Born twice? PM Modi's MA document creates more controversy!

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.

New Delhi, Feb 17: The Congress high command is likely to announce the party’s key troubleshooter in Karnataka, DK Shivakumar as the next state unit president with MB Patil as the working president, according to party leaders who spoke on condition of anonymity, in what could be a delicate balancing act between competing caste claims in the state..

Former CM S Siddaramaiah is likely to continue as the Congress Legislature Party leader, the leaders added.

The KPCC presidentship has been vacant ever since the incumbent Dinesh Gundu Rao resigned following the defeat in the bypolls, in which the ruling Bhartiya Janata Party (BJP) won 12 of the 15 seats, ensuring a majority for itself in the state assembly.

The state leadership issue became contentious following that, with Shivakumar, a Vokkaliga, lobbying to ensure that his role as party’s main go-to man during difficult times be rewarded, the leaders cited above said. Patil, a former home minister and a Lingayat leader, was the favoured choice of Siddaramaiah, they added.

A former minister in the Siddaramiah cabinet told HT on condition of anonymity the appointment was now “just a formality”.

“How long could the current uncertainty continue? Shivakumar is a go-getter who can also help generate funds for the party. For instance, on the Bidar school sedition issue, we were late and started an agitation only after the accused got bail. With Shivakumar at the helm, we will be more aggressive and able to put the BJP government on a mat by highlighting all their omissions and commissions,” the former minister added.

The decision to appoint Shivakumar -- a seven-term MLA who served in the cabinets of former CMs S Bangarappa, SM Krishna, Siddaramiah and HD Kumaraswamy -- is likely to be a controversial one. He faces ongoing income tax and Enforcement Directorate (ED) probes, is currently on bail after being jailed by the ED in a money laundering case. He

In his 2018 poll affidavit, Shivakumar declared assets worth Rs 840 crore, making him one of the richest politicians in the state. His brother DK Suresh is a two term parliamentarian and is the sitting MP from the Bangalore Rural constituency.

Shivakumar’s latest move to build the world’s largest Christ statue in his constituency in Kanakapura has also come in for severe attack from Sangh Parivar outfits, who claim the land he donated was government-owned and illegally usurped by him.

Political analyst Manjunath said that Shivakumar, if appointed, is likely to inject a great degree of dynamism into the functioning of the party.

“He sees himself as a future Chief Minister and is very ambitious. If the appointments are confirmed, it will only vindicate the fact that the party high command has tried to balance caste interests by having a Vokkilga, a Lingayat and a Kuruba – the three leading castes in the state - heading different parts of the party. Also since the BJP is making a concerted effort to break into the Vokkaliga votebank, nominating Shivakumar would be a smart move to consolidate the community behind the party,” he said.

Bengaluru, Mar 20: Two COVID-19 positive patients in Karnataka have fully recovered and will be discharged today.

Karnataka Medical Education Minister Dr K Sudhakar said: "Two COVID-19 positive patients have completely recovered and will be discharged tomorrow. They will be kept under home quarantine for 14 days as a precautionary measure."

The number of COVID-19 positive patients in Karnataka stands at 14 as of today.

"The total number of positive cases of COVID19 in India stands at 173, including 25 foreigners. Four deaths (1 each) have occurred in Delhi, Karnataka, Punjab and Maharashtra," said the Ministry of Health and Family Welfare in a statement.

According to official data provided by the Ministry of Health, as many as 15 people infected with the virus have been discharged after receiving treatment.