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.
Ms Revati, who was posted in Bhatkal town police station, in a complaint to the state chief minister and home minister, has claimed that a few senior police officers in Uttara Kannada tried to cover up the case of attempt to create communal tension in the district.
Comments
That police establishments even in non BJP ruled states work hand in glove with the anti- people fascist RSS is a sad commentary of how our constitutional system is time and again challenged with impunity. Except for few courageous officers who work with conviction the police system as such is corrupted with persuasion of a virulent 'Indian Ideology' as much as the political system is.
That RSS and the police establishments often work hand in glove with each other even in many states ruled by non BJP 'secular' dispensations is a sad commentary on the virulence of the so called nationalism and patriotism propelled by an ' Indian Ideology '
Naushad, CONG not only supporting and BUT hiding in chaddis.....Hijdas
Whoever does this whether he's Muslim,Hindu, Christian or from any other community or religion if try to disturb peace and try to hurt somebodies sentiment to be punished maximum.
Actually the Police authority are the only authority can make peace, keep peace, if they want.
Please Respect each other, their reliogion, their community Etc.
LIV ,LET THEM LIV and ALLOW EVERYBODY TO LIV PEACEFUL LIFE.
Hahaha. That fellow became PM by throwing beef at temple and goes to pakistan for having tea
As Sanaulla said we are peace loving people we are business camunity. What ms Reviti has stated is true inquiry must be done by C B I this is not a first time that miscreant thoren meet at warshp plases Her aligation is true our Acp mr Anup Kumar is bussy in catching cattle traders along with Bajrangdal insteade of catching miscreant isn't it stupidity?
As Sanaulla said we are peace loving people we are business camunity. What ms Reviti has stated is true inquiry must be done by C B I this is not a first time that miscreant thoren meet at warshp plases Her aligation is true our Acp mr Anup Kumar is bussy in catching cattle traders along with Bajrangdal insteade of catching miscreant isn't it stupidity?
What a pity. Long ago a senior Ayodhya seer had called BJP as biggest enemy of Hindus. It's 100 percent true.
What's Congress doing? Supporting cheddis?
VIREN now you need her to provide mental treatment ? first you go through it ....
YOU FOLLOWED HITLER IDEAS...AND SURELY you will follow his END
In Bhatkal Mislims are always sufferer
Muslims are highest paying taxes to the Government
Muslims they stands for economy of Bhatkal. Price rise is higher than
The whole district, even though Bhatkal is peace. Nawayath community in Bhatkal r peace loving people. Hindu girls r working In their house. Muslims employ Hindu girls in their shops. Means we have no difference of opinion at all.
Some miscreants including who Mrs. Revati named in her allegation
Mr. Sunil Nayak just he joined BJP some months ago was a member of a Muslim Sports Centre called Royal Sports Centre and he himself
Mixed with Muslim people during marriage ceremony, sports, Travel
And many other occassion. Now a days he make distanced himself from Muslim friends. Even I wish to tell you he was frequently having beef
In Muslims wedding occasions
Shocking allegation against sangha parivar it is very cheap to blame someone for her sin.
serious inquiry must be done on her complaint if that proved correct, each and every criminals should be given maximum punishment.
we know her behavior.. very harsh in our town,
Revati in need of mental treatment. first she got suspended by assuming she will lose her job for her fault.. she herself resigned before.
Revati slap on, this is wrong to blame someone for your mistake.
her hafta may be pending, until now eaten lancha and lived a wonderful life, now money got over started to blackmail others.
revati.. statement is totally wrong, she just wanted to turn off her case into opposite. corrupt officers like u.. we dont need anymore., go to hell.
Police officers like Ms Revati should shoot those criminals infront of everyone even if he is politician or some group head.
really shocking!!!! from today i will stop joining any group.
this must be stopped.. local people should not support the protest of some group.
whoever involved in this heinous act will die dog's death one day.
yahh exactly right thats why i m not very much bothered about the communal violence. its all pre planned. everyone should do their work and keep quiet from fighting nobody will gain anything instead they will lose.
this complaint should be taken as a general awareness, in my opinion some set of 5 to 10 people want to disturb the peace of the society and some gains, why others are responding to their crime. we all brothers and sisters should live in peace,
She is right in accusing her sanghi seniors .... I was the only person on this forum highlighting this drama of meat placing to stir up social unrest .... Bjp goons hats off to you and Pramod Muthalik for creating social disturbances
naren and viren need some treatment for their mental condition.... i can offer both a better treatment.
viren, bhatkal bjp gooons did this in past also. This time police wanted to frame 1 innocent boy also. psi has taken sunil naik bjp leader name who has given money to 1 person name uday goonda to buy cow meat to throw in dewastan.
I wonder fools like #1 still exists in Karnataka... Want to give merit to the evil doers even if they are exposed of their evil. Only devils are happy when some one is harmed... and dont be a devils agent by supporting the Evil..(throwing beef and blaming others)
More deceptions will spill out in near future in Shaa Allah.
Viren u r one of the educated illiterate person on this planet....if the same allegation she put on muslim community then she is a very good police, otherwise, she is mental.....the whole India knows who are the main culprits are except some communal people like u....
Ms Revathi is 100% correct, hats off brave police officer Revathi
Viren!! Who need treatment for them this statement is funny. This is not the first time. Whenever One particular community is involved in any illegal thongs and get caught, then he is mental. Naren antinationalist need itch guard.
The true face of saffron forces unveiled again. Pity on them. Such people dont hesitate to destroy their own family for political gains.
Lol. funny allegations. I think she needs some treatment for her mental condition.
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