Karnataka turning into a safe haven for terrorists; ban PFI, KFD: Pratap Simha

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, Feb 16: Radhakrishnan V Nair embarked on a journey of exploring complex subjects and opening up the cocoon of existence that puts people in a zone of comfort. One sole mission of the book is to encourage the readers to break out of that comfort zone.

The architect by profession has a novel to his credit, 'The Cave of Freedom' that had earned him critical acclaim from Jnanpith Awardee UR Ananthamurthy. On February 13, a discussion and the reading of his book had the audience riveted to their seats.

The launch of the book on February 13 at Bangalore International Centre was presided over by Bhaskar Rao, Commissioner of Police, Bengaluru, along with Vasudev Murthy, Technology Management Consultant, leadership trainer and author and Ramessh RK, an industrial designer and choir singer who read out passages from the book.

'Radhakrishnan is trying to inspire you to discover the pleasure of breaking the glass barrier along with the protagonist Dr Prateek. The story 'burst out'", said Radhakrishnan when it could not be contained any longer.

The glass ceiling saw a lot of interest from the audience present. The book includes Dr Prateek who is obsessed with saving lives in the Emergency Room (ER) as the world slept. Then on an eerie rainy night, he is kidnapped.

He struggles to come to terms with the improbability of waking up somewhere in Europe and making his serendipitous escape and being back at work the next morning - all physically impossible from the point of view of time and locality.

The glass ceiling challenges you to see tragedies and their impact on a person's mental well-being from a different perspective.

Radhakrishnan V Nair is an architect by profession and runs his Bengaluru-based firm - Archaid, the tagline of which is 'Architecture in Collaboration with Nature'.

Pathnamthitta, Mar 10: A man under observation for suspected coronavirus infection at the isolation ward of the district hospital here fled, but was tracked and brought back within hours. The man was among those who had interacted with the three-member family who returned from Italy and have tested positive for the virus.

Pathnamthitta district collector PB Nooh said one person, who was under observation at the general hospital had escaped but was later tracked and brought back. "If even a single person under observation goes out, it is a threat. This is a public hazard".

The one excercise which the health authorities have to undertake on Tuesday is to see how many people had come incontact with this person after he left the hospital. There is need to isolate those people with whom he mayhave come into contact, the collector said "This is the timeto behave in a very socially responsible manner".

With six positive cases being reported, the state government has already warned that stringent action would be taken against those flouting the directions of the health department. Health Minister K K Shailaja has warned that those coming from COVID19 affected nations, should report to authorities on arrival in the state, failing which a case would be registered against them under the Public Health Act.

A 3-member family, which had come from Italy recently and had tested positive along with two of their relatives had not reported their arrival to the authorities, health officials said.

At least 733 people who had come in contact with them have been tracked, the collector said and have been placed under observation. While 18 have been admitted to isolation wards in hospital the remaining are under home surveillance.

A two-year-old child is among those under obsevation at the isolation ward, health department sources said. The tracking excercise would continue on Wednesday also.

Meanwhile, an awareness class was held for migrant workers at Pathnamthitta district this morning. However, no directions have been issued to workers fromother states to leave the state. "We are planning to give extra care to migrant workerswith labour officer visiting their colonies and as part of theawareness drive and speaking to them in a language theyunderstand," he said.

A three-year-old boy, who arrived with his parents in Kochi from Italy, tested positive on Monday, a day after three people, also with travel history from the European nation,were declared positive for the virus along with two of their relatives.

The Health Minister has said surveillance system would be stregthened with the support of ASHA workers, civic authorities and ward members and resident associations. Presently, 1,116 people are under surveillance in thestate for the corona virus, 967 in home quarantine and 149 in isolation wards of hospitals. Two 90-year-old relatives of the Pathnamthitta family, who tested positive, have been admitted to Kottayam medicalcollege hospital and their samples have been sent for testing, she said. "If they test positive for the virus, it would be highlyrisky", she had said.