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<ul><li><keyword id="94272" type="General" weightage="20" keywordseo="keshub-mahindra" source="Orion">Keshub Mahindra</keyword>, the former chairman of <keyword id="1263014" type="General" weightage="20" keywordseo="mahindra-and-mahindra-group" source="Orion">Mahindra and Mahindra group</keyword> was amongst the world’s oldest billionaires. </li><li>The Wharton University graduate had dreamt of becoming either a soldier or a farmer as a young boy. </li><li>Keshub Mahindra, who had seen licence raj and many other government controls in the 50s and 60s, believed that the pressures helped the Indian <keyword id="34478" type="General" weightage="20" keywordseo="auto-industry" source="Orion">auto industry</keyword> become cost competitive. </li></ul>The patriarch of the Mahindra group, Keshub Mahindra died on Wednesday, at the age of 99. “The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing. I always looked forward to meetings with him and was inspired by how he connected business, economics and social matters. Om Shanti,” said Pawan <a href="https://twitter.com/GoenkaPk/status/1646012668103495681">Goenka in a tweet</a>. The former chairman of Mahindra and Mahindra group who had retired in 2012, was amongst the world’s oldest billionaires as per a recent Forbes report. He had just re-entered the coveted billionaire list in 2023. The businessman turned philanthropist, however, leaves a larger and wider legacy — he was instrumental in helping build India’s indigenous auto industry into a force to be reckoned with. ‘We don’t know a damn thing about the auto industry’ Keshub Mahindra’s story is intertwined with the history of the auto industry in India. The Mahindra and Mahindra group had started two generations before Anand Mahindra, the nephew of Keshub Mahindra and chairman emeritus of the group. The company was founded by two brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra in 1945, as a steel trader. Kailash Chandra Mahindra, the father of Keshub Mahindra had met the inventor of Jeep, Barney Roos in Washington. That’s how the company became an assembler of Willys jeep in India. A young Keshub, freshly graduated from Wharton University and grown up beyond his boyhood dreams of becoming either a soldier or a farmer, was called into a meeting with the defence minister. This was in 1947 when India had just won its freedom but was finding it tough to find spare parts for their tanks from Britain and other countries. At the meeting, the government said that it was planning to develop its own automotive industry. “We don’t know a damn thing about the auto industry,” Keshub Mahindra told the defence minister. That, however, did not stop neither Mahindra nor the only other auto companies existing back then — Premier Automobiles and Hindustan Motors – from building indigenous vehicles. M&amp;M started manufacturing jeeps in a full do-it-yourself (DIY) mode — when there were no suppliers or vendors. They had to make engines, transmissions, axles, stampings, the body – everything to produce 2,000 Jeeps a year, Keshub Mahindra said in an <a href="https://www.autocarindia.com/interviews/india-at-75-keshub-mahindra-%E2%80%93-the-man-who-saw-it-all-425406">interview with Autocar</a>. <div type="image" title="Keshub Mahindra anand mahindra" msid="99426813" hostid="261" sizebytes="59302" caption="&amp;lt;p&amp;gt;Source: BCCL&amp;lt;/p&amp;gt;"></div> Licences, price controls and capacity caps For another 30 years, the group had fought many battles both from the supply chain ecosystem angle as well as the many rules and regulations back in the day. It was the age of licence raj and M&amp;M was not given a licence to make cars, no matter how many times they applied. In fact they were rejected a dozen times – as they tried to manufacture cars in partnership with various multinationals. Moreover, companies could not increase prices without government nod, and added to that even their capacities were limited by rules. Once, the group was sent a letter by the government asking them why they should not prosecute them for exceeding capacity. “Prosecute us,” Keshub responded to the letter. Forced to do things he described as ‘crazy’, Keshub also admits that it has made Indian manufacturers control costs with frugal engineering and much more —- a move that has made them competitive. It was a good thing in the long run, he admitted in the Autocar interview. The courage of change His can-do attitude is also one of his guiding principles as <a href="https://knowledge.wharton.upenn.edu/article/dream-impossible-life-lessons-keshub-mahindra/">he shared in a Wharton page</a>, “Dream about achieving the impossible — because impossible things do happen. Only the brave have the courage to transform their lives,” he shared. He served as the chairman of M&amp;M for 48 years and ably steered the group through winds of change. The group now has interests across software, financial services and more. In FY22, the group’s revenue stood at ₹90,170 crore as against ₹74,277.78 crore in FY21. The auto business too grew exponentially both organically and inorganically under Keshub Mahindra’s leadership and expanded into light commercial vehicles, tractors and even farm equipment. It acquired companies like Punjab Tractors and Gujarat Tractors and also acquired companies in South Korea like SsangYong Motor, entered the two-wheeler market and also made early strides into the electric vehicle (EV) market by purchasing REVA. Years later, Anand Mahindra and his father Harish Mahindra also started another unique partnership when they lent ₹1 lakh to Uday Kotak for a business that went on to become the Kotak Mahindra Bank. Not just business Even before he retired in 2012, Keshub did not dedicate all his time to business itself — and made space and time for philanthropy. Keshub also founded Housing and Urban Development Corporation (HUDCO), and ran it for many years. “During this time, I visited some of the most deplorable slums in India. I would come home and wonder how people could live like this. That had a huge influence on my life,” he told Wharton. Educating girls and housing for the cancer afflicted are some of the many charity projects he supported with the help of his family.

