Shivam Saklani

Some business stories feel almost too dramatic to be real. A tiny workshop that grows into one of the biggest names in Indian gold, a stock that touches ₹1,000-plus, and then, decades later, a regulator's order that wipes out most of its value in a matter of days. That's the story of Rajesh Exports Limited. Before we get into it, one important note: everything below about the alleged fraud comes from SEBI's interim order , which is not a final verdict. Rajesh Exports and its founder, Rajesh Mehta, have denied the allegations and say they will contest them. Keep that in mind as you read — this is a story that's still being written. Chapter 1: The Rise It started small. In 1989, brothers Rajesh Mehta and Prashant Mehta, from a middle-class Jain family with no big business connections, set up a 10-person jewellery manufacturing unit in a Bangalore garage. No shortcuts, just hard work. Within a year they'd opened their first retail outlet, and by 1995 the busi...

The collapse of Enron in 2001 remains one of the darkest and most fascinating chapters in corporate history. Often referred to as "The Smartest Guys in the Room," Enron's executives built a towering empire not on solid business fundamentals, but on a foundation of greed, aggressive accounting loopholes, and catastrophic auditor complicity. For finance professionals, investors, and auditors alike, Enron is the ultimate cautionary tale of what happens when ethics are sacrificed for stock prices. To truly understand how a $100 billion company went bankrupt in a matter of months, we have to look under the hood of their business model, their accounting magic, and the institutional failures that allowed it to happen. The Business Evolution: From Pipelines to a "Trading Bank" Founded in 1985 by Kenneth Lay, Enron started as a traditional, asset-heavy natural gas pipeline company. However, the true transformation began when Lay hired Jeffrey Skilling, a brilliant former...

Tata Steel Ltd has recently taken a series of important steps that signal a clear shift in its long-term strategy. On the surface, these actions—mergers, capital infusion, and restructuring—may look like routine corporate decisions. However, if we look closely, they reveal a well-thought-out plan to secure the company’s future. The overall approach is simple to understand: strengthen the strong parts of the business, and fix the weak ones. For Tata Steel, this means focusing on India as its core growth engine while working on turning around its European operations. India Remains the Core Strength India continues to be the most reliable and profitable part of Tata Steel’s business. The company enjoys better margins here due to lower costs, strong demand, and better control over operations. Because of this, Tata Steel is now taking steps to make its India business even stronger. A key move in this direction is the merger with Neelachal Ispat Nigam Ltd (NINL). This merger is not just abou...

In an era where sustainable solutions and clean energy are becoming the cornerstone of global development, Shakti Pumps (India) Limited is emerging as a strong player. Established in 1982, the company has been a pioneer in manufacturing energy-efficient pumping solutions, serving agriculture, industries, and the solar energy sector. With a strong market share, government recognition, and a growing global footprint, Shakti Pumps is steadily transforming the way water management and solar energy solutions are delivered. Let’s dive deeper into understanding what this company does, what products it offers, its outlook, risks, and whether it holds the potential for long-term investment. What Does Shakti Pumps (India) Limited Do? Shakti Pumps (India) Limited specializes in the manufacturing of energy-efficient pumps and motors, primarily focusing on agriculture irrigation and solar-driven water solutions. It is a leader in offering sustainable irrigation products and boasts approximately a ...

Corporate scams have shaken economies globally, damaging investor confidence and revealing gaps in governance. One of India's most high-profile corporate scams was the Satyam Scandal, uncovered in 2009. Dubbed "India's Enron," it was a case of fictitious accounts, altered financial statements, and fraudulent corporate governance practices. Not only did it bring down one of India's largest IT firms but also resulted in new regulations to enhance corporate governance. Background of Satyam Computer Services Satyam Computer Services Ltd. was established in 1987 by Ramalinga Raju. It became one of India's top IT outsourcing companies. Satyam offered software development, consulting, and business process outsourcing solutions to clients all over the world, including large corporations from the Fortune 500 list. Satyam was a top company in the world by the early 2000s, being praised for its innovative concepts and fast growth. It was also listed on the New York Stoc...

