Haryana govt magazine praises veil, sparks row

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.

Udupi, May 20: All the six fishermen were rescued from a deep-sea fishing boat, which capsized after hitting a rock near Malpe here yesterday. 

The boat was owned by Reshma Kharvi. The incident occurred while the boat was returning after fishing to Malpe harbor. 

The helmsman lost control over the boat after steering got damaged and hit the rock and damaged. 

The crew of another boat which was near to the sinking boat immediately rushed and rescued six fishermen.

Attempts to rescue the sinking boat using the yet another boat could not materialise. 

The loss is said to be about Rs 80 lakh, including Rs. 5 lakh worth items, including fish, net, and other accessories. The boat ventured from Malpe port on May 14.

Bengaluru, Mar 31: Persons under home quarantine are directed to send their selfies to the Karnataka government in every one hour, failing which they will be shifted to the state quarantine centres, said Medical Education Minister Dr K Sudhakar on Monday.

"All persons under home quarantine shall send their selfies to the government on a mobile application in every one hour. Failing to do so, teams will reach such defaulters and they will be liable to be shifted to quarantine centres made by the government," he said.

The home quarantine persons will be given an exception for taking selfies during the sleeping time from 10 pm to 7 am.

"There will be an exception in this order for sleeping time, from 10 pm to 7 am," he said.
The total number of COVID-19 cases in Karnataka climbed to 88 on Monday after five more persons tested positive for coronavirus.

Of the five, one is a close contact of an earlier confirmed patient and the others are workers of a pharmaceutical company in Mysuru, from where a person had tested positive, the state health department said.

The country is under a 21-day lockdown to prevent the spread of coronavirus, which according to the Ministry of Health and Family Welfare, has infected 1,251 people so far.