Keshub Mahindra: The man who thought impossible is possible

<ul class="summary-list"><li>Home Depot cofounder and billionaire Arthur Blank joins business leaders supporting Harris.</li><li>Blank's fellow cofounder is a prominent Trump donor, reflecting the private sector's partisan split.</li></ul>A group of prominent business leaders supporting Vice President Kamala Harris is expanding its ranks to include Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons. <a target="_blank" href="https://www.businessinsider.com/mark-cuban-business-leaders-for-kamala-harris-2024-10">"Business Leaders for Harris"</a> launched earlier this month and already includes private sector titans like billionaire investor <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-donald-trump-tariffs-christmas-presents-china-prices-harris-2024-10">Mark Cuban</a>, LinkedIn cofounder Reid Hoffman, and Netflix cofounder Reed Hastings.Blank's participation is not surprising — he's a longtime Democratic donor who has donated to various congressional and presidential campaigns. Yet Blank's political participation puts him at odds with his former business partner and other Home Depot cofounder, <a target="_blank" class="" href="https://www.businessinsider.com/bernie-marcus-billionaire-founder-home-depot-trump-donor-2019-7">Bernie Marcus</a>, who is among former President Donald Trump's top donors.Marcus has <a target="_blank" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign#bernard-marcus-7">donated millions to the GOP</a> and was an early MAGA supporter. He and his wife have given $2.7 million to the former president's 2024 campaign, after giving $10 million in 2020 and $5 million in 2016 to Trump-related super PACS.Blank and Marcus are valued at $9.3 billion and $11.1 billion, respectively. The two founded Home Depot in 1978. Blank <a target="_blank" href="https://www.businessinsider.com/home-depot-cofounder-arthur-blank-on-politics-supporting-biden-2020-11">told Business Insider in 2020</a> that their political differences didn't interfere with their partnership or friendship.This election season, the larger corporate and tech worlds have undergone a similar public splintering. While some vocal figures like venture capitalist Marc Andreesen, billionaire hedge fund manager Bill Ackman, and<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-support-reflects-business-approach-tesla-2024-10"> Elon Musk</a> are vocal Trump supporters, Harris has worked hard to appeal to business leaders. She's scored endorsements from <a target="_blank" href="https://www.businessinsider.com/murdoch-cuban-corporate-executives-silicon-valley-wall-street-endorse-harris-2024-9">nearly 90 top Wall Street and tech executives</a>, as well as a group of almost <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">900 venture capitalists</a>.In a statement about joining Business Leaders for Harris, Blank celebrated Harris' commitment to his core value of inclusion."Kamala Harris is a leader who understands this; will collaborate with <a target="_blank" class="" href="https://www.businessinsider.com/harris-sec-ftc-khan-gensler-crypto-regulation-biden-warren-2024-9">other leaders</a> and front-line workers to get the best ideas; and she will earnestly strive to be a unifier who drives policies that lift people and communities from all walks of life," he said in the statement.In addition to Blank, Fulbright Bank chairman and former Democratic congressman John Delaney joined Business Leaders for Harris. The group also announced that it launched its first paid ad campaign, which will run on YouTube in the <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-15-days-swing-states-polling-2024-10">Blue Wall states</a> of Pennsylvania, Michigan, and Wisconsin. The six-figure ad campaign features a <a target="_blank" href="https://www.businessinsider.com/small-business-entrepreneur-kamala-harris-tax-deduction-2024-10">small business owner</a> and former Trump supporter who explains why she's voting for Harris.

