I-T searches 130 premises of Joyalukkas jewellery

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.

This January 2020, it is thirty years since the Kashmiri Pundits’ exodus from the Kashmir valley took place. They had suffered grave injustices, violence and humiliation prior to the migration away from the place of their social and cultural roots in Kashmir Valley. The phenomenon of this exodus had been due to the communalization of militancy in Kashmir in the decade of 1980s. While no ruling Government has applied itself enough to ‘solve’ this uprooting of pundits from their roots, there are communal elements who have been aggressively using ‘what about Kashmiri Pundits?’, every time liberal, human rights defenders talk about the plight of Muslim minority in India. This minority is now facing an overall erosion of their citizenship rights.

Time and over again in the aftermath of communal violence in particular, the human rights groups have been trying to put forward the demands for justice and rehabilitation of the victim minority. Instead of being listened to those particularly from Hindu nationalist combine, as a matter of routine shout back, where were you when Kashmiri Pundits were driven away from the Valley? In a way the tragedy being heaped on one minority is being justified in the name of suffering of Pundits and in the process violence is being normalized. This sounds as if two wrongs make a right, as if the suffering Muslim minority or those who are trying to talk in defense of minority rights have been responsible for the pain of Kashmiri Pundits.

During these three, many political formations have come to power, including BJP, Congress, third front and what have you. To begin with when the exodus took place Kashmir was under President’s rule and V. P. Singh Government was in power at the center. This Government had the external support of BJP at that time. Later BJP led NDA came to power for close to six years from 1998, under the leadership of Atal Bihari Vajpayee. Then from 2014 it is BJP, with Narerda Modi as PM, with BJP brute majority is in power. Other components of NDA are there to enjoy some spoils of power without any say in the policies being pursued by the Government. Modi is having absolute power with Amit Shah occasionally presenting Modi’s viewpoints.

Those blurting, ‘what about Kashmiri Pundits?’ are using it as a mere rhetoric to hide their communal color. The matters of Kashmir are very disturbing and cannot be attributed to be the making of Indian Muslims as it is being projected in an overt and subtle manner. Today, of course the steps taken by the Modi Government, that of abrogation of Article 370, abolition of clause 35 A, downgrading the status of Kashmir from a state to union territory have created a situation where the return of Kashmiri Pundits may have become more difficult, as the local atmosphere is more stifling and the leaders with democratic potential have been slapped with Public Safety Act, where they can be interned for long time without any answerability to the Courts. The internet had been suspended, communication being stifled in an atmosphere where democratic freedoms are curtailed which makes solution of any problem more difficult.

Kashmir has been a vexed issue where the suppression of the clause of autonomy, leading to alienation led to rise of militancy. This was duly supported by Pakistan. The entry of Al Qaeda elements, who having played their role against Russian army in 1980s entered into Kashmir and communalized the situation in Kashmir. The initial Kashmir militancy was on the grounds of Kashmiriyat. Kashmiriyat is not Islam, it is synthesis of teachings of Buddha, values of Vedant and preaching’s of Sufi Islam. The tormenting of Kashmiri Pundits begins with these elements entering Kashmir.

Also the pundits, who have been the integral part of Kashmir Valley, were urged upon by Goodwill mission to stay on, with local Muslims promising to counter the anti Pundit atmosphere. Jagmohan, the Governor, who later became a minister in NDA Government, instead of providing security to the Pundits thought, is fit to provide facilities for their mass migration. He could have intensified counter militancy and protected the vulnerable Pundit community. Why this was not done?

Today, ‘What about Kashmiri Pundits?’ needs to be given a serious thought away from the blame game or using it as a hammer to beat the ‘Muslims of India’ or human rights defenders? The previous NDA regime (2014) had thought of setting up enclosures of Pundits in the Valley. Is that a solution? Solution lies in giving justice to them. There is a need for judicial commission to identify the culprits and legal measures to reassure the Pundit community. Will they like to return if the high handed stifling atmosphere, with large number of military being present in the area? The cultural and religious spaces of Pundits need to be revived and Kashmiryat has to be made the base of any reconciliation process.

Surely, the Al Qaeda type elements do not represent the alienation of local Kashmiris, who need to be drawn into the process of dialogue for a peaceful Kashmir, which is the best guarantee for progress in this ex-state, now a Union territory. Communal amity, the hallmark of Kashmir cannot be brought in by changing the demographic composition by settling outsiders in the Valley. A true introspection is needed for this troubled area. Democracy is the only path for solving the emigration of Pundits and also of large numbers of Muslims, who also had to leave the valley due to the intimidating militancy and presence of armed forces in large numbers. One recalls Times of India report of 5th February 1992 which states that militants killed 1585 people from January 1990 to October 1992 out of which 982 were Muslims and 218 Hindus.

We have been taking a path where democratic norms are being stifled, and the promises of autonomy which were part of treaty of accession being ignored. Can it solve the problem of Pundits?

New Delhi, Feb 28: The Congress on Friday reacted sharply to the petition in the court seeking registration of a First Information Report against Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra for alleged hate speeches. It said the petition was to save BJP leaders Pravesh Verma, Anurag Thakur and Kapil Mishra, referring to the trio as "PAK".

Congress leader Jaiveer Shergil told news agency, "It is political interest litigation to hide the failure of the government and to put a lid on the BJP's involvement in fuelling the fire in Delhi riots.

"This is to hide and save BJP's PAK -- Pravesh, Anurag and Kapil," said Shergil.

The BJP has two parameters, the laws for the common man and citizens of the country are different from those for the BJP leaders, added Mr Shergil.

The Delhi High Court on Friday issued notices on a petition for the registration of an FIR against Sonia Gandhi, Rahul Gandhi, Priyanka Gandhi Vadra and others on charges of delivering hate speeches.

Congress said that the PIL was politically motivated and the inaction on the hate speeches made by the BJP leaders, which led to the riots, was shocking.

"When there are 48 cases registered, why three cases against the BJP leaders are not registered," asked Mr Shergil.

A Bench of Chief Justice DN Patel sought responses from the Central and Delhi governments apart from Delhi Police on a petition filed by Lawyers Voice. The matter will again be heard on April 13.

The petition also sought a case against Aam Aadmi Party leaders Manish Sisodia and Amanatullah Khan, All India Majlis-e-Ittehadul Muslimeen leaders Akbaruddin Owaisi and Waris Pathan, and lawyer Mehmood Paracha.

"Issue directions to constitute an SIT to look into these hate speeches and take appropriate action. Issue direction to register an FIR against those named in the petition," the petition said.