Finally, cops hand over Shiroor ‘moola mutt’ to Sode Mutt

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.

Newsroom, Jan 26: An Indian Muslim youth who had applied for a job in Dubai has been left aghast after his prospective employer, who happens to be an Indian, mailed back chiding him for looking for work and suggested that he should make a living (sic) by joining anti-CAA protestors in Shaheen Bagh in New Delhi.

Shaheen Bagh is the epicentre of ongoing mass demonstrations against contentious Citizenship Amendment Act.

Abdulla S.S, a 23-year-old youth from Kerala, who had applied for a mechanical engineer’s position in Dubai said he is still reeling from the shock of the email he got from UAE-based Indian expat Jayant Gokhale in response to his job application last week.

Hostile response 

“Just a thought. Why u need a job? Go to Delhi and sit in Shaheen Bagh for protest. Every day you will get Rs 1000. Free food i.e Biryani, Unlimited amount of Tea and Milk, some time sweets also,” Gokhale said in the email which has since gone viral.

Scores have shared the email on social media seeking action against Gokhale who runs a consultancy in Dubai. Many said the email is offensive on two counts. First, it ridicules and discriminates a job seeker on the basis of his religious identity and, second, it undermines the credibility of Shaheen Bagh protestors by suggesting that they are being paid to sit in.

Abdullah said he’s sad and appalled. “I shared Mr Gokhale’s email with some friends. Who would have thought it would go viral. I don’t want any controversy. All I want is a job,” he was quoted as saying.

Gokhale apologises

“I am suffering from ill-health and undergoing dialysis. My email is being blown out of proportion. I didn’t mean what I wrote,” Gokhale was quoted as saying by a Gulf based newspaper. 

“My message to candidate was not intended to hurt anyone in any manner or discriminate. I have already sent apology message to the concerned person [Abdullah],” he said in the email reproduced here ad verbum. “I very much value UAE’s outlook, policies and culture. I do not in anyway like to go against values of UAE. In fact I am very thankful to UAE for looking after my health,” he added.