Year Ender: From Ratan Tata's Passing To SEBI Controversy, Here are The Major Headlines Of 2024

In the year 2024, there was a series of controversies that shook India Inc., raising concerns about governance, employee wellness, work-life balance and accountability

This year, Indian industry’s titan, Ratan Tata, the chairman emeritus of Tata Sons passed away on October 9 in Mumbai

Source : PTI, Tata Group

As we are about to enter the year 2025 in a few days, it is time to look back at some of the most prominent milestones, losses and controversies that shaped the business world in 2024. In the year 2024, there was a series of controversies that shook India Inc., raising concerns about governance, employee wellness, ethics, and accountability. Additionally, Allegations of financial mismanagement, lapses in corporate governance, and issues related to data privacy were also brought to light. We also lost some of the most loved business leaders this year.

Here Are Some Of The Major Headlines From The Year 2024

Paytm Payments Bank Controversy

Early this year, the Reserve Bank of India directed Paytm payment bank to stop accepting new deposits in its accounts and popular digital wallets. Concerns over money laundering and questionable transactions involving hundreds of crores of rupees between Paytm's popular wallet and its lesser-known banking arm led the RBI to take this action.

Hindenburg’s Allegations On SEBI Charperson Madhabi Puri Buch

Hindenburg Research accused Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch of financial misconduct, claiming she held a stake in offshore funds linked to the Adani group, which is under investigation by the market watchdog. Amid these allegations, internal turmoil erupted within SEBI as employees criticized the leadership for promoting a toxic work environment.

Ola Electric Gets Central Agency's Notice

In October this year, The Union government stepped in to address growing consumer complaints against e-scooter maker Ola Electric. The Central Consumer Protection Authority (CCPA) acknowledged thousands of grievances regarding service issues and issued a showcause notice to the company.

Hyundai Motor India IPO

Hyundai Motor India made headlines in 2024 with its historic initial public offering (IPO), which became the largest ever in the country. The company successfully raised Rs 27,870 crore from investors. However, despite the high expectations surrounding the IPO, its stock debut was less than stellar, opening at a 1.32 per cent discount on the market.

Death Of One Of The Most Loved Business Leaders Ratan Tata

One of the biggest losses we had in 2024 was the passing of Indian industry’s titan, Ratan Tata, the chairman emeritus of Tata Sons on October 9 in Mumbai due to age-related health issues at the age of 86. Tributes poured in globally for the visionary leader whose stewardship transformed the Tata Group from one of India's largest conglomerates into a renowned global brand. Following his passing, his half-brother, Noel Tata, was appointed chairman of Tata Trusts.

Adani Group Controversy

In November this year, the US Securities and Exchange Commission (SEC) filed charges against billionaire Gautam Adani, founder and chairman of the Adani Group, accusing him of defrauding American investors and bribing officials to secure large solar energy contracts from the Indian government.

However, later reports confirmed that neither Gautam Adani nor senior executives, such as Sagar Adani and Vneet Jaain, were implicated in any bribery accusations. Legal experts, including former Attorney General Mukul Rohatgi, clarified that the allegations were directed at third parties, not the Adani Group.

Merger Of Air India And Vistara

Vistara made its final flight on November 11, 2024, just before merging with Air India the following day. This marked the second major merger for the Tata Group, after the integration of Air India Express and AIX Connect on October 1. Meanwhile, Jet Airways' prolonged struggle ended with the Supreme Court's decision to order its liquidation. The year also saw a surge in hoax bomb threats, with over 700 such incidents disrupting flight operations across the country.

RBI’s Change In Leadership

This year one of the most notable moves was the appointment of Sanjay Malhotra, the Revenue Secretary, as the new Governor of the Reserve Bank of India (RBI). Malhotra succeeded Shaktikanta Das, whose tenure ended on December 10, 2024, after six years of shaping monetary policy.