The purported conglomerate has signed a high-profile agreement to invest in SpiceJet’s cargo business, promised to set up a high-tech chip unit in Odisha and backed two Web3 startups to unicorn valuations. In reality, it is all smoke and mirrors.
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A SEBI crackdown has revealed that Bharat Global Developers Ltd used every trick in the book to drive up its share price so its preferential stockholders could make a killing. What remains unexplained though is the little-known firm’s dealings with Reliance.
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The finance minister has stated that banks have recovered Rs 14,131 crore by selling Mallya’s assets. However, the businessman has a number of other hurdles to cross before he can come back to India.