a prominent Indian multi-brand footwear company with a market capitalization of Rs 34,476 crore. As third-generation businesswomen, they continue the legacy of their grandfather, Malik Tejani, who founded the company in 1955 as a single shoe store in Mumbai. Alisha Malik serves as the whole-time director, having joined the company in 2009 and played a crucial role in driving new business initiatives. She holds a bachelor's degree in Arts (Finance) from the University of Northumbria, UK, and was appointed to her current position on the board in September 2024. Her sister, Farah Malik Bhanji, is the managing director and has been with the company since 2000, accumulating over two decades of experience in retail. Farah is an alumnus of the University of Texas at Austin and has held various roles within the organization before attaining her current position. Metro Brands was publicly listed on the Indian share market in December 2021 and, as of September 30, 2024, operates 873 stores across 198 cities in 31 Indian states and Union territories. The company is currently chaired by their father, Rafique Malik, who has a net worth of USD 3 billion, according to Forbes. #billionaires #daughter #business #indian #woman #power #startup #investupmedia

Minimalist, a Jaipur-based direct-to-consumer skincare brand, has established itself as a prominent entity in the industry, primarily due to its commitment to transparency and scientifically-backed formulations. The brand has experienced remarkable growth, with reported revenues of 350 crore in FY24, representing an 89% increase from 184 crore in FY23. Additionally, profits have more than doubled, rising from 5 crore to 11 crore. The company has maintained consistent profitability over the past four years, which has contributed to its high revenue of 10x, significantly surpassing the industry average of 4-6x. In a significant development for the direct-to-consumer sector, Hindustan Unilever Limited (HUL) is reportedly nearing an acquisition of Minimalist, valued at 3,000 crore ($350 million). This potential acquisition would mark a substantial increase in Minimalist's valuation, which was 630 crore ($75 million) just three years prior. If finalized, this acquisition would be one of the largest in the D2C skincare market in recent years, reflecting a trend where fast-moving consumer goods (FMCG) companies are acquiring modern brands to engage with younger, digitally-oriented consumers. For Minimalist, the partnership with HUL would provide opportunities for rapid scaling through access to HUL's extensive distribution network. HUL has indicated that it continuously evaluates strategic opportunities for growth and will disclose any material developments as required by law. This acquisition aligns with a broader industry trend, as companies like Marico, ITC, and Dabur have also integrated contemporary brands to enhance their digital and product offerings. #HUL #Minimalist #startup #skincare #jaipur #india #growth #investupmedia

OYO, under the leadership of Ritesh Agarwal, has enacted a new policy that permits partner hotels to refuse check-ins for unmarried couples. This policy is currently in effect in Meerut, Uttar Pradesh. As part of the new regulations, couples are required to present valid proof of their relationship during check-in, which applies to both walk-in and online bookings. The decision to implement this policy was influenced by feedback received from the ground level, and OYO has indicated plans to extend this initiative to more cities in the future. #OYO #Ritesh_Agarwal #changes #check_in #room #investupmedia

The leadership landscape of major corporate entities in India is often dominated by alumni from prestigious institutions such as the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs). However, a notable exception is HDFC Bank, which is currently led by Sashidhar Jagdishan, an alumnus of Mumbai University. As the Managing Director and Chief Executive Officer since October 27, 2020, Jagdishan has significantly contributed to the bank's impressive market capitalization of Rs 13.72 lakh crore as of January 2. Jagdishan brings over three decades of experience in the banking sector, having joined HDFC Bank in 1996 as a manager in the finance department. His prior experience includes a three-year tenure at Deutsche Bank AG in Mumbai. He holds a bachelor's degree in Science (Physics) from Mumbai University and a Master's degree in Economics of Money, Banking, and Finance from the University of Sheffield in the UK. Additionally, he is a qualified Chartered Accountant. In terms of compensation, Jagdishan was recognized as the highest-paid bank CEO in the fiscal year 2023, with total earnings exceeding Rs 10.55 crore. His remuneration package comprised a basic salary of Rs 2.82 crore, allowances and perquisites amounting to Rs 3.31 crore, a provident fund contribution of Rs 33.92 lakh, and a performance bonus of Rs 3.63 crore. This highlights not only his leadership role but also the financial rewards associated with such positions in the banking sector. #HDFC #Bank #india #largest #private #bank #experience #banking #mumbai #india #investupmedia

Reliance Industries Ltd. (RIL), under the leadership of Mukesh Ambani, has successfully acquired a significant industrial land parcel measuring 5,286 acres near Navi Mumbai for a total of 2,200 crore, which translates to approximately 397.11 per square foot. This land was previously owned by Dronagiri Infrastructure Pvt. Ltd. (DIPL), a subsidiary of Urban Infrastructure Holdings Pvt. Ltd. (UIHPL), and the acquisition is part of a strategic initiative. The transaction involved a capital reduction approved by UIHPL, in which Jai Corp Ltd. holds a 32% stake. Additionally, RIL has acquired a 74% stake in Navi Mumbai lIA Pvt. Ltd. (NMIIA) for 1,628.03 crore. Notably, CIDCO waived its first right of refusal, facilitating the completion of this significant deal. #Mukesh_Ambani #Reliance_Industries #bought #Navi_Mumbai #business #mumbai #india #investupmedia