Arthur Blank joins 'Business Leaders for Harris' as his former business partner funnels money to Trump

<ul class="summary-list"><li>A group of former CEOs published an op-ed Tuesday endorsing <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris">Kamala Harris</a> for president.</li><li>They wrote that Donald Trump would be bad for business and bad for the US economy.</li></ul>A group of former CEOs who led major US companies — including American Airlines, LinkedIn, Xerox, and American Express — made the case for Kamala Harris in an op-ed one week before <a target="_blank" class="" href="https://www.businessinsider.com/election-impact-companies-trump-harris-2024-10">Election Day</a>.The 17 business leaders said they were voting for Harris because they thought she'd be better for the economy than former <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">President Donald Trump</a>. They made their case in <a target="_blank" class="" href="https://fortune.com/2024/10/29/ceos-america-largest-companies-voting-for-harris-not-trump-leadership-elections-politics/">Fortune</a> on Tuesday.The group included former LinkedIn CEO <a target="_blank" class="" href="https://www.businessinsider.com/reid-hoffman">Reid Hoffman</a>, former American Airlines CEO Doug Parker, former American Express CEO Ken Chenault, former Sony CEO and current Snap chairman Michael Lynton, and others who led large, publicly traded companies."Many Americans continue to believe that the CEOs of the nation's largest companies are largely Donald Trump supporters — but nothing could be further from the truth," they wrote.The group said current CEOs may not be able to speak out publicly because of potential consequences to their businesses. Because of that, they said they felt obligated to speak up as former leaders who are in touch with active CEOs.They said Trump has taken "extreme anti-business" positions, including proposing "draconian" tariffs on imports. They also criticized <a target="_blank" class="" href="https://www.businessinsider.com/trump-control-federal-reserve-jerome-powell-tariffs-inflation-2024-9">Trump's talk about eliminating the Fed's independence</a>.The group said they come from different political backgrounds but are supporting Harris in part because of the state of the US economy. They cited <a target="_blank" class="" href="https://www.businessinsider.com/imf-us-economy-growth-outlook-forecast-china-gdp-ai-microchips-2024-10">GDP growth</a>, record stock market valuations, wage growth, and employment levels, among other measures.The op-ed comes after <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has become increasingly involved in supporting Trump's presidential bid. "I haven't been politically active before; I'm politically active now because I think the future of America and the future of civilization is at stake," <a target="_blank" rel=" nofollow" class="" href="https://www.youtube.com/watch?v=8ugENmbDL8k">Musk said at a town hall</a> he hosted last Saturday in Swatara Township, Pennsylvania.Other <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">business leaders have publicly supported Trump</a>, including Blackstone CEO Stephen Schwarzman, who said this week that Trump would be "efficient and effective."Meanwhile, some business leaders have avoided taking a position publicly even if they support one candidate or another in private.Jeffrey Sonnenfeld, a professor at the Yale School of Management and founder of the Chief Executive Leadership Institute, who is listed as one of the two non-CEO authors of Tuesday's op-ed, previously told Business Insider that most <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-bill-gates-ceo-avoid-criticizing-trump-2024-10">chief executives don't publicly endorse candidates</a> because they're "concerned about alienating customers and employees needlessly."

