Karnataka crisis: Governor sets second deadline; asks CM to finish floor test today itself

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.

Maddur, Feb 7: Two daily wage workers were buried alive after a heap of mud collapsed on them near the Agriculture Department office on the Bengaluru-Mysuru highway, in Maddur of Mandya district on Thursday night, police said on Friday.

Police said that the deceased, Kashinath (37), and Rajgandh (30), were working at a site of the ongoing Bengaluru-mysuru highway development project.

Bengaluru, May 24: In an effort to protect passengers and staff from the risk of COVID-19 transmission, the Bangalore International Airport Limited (BIAL) has introduced a parking-to-boarding contactless journey at the airport.

With a greater emphasis on minimum touch and minimum exposure between passengers and airport personnel, BIAL aims to minimise all physical contact at the airport. The technology will continue to enable a seamless airport journey, with greater emphasis on health and safety.

"As the gateway to a new India, BLR Airport has a key role to play in helping passengers through this global health crisis by reassuring them that their safety is our top priority. We have introduced innovative contactless procedures to minimise exposure at the airport," said Hari Marar, MD and CEO, BIAL.

"These enhancements demonstrate our continued commitment to keep our passengers safe in this environment. We believe our new measures will boost confidence among passengers," continued Marar.

"BLR Airport is all geared up to welcome our passengers back and - working with various government departments - we're committed to offering them a safe experience by implementing the best-in-class standards, procedures and practices," Marar added.

Earlier, Civil Aviation Minister Hardeep Singh Puri said that domestic flight operations will resume from May 25 noting that all airlines and airports were ready but it is not viable to keep the middle seat vacant as it will lead to hike in the ticket price and prescribed social distancing norms would still not be met.