After becoming DyCM he has forgotten Congress; ashamed to call him president: MLC hits out at Param

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.

Mangaluru, Apr 15: For the convenience of the public during the lockdown period, the Department of Posts has been providing essential services to the public at its various branch offices which are functioning from 1000 hrs to 1400 hrs.

Medicines and other essential items can be sent via parcel from any town to any place in Dakshina Kannada and Udupi districts.

Arrangements are also being made to extend this facility to nearby districts. In case of sending medicines and other essentials to other states from Mangaluru, the transportation has to be done via Bengaluru and can be expedited if a request for urgency is made, says a press release from the Senior Superintendent of Posts of Mangaluru Division on Wednesday.

Bengaluru, Jun 29: The results of second pre-university and the Secondary School Leaving Certificate examination results will be out by July last week and August first week, Karnataka Primary and Secondary Education Minister S Suresh Kumar said on Monday.

Instead of giving general promotion to the 10th and 12th standard students as the Central Board of Secondary Education and other states have done, the Karnataka government decided to hold the examination defying the coronavirus scare.

"We are trying to get the SSLC results out by the first week of August.The PUC results will be out in the last week of July," the minister told reporters in Bengaluru.

Amid reports of schools increasing the school fees ignoring the government's direction, the minister said he has got reports that 1,150 schools have increased their fees of which action has been taken against 450 schools.

"We have directed all the schools not to increase the fees in view of the coronavirus scare.

It is a peculiar year.Humanity says no one should increase fees.

We have set up a helpline. If we come across such practices, we will initiate action," Kumar said.

He said an officer has been entrusted to look into the complaints against schools.

Speaking about online classes for kindergarten students, the minister said such classes are not allowed.

The schools can hold talks with parents twice a week about grooming their children.

Kumar said a decision on opening kindergarten schools will be taken after July 5.

He, however, conceded that most parents are unwilling to send their children to school.

The government is gathering the opinion of parents based on which a decision would be taken, he added.

Regarding education to students from Class one to Class 10, Kumar said the Centre has given guidelines, which will be followed.

The state has formed an expert committee to recommend guidelines on education to children from Class I to Class six.

"Once the committee report comes, we will formulate regulations," Kumar added.