Former CEOs of American Airlines, LinkedIn, Amex, Xerox, and 13 other companies make the pitch for Kamala Harris

<ul class="summary-list"><li>The Bilderberg Meetings draw an elite gathering every year to discuss global issues.</li><li>The closed meetings began after WWII to promote dialogue between Europe and North America.</li></ul>It's not easy to remain secret in an age of near-constant surveillance and endless information sources.But some powerful groups, somehow, have managed it — at least to some degree.Such is the case with <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-the-secret-bilderberg-meeting-of-the-worlds-top-bankers-2011-6#the-bilderberg-discussions-are-off-the-record-so-people-have-come-up-with-all-sorts-of-wild-theories-about-what-goes-on-inside-2">the Bilderberg Meetings</a>, a tight-lipped, off-the-record gathering that summons its participants once a year to discuss global issues and encourage "dialogue between Europe and North America," according to the group's <a target="_blank" href="https://bilderbergmeetings.org/background/brief-history">website</a>.The group is hosting its 70th annual meeting this weekend in Madrid, where attendees will discuss a range of contemporary issues. Here's what we know.<h2 id="dba9b4ac-d48f-4ddf-8591-e1ed41efd017">Founding</h2>The annual events are hosted by a group called Foundation Bilderberg Meetings, led by a steering committee of elite members from government, business, tech, and the press.The first meeting in May 1954 was held at a hotel in The Netherlands, from which the meeting gets its name."Representatives from economic, social, political and cultural fields were invited to informal discussions to help create a better understanding of the complex forces and major trends affecting Western nations in the difficult postwar period," according to the Bilderberg <a target="_blank" href="https://bilderbergmeetings.org/background/brief-history">website</a>.Known group members have included former Secretary of State Henry Kissinger and David Rockefeller, who was once chairman of the Chase corporation.<h2 id="ca199ffd-1b7e-497f-a33e-b01b2f28846c">Recent Meetings</h2>Past meetings have been hosted in Portugal, the United States, <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-the-secret-bilderberg-meeting-of-the-worlds-top-bankers-2011-6">Switzerland</a>, and Italy."Throughout the years, the annual Meetings have become a forum for discussion on a wide range of topics — from trade to jobs to technology, from monetary policy to investment, and from ecological challenges to the task of promoting international security," the group's website says.Despite its secrecy, the group does put out a brief agenda. In 2018, it apparently <a target="_blank" href="https://www.businessinsider.com/bilderberg-group-2018-meeting-populism-in-europe-tops-agenda-2018-6">discussed populism</a>, inequality, and artificial intelligence, among other top issues.Current members of the Steering Committee include business magnates like conservative megadonor <a target="_blank" href="https://www.businessinsider.com/who-is-peter-thiel-svb-facebook-trump-biography-2023-3">Peter Thiel</a>, former Google CEO Eric Schmidt, and Microsoft CEO Satya Nadella.<h2 id="5ee23359-d795-49aa-b19f-f3c835191e31">2024 Bilderberg Meeting</h2>Agendas are publicly released "shortly in advance" of meetings, a spokesperson for Bilderberg Meetings said in a statement to Business Insider.Members attending this weekend's meeting in Madrid will discuss artificial intelligence, geopolitical conflicts, the economy, the climate, and the "changing faces of biology," according to a <a target="_blank" href="https://bilderbergmeetings.org/press/press-release/press-release">press release</a>."Thanks to the private nature of the Meeting, the participants take part as individuals rather than in any official capacity and hence are not bound by the conventions of their office or by pre-agreed positions. As such, they can take time to listen, reflect and gather insights. There is no detailed agenda, no resolutions are proposed, no votes are taken, and no policy statements are issued," according to the press release.Disclosure: Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is listed as a member of the Steering Committee for Foundation Bilderberg Meetings.

What's the deal with the mysterious Bilderberg Group?

