Hindutva protesters violate Section 144 in BC Road; 2 MPs among many arrested

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 19: To better enforce social distancing and prevent further spread of Covid-19, the Karnataka health and family welfare department on Wednesday said it will "stamp the back of the palm" of international passengers advised to be on home quarantine, along with the date they are allowed to get out of home. The stamping process began at 12am Thursday.

Pankaj Kumar Pandey, commissioner, health and family welfare, said: "It is noted that a few passengers under home quarantine are not following the instructions. Therefore, it has been decided to stamp the back of the palm of their left hand with a specially designed stamp which will indicate the last day of quarantine."

He said the special stamp will use an indelible ink and "airports in Karnataka have been instructed to follow this without fail". On average, about 3,000 people are arriving in Bengaluru on international flights every day.

The department said social distancing is the only known method of combating the spread of Covid-19 and added, "International passengers are segregated as symptomatic and asymptomatic."

High-risk flyers kept at mass quarantine unit

The symptomatic passengers (Group-A) are taken to designated hospitals; asymptomatic ones, depending on the port of origin, are taken to the quarantine centre or permitted to go on home quarantine.

At the mass quarantine centre, the asymptomatic passengers are divided into moderate-risk (Group-B) and high-risk (Group-C) categories.

“The high-risk passengers are kept at a mass quarantine centre for medical observation. The moderate-risk passengers are being sent for home quarantine where they need to spend 14 days,” the statement added.

Pandey said: “International passengers changing flights within the country cannot be stopped. Ideally, they should be stamped at the first port of entry when they arrive from a foreign country which is not happening.” He said this issue will be brought to the notice of the Directorate-General of Civil Aviation.

Mangalore, Jan 12: City police on Sunday arrested five people for their alleged involvement in a Rs 50 crore fraud by promising people higher monetary returns.

Police said that the arrested persons are Manjunath Nayak, a resident of Derebail; Denzil Mascarenhas, a Konchady resident; Ashok Naik, a Derebail resident; Vikas Nayak and Vishwanath Naik both residents of Bengaluru were arrested.

The arrested were employed in the ‘Speak and Group’ concern, started by Dhanush M K of Kundapur along with his friends. The firm had managed to collect huge sums of money from people, including NRIs by promising monthly four percent returns on their investment. The employees managed to entice people by showing them a few insurance schemes claiming higher returns.