Alivus Lifesciences (formerly knows as Glenmark Lifescience Ltd) is primarily engaged in Active Pharmaceutical Ingredient (API) manufacturing, serving both generic and innovator pharmaceutical companies. The company has a portfolio of high value, non-commoditized APIs in chronic therapeutic areas, namely Cardiovascular (CVS) disease, Central Nervous System (CNS) disorders, Pain Management, Oncology, Diabetes and Urology. History The company’s journey began over 22 years ago when Glenmark Pharmaceuticals (GPL) established its API (Active Pharmaceutical Ingredients) business. Initially, Glenmark acquired the Kurkumbh site to support its API needs. Over time, the API division expanded its R&D and operations to serve both Glenmark and external customers. In 2019, Glenmark Life Sciences became an independent company, separating from Glenmark Pharmaceuticals. This transition allowed GLS to focus solely on APIs, making it a trusted global supplier. The company began building a stro...

Once valued at $22 billion, the Indian edtech company Byju's has fallen to below $2 billion today. When Byju Raveendran, the founder of the company, began with ambitious plans to disrupt the Indian edtech industry, a question annoyingly follows: what went awry that led to the initiation of insolvency proceedings? We will comprehend this in today's blog.  Massive Expenditure on Advertising The company's aggressive expansion plan and financial ignorance were highlighted. It ventured into foreign countries without studying demand and competition. This was costly and a failure. The company threw money at the wall on useless advertisements. Byju did not conduct cost-benefit analyses for major sponsorships and celebrity endorsements. Instead, they looked for sponsorships and deals. This was significant because poor financial decisions reduced revenue and increased debt. They were spending too much, which left them with less cash and higher costs to run the business. Looking at t...

L&T is one of India's largest and most diversified companies; it performs various activities in a very diverse number of areas and sectors, thereby making this company a very energetic and important one. The major focus areas are on engineering, construction, manufacturing, and technology. So why on earth would a construction company buy a technology company, especially when it does not match the company's main business? Did you know that L&T had no intention of acquiring Mindtree? So, how and why did it finally decide to buy a technology company? These will form the crux of our discussion with this case. Read more Case Studies at  Corporate Chronicals L&T Problem L&T had enough cash on its balance sheet with over US$2 billion of free cash flow in 2019. It was expecting another US$1.5 billion of such ready cash in 2020. All that the company wanted to do was to use this surplus cash on share buyback from the market. There was, however, no such approval of SEBI ...

Lakshmi Mittal is a noted personality worldwide in the steel industry and was born on June 15, 1950 in Sadulpur, Rajasthan. He comes from a business family which was engaged in steelmaking and commerce.   He completed his qualifications in Commerce, graduating as a Bachelor from St Xavier's College in Kolkata, after which he joined the family steel business at his father's insistence. However, his family was not aware of the fact that Mittal would not only expand the business but also take it to unprecedented global heights. In 1976, Mittal started his business career by purchasing an underperforming steel mill named PT Ispat Indo in Indonesia. He renamed it Mittal Steel to start off his own company. He bought several small underperforming steel plants in developing economies throughout the 1980s and 1990s. Such smaller deals brought quick expansion and spread out geographically for his firm. Having achieved success, Mittal steered towards an opportunity to significantly ...

The Adani Group, already battling allegations by U.S.-based short-seller Hindenburg Research as it transitioned out of allegations, faces the latest layer of accusations. This time, the challenge comes from a court in the U.S., which has alleged that Adani Green Energy bribed Indian government officials using the funds fetched from U.S. investors. It further claims that the bribes were in the tune of $250 million that were paid to get attractive contracts for providing solar energy to the government of India. It also charges Gautam Adani, founder of the Adani Group, personally with meeting with these officials to discuss the arrangements. Gautam Adani, his nephew Sagar Adani, and six executives tied to the Canadian pension fund CDPQ and its investee firm Azure Power, have been charged by the U.S. Department of Justice for their role in bribing Indian officials for favorable agreements about green energy projects. Impact on Stocks of Adani Group The most recent allegations have caused a...