Unable to withdraw money for exam fees, college student hangs self

New Delhi, May 8: After deadly styrene gas leak in Visakhapatnam, Union Chemicals and Fertilisers Minister D V Sadananda Gowda urged all public and private chemical makers to exercise caution and care while reopening their plants.

Union Environment Ministry and State Pollution Control Boards have also issued separate directives to all companies to take extreme precaution while restarting their units that remained suspended due to the lockdown imposed to contain the spread of COVID-19 in the country, he said.

There was a gas leak from LG Polymers plant at Visakhapatnam in the early hours on Thursday, causing 10 deaths and hundreds of people getting hospitalised.

"LG Polymers does not come under direct control of our ministry. However, we have asked all public and private chemicals manufacturers to exercise caution and care while reopening their plants," Gowda told PTI.

The minister said his officers are coordinating with the Andhra Pradesh government.

He further said LG Polymers, a multinational chemical company, had kept its unit ready for reopening after one and half month of lockdown. The unit started leaking at around 3.40 am on Thursday due to pressure.

"The toxic gas leak has affected both people and animals. Around 850 people have been hospitalised," Gowda said, adding that measures have been taken to control the situation at the plant site and final updates are awaited.

At present, Indian chemicals market size is about USD 163 billion, which is only three per cent of the global chemical industry of USD 5 trillion, as per the official data.

Kalaburgi, Jan 2: At least 10 students sustained injuries when a private bus carrying students of a school on an educational tour rammed into a tree today morning.

The mishap occurred when the students of Ayyappa School located in Chennaveera Nagar were going around the city in a bus during their tour.

The bus crashed into a tree near Venkatagiri Hotel on New Jewargi Road in the city.

A case has been registered at a traffic police station.

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.