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
It's a Sunna of prophet when there is lack of rain to pray to Allah. Is there any one in this earth a sky who can bring rain other than allah? A Stones sculpture can barely get rid of a crow sitting on its head , forget about bringing a rain or giving sustainance to this world.
Dear Brother's,
Prakash,Mahesh,Rajeev,Yogesh.We dont blame you people Because its shows your Ignorance.All your Question will be answered one Day.In sha allah.
Try to learn about Islam before you Comment.Later should not say that no one guided you people about Islam.
May almighty allah bless you all and show you all the TRUTH path.So that you can save your self from hell fire.
Mangaluru is Parashurama shristi and not Brahma srishti. Lord parashurama reclaimed this land from sea and blessed this land will be free from drought and natural calamities as long as there would be his believers. So chill , This is May month, don't worry it will start raining at right time, till then let us love and care for all humans and living beings
Only God will give rain. Pray with him. Dear Yogesh, according to you rain will not come without planting tree? Then how come raining heavy in Saudi Arabia these days??? Don't be foolish. Pray with god. Don't depend on forecast. Where were they while Tsunami coming?? Did they informed to humanity about the earth quack and tsunami???
Yogesh/khuswanth or funk,go and marry to donky monkey and crab fool pepole study islam and secure your body from hell.shame on you telling cow is mother .......
Dear Yogesh,
You seem to have little knowledge, just your planting one tree will not save the world. Road developers and Electrical Contractors are cutting so much trees even Lord Indra also can not bring rain to the earth. Just for sake of commenting and Satisfying your itch do not comment. If this prayer do not harm any one and may be if there is a divine blessing what is harm.
O Allah, Shower Upon us Abundant Rain, Beneficial Not Harmful, Swiftly and Not Delayed.
We should go back to God for natures anger....praying Allah is best way to over come problems around...specially water is very essential for human kind if it does not rain, human kind cannot live so pray for him...he is sympathetic and kind...pray as much as you can...he will help overcome problems....
Dear Brothers,
Prakash, Mahesh, rajesh, rajeev, yogesh, kushwant bhat.... we muslim are seeking help from Allah for rain, raining or not raining is his wish..... its our duty to ask help from allah.....you chaddi minded people first change your mentality from sanghi to a human being.... then you will know what is religion and what is islam.
Sins of human being is the main cause for all the clamity human beings face these days. The best way to clear it up is by asking forgiveness from your creator. The people who have studied little bit of science will laugh and mock when people who have little bit of knowledge of his creator ask for forgiveness from him. In 21st century humans have excelled in science, going to space, rockets, tecnology, flying, construction but lost humanity, humility, trustfullness, truthness, spirtual. Its high time to ask forgiveness from Almighty Allah before you return to him. Lot of people won;t beleive in god his angels, his revelation, but they will definately belive in death.
Maintaining the ecological balance is definitely important. And it is important to realize the value of the trees. The cut down of trees happening in the name of development should be looked into closely. The Valencia Jeppu road for example. All the trees were chopped down in the name of creating a double road. We should ask ourself, was it required? That stretch usually doesn't have so much traffic that we had to chop the trees. Let's say for argument sake that this was needed, we still had so much place left to build those additional area required for road. Leaves us with one question, Is this development or destruction?
These brothers are atleast praying to the creator of all things for Rain. This is sensible enough to accept for those who believe in a Lord/God/creator.
But,
What about those who arrange marriages with Donkey, Monkey, Dogs etc.. for Rain.? I think you guyz should try and educate them.
Dear All, specially those mockers OR disbelievers
For instance in Mangalore more than 90% believe in God by their own way,
No doubt, sure these people pray their version of God for their every need. It does not mean every prayer is immediately responded. Praying is our duty and the reply is upto God how he wants to hear it.
Think these Muslims also did their duty leaving the action to the God. Who knows there can be 1true person who is admired by the God to his fullest contentment/ satisfaction.
No Idols
No saints
No animals
No urine
No pictures
No statues...
No MAN made GODs (FAKE GODS)
WE Muslims pray to ALLAH, the lord of the heavens and Earth. ALLAH is the OWNER of this EARTH. it is HE who gives RAIN and it is HE who brings the dead earth to LIFE... similarly our LIFE.
WE muslims Believe in the Unseen world which is around us..and it is explained in the QURAN...
There are many things which QURAN mentions to PONDER. Some people IGNORE what is said in the QURAN..
Whatever said in the QURAN have come TRUE and there are some issues QURAN explained and SCIentist have not come across. which IN-SHAA ALLAH will surely be shown to MANKIND...
ALLAH gives RAIN and it is in his Hands..
Now WE see in DESERT there is water and India is full of GReenery & Rivers still WE see water scarcity.
Recognise your lord ALLAH and dont fall to man made created things... Worship the CREATOR and not his CREATION
The prophets bring truth, when disbelivers done same as above some commentors. This is all timing happening. But these commeators should understand pooling tendor coconut,frog marrige,dog marriage ect.. theses are all the highest level of supersticion. Mr. ur get any message from rain will next week rains????????
Dear Friends, Do not mock people praying to their Lord.
In Islam there is always two level approach, first we have to do the acts using all the resources at hand, including, in this case planting trees, then we have to hope for the best by spiritually connecting to the Lord. You and I cannot bring rain, this is hard truth. if anyone says that I have control over the rain, then he has to be a foolish. Rain, growth of plants and bearing fruits that we eat, are beyond human scope. What we can best do is that we can do the work using all the modern technology and knowledge and connect to the Lord of the World to make it happen. If only rely on the technology and knowledge, then there should not be drought anywhere, there should be earthquakes anywhere, there should not be excess rain anywhere, there should not be tsunami anywhere...
Alhumdulillah good gathering, no one take credit for rain. If rain start it will not say Muslim prayed so rain will b poured on Muslim house. If we cannot do good we do not have right to object it. Plant tree first then say to other. Pray for betterment of our society. Better reframe from negative thinking nd work for betterment of our country
May Allah put mercy on all humanity & fulfill scarcity of water around us...
Dear Brothers... Instead of blaming someone better you look at yourself... What you have done for the human being... Did anyone here try to stop cutting trees or plant trees around your location...? Most of the comments shows like they belong to trouble mongers groups.. They will never think about society development & build peace & harmony among different community... First of all learn to respect each other...
Try to learn teaching of Quran & power of Islam.. May Allah give you all Hidaya... Aameen.
Parakashanna, these people not believing the Miracles, then how comes next week rain??? better bring water in Choppers like Uttarakand, then declare we are the winners!!!!
Wonderful muslim brothers. keep it up good work for the society.
O ALLAH send us rain'\ O ALLAH send us rain\" O ALLAH send us rain\""
Plant tree all over. that will be better idea.
Good work, Muslim brothers. humanity still alive
next week rain will come dont worry.
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