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

<keyword id="426247" type="General" weightage="100" keywordseo="lg-group" source="Orion">LG Group</keyword> Chairman Koo Kwang-mo has been sued by his family over an inheritance he received more than four years ago, in a dispute that is feared to shake management of the country's fourth-largest chaebol (a large family-owned business conglomerate). Koo's stepmother and two stepsisters filed a lawsuit with the <keyword id="16755521" type="General" weightage="50" keywordseo="seoul-western-district-court" source="Orion">Seoul Western District Court</keyword> on February 28 to request the cancellation of the inheritance that took place following the death of Koo Bon-moo, the late LG Group chairman, in May 2018. Koo Kwang-mo is the nephew of the late chairman, who adopted him in 2004 after his only son died in a car accident, and became LG chairman in June 2018, reports <keyword id="197034" type="General" weightage="50" keywordseo="yonhap" source="Orion">Yonhap</keyword> news agency. LG Group carries the long-held tradition of the eldest son taking control of the family business. The plaintiffs demand the inheritance be divided again, according to the relevant law where the spouse and child inherit 60 per cent and 40 per cent each. The late chairman owned 11.28 per cent of LG Group shares. Koo Kwang-mo inherited 8.76 per cent of them, making him the largest shareholder of the giant conglomerate with subsidiaries including <keyword id="61562" type="General" weightage="50" keywordseo="lg-electronics" source="Orion">LG Electronics</keyword>, <keyword id="135366" type="General" weightage="50" keywordseo="lg-display" source="Orion">LG Display</keyword> and LG Chem. The former chairman's eldest daughter inherited 2.01 per cent and the second daughter got 0.51 percent at that time, while the wife, Kim Young-sik, inherited none. LG Group said the division of the inherited property was "lawful" and that it was made after "numerous consultations" between the family members over the span of five months after Koo Bon-moo's death. "It is hard to understand why they raised the issue now, four years after the inheritance was completed," LG said in a statement, adding, "Any attempt to shake LG's tradition and management rights cannot be tolerated." The current chairman has been paying his inheritance tax, worth 720 billion won (US$543 million), in six installments over the course of five years, and he is set to make his last payment by the end of the year, LG said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/climate-change-spiking-ground-ozone-levels-could-lead-to-higher-heart-attack-and-stroke-risk/articleshow/98544133.cms">Climate change spiking ground-ozone levels, could lead to higher heart attack and stroke risk</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/global-surfaces-sets-ipo-price-band-at-133-140-per-share/articleshow/98544593.cms">Global Surfaces sets IPO price band at ₹133-140 per share</a>

LG Group chairman Koo Kwang-mo sued over inheritance by family

<ul class="summary-list"><li>Ross Levinsohn resigned as the chairman of The Arena Group, the publisher of Sports Illustrated.</li><li>Levinsohn wrote an explosive letter accusing the board of "illegal" and negligent behavior.</li></ul>Ross Levinsohn blasted The Arena Group's board of directors in a resignation letter, citing the recent layoffs at Sports Illustrated and accusing other board members of illegal and negligent behavior.Levinsohn is the former CEO of The Arena Group — which publishes Sports Illustrated, Men's Journal, and other media brands. He was ousted as CEO in December, weeks after <a target="_blank" href="https://www.businessinsider.com/sports-illustrated-ran-articles-by-fake-ai-generated-writers-report-2023-11">Sports Illustrated was accused of publishing AI-generated articles</a> under fake author names, but remained chairman of the board.Sports Illustrated <a target="_blank" href="https://www.businessinsider.com/sports-illustrated-magazine-dying-breed-2024-1">laid off</a> most of its staff last week, leaving the future of the iconic magazine up in the air.He initially posted about his resignation on <a target="_blank" href="https://www.linkedin.com/feed/update/urn:li:activity:7154163985175474176/">LinkedIn</a> last week, but leveled new accusations in his outgoing letter, which is undated.In the letter, Levinsohn cited the layoffs and "union-busting tactics" as reasons for his resignation. He also accused the board of acting illegally and negligently. He did not provide details on his accusations but said he anticipates shareholder lawsuits.Levinsohn declined to comment to Business Insider.In a statement, The Arena Group said: "The Company disagrees with the comments in the Resignation Email. The Company believes that Mr. Levinsohn's comments are reflective of a disgruntled former executive who was terminated on December 11, 2023.""The members of the Board take their fiduciary duties and responsibilities seriously," the company continued in its statement. "The Company's decisions regarding operating expenses, strategic transactions, or otherwise, followed thoughtful process and deliberation and were determined to be in the best interest of the Company and its stockholders."Read Levinsohn's resignation letter below:

