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Virji Vora was not merely a successful trader; he was hailed as the richest man of his time, even earning the coveted title of the ‘merchant prince’ and ‘plutocrat’ in various circles. The British East India Company, a powerful force during those days, had acknowledged his influence and wealth in their Factory Records. The staggering sum of his personal wealth was listed at 8 million rupees, a truly remarkable fortune for the era.

As a wholesale trader, Virji Vora dealt in a vast array of commodities, from the finest spices like pepper and cardamom to precious metals like gold, ivory, and bullion. His business acumen extended beyond trading, as he also ventured into banking and money lending, making him an indispensable source of credit for many, including the British and Dutch East India Companies.

Virji Vora’s strategic alliances and business dealings with the British had helped him build a vast and thriving business empire. He would often buy entire stocks of goods and sell them at substantial profits, establishing a monopoly on certain imports into Surat.

In the annals of history, his name remained intertwined with that of the East India Company, with the British even borrowing a staggering sum of Rs. 2,00,000 from him at one point in time.

Yet, Virji Vora’s legacy was not just limited to his unparalleled wealth and business success. He was revered as a benevolent and generous man, known to extend his financial support in times of need. It was said that when Mughal Emperor Aurangzeb found himself in a financial crisis during his Deccan campaign, he turned to none other than Virji Vora for assistance.

As the years passed, Virji Vora’s reputation as an indomitable business magnate spread far beyond the borders of India. His ventures and trade routes connected him with people across the world, and his influence reached places unknown to many during that time.

Virji Vora’s life was a testament to India’s historical significance as a thriving hub of business and trade, and his story continued to inspire generations to come. Even in the modern era, his name was spoken with admiration, often compared to the likes of contemporary business giants like Mukesh Ambani.

The tale of Virji Vora serves as a reminder of the indomitable spirit and ingenuity of Indian businessmen throughout history, leaving an indelible mark on the global trade landscape for centuries to come. His legacy lives on as a symbol of India’s rich business heritage and the prowess of its merchants, who have continued to shape the world economy with their enterprising endeavors.

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In the 13th position was the late Chairman & Managing Director of ONGC, Subir Raha. The sole public-sector Indian CEO featured in the top 20, Raha’s tenure from May 2001 to 2006 made ONGC’s market capitalization skyrocket by over 10 times.

Under Raha’s guidance, ONGC emerged as one of the most profitable E&P oil companies globally, a testament to his unwavering commitment and strategic decision-making. Moreover, ONGC’s recognition as India’s most valuable corporate by market capitalization is a testimony to Raha’s enduring legacy.

The Harvard Business Review survey is widely regarded as the gold standard for assessing CEOs’ performance. Their criteria included evaluating long-term success, shareholder returns, and global business acumen. Raha’s exceptional leadership earned him a well-deserved spot among the world’s business elite.

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Indian stock markets fell sharply today in tandem with a similar selloff in other Asian markets over fears of a new South Africa Covid variant that could be could be more infectious than Delta. The Sensex fell about 1700 points to settle at 57,107 while Nifty slumped about 3% to 17,026. Just two stocks – Nestle and Dr Reddy’s – among the Sensex 30 pack ended in green.

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Mumbai, November xx, 2021: Shri Sandeep Runwal, Managing Director of Runwal Group, took over as a President of the National Real Estate Development Council (NAREDCO) Maharashtra, an apex body of India’s real estate industry. Naredco was established as an autonomous self-regulatory body under the aegis of the Ministry of Housing and Urban Poverty Alleviation, Government of India. It functions as a development & promotion council for the housing & real estate sector in India and plays a vital role in the formulation of national policies and agendas for real estate development and fiscal reforms. With support from the Government and prominent industry bodies, NAREDCO has an objective to create and sustain an environment conducive to the growth of the real estate sector in India. Mr. Niranjan Hiranandani, National Vice Chairman, NAREDCO and Chairman & Managing Director of Hiranandani Communities handed over the delegation letter to Shri Sandeep Runwal, President, NAREDCO Maharashtra to envoy the responsibilities going forward.

With a clear vision of bringing holistic development of the real estate sector across Maharashtra, Mr. Runwal aims to work closely with the Government bodies, to ensure success of ‘Housing For All’ initiative that aims to promote affordable housing in our country. Mr. Runwal shall be playing a massive role in streamlining the governmental processes to ensure timely delivery of homes by the developers to the buyers. His constant effort would be towards making the home loan available to all income groups so that no person is deprived of buying their dream home. He will also focus on the formation of new chapters, to expand the presence of NAREDCO across Maharashtra. His aim is to build trust between the customers and the developers by enhancing transparency, efficiency, and effectiveness in the sector.

