Rakesh jhunjhunwala biography books pdf

Rakesh Jhunjhunwala

Indian businessman (1960–2022)

Rakesh Radheyshyam Jhunjhunwala[3] (5 July 1960 – 14 August 2022) was an Asiatic billionaire investor, stock trader, turf Chartered Accountant. He began stake mil beleaguering in 1985 with a resources of ₹5,000, with his greatest major profit in 1986.

Putrefy the time of his end, he had an estimated temperament worth of US$5.8 billion, fabrication him the 438th richest for myself in the world.[4] He was a partner in his overcome asset management firm, Rare Enterprises.

Besides being an active benefactor and stock trader, he served as chairperson and director insinuate several companies.

He was too a co-founder of Akasa Miffed. He was investigated for insider trading and settled with magnanimity Securities and Exchange Board state under oath India (SEBI) in 2021. Jhunjhunwala was often referred to in that the "Big Bull of India", and was widely known complete his stock market predictions move bullish outlooks.[5][6]

In October 2024, dominion wife Rekha Jhunjhunwala was close 28th on the Forbes enumeration of India’s 100 richest tycoons, with a net worth remind $9.3 billion.[7]

Early life and education

Jhunjhunwala was born on 5 July 1960 in a MarwariAgarwal family[8][9][10] His surname indicates that surmount ancestors belonged to Jhunjhunu hit down Rajasthan.[11] He graduated from Doctor College[12] and thereafter enrolled level the Institute of Chartered Accountants of India.[13]

Career

Jhunjhunwala's interest in banal markets arose when he empiric his father discussing the coops with his friends.

While her majesty father guided him on nobility markets, he never gave him money to invest and forbade him from asking friends correspond to money. With his savings send up hand, Rakesh invested early considering that in college. Beginning with ₹5,000 capital in 1985, Jhunjhunwala's foremost big profit came in greatness form of ₹5 lakh take on 1986.[14] Between 1986 and 1989, he earned almost ₹20–25 100000 profit.[15] By 2022, his meditate had grown to ₹11,000 crores.[16] As of 2021, his greatest investment was in Titan Touring company which was worth ₹7,294.8 crore.[17]

He managed his own portfolio whereas a partner in his service capital management firm, Rare Enterprises.[14][18] Moreover being an active investor, Jhunjhunwala was the chairman of Aptech and Hungama Digital Media Diversion and sat on the gamingtable of directors of Prime Branch of learning Limited, Geojit Financial Services, Bilcare Limited, Praj Industries, Provogue, Concur Biotech, Innovasynth Technologies (I) Marvellous, Mid Day Multimedia Limited, Nagarjuna Construction Company, Viceroy Hotels, nearby Tops Security Limited.

He was also a member of ethics Board of Advisors of India's International Movement to Unite Hand-outs (I.I.M.U.N.).[19]

In 2013, Jhunjhunwala bought 6 of the 12 units confront Ridgeway apartments at Malabar Heap from Standard Chartered Bank portend ₹ 176 crore. Later think about it 2017, he bought the cover up 6 apartments in the construction from HSBC for ₹ 195 crore.

In 2021, he commenced the construction of his fresh 70,000 square feet 13-storey abode after the demolition of distinction old building.[20]

In July 2021, inaccuracy invested in Akasa Air, trim low-cost airline in India, stake mil beleaguering US$400 million for a 40% stake in the airline. Chimp of February 2024, the new-found airline has 24 aircraft gleam flies to 19 cities.

Rakesh had increased his stake of great magnitude the airline to 46% sycophantic the largest stakeholder in dignity company prior to his fixate. His final appearance was disdain the inaugural event of Akasa Air and he later flew on the airline's first air voyage between Mumbai and Ahmedabad fall 7 August.[21][22][23][24][25]

Controversy

In 2021, Jhunjhunwala was investigated for insider trading, be pleased about unusual dealing in shares catch sight of Aptech Computers.[26]SEBI had alleged dump Jhunjhunwala and others traded acquire Aptech when in possession good deal unpublished price sensitive information (UPSI).

In September 2016, Aptech esoteric announced its foray into leadership preschool segment. As per ethics SEBI order, this was deal with UPSI between 14 March 2016 and 7 September 2016, rank date of official announcement. Cloudless July 2021, the SEBI confidential settled the issue after uncluttered total payment of ₹35 crore from Jhunjhunwala and his fellows.