Read the explosive resignation letter sent by the chairman of Sports Illustrated's publisher

<ul class="summary-list"><li>Former GOP Sen. Jim Inhofe of Oklahoma has died at age 89.</li><li>Before his election in 1994, he served in the US House, as mayor of Tulsa, and in both state legislative chambers.</li></ul>Former Sen. Jim Inhofe, a Republican from Oklahoma, has died at age 89, Tulsa World and Politico report. He is survived by his wife, Kay, along with 4 children and over a dozen grandchildren.He died after suffering a stroke on July 4, according to Politico.First elected to the Senate in 1994 in a special election to replace the retiring Sen. David Boren, Inhofe himself triggered a special election when he abruptly announcement his retirement in February 2022."It has been the greatest honor to serve the people of Oklahoma since I first entered public service in 1967, but after much prayer and consideration, Kay and I feel the time has come to stand aside," wrote Inhofe in a <a href="https://www.inhofe.senate.gov/imo/media/doc/inhofe_retirement_letter.pdf">letter to Oklahoma's Secretary of State</a> announcing his resignation.Inhofe was among the chamber's most conservative members, and was known for his hawkish views on national security and his denial of the science behind climate change.Following the late Sen. John McCain's death in 2018, Inhofe led Senate oversight of the nation's military as chairman of the Senate Armed Services Committee before becoming ranking member when Democrats retook the Senate majority in January 2021. <h2>'The greatest hoax ever perpetrated on the American people'</h2><div type="image" title="Inhofe and then-ranking member Democratic Sen. Barbara Boxer of California at a Senate Environment and Public Works Committee hearing in January 2015." height="2270" width="4542" msid="111613167" hostid="261" sizebytes="1098178"></div>Born in Iowa in 1934, Inhofe served in the military from 1957 to 1958 and embarked on a career in real estate, insurance, and aviation; even into 80s, Inhofe was an avid pilot himself and <a href="https://www.chicagotribune.com/nation-world/ct-jim-inhofe-plane-20160704-story.html">frequently piloted his own small plane</a>.His career in public service began over 55 years ago, when he was elected to the Oklahoma House of Representatives in 1967. He went on to hold numerous offices, including stints as a state senator (1969-1977), mayor of Tulsa, the state's second largest city (1978-1984), and as a member of the US House of Representatives (1987-1994).The Oklahoma Republican first became chairman of the Senate Environment and Public Works Committee in 2003, and served as the committee's top Republican until 2017. His time on the committee overlapped significantly with that of former Democratic Sen. Barbara Boxer of California, who served as chair of the committee from 2007 to 2015.Inhofe's position as chair of the environmental committee offered him a prominent platform from which he denied the science behind climate change."With all of the hysteria, all of the fear, all of the phony science, could it be that man-made global warming is the greatest hoax ever perpetrated on the American people?" asked Inhofe <a href="https://www.nytimes.com/2003/08/05/science/politics-reasserts-itself-in-the-debate-over-climate-change-and-its-hazards.html">in a July 2003 floor speech</a>. "It sure sounds like it.''In 2009, he <a href="https://www.politifact.com/factchecks/2009/dec/11/james-inhofe/inhofe-claims-cru-e-mails-debunk-science-behind-cl/">claimed</a> that a trove of leaked emails from a group of researchers at the University of East Anglia in the United Kingdom had proven that the science behind climate change "has been pretty well debunked."Former Democratic Vice President Al Gore, who's focused on advocating for solutions to climate change and global warming since his time in office, was <a href="https://www.politico.com/story/2010/03/inhofe-slams-gore-on-climate-hoax-034443">also a frequent target of Inhofe's</a>. In 2010, the senator <a href="https://abcnews.go.com/Politics/amid-heat-wave-senator-talks-global-coolilng/story?id=11237381">told ABC News</a> that the planet is "in a cycle now that all the scientists agree is going into a cooling period" after giving a speech earlier that year drawing attention <a href="https://www.facebook.com/media/set/?set=a.290683934421">to an igloo built by his grandchildren</a> dubbed "Al Gore's New Home."He even wrote an entire book, "The Greatest Hoax: How the Global Warming Conspiracy Threatens Your Future," in 2012.But Inhofe's most infamous moment may have come in February 2015, when he tossed a snowball on the Senate floor as part of a speech aimed at disproving climate change."We keep hearing that 2014 has been the warmest year on record," said Inhofe as he removed the snowball from a plastic bag. "It's very, very cold out. Very unseasonable." But despite his record on climate change, Inhofe <a href="https://apnews.com/article/21f039883016411d83c8aac8ba3256f5">notably had a warm friendship with his counterpart Boxer</a>, a liberal Democrat who was outspoken about the need to address climate change. The duo worked together on legislation to regulate toxic chemicals, improve transportation systems, and securing $200 million in emergency funds to address the water crisis in Flint, Michigan."She has every right to be wrong," Inhofe quipped in an <a href="https://apnews.com/article/21f039883016411d83c8aac8ba3256f5">interview with the Associated Press in 2016</a>. Boxer, for her part, said she and Inhofe "respect each other and we don't waste a lot of time arguing."And that partnership was widely recognized in the Senate."I hate to see the Boxer-Inhofe team come to an end," said then-Senate Majority Leader Mitch McConnell at the time, remarking on Boxer's planned retirement.And Inhofe even earned praise from Independent Sen. Bernie Sanders of Vermont, a liberal firebrand and 2-time Democratic presidential candidate. <a href="https://www.youtube.com/watch?v=2C5NeVkQM-k">Asked in March 2016 which Republican he is closest to</a>, yet shares significant disagreements with, Sanders named Inhofe."Jim is a climate change denier, he is really, really conservative," said Sanders, noted that even praising Inhofe had the potential to "probably ruin his political career.""But you know what? He's a decent guy, and I like him, and he and I are friends," he said.

