After a certain point
in time, money can not make a difference in your life
Mr.PNC Menon, the
founder of Sobha Group of Companies, with an estimated fortune of $ 60 Crore
plans to give half of his personal wealth to charity.
Dubai-based Menon, a
first generation entrepreneur who began his professional career by setting up
an interior decoration firm in the Sultanate of Oman in 1976, told Arabian
Business that he plans to open education institutes in India & Oman.
 |
| Sobha Group Founder PNC Menon. |
50 % Should go to society..!
“Once you make all of
the money I do not think you should keep all of it for your family, a large
portion of it should go to society. I have decided that 50 % of mine should go to society,” he was quoted
as saying in the report.
“My view is very
simple; I am lucky to have made my money. After a certain point in time, money
can not make a difference in your life. I feel that its not even called
charity, it’s about accountability and the responsibility of society,” he said.
21st richest
Indian..!
Mr. Menon was ranked
the Gulf Cooperation Council’s 21st richest Indian with a fortune of $600 million,
in a list published recently by Arabian Business.
His firm established
Sobha Heritage and Sobha Academy in 2006 to provide education & social
welfare to about 2,500 families in 2 villages in India, Vadakkenchery &
Kizhakkenchery.
Real Estate Company
Sobha Developers, where Mr. Menon holds the position of Chairman Emeritus, was
listed on the Bombay Stock Exchange in 2006. Bangalore-based Sobha Developers
was founded in 1995. The Sobha Group employs about 28,000 people across the
Gulf & India.
Shiv Nadar and Azim Premji..!
The Shiv Nadar
Foundation has invested close to Rs. 1,800 crore till date and billionaire
Mr.Shiv Nadar of HCL Technologies has committed to spending 10% of his wealth
for these activities.
Recently, giving more
to philanthropy IT czar Mr. Azim Premji had announced transfer of 295.5 million
equity Wipro shares worth Rs. 12,300 crore at that time held by certain
entities controlled by him, to an irrevocable trust.
The trust will
utilise the endowment to fund, various social, not-for-profit initiatives of
Mr. Azim Premji Foundation, that are expected to scale significantly over next
few years.
Wealth Tax abolished from 2015-16
Wealth Tax abolished from 2015-16
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