Sir Dhirubhai Ambaniji was master of equit clut .........ur right

This is how,

Sirji used to issure debentures for certain period and when time of redemption came he would just buy share from open markets in lots so the prices of share would go up. He would then give option to shareholder to convert the debenture in equity which they did happily since they would get more form equity then by reedemming debentures. This save Interest componenet also and also reliane was aaable to reduce tis debt drastically there by making famous the line of traiding on equity

On debt free balancesheet he would secure loans form bank again by issuing them debentures at very high rate of interest(that time Rbi rules permitted bank to invest in instruments and same was stopped after infamous harshad mehta scam) and again bank would convert the same into equity.

To avoid tax the money was routed to islands such as islanl of mahe, cyprus and other tax heavens and then they were again brought into reliance by way of FDI ...thereby prompting government to take drastic stepts of singing DTAA and other agreements with such nations. 

Reliance till 1997 was a "zero tax " company prompting government to introduce MAT.

In short If we read full ca course and then once again look at the formation of reliance ......."WE WOULD BE TOOOOOOO SURPISEEED TO KNOW THAT WHAT WE ARE STUDYINGG TODAY TILL FINAL LEVEL WEATHER IN TAX, ACCOUNTS AND STRTEGIC AND FINANCIAL MANAGEMENT .......OUR GREAT BUSINESSMAN OF CENTURY KNEW IT SINCE 1965 WHEN HE TOOK OVER THE ADMINISTRATION OF RELIANCE" HAD SHRI DIRUBHAI DONE CHRTERED ACCOUNTANCY HE WOULD HAD ESTABLISHED A FIRM AMBANI AND COMPANY WHICH WOULD HAD BEEN AMONG TOP FIVE IN WORLD AND I BET ON IT. HE WAS A MARVELLOUS ONE TIME MAN THAT IS TOO RARE TO BE SEEN ONCE AGAIN FOR MANY MANY CENTURIES

indeed very motivating and inspiring .....

thank u so much 

Great Article .......Keep Sharing

Originally posted by : YASH JAIN
	In short If we read full ca course and then once again look at the formation of reliance ......."WE WOULD BE TOOOOOOO SURPISEEED TO KNOW THAT WHAT WE ARE STUDYINGG TODAY TILL FINAL LEVEL WEATHER IN TAX, ACCOUNTS AND STRTEGIC AND FINANCIAL MANAGEMENT .......OUR GREAT BUSINESSMAN OF CENTURY KNEW IT SINCE 1965 WHEN HE TOOK OVER THE ADMINISTRATION OF RELIANCE" HAD SHRI DIRUBHAI DONE CHRTERED ACCOUNTANCY HE WOULD HAD ESTABLISHED A FIRM AMBANI AND COMPANY WHICH WOULD HAD BEEN AMONG TOP FIVE IN WORLD AND I BET ON IT. HE WAS A MARVELLOUS ONE TIME MAN THAT IS TOO RARE TO BE SEEN ONCE AGAIN FOR MANY MANY CENTURIES

Its good to know that he is not a CA. If that would have been the case, probably brand Dhirubhai would have not emerged. On the top of that, all of us would have said ICAI is great, instead of appreciating his talent and capabilities.

Having a big 4 audit firm would have never made so much of wealth. Nor would have so many people become rich like they have done through having trust in RIL and holding it. The biggest of audit firms are nothing in front of the RIL and many other industries like them today.

Thank you for sharing some valuable insights on the topic.

Really good, Sanjay