3 Muslim men thrashed, pushed off moving train for not chanting ‘Jai Shri Ram’

Mumbai, Feb 8: Anil Ambani, the brother of Asia’s richest man has pleaded poverty in his dispute with three Chinese banks seeking $680 million in defaulted loans.

“The value of my investments has collapsed,” Anil Ambani said, according to a court filing by the banks in a London lawsuit.

“The current value of my shareholdings is down to approximately $82.4m and my net worth is zero after taking into account my liabilities. In summary, I do not hold any meaningful assets which can be liquidated for the purposes of these proceedings.”

The lawsuit was filed by three state-controlled Chinese banks which argue that they provided a loan of $925 million to Ambani’s Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. The comments were disclosed on Friday as Ambani sought to avoid depositing hundreds of millions of dollars with the court ahead of a trial.

The embattled Indian tycoon says that while he agreed to give a non-binding “personal comfort letter,” he never gave a guarantee tied to his personal assets -- an “extraordinary potential personal liability.”

The 60-year-old is the brother of Mukesh Ambani, who’s worth $56.5 billion and is the wealthiest man in Asia. Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His Reliance Communications filed for bankruptcy last year.

The banks asked Judge David Waksman to force Ambani to put up $656 million into the court’s account.

Representatives for Ambani’s Reliance Group said they couldn’t immediately comment. They said the group will issue a statement once the court issues the final order.

Ambani’s lawyer, Robert Howe, said the court shouldn’t order his client to make a payment he can’t make. The tycoon argues that an order requiring him to do so would hinder his ability to defend himself in the case, Howe said.

“There’s no evidence of some giant pot of gold that he can pull $1 million, let alone $10 million, let alone $100 million,” Howe said.

Bankim Thanki, an attorney representing Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China, said in a filing that Ambani’s statements are “plainly a yet further opportunistic attempt to evade his financial obligations to the lenders.”

Ambani was caught up in another legal wrangle last year when India’s Supreme Court threatened him with prison after Reliance Communications failed to pay Rs 5.5 billion ($77 million) to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in just in time to make the payment.

Anil said in a filing that he recognized that the judge would want to know if he could satisfy any order to put up funds from outside resources, including his family.

“I can confirm that I have made enquiries but I am unable to raise any finance from external sources,” he said. Judge Waksman had said in an earlier ruling that he believed Ambani’s defence would be shown to be “opportunistic and false.”

Ambani’s lawyer told the judge that as a result of the comments the tycoon’s relatives were unlikely to lend any funds.

There is a “very substantial risk they will never get it back,” Howe said.

Bengaluru, Jul 7: Vasudeva Maiya, former CEO of Sri Guru Raghavendra Co-operative Bank, was found dead in his car in Bengaluru on July 6.

The Subramanyapura police have begun an investigation into Vasudeva Maiya's death.  Source said that he committed suicide. He was a native of Kota in Udupi district.

The car was found parked a little away from Maiya's house at around 6.30 pm on July 6.

The Reserve Bank of India (RBI) had in January imposed restrictions on Sri Guru Raghavendra Co-operative Bank and limited withdrawals to Rs 35,000 by customers.

On June 18, Anti-Corruption Bureau (ACB) raided five offices of Sri Guru Raghavendra Co-operative Bank, in relation to alleged misappropriation of Rs 1,400 crore.

The RBI, Enforcement Directorate, Criminal Investigation Department, and Registrar of Cooperative Societies are looking into the financial irregularities at the lender.

The police also conducted searches at residences of Maiya and the bank's chairman K Ramakrishna in relation to the above mentioned case, sources said.

Bengaluru, Feb 25: Opteamix LLC (Opteamix), a digital technology firm, announced today that they have been awarded as a 'Dream Company to Work For' by the World HRD Congress.

Opteamix was ranked 11th in this category which had companies from multiple industries across the globe vying for the title.

In addition to the Dream Company ranking, Opteamix was also recognized for its innovative HR practices and Corporate Social Responsibility practices. The event took place at Taj Land's End in Mumbai on February 16.

Opteamix presented their concept 'Happiness at Work - When Culture drives Performance' that elaborated upon the methodology behind the enhancement of employee happiness.

"We have taken a holistic approach to help our people stay happy at work. While we knew that EQ and IQ were critical to the growth of people, we also believed that it is the Spiritual Quotient (SQ) which our in-house NGO - Right To Live caters to, that helps our people experience next-level career growth," said Varsha Dubey, Lead - Happiness and Learning Activator, while explaining the theory behind the happiness at work during the 30-min presentation before delegates from 65 countries.

"We have empowered our people by equipping them with the right set of tools to help them excel in their performance based on OKR (Objectives and Key Results), CFR (Communication, Feedback, and Review) and Competency Mapping. The optimum blend of these performance management tools has resulted in making a significant impact on the careers of our people and therefore, happy people and 100 per cent innovation and efficiency at work," added Shalu Priya - Director, People Experience.

Now in its 28th year, the World HRD Congress presents awards to organizations that promote innovative human resources practices. The award categories include leadership, talent management, employer branding, training and development, employee engagement, and more.

In the recent past, Opteamix had been recognized for its commitment to employee excellence with numerous awards and recognitions including 'Dream Companies to Work for' in 2017 and 2018.

World HRD Congress is billed as South Asia's largest HR event, featuring an eminent panel on international and local speakers from across public and private sectors.

The conference serves as a platform for the HR fraternity to deliberate on the insights, initiatives and implications of people management practices. The theme this year 'Happiness at work', recognized individuals and companies for their exceptional people management practices.

"We strongly believe in creating a culture of happiness at Opteamix. To us, happiness is as important as revenue and profits. The culture of happiness has been the Opteamix way of life since inception, which has led us to achieve our ultimate goals - higher career growth for all members and richer customer experience," said Raghurama Kote - Founder and COO of Opteamix, on being asked what a happy organization meant to him.