22 Crore in Reliance during 1982-83. The interesting factor was that all the promoters or owners of these companies had a common surname Shah. With this, the demand increased and the shares of Reliance shot above 180 rupees in minutes. The Bear Cartel bought shares of Reliance from the market at higher price levels and it was also learnt that Dhirubhai Ambani himself supplied those shares to the Bear Cartel and earned a healthy profit out of The Bear Cartel's adventure. The Bear Cartel was acting on the belief that the Bulls would be short of cash to complete the transactions and would be ready for settlement under the "Badla" trading system operative in the Bombay Stock Exchange. 35 Polyester functional yarns per share. An investigation by the Reserve Bank of India in the incident did not find any unethical or illegal acts or transactions committed by Reliance or its promoters. 152 per share was maintained till the day of settlement. On the day of settlement, the Bear Cartel was taken aback when the Bulls demanded a physical delivery of shares. To find a solution to this situation, the Bombay Stock Exchange was closed for three business days. In the case of non-settlement, the Bulls demanded an "Unbadla" (a penalty sum) of Rs. After this incident, many questions were raised by his detractors and the press. The companies refinery at Jamnagar accounts for over 25% of India's total refining capacity and their plant at Hazira is the biggest chemical complex in India.Dhirajlal Hirachand Ambani, also known as Dhirubhai, 28 December 1932, - 6 July 2002, was an Indian rags-to-riches business tycoon who founded Reliance Industries in Mumbai with his cousin. Authorities from the Bombay Stock Exchange (BSE) intervened in the matter and brought down the "Unbadla" rate to Rs. It was rumored that company was making all efforts to ensure that their stock prices did not slide an inch. Reliance, acknowledged as one of the best-run companies in the world has various sectors like petrochemicals, textiles and is involved in the production of crude oil and gas, to polyester and polymer products. These investments were routed through many companies like Crocodile, Lota and Fiasco. After that it was a saga of expansions and successes. The bulls kept on buying and a price of Rs. After making modest profits, he moved into textiles and opened his mill near Ahmedabad. Ambani took his company (Reliance) public in 1977, and by 2007 the combined fortune of the family (sons Anil and Mukesh) was 60 billion dollars, making the Ambani's the second richest family in the world, next to the Walton family. Dhirubhai has been one among the select Forbes billionaires and has also figured in the Sunday Times list of top 50 businessmen in Asia. In 1982, Reliance Industries came up against a rights issue regarding partly convertible debentures. To complete the transaction, the much needed cash was provided to the stock brokers who had bought shares of Reliance, by none other than Dhirubhai Ambani. In 1986 after a heart attack he has handed over his empire to his two sons Anil and Mukesh. To counter this, a group of stock brokers till recently referred to as "Friends of Reliance" started to buy the short sold shares of Reliance Industries on the Bombay Stock Exchange. Sensing an opportunity, a bear cartel which was a group of stock brokers from Calcutta started to short sell the shares of Reliance. The company has further diversified into Telecom, Insurance and Internet Businesses, the Power Sector and so on. The settlement caused an enormous uproar in the market. 2 with a stipulation that the Bear Cartel had to deliver the shares within the next few days. Dhirubhai started off as a small time worker with Arab merchants in the 1950s and moved to Mumbai in 1958 to start his own business in spices. He informed the house that a Non-Resident Indian had invested up to Rs. These companies were primarily registered in Isle of Man. Dhirubhai founded Reliance Industries in 1958. Not many people were able to understand as to how a yarn trader till a few years ago was able to get in such a huge amount of cash flow during a crisis period. The answer to this was provided by the then finance minister, Pranab Mukherjee in the parliament. Now the Reliance group with over 85,000 employees provides almost 5% of the Central Government's total revenue. His sons are carrying on the successful tradition of their father.