Mumbai, Chennai, August 14: The stock-market ‘King of Bulls’ Rakesh Jhunjhunwala — the founder of Akasa Air, the India’s newest private airline – passed away here on Sunday morning following a prolonged illness, his close associates said.
He was not just an investor expecting to rake in returns but an investor who wanted to do good to the society at large by being a shareholder in Star Health and Allied Insurance Company Ltd, said a senior official.
“He wanted a new born baby to have an insurance cover from the day it was born without any waiting period. Jhunjhunwala also wanted the company’s telemedicine facility to be available to all and not just for our policyholders. We also came out with an upgraded insurance policy for diabetic complications. We implemented all his suggestions,” Dr. S.Prakash, Managing Director told IANS.
Prakash said Jhunjhunwala was a firm believer in making a social impact through insurance and wanted to invest in hospitals where people could be served.
At the board meetings, Jhunjhunwala will be very tough. He will read between and through the lines. But outside the boardroom, he was an affectionate individual, Prakash added.
According to Prakash, Star Health’s association with Jhunjhunwala began seven years ago.
“He invested in the company during the financial year 2018-19. He had the highest confidence in the company. While talking over the phone, he would continue trading and would not miss out anything and would also ask questions,” Prakash recalled.
According to Prakash, the one thing that Jhunjhunwala insisted on was to play fairly at the marketplace to scale industry heights.
“During the Covid-19 pandemic Jhunjhunwala insisted to do justice to all the policyholders,” Prakash added.