Former GOP Sen. Jim Inhofe, famous for throwing a snowball in the Senate chamber, dead at 89

<ul class="summary-list"><li>The Proud Boys' former leader Enrique Tarrio was convicted of seditious conspiracy on Thursday.</li><li>But despite recent convictions like his, the extremist group has been gaining ground across the US.</li></ul>The Proud Boys' former leader Enrique Tarrio was convicted of seditious conspiracy on Thursday and now faces up to 20 years in prison, but the far-right extremist group he ran is still alive and well. The Proud Boys have turned their attention from attempting to overturn the 2020 election to targeting the LGBTQ community, and specifically, drag performers.In January of this year, states across the US introduced a total of 14 bills that aim to restrict or criminalize drag performances, <a href="https://pen.org/drag-show-laws/" target="_blank" rel="noopener nofollow">according to the free-speech advocacy group PEN America.</a> And the Proud Boys have jumped on the bandwagon. In 2022 alone, Proud Boys members either led or attended an average of one anti-LGBTQ protest per week across the US, as <a href="https://www.businessinsider.com/proud-boys-2022-break-records-anti-lgbtq-protests-extremism-watchdog-2023-1">previously reported by Insider's Laura Italiano</a>. But it's not just protests that the extremist group has been infiltrating — members have also worked their way into local politics, particularly in Florida. At least six current or former Proud Boys members have joined the Miami-Dade Republican Executive Committee, <a href="https://www.nytimes.com/2022/06/02/us/miami-republicans-proud-boys.html">The New York Times reported last year</a>.A member of the North Carolina Proud Boys, Jeremy Bertino, <a href="https://www.nytimes.com/2022/06/02/us/miami-republicans-proud-boys.html" target="_blank" rel="noopener">told The New York Times</a> that the group wants to disrupt the establishment from the inside."The plan of attack if you want to make change is to get involved at the local level," Bertino told the Times. A federal jury in Washington, DC, found Tarrio and three other Proud Boys members guilty of seditious conspiracy on Thursday in <a href="https://www.businessinsider.com/proud-boys-leader-enrique-tarrios-lawyer-blames-trump-for-january-6-2023-1">connection with the January 6, 2021, Capitol riot.</a>

