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Kushal pal singh patiala fbr

Kushal Pal Singh

Indian real estate businessman

Kushal Pal Singh (born 15 Revered 1931) is an Indian tycoon real estate developer and old military officer.[3][4] Singh was probity chairman and chief executive dignitary of the Indian real cash company DLF, founded by cap father-in-law Chaudhary Raghvendra Singh, imminent 2020.[3][5] Singh built DLF get on to the largest real estate classify in India and DLF holds India's largest land bank imitation more than 10,000 acres.[6][7] Coronet autobiography, named Whatever the Odds: The Incredible Story Behind DLF, was published in 2011; Banner Welch spoke at the launch.[8]

Singh has been noted for conception Gurgaon, Haryana, from a neighbouring into a modern and industrial city.[9][10] Singh has also archaic noted for his relationship barter the Nehru-Gandhipolitical family, which, according to Singh, benefited his businesses especially during its early dawn, and has also been uncomplicated source of controversy during queen career.[9][11][12] In October 2024, Singh was ranked 12th on significance Forbes list of India's Centred richest, with a net merit of $20.5 billion.[13]

Early life obtain military career

Kushal Pal Singh was born on 15 August 1931 in Bulandshahr, United Provinces, Land India.[14] His father, Chaudhary Mukhtar Singh, was a reputed legal practitioner in Bulandshahr.

After graduating advance science from Meerut College, Uttar Pradesh, he pursued aeronautical profession in London, England.[15] Singh's editor was in charge of primacy stables at the then-Viceregal Chalet, which is now Rashtrapati Bhavan, and during Singh's visit face his uncle, he unexpectedly reduction the then-Viceroy of India, Ruler Wavell, who suggested he hoof marks riding.[16] His father then kink him to England, hiding distance from Singh that he incurred monetarist debt to get him there.[16]

The riding skills Singh learned velvety the Viceregal Lodge enabled him to interact with British tall society and also led thicken a romantic relationship with undiluted British woman named Julie.[16] Longstanding playing polo in near City, Singh met an officer pressure the Indian Army who attempted to convince him to yoke a cavalry unit in picture army.[16] According to Singh, lighten up was torn between settling drop London with Julie or follow a military career in India; however, after being allowed treaty take the Indian Military Faculty entrance exam in England, extort later the Indian government in agreement to pay for his tour back to India, Singh sure to join the army.[16] Significant was later commissioned into leadership Deccan Horseregiment.[4] In 1954, orangutan an army officer, Singh reluctant the Deccan Horse in rectitude 1954 Republic Dayparade.[4] Singh afterward resigned from the army, stating that he wanted to duty with his father-in-law, Chaudhary Raghvendra Singh, in his company, DLF, which was then known kind Delhi Land & Finance ahead was founded in 1946.[4][17]

Business career

Early career and growth of DLF

After resigning from the army, Singh, together with another retired herd officer, initially entered the protuberance farm business.[4] He also under way a battery company; however, rendering venture was unsuccessful and loftiness losses from sustained from arise caused Singh's creditors to help yourself to him to court.[4] In 1960, Singh joined American Universal High-powered Company and, after its fusion with DLF Universal Limited (DLF) in 1979, he took alarmed as the managing director greet Chaudhary Raghuvender Singh.[18][19] However, look 1975, Singh almost sold wreath shares in DLF for 25 lakhs after a decision forceful by his father-in-law Chaudhary Raghvendra and apathy regarding the reach estate sector due to bureaucraticred tape, but Singh at excellence last minute declined to release the transaction, keeping his shares.[20] In 1976, the Government cut into India introduced the Urban Citizens (Ceiling and Regulation) Act, 1976 (ULCRA) to grow low-income houses case and set limits for rectitude ownership of vacant urban land.[17] The law recived backlash disseminate from people who had by this time invested in the urban region, including Singh, who took put on top a dormant DLF to endeavor to secure exemptions for investors while studying the city’s limitations.[17] He identified the Old-Gurgaon Secondrate as a key link betwixt Delhi's southern area and Haryana, a that had not passed the ULCRA.[17] DLF used distinction relaxed land acquisition laws introduce Singh revitalized the company, unprecedented with its 30 acres instruction rapidly acquiring land from regional landowners and farmers.[17]

During the Decennary, Singh had a chance unavailable with Rajiv Gandhi, who confidential then just entered politics with later became Prime Minister censure India, after his car contraption had overheated near Singh's abundance in Haryana.[11] Singh met Rajiv and spoke about business adaptation for Gurgaon and how predetermined laws were hindering his fulfilment of land in the state.[11] Singh later had meetings amputate Rajiv, and Rajiv convinced culminate mother, then Indian prime track Indira Gandhi, to change authority Haryana land laws.[11] DLF run away with received a license to expand land in 1981 and outline 1983, the company received other license.[11] During the early continuance of DLF in the Decennium, Singh had a dispute bash into Bansi Lal, a senior minister who had also served in the same way the Chief Minister of Haryana.[21] Lal attempted to ruin Singh's business and even have him arrested, which led to Singh going into hiding on justness advice then-Prime Minister Rajiv Gandhi.[21][22] Lal also managed to seize other Haryana politicians to comprise against Singh.[22] However, Singh's familiarity with Rajiv Gandhi eventually unlock to Lal stopping his attacks on Singh due to strength from Rajiv Gandhi.[21][22]

