BM Farooq issue: Mohiuddin Bava will not betray Congress, says KPCC chief

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.

Kasaragod, Jul 8: A 48-year-old man, who died on Tuesday, has tested positive for COVID-19 on Wednesday.

A native of nearby Mogral Puthur in Kasaragod district, Abdul Rahmn was running a business in Karnataka’s Hubli since long time.

He had recently returned to his hometown from Karnataka through Talapady border on the outskirts of Mangaluru.

Sources said, despite the man having acute fever, the authorities at the Talapady border not only took any action including informing the concerned, but allowed him to cross over the border in a vehicle.

He was rushed to Kasargod General Hospital soon after returning. Those who had accompanied him from Karnataka to Kerala are now under ouarantine.

Mangaluru, Apr 23: Muslims in coastal Karnataka will fast tomorrow (April 24) along with Middle Eastern Muslims as the Khazis in the region have confirmed the beginning of the blessed month of Ramadan tonight.

Religious authorities in Saudi Arabia and a few Middle Eastern countries have already declared that Friday will be the start of the month of fasting.

In Kerala and twin districts of coastal Karnataka - Dakshina Kannada and Udupi- the announcement was made following maghrib praers as the cresent moon was sighted in a few places in Kerala.

The Thakbeer was pronounced from the minarets of the mosques across Dakshina Kannada and Udupi after Maghrib Namaz as the religious heads confirmed the moon sighting. 

However, the religious heads including Mangaluru Khazi Twaqa Ahmed Musliar and Udupi Khazi Ibrahim Musliyar Bekal, have urged the Muslims to offer all the prayers including Taraveeh at homes along with family members due to the lockdown imposed to prevent the spread of coronavirus. 

There will be no congregational taraveeh prayers in mosques and Muslims should follow the covid-19 guidelines of the government, they stated.

Ramadan begins around 11 days earlier each year. Its start is calculated based on the sighting of the new moon, which marks the beginning of the Muslim lunar month that varies between 29 or 30 days.

During the month, Muslims are expected to abstain during daylight hours from food, drink, smoking and sex to focus on spirituality.