Proud Boys chairman Enrique Tarrio was convicted of seditious conspiracy, but the extremist group he ran is still alive and well

<ul class="summary-list"><li>Ex-Proud Boys National Chair Enrique Tarrio is in custody in <keyword id="11915963" type="UNKNOWN" weightage="60" keywordseo="miami" source="Orion">Miami</keyword> on a Jan. 6 conspiracy charge.</li><li>Tarrio was not at the Capitol that day, but feds say he planned and directed the <keyword id="11932020" type="UNKNOWN" weightage="60" keywordseo="proud-boys" source="Orion">Proud Boys</keyword>' attack.</li></ul>Former Proud Boys chairman Henry "Enrique" Tarrio has been indicted in the Jan. 6 attack on the Capitol, federal prosecutors announced Tuesday.Tarrio, 38, of Miami, was not at the Capitol that day, but has been charged with conspiring to obstruct an official proceeding in relation to the attack, which interrupted the certification of the Electoral College vote for President Joe Biden.The indictment was first reported <a href="https://www.washingtonpost.com/dc-md-va/2022/03/08/enrique-tarrio-indicted-proud-boys/">by The Washington Post</a>.Tarrio was arrested in Miami and will appear before a federal judge there on Tuesday, officials said. Tarrio's is the latest name added to an earlier indictment of Proud Boys charged in the insurrection.His co-defendants include Ethan Nordean, 31, of Auburn, Washington; Joseph Biggs, 38, of Ormond Beach, Florida; Zachary Rehl, 36, of Philadelphia; Charles Donohoe, 34, of Kernersville, North Carolina; and Dominic Pezzola, 44, of Rochester, New York. Tarrio also faces two counts each of resisting or impeding <keyword id="11899820" type="UNKNOWN" weightage="60" keywordseo="law" source="Orion">law</keyword> enforcement and destruction of government property.The former chairman of the far-right, White Nationalist group had been barred from attending the Jan. 6 rally for then-President Donald Trump as a condition of bail on a pre-existing criminal case.Days before the rally and riot, Tarrio had been <a href="https://www.businessinsider.com/proud-boys-leader-arrested-washington-dc-destruction-of-property-charges-2021-1?r=US&amp;IR=T">charged with burning a Black Lives Matter banner</a> belonging to a historically Black church in DC.He claimed credit for the act soon afterward, <a href="https://www.insider.com/enrique-tarrio-lit-blm-banner-fire-during-pro-trump-rally-2020-12">saying he was "damn proud"</a>of burning the banner.When reached by phone on Jan. 6, as men and women stormed the Capitol, Tarrio told Insider he was at a hotel in Maryland. "Although Tarrio is not accused of physically taking part in the breach of the Capitol, the indictment alleges that he led the advance planning and reminded in contact with other members of the Proud Boys during their breach of the Capitol," according to the statement released by the U.S. Attorney's Office in Washington, DC on Tuesday.Tarrio was taken into custody Tuesday, according to the DOJ, and efforts to reach him by phone were unsuccessful. A message sent to his attorney, J. Daniel Hull, was not immediately returned.The <keyword id="11957149" type="UNKNOWN" weightage="60" keywordseo="department-of-justice" source="Orion">Department of Justice</keyword>'s Counterterrorism Section and the U.S. Attorney's Office in Miami cooperated in the investigation, the statement said.More than 775 people have been arrested in the <keyword id="11956750" type="UNKNOWN" weightage="60" keywordseo="jan-6-riot" source="Orion">Jan. 6 riot</keyword>, including more than 245 people charged with assaulting or impeding law enforcement that day.

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