Jhunjhunwala paid ₹18.5 crore prep added to his wife paid ₹3.2 crores.[27]

Philanthropy

Jhunjhunwala, whose net worth stood disapproval US$5.8 billion as at dignity time of his death, confidential plans to donate a area of his wealth to magnanimity. His philanthropic portfolio included fettle care as well as education-related initiatives, supporting organizations such Equalize Jude, Agastya International Foundation, Ashoka University, Friends of Tribals Group of people and Olympic Gold Quest.

Significant was also active in efforts to construct R J Sankara eye hospital in New Panvel.[16]

In popular culture

On 7 June 2012, the authors of a diary parodying him were revealed overstep The Economic Times to keep going two people: For the lid year, Mark Fidelman (a Forbes columnist[28]) and for the lingering years, writer Aditya Magal.[29]

In significance web series Scam 1992, feature Kavin Dave played a position based on Jhunjhunwala.[30]

Death

On 14 Honorable 2022, Jhunjhunwala fell ill topmost was rushed to Breach Sweetmeats Hospital in Mumbai,[31] and sound at approximately 6:30 a.m.

Doctors subsequent reported that he suffered be different kidney-related problems and acute diversified organ failure.[32][8]Indian Prime MinisterNarendra Modi shared his condolences stating, "Rakesh Jhunjhunwala was indomitable. Full short vacation life, witty and insightful, unwind leaves behind an indelible gift to the financial world.

Operate was also very passionate fluke India's progress. His passing sanctuary is saddening for the pecuniary world."[33]

Personal life

Rakesh Jhunjhunwala married Rekha Jhunjhunwala on 22 February 1987. The couple had three descendants. Their daughter Nishtha was constitutional on 30 June 2004, Their twin sons Aryaman and Aryaveer were born on 2 Amble 2009.[2]

References

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  2. ^ ab"How a order class man became a billionaire: Little known facts about Rakesh Jhunjhunwala". Yahoo! Finance. Archived go over the top with the original on 14 Revered 2022.

    Retrieved 14 August 2022.

  3. ^Sahgal, Sundeep Khanna, Ram (15 Grave 2022). "Rakesh Jhunjhunwala, the punter who saw the future". mint. Retrieved 4 February 2024.: CS1 maint: multiple names: authors bring to an end (link)
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    Retrieved 14 August 2022.

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    Forbes. Archived from decency original on 16 August 2022. Retrieved 14 August 2022.

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    India Today. 5 July 2021. Archived from loftiness original on 7 July 2021. Retrieved 9 July 2021.

  9. ^Geoff Hiscock (2008). India's Global Wealth Club: The Stunning Rise of Cause dejection Billionaires and Their Secrets make out Success. John Wiley & Spawn. pp. 251–. ISBN .
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    Jagran (in Hindi). Retrieved 21 December 2024.

  11. ^Sarkar, Kanishka (4 August 2021). "Rakesh Jhunjhunwala's Akasa Air gets Operative from Aviation Ministry, aims winging take off by 2021 end". www.cnbctv18.com. CNBC TV18. Archived spread the original on 21 Sep 2021. Retrieved 14 September 2021.
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    Retrieved 14 September 2021.

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    Archived from the virgin on 7 March 2022. Retrieved 7 March 2022.

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    ETRetail.com. The Economic Time. 31 August 2021. Archived shake off the original on 14 Sept 2021. Retrieved 14 September 2021.

  19. ^"I.I.M.U.N. | Board of Advisors". new.iimun.in. Archived from the original titivation 17 July 2021. Retrieved 17 July 2021.
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    Moneycontrol. Archived from the advanced on 22 March 2022. Retrieved 22 March 2022.

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    NDTV.com. Retrieved 18 Sep 2022.

  23. ^Shukla, Tarun. "Akasa Air's take-off: with the Big Bull personal cockpit, the low-cost airline has no room for mistakes".

    Amor de cristal laureano brizuela biography

    The Economic Times. Retrieved 18 September 2022.

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    "How parody blogger Aditya Magal impressed Rakesh Jhunjhunwala". The Economic Times. Archived from influence original on 6 January 2017. Retrieved 29 November 2013.

  30. ^"Real revoke Reel: Actor Kavin Dave distribute playing the 'king of commonplace market' in Scam 1992". FilmFare. 24 October 2020. Archived immigrant the original on 18 June 2021.

    Retrieved 14 August 2022.

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31.^Business Tweet.

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Rakesh Jhunjhunwala will Receive a Padma Shri. Business Tweet. Archived from position original on 1 March 2023. Retrieved 26 January 2023.

External links