Gautam Adani has surpassed Mukesh Ambani to become the wealthiest individual in India

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Gautam Adani has overtaken Mukesh Ambani to become the wealthiest Indian on the Bloomberg Billionaires index. Gautam Adani, who started and leads the Adani Group, is now the richest person in India according to the Bloomberg Billionaires Index. He has moved ahead of Mukesh Ambani and taken the 12th position, while Ambani is in 13th place. Adani’s wealth is estimated at $97.6 billion, slightly higher than Ambani’s $97.0 billion. Both billionaires have improved their rankings.

Gautam Adani, the head of the Adani Group, has become the richest person in India, surpassing Mukesh Ambani, the head of Reliance Industries. Adani is now ranked 12th, while Ambani is ranked 13th.

Adani’s wealth is now $97.6 billion, and Ambani’s wealth is $97.0 billion. Both billionaires have climbed higher on the list.

Last December, Adani’s ranking on the Bloomberg list improved, moving up three places. His wealth increased by over $4.41 billion after two successful trading sessions, making him the 16th richest person in the world.

2023 was a really challenging year for Gautam Adani and his company. They faced accusations of doing things wrong, people in the Opposition said the government was treating him better than others, the Supreme Court got involved, and his investors lost money.

On Wednesday, the Supreme Court declined to direct a special investigation team (SIT) or the Central Bureau of Investigation (CBI) to conduct inquiries into Adani Group. This decision brings significant relief to the business house. The allegations made by US short-seller Hindenburg Research, which include fraud, misgovernance, and stock price manipulation, did not result in an immediate investigation.

The Securities and Exchange Board of India (SEBI) is currently carrying out a thorough investigation, which is instilling confidence. The entity requested that the regulator conclude the investigation within a three-month timeframe. SEBI has already completed its investigation into 22 out of 24 items, as mandated by the Supreme Court.

The highest court has urged the government and the Securities and Exchange Board of India (SEBI) to carefully consider the recommendations provided by the expert committee, led by former Supreme Court judge AM Sapre. The court has also requested them to take appropriate measures to enhance the regulatory framework, safeguard investors, and promote the smooth functioning of the securities market.

Adani Group’s chairman, Gautam Adani, expressed his satisfaction with the court’s decision. He took to social media platform X to state, “The truth has been recognized… Satyameva Jayate. I am thankful to those who supported us… Our earnest contribution to India’s progress will persist.”

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