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
Ahmd
What are u teaching vedas to them. they are not following vedas, because they are worshiping Devils.
Ganapathi's father Shiva, Could not recognize his own son Ganapathi, How will he Recognise u.
master plan of MELVIN.. he need post in BJP.. tiz move is very danger to christian community please dont believe MELWIN and RSS ....
OMG...Christian Hindu Bhai Bhai....Hum Saath Saath Hain..Dear Father's And Sister's Dont forget Church attack incident that took place in Mangalore. These are the same people who beat innocent Nuns, Womens and Children. MIND IT.
why don't Chaddis go to churches and masjid..???? why don't they show unity..????. Chaddis wants other religion people to live like their slaves. (vinashakala vipareetha buddi)
This is not communal harmony ....this is an act of cowardness .....
Communal Harmony does not mean worshiping another God or another god of any other religion ...Harmony means give and take respect and love each other. and do respect all religion ....
DOnt misuse Communal Harmony
Guys in movies u have watched khans dancing , praising In front of Hindu Gods....but It doesnt Mean They worship or Believe...its a Part of Movie To entertain.....this Is Also same Its Part to Maintain harmony....plz take Things In different Angles....
Prem ...Jesus never Denied When His Follower Called him God.
VIREN #6
Muslims are NOT ABUSING but telling the TRUTH.
Vedas says NA TASYA PRATImA ASTI which means there is no image of God... it also says God is one ...
Muslims are telling that what VEDAS says is right and we ask U guys to PONDER on Y VEDAS says the following
*NA TASYA PRATIMA ASTI (S upanishad 4:19)
*They enter Darkness those who worship natural things, They sink deeper in DARKNESS those who worship Sambhuti (Created things) - Yajurveda 40.09
*God is one without a secong (Chondogya 6:02 1)
*Of that God there is no image primita (YV 32:3)
* All those whose intelligence has been STOLEN by material desires, they worship many Gods - Bhagwat Gita 7:20
READ to understand ...
Remove your hatred and use your intellect to know the reality of IDOL Worship.
You pray Ganapati and throw him in the sea at the end of the day....pity on you guys....I have seen people take drinks and dance behind it...no God fearing...no honesty....no devotion at all...looking for creating problems around....very bad....
They could have gone and prayed some other temples but not in RSS HQ....shame on them....they are scared of.....Muslims would not do this type of shirks....
Dear Vimala... #7
It is better to obey God (Who says worship him alone) rather than disobeying cheddis who want people to bow down to idols.
U will never recognise the devils trap in worshiping many man made created objects UNLESS U READ the manual from God...
QURAN challenges human being to create a book like that or a verse similar to it.
If U not read, then please read it and use your intellect to know what God says about the CREATION and life of this World... Please
Recognise YOUR CREATOR and worship him alone... it will be better for our life and hereafter.
Here some Zakir Naik Bhakts are trying to preach their religion. I request the moderator to remove the unnecessary out of the topic comments.
You have done a good job by posting a news report that spread the message of unity. But, some readers trying to create communal disturbance.
God Created man with intellectual power which we need to use it.
Stones are created lifeless by God
When we dont use our intelligence, We bow down to lifeless objects instead of God himself.
Its a great injustice done by human being to God..
God created U and U worship the STONES.
People should know who is their CREATOR rather than bowing down to lifeless object which cannot benefit nor harm the intelligent mankind... which blessed with life itself.
if U R TRUTHFUL in searching God ... He will guide u, if u are HONEST.
Dont fall trap to LIARS and AGGRESSORS of our Society.. God's help comes when we stand with the TRUTH....
Ok Ok.. I fully agree that these are peace loving people. By the way where were they when true Indians were fighting for the freedom of the nation? Both of them were with ......?
This is the spirit of truth. It attracts people of all faiths. Hats off the Christian nuns and fathers for their open minded gesture. Muslims should learn from Christians how to live in a multi cultural society.
As rightly pointed out by V Nagraj ji, these nuns and priests have proved their honesty. Can the peace loving Hindu community expect same gesture from one umma gang? Or they will continue to abuse all Hindu gods as per the teaching of their scripture ?
I think they did not woship Ganapati. They just offered a saree and took prasadam. Actual worship takes place in the heart and it cannot be seen by anyone. This is just a harmony visit.
If God cannot recognise his own son... Then how will he recognise his creation ....
If God cannot replace his son's head , Then how can we depend on him for our blessings.
Something is wrong.. either cheddis are against NA TASYA PRATIMA ASTI or those who worship idols are ignorant about God...
Please search for TRUTH.. God guides those who are HONEST from their heart..
No need to Fear cheddis and sell your souls to cheddis..
Worship the Creator and not his creation...
Jesus never said worship me but the father.... (God).
Na Tasya Pratima Asti - There is no image of God.. (What U worship in the form of idol cannot be god as per Vedas)
Add new comment