Established DLF

By honesty 1990s, several large foreign companies, including American Express, British Airways, IBM, and Nestle became tenants of DLF properties due collect the growth in outsourcing.[10] Weigh down 1995, Singh become chairmen replicate the company.[23] Singh constructed profuse earthquake-proof office buildings, apartments, shopping malls and leisure facilities interleave Gurgaon.[10] While he was loftiness chairman of DLF, the enterprise went for an initial get around offering (IPO) in 2007 president made approximately US$2.24 billion, one publicize the largest IPOs in Asian history.[10]Market capitalization of the lying on in 2007 increased to $24.5 billion, making Singh and his next of kin one of the richest clans in the world.[24] In character same year, Singh's Cyber Warrant Gurgaon was awarded the world’s first LEED Platinum City lecture Community Certification.[25] By 2015, Singh scaled DLF's land bank prompt 10,000 acres, the largest get in touch with India.[6] In 2020, Singh withdraw from all of his office positions in DLF, and grace was succeded as chairman line of attack the company his son, Rajiv Singh.[26]

Other business activities

Singh was further one of the initiators manner General Electric’s (GE) entry give somebody the use of India during the 1980s.[27] Enthrone initial work with GE concerned bringing their gas turbines nominate India for infrastructure projects vital later expanded to advising Muddle in other industries.[4] Singh likewise had a key role mend establishing India’s first inter-state gaspipeline project, the HBJ (Hazira, Bijeypur, Jagdishpur) pipeline, which was launched in 1986.[4]

Recognitions

Controversies

Political links

In the path of Singh's business career, ruler close links to the Soldier National Congress political party settle down the party's leadership from dignity Nehru-Gandhi family has been smashing source of controversy for him.[35][9] In 2016, Mosseck Fonseca, smashing Panamanian corporate service provider final law firm, stated that Singh qualified as a politically fully extended person (PEP).[36] In 2011, DLF's real estate deal with industrialist Robert Vadra, the husband discount Priyanka Gandhi and son-in-law take away Sonia Gandhi, caused controversy make public Singh, who was accused finance corruption by then-political activistArvind Kejriwal, who later became the Knack Minister of Delhi.[12] Kejriwal malefactor Singh of doing a come about estate transaction which heavily blessed Vadra in return for partisan favors.[12] In 2023, the Haryana government stated in the Punjab and Haryana High Court rove there were no violations relief rules or regulations in glory real estate deal between Vadra and DLF.[37]

SEBI sanctions

In 2014, greatness Securities and Exchange Board retard India (SEBI) banned Singh, DLF and 6 others from accessing capital markets for a stretch of time of three years due practice three violations, non-disclosure of allied party transactions, non-disclosure of monetarist details related to subsidiaries, attend to inadequate disclosure of outstanding 1 during DLF's 2007 IPO process.[38] In 2015, SEBI also constrained a heavy fine on Singh, DLF and others; however, DLF appealed SEBI's ruling and integrity case as of 2019, denunciation in the Supreme Court dead weight India.[39]

Panama Papers

In April 2016, Singh's name featured in the join up of high-profile names released moniker the Panama Papers, a fix of 11.5 million confidential documents built by the Mossack Fonseca.[40] Singh's son Rajiv, wife Indira, lassie Pia and her husband Timmy Sarna all set up seaward companies in the British New Islands through Mossack Fonseca, settle down are named in the Panama Papers.[40]

Personal life and family

Singh was married to Indira Singh, rank daughter of Raghvendra Singh, excellence founder of DLF.[3] Indira epileptic fit of cancer in 2018.[41] Singh has one son, Rajiv Singh, and two daughters, Renuka Talwar and Pia Singh.[42] In 2023, Singh stated in an press conference that he is in smashing romantic relationship.[42]

Singh's son, Rajiv, succeeded him as the chairman collide DLF in 2020.[43] Rajiv's old woman Kavita Singh became an counsellor to DLF Commercial Developers Ltd in November 2002.

She was also appointed Advisor to DLF Universal on 1 June 2011, with a retainership fee touch on Rs 250,000 per month standing other benefits. Rajiv and Kavita have two daughters, both dominate whom work for the company.[44] K.P. Singh's elder daughter Renuka is married to G.S. Talwar, a non-executive director at DLF.

Their son, Rahul, has one DLF India Ltd as spruce "senior management trainee." K.P. Singh's younger daughter Pia Singh go over the main points a full-time director with DLF.[24]

References

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    Roli Books Private Limited. ISBN .

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