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.
Comments
Dear Sameer,
What can i say, if a Bat hung upside down and laughs at the topsy turvy world. The Bat is also right in its point of view.
I do not benefit from what others have to believe.
So let him follow what he feels right.
Dear Suresh, Its not matter of brilliant or stupid Mr. Kiran Kumar has logically explained the fact and reality, which being hindu I do 100% agree.
Sameer,
Regarding Kiran kumar's comments, i can only say \If we all were so brilliant like him, then today everyone of us would have been Scientist \"
one of his point I agree, real religion is Humanity, love and compassion towards fellow being and all living being on earth.
God is great.. Jai shri Ram, Jai shri krishna,"
Suresh, what you say about Mr. Kiran Kumar comment!!!
Wake up man!!!
Dear Ahmed Ali K.
Yes just by looking at the story isn't it true that at a point of time even you felt that Narada is more powerful than Lord Vishnu himself. This greatness Lord vishnu.
God will never want his devotees, his saints, to be humbled or humiliated, insulted at anytime.
Its is Lord vishnus way of telling we people what is the importance the value, dignity of a revered saint, devotee, guru in his eyes.
The story of how Lord vishnu disguises himself for his devotees
for Sena barber, Lord vishu/hari takes form of Barber and cuts hair of the Sultan.
for Bhakta Kumbhar, Lord hari comes down as a servant and does all pottery work.
for Bhaka Sakubhai, Lord vishnu comes down as daughter-in-law and does all household work and take care of her in-laws till she returns from pilgrimage from Pandarpur.
For Saint Namdev, he comes down to eat prasad at the famous Pandarpur vithala temple.
And the List is endless.
There are more knowledgeable people than me who can explain better.
Jai shri Krishna, Jai Sri Ram.
@Irfan - As of now there are many many good peoples like you living on earth. He will certainly come, when there is not a single good person like you left on earth, then god will manifest himself in some form.
Hope you got it. Jai shri Ram.
Oyee Naren you should look at this now.... This is funny really! Where are you guys why no protest now??
Ramayana, Mahabharata both were frictions/scripts like movie stories written by normal human being Valkimi & Vyasa. Unfortunate that we blindly believe/follow such frictions and ignore the real religion that is called Humanity!!
In reality there is only one super power that's called GOD, who is controlling this entire universe!!
@ Suresh,
present scenario Adharma is increasing why your God is not coming in any form, he is tired or in deep sleep.
Hey Ram, Kya kaliyug agaya !
Dear Suresh
For Clarification only
If Vishnu is a \LORD\" and how can Narada curse a lord?
In this cases Narada is powerful and he should be given higher position"
'He does not have a material form'(na tasya pratima asti).He is transcendental.However matter too comes from God. It is God's energy/potency. He being all powerful can choose to manifest Himself in a material form. That is called a deity not idol. Hence it is deity worship not idol worship. Also idol is a imaginary form, however the material image created is based on detailed description of Sri Krsna. Therefore it is not imaginary.
Islam is not revealed scripture. It provides no clear conception of God. It has created an imaginary personality called Satan and yet blame others for 'idolatry'!!
Dear SURESH,
Ekam evadvitiyam - He is ONE only without a Second.(Chandogya Upanishad 6:2:1)1
Na Casya Kasc ij Janita na Cadhipah - Of him there are neither parents nor Lord. (Svetasvatar Upanishad 6:9)2
What U are telling is stories made by some people who deviated U guys from the true one God..
How can U believe such ill made up Gods who are falling for curses & monkey... .Please use your god given intellectual. & identify what QURAN says about GOD and compare it with what U claim to be God.
Lord Vishnu's incarnation as Sri Rama, was becoz of curse of Narada.
When Narda once insisted Lord vishnu, what is \Maya\", then the next moment Narada was in Maya. He fell in love with beautiful princess whom he wished to marry. So Narada prayed to Lord vishnu that he get the face of \"HARI\" Lord vishnu's face and lord vishnu granted him the wish. But the other meaning of HARI is monkey. So narada got the face of Monkey. Thus Narada Cursed Lord Vishnu, that he may be born as Human being, undergo pain suffering of separations from wife and children. Thus lord Vishnu took 7th incarnation as Sri Rama and this was all pre destined. Infact the purpose of curse of narada was also pre destined. The whole purpose was to anihiliate the Demon King Ravana, and cleansing the earth of evils.
Nothing new. \"Whenever there is decline of dharma and increase of Adharma, then the lord manifest himself for protection of the pious, the destruction of the evil doers and establishing virtue. Thus the Lord manifest himself in every age in one form or the other.\"
Nothing new, people please stop -(being silly, talk silly and doing silly things around). Please read Ramayana, Chant Lord Rama's name and and be happy. In the end only this name will liberate your soul.
Jai Sri Ram."
Put rape and cheating case against Lord Krishna as he raped lot of Hindu girls...what a shame God
Dear Manohar,
Ur divine book also mentioned that GOD is one & Na tasya pratima asti...There is no image of God -
Then How come some people made the pious human being as GOD. as there is no image of God..
We request honestly to look & research your divine book & find the TRUTH behind worshiping the idols...
Suppose Ram found guilty, what type of punishment the Honarable Judge will deliver and how he will be punished??
For sure, He is not God
He was Born & He died same like WE people.. So he is a human just like us... People who are smart will know the reality behind such deception of making human god and collecting money... God doesnt need money... But God ask people to give money to the POOR and not himself..
Add new comment