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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.

Ahmedabad, Feb 24: US President Donald Trump arrived in Ahmedabad on Monday for the first leg of his India trip.

The Air Force One plane carrying Trump and his wife Melania landed at the Sardar Vallabhbhai Patel international airport here at 11.37 am, officials said.

It was scheduled to land at 11.40 am.

Prime Minister Narendra Modi, who reached Ahmedabad over an hour before Trump did, was present at the airport to welcome the US president at the airport.

In Ahmedabad, Trump will visit Mahatma Gandhi's Sabarmati Ashram, take part in a roadshow with Modi and jointly address over one lakh people at a cricket stadium, before heading for Agra to see the iconic Taj Mahal with Melania.

Trump, who is also accompanied by daughter Ivanka, son-in-law Jared Kushner and top brass of his administration, will get a taste of India's cultural melange during his high- optics Gujarat itinerary, after the bonhomie between the two leaders at the 'Howdy, Modi!' event in Houston last year.

The US president and Modi will participate in a roadshow from the airport to Sabarmti Ashram and from there to the newly-built Motera cricket stadium, where over a lakh people are expected to be present for the 'Namaste Trump' event.

Dance groups and singers from different parts of the country will be performing on stages that are dotting the 22- km route of the 'India roadshow' in the city.

Huge billboards of the two leaders and replicas of historic places in Gujarat have also been placed along the roads where people will greet the two leaders.

Over 10,000 police personnel, besides officials of the United States Secret Service, and personnel of the National Security Guards (NSG) and the Special Protection Group (SPG) have been deployed for the high profile visit.

The seventh US president to visit India, Trump on Sunday retweeted a video in which his face was superimposed on the hit Indian movie-character Bahubali, showing him as a great saviour.

Modi will accompany Trump to the Sabarmati Ashram, which was home to Mahatma Gandhi from 1917-1930 during India's freedom struggle.

Several world leaders including Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe have visited Sabarmati Ashram in recent years.

Ashram secretary Amrut Modi said Trump will spend 15 minutes at the place.

"Trump will visit the 'Hriday Kunj'. If he wishes, he will spin a charkha (spinning wheel). We will also gift him a coffee-table book, and a book containing 150 quotations of Gandhi," the Ashram official said.

Hriday Kunj is a room on the Ashram premises where Mahatma Gandhi and his wife Kasturba Gandhi had lived for 12 years between 1918 and 1930.

The official said the US President would be briefed about Gandhiji and the importance of charkha as a symbol of self-reliance.

There will be a cultural extravaganza at the Motera stadium during the 'Namaste Trump' event, where Trump and Modi will address the gathering.

Bollywood singer Kailash Kher and some Gujarati folk singers will perform at the stadium, officials of the Gujarat Cricket Association said.

Students of various government and private schools have also been roped in to perform at cultural events and they have been practicing for days, an official said.

Billboards with slogans hailing Indo-US relations and having pictures of Trump and Modi walking together, shaking hands, and waving at the crowd during the 'Howdy Modi' event are dotting the city.

Bengaluru, May 17: Karnataka Government on Sunday decided to appoint Administrative Committees, to over 6000 Panchayat Bodies, in the state, who’s five-year term would comes to an end this month.

Speaking to the media here, the Karnataka Panchayat Raj Minister, K S Eshwarappa informed that the state cabinet met recently had favored to appoint committees which would replace the elected bodies.

Informing that there is provision in the Panchayath Raj Act to appoint the committees, he said that the concerned Deputy Commissioners of the district, would appoint the members, to the committee, who were eligible to be nominated to the committees.