Tag: WILL

  • Rakesh Jhujhunwala: Smooth transfer of wealth to family was Big Bull’s last bet

    By Express News Service

    NEW DELHI: With ace investor and entrepreneur Rakesh Jhujhunwala passing away recently, there is understandable curiosity on whether and how his wealth totalling around $6 billion would be properly managed.

    Jhunjhunwala’s children are very young and at present aren’t involved in the family-owned trading business, unlike in the case of Ambanis and the Bajajs. But his wife Rekha Jhunjhunwala is an active investor herself. She has an equity portfolio worth Rs 9,800 crore across different sectors. The couple has three children daughter Nishtha born in 2004 and twin sons Aryaman and Aryaveer born in 2009.

    If industry insiders are to be believed, Jhunjhunwala, who has a portfolio of over 30 listed stocks worth over Rs 30,000 crore, had already arranged to ensure his estate, including shares and property, will be handed down smoothly to his wife and the three children.

    He is said to have named Rekha, her brother Rajeev Gupta, his nephew Vishal Gupta and his close confidante Berjis Desai, a senior lawyer and ex-managing partner of J Sagar Associates, in his will as executors of his estate. This exercise was done well in advance as he was aware of his deteriorating health. It is also said that the Big Bull and his wife created three trusts — on in the name of each child.

    Jhunjhunwala’s firm Rare Enterprises will continue to be managed by his long-term lieutenants Utpal Seth and Amit Goela, while Rekha will take a larger role in the company’s management. Some reports suggest his close friend and mentor Radhakishan Damani, a fellow billionaire-investor and founder of DMart, would act as the head of the trust that will be managing Jhunjhunwala’s wealth. 

    Beside Damani, Jhunjhunwala’s two other close confidantes Kalpraj Dharamshi and Amal Parikh are saidsovereign wealth fund to be members of the group that would manage the late billionaire’s holding. Apart from his equity holdings in listed entities, Jhunjhnwala also held significant stake in many unlisted firms like the 40% stake in newly launched airline Akasa. 

    His other significant properties include a sea-facing building in Mumbai’s Malabar Hill, which he had bought for `176 crore in 2013 from Standard Chartered Bank and a lavish holiday home in Lonavala.As far as the legal aspects are  concerned, advocate Anandaday Misshra, founder and managing partner of AMLEGALS, said  the shares and stocks held in the name of Jhunjhunwala or his company would be transmitted to the nominees declared by him, by submitting a death certificate attested by a Notary or Gazetted Officer. 

    “Once such transmission of shares is registered, the recipient becomes the shareholder of that company by virtue of transmission and would be entitled to all rights and subject to all liabilities of such shareholder,” said Misshra.

    NEW DELHI: With ace investor and entrepreneur Rakesh Jhujhunwala passing away recently, there is understandable curiosity on whether and how his wealth totalling around $6 billion would be properly managed.

    Jhunjhunwala’s children are very young and at present aren’t involved in the family-owned trading business, unlike in the case of Ambanis and the Bajajs. But his wife Rekha Jhunjhunwala is an active investor herself. She has an equity portfolio worth Rs 9,800 crore across different sectors. The couple has three children daughter Nishtha born in 2004 and twin sons Aryaman and Aryaveer born in 2009.

    If industry insiders are to be believed, Jhunjhunwala, who has a portfolio of over 30 listed stocks worth over Rs 30,000 crore, had already arranged to ensure his estate, including shares and property, will be handed down smoothly to his wife and the three children.

    He is said to have named Rekha, her brother Rajeev Gupta, his nephew Vishal Gupta and his close confidante Berjis Desai, a senior lawyer and ex-managing partner of J Sagar Associates, in his will as executors of his estate. This exercise was done well in advance as he was aware of his deteriorating health. It is also said that the Big Bull and his wife created three trusts — on in the name of each child.

    Jhunjhunwala’s firm Rare Enterprises will continue to be managed by his long-term lieutenants Utpal Seth and Amit Goela, while Rekha will take a larger role in the company’s management. Some reports suggest his close friend and mentor Radhakishan Damani, a fellow billionaire-investor and founder of DMart, would act as the head of the trust that will be managing Jhunjhunwala’s wealth. 

    Beside Damani, Jhunjhunwala’s two other close confidantes Kalpraj Dharamshi and Amal Parikh are saidsovereign wealth fund to be members of the group that would manage the late billionaire’s holding. Apart from his equity holdings in listed entities, Jhunjhnwala also held significant stake in many unlisted firms like the 40% stake in newly launched airline Akasa. 

    His other significant properties include a sea-facing building in Mumbai’s Malabar Hill, which he had bought for `176 crore in 2013 from Standard Chartered Bank and a lavish holiday home in Lonavala.
    As far as the legal aspects are  concerned, advocate Anandaday Misshra, founder and managing partner of AMLEGALS, said  the shares and stocks held in the name of Jhunjhunwala or his company would be transmitted to the nominees declared by him, by submitting a death certificate attested by a Notary or Gazetted Officer. 

    “Once such transmission of shares is registered, the recipient becomes the shareholder of that company by virtue of transmission and would be entitled to all rights and subject to all liabilities of such shareholder,” said Misshra.

  • Will Smith reveals title, cover of his upcoming memoir

    By ANI
    WASHINGTON: Actor Will Smith revealed the title and cover of his upcoming autobiography on Saturday. The inspirational memoir titled ‘WILL’ is set to be published by Penguin Press on November 9.

    The award-winning actor took his Instagram account and his website to share the news about his book.

    “It’s been a labour of love,” Smith said in a video posted on Instagram about the exciting news.

    He added in the video, “I’ve been working on it for the past two years and it is finally ready.”

    As per People magazine, in ‘WILL’, Smith will explore his personal trajectory, from his childhood in Philadelphia, Pennsylvania, to his iconic roles in ‘The Fresh Prince of Bel-Air’ and an array of hit films like ‘Ali’ (2001) and ‘Hitch’ (2005).

    The book is an “inspirational tale of how [Will Smith’s] true self-knowledge helped to propel him to extraordinary success, and then evolve further to a place of deeper peace – with himself, his loved ones, and the world,” according to the press release announcing the book deal in October 2018.

    Smith also revealed the cover for the forthcoming release, which was created by New Orleans-based visual artist Brandan “BMike” Odums. The cover features a series of portraits of the actor painted on top of each other.

    “The idea is to communicate visually the evolution of a person, from childhood through adulthood, and at major stages of their life in between,” according to a press release.

    The actor is writing ‘WILL’ with Mark Manson, whose self-help manual ‘The Subtle Art Of Not Giving A F-K’ became a bestseller when it published in 2016. Three months before Smith’s book deal was announced, he teased his book and his partnership with Manson on Instagram.

    “I’m writing a book! I’ve got years and years of stuff I’ve been wanting to say and I’m finally gonna write a book. I’m writing it for y’all,” Smith said in the July 2018 Instagram video.

    “Are you feeling confident?” Smith asked Manson in the video. “Are you feeling like we’ll be able to do transcendent art with this book?”

    “I spent the last six months with crippling anxiety, but today I feel great,” Manson joked.

    Later in the video, Smith addressed upcoming negotiations with five book publishers.

    “I feel very confident that we’re gonna go with the highest bidder… I’m just saying,” he said with a smile.

    Not only will ‘WILL’ be inspirational, but it will also highlight Smith’s humour and candor.

    “Mark Manson is the TRUTH! He’s gonna get a book outta me,” Smith captioned the video. “I’m SOOO Ready! I’m ’bout to tell y’all ALL MY BUSINESS.”

    ‘WILL’ is now available for preorder.