Congress concentrated only on work, no marketing; BJP doing only marketing'

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.

Bengaluru, Mar 25: Former Karnataka Chief Minister Siddaramaiah on Wednesday targetted Centre over surge in coronavirus cases in the country, alleging that the government has miserably failed in tackling the unprecedented situation and was still not managing the crisis well.
"The government has miserably failed in tackling this very serious disease. They are not properly managing the crisis," senior Congress leader Siddaramaiah told ANI.
Siddaramaiah's response comes a day after Prime Minister Narendra Modi announced a 21-day lockdown in the entire country to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease, which spreads rapidly.
In a televised address to the nation, Prime Minister Modi said that it is vital to break the chain of the disease and experts have said that at least 21 days are needed for it.
The Prime Minister said the lockdown has drawn a "Lakshman Rekha" in every home and people should stay indoors for their own protection and for that of their families.
Noting that the Centre has on Tuesday allocated Rs 15,000 crore for the treatment of coronavirus patients and to strengthen health infrastructure, he said testing facilities, personal protective equipment, isolation beds, ICU beds, ventilators and other necessary materials will be ramped up.
The Prime Minister said the country will have to bear the economic cost of lockdown but saving the life of every citizen is his priority and the priority of the Central and state governments as also of local administrations.
Noting that the virus spreads like fire, he said that if care is not taken for 21 days, the country, a family can go behind by 21 years.
According to the Indian Council of Medical Research (ICMR), India has reported about 536 individuals have been confirmed positive among suspected cases and contacts of known positive cases. A total of 22,694 samples from March 24 till 8 pm.
Ten people have died so far due to the deadly virus, according to the data by Union health ministry.

​​​​

Kozhikode, Jun 9: Kerala Chief Minister Pinarayi Vijayan's daughter Veena T is all set to marry DYFI National President and CPM state committee member PA Muhammad Riyas on June 15. Interestingly, it's the second marriage for both. 

Veena, the elder daughter of Pinarayi Vijayan and Kamala Vijayan, is an IT entrepreneur based in Bengaluru.

According to sources, the marriage will be a simple function in Thiruvananthapuram where only close relatives will participate. The marriage registration has already been done. 

"It's only a private affair of two individuals," Riyas told media persons, reluctant to divulge more details. 

The 44-year-old Muhammad Riyas started his political career with the Students Federation of India (SFI) and climbed up the rungs through DYFI. He had unsuccessfully contested against UDF's M K Raghavan from Kozhikode parliament constituency in 2009. 

The son of retired IPS officer P M Abdul Khadar, Riyas is the familiar face of the left in primetime TV discussions, strongly articulating the CPM stance. 

A law graduate, he had begun at the grassroots level and gradually worked his way up the ladder. 

His marriage to Dr Sameeha Saithalavi, a former syndicate member of Calicut University, happened in 2002. The couple separated in 2015 and they have two sons aged 10 and 13. 

The 40-plus Veena is MD of the IT firm Exalogic Solutions since 2014. 

Prior to that, she was the CEO of RT Technosoft, a Thiruvananthapuram-based company owned by NRI industrialist Ravi Pillai. Before that, she had a six-year stint with Oracle. She has a son from her first marriage. 

"They both were divorced for more than five years. They knew each other and the marriage decision was taken by them only. It's completely a private affair," said a DYFI leader.