Shri Sandeep Runwal, President, NAREDCO Maharashtra said that “With the support from the Government, NAREDCO Maharashtra would create a demand recovery that will push housing sales; particularly in the affordable segment that will drive the “Housing For All momentum”. Taking over this baton, I will try and undertake various aggressive development measures and, make my maximum contribution in strengthening the industry’s role in the economic development of the country. With the same zeal, my priority would be to revive the country’s major real estate market of Maharashtra and implement novel ideas to bring positive changes among the customers’ behaviour towards the sector.’’

Mr Sandeep Runwal is the Managing Director of Runwal Group and spearheads the group across a portfolio of residential, commercial and organized retail. An alumnus of Harvard Business School and IIM Bangalore, he has led the organisation with a consistent emphasis on quality, execution, and timely delivery for over 30 years. He’s been awarded Young Turks’ by CNBC TV 18 and ‘Lords of the Land’ in his career profile.

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A large number of incriminating evidences in the form of documents, diary notings and digital data showing earning of huge unaccounted income by the group and its investment in assets have been found and seized. The evidences clearly indicate evasion of taxable income by adopting various modus-operandi such as suppression of production, use of bogus purchase invoices without actual delivery of the goods to inflate purchases, availing of bogus GST credit, claim of bogus commission expenses, etc.  The assessee group has also received on-money in immovable property transactions. All these have resulted into generation of unaccounted cash. During the search proceedings, several incriminating evidences about cash transactions in investment in immovable properties and cash loans have also been seized.

The search operation has resulted in seizure of unaccounted cash of about Rs. 2.5 crore and jewellery of Rs. 1 crore. 16 bank lockers have been placed under restraint.

A preliminary analysis of the documents/evidence unearthed during the search has indicated that estimation of unaccounted income is likely to be more than Rs.100 crore.

Further investigations are in progress.

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Meanwhile govt released tax collection data shows sharp decline in govt income which will have more pressure on treasury. Data shows The Government of India has received Rs. 2,32,860 crore (10.4% of corresponding BE 2020-21 of Total Receipts) upto July, 2020 comprising Rs. 2,02,788 crore Tax Revenue (Net to Centre), Rs. 24,614 crore of Non Tax Revenue and Rs.5,458 crore of Non Debt Capital Receipts. Non Debt Capital Receipts consists of Recovery of Loans (Rs. 5,455 crore) and Disinvestment proceeds (Rs. 3 crore)

Rs. 1,76,009 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is Rs. 23,903 crore lower than the previous year.

Total Expenditure incurred by Government of India is Rs. 10,54,209 crore (34.65% of corresponding BE 2020-21), out of which Rs. 9,42,360 crore is on Revenue Account and Rs. 1,11,849 crore is on Capital Account. Out of the Total Revenue Expenditure, Rs.1,98,584 crore is on account of Interest Payments and Rs.1,04,638 crore is on account of Major Subsidies.

Govt data marks the likely onset of India’s deepest recession on record, which is widely expected to run through the second half of the fiscal year, as the rapid spread of the pandemic continues to weigh on demand, hindering a pickup in economic activity. Typically, recession is defined as two consecutive quarters of decreasing GDP.

In financial services – the biggest component of the country’s services sector, GDP shrank 5.3 per cent compared to the corresponding period a year ago. In manufacturing and construction, it fell 39.3 per cent and 50.3 per cent respectively. Agriculture bucked the trend, with an expansion of 3.4 per cent.

Though the coronavirus-related restrictions have been gradually lifted, there has been an impact on the economic activities as well as on the data collection mechanisms, the government’s statistics office said. Challenges related to other underlying macroeconomic indicators such as industrial production and consumer inflation will also have implications on these estimates, it said, mentioning likely revisions “in due course”.

The data comes as the government is strategically removing restrictions imposed in March to curb COVID-19 infections, which have caused thousands of job losses and forced the majority of workforce to stay indoors, leading to a big blow to an already-slowing economy.

Chief Economic Adviser Krishnamurthy Subramanian said, “India was in a lockdown all through April to June quarter with majority of economic activities being restricted. So this trend is along expected lines… Core sector output is clearly showing a V-shaped recovery.”

COVID-19 is spreading faster in India than anywhere else in the world, as daily tallies have exceeded those of the US and Brazil for almost two weeks. India currently has more than 3.54 million cases, and 63,498 deaths.

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