Furniture industry goes up in flames; children evacuated from 3 schools

Shivamogga, Jun 8: Tyavarekoppa Tiger and Lion Safari in Shivamogga re-opened on Monday at 9 am.

Zoo authorities said that they are ensuring that all standard operating procedures are being followed, including ensuring social distancing and wearing of masks by visitors.

It is being ensured that pairs of birds are being kept inside enclosures.

Regular sweeping and spraying on the premises are also being taken care of, authorities said.

Floor markings have been made at the ticket counter to maintain social distancing.

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.

St. Agnes College (Autonomous), Mangaluru, which is celebrating its centenary year, celebrated 99th college day and merit programme of the academic year 2019-20 in P.U College Auditorium on February 11.

Ms. Philomina Lobo, Retired Director, Secondary Education department of public instructions, Government of India was the chief guest of the programme. The programme began by evoking the blessings of God. Sr Dr M Jeswina A.C, Principal, St Agnes College, Sr Dr M Maria Roopa A.C, the Joint Secretary, Mr. Ronald Pereira PTA Vice President, Mr Charles Pais the Controller of Examinations ,Dr Subha Rao were  present.

Ms. Seemanthini, Assistant Professor, Department of Computer Applications presented the annual college report digitally, highlighting the achievements of the institution, staff and students for the academic year.

Addressing the students, Ms Philomina Lobo advised, “You have knowledge and intelligence but you need to pray for wisdom. Use your talents in the right way.” She also mentioned that the companies today are looking forward for skilful youngsters and asked the students to “be skilful” in order to achieve success in life.

Students received Principal's role of honour, various scholarships and merit certificates for their excellence in academics. The cabinet members of the current academic year were also awarded on the occasion. The Principal gave a token of gratitude to Ms Philomena Lobo, who is also an alumna of the college. Mrs Meera, HOD, Department of History proposed the vote of thanks.