Mangaluru: Two held for assault on youth at Ucchila beach

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.

Mangaluru, May 5: As many as 7,119 labourers, who were stranded in Dakshina Kannada district, were sent to their native places in buses operated by KSRTC’s Mangaluru and Puttur divisions.

After the announcement of lockdown, the stranded labourers were provided shelter in various halls, Town Hall and government hostels in the district.

The stranded labourers from Kuloor, Panjimogaru, Panambur, Baikampady, Yeyyadi, Mulki, Ullal, Bunder, Hoige Bazar and from taluk centres, who wished to take up farming activities in their villages, were sent back in KSRTC and private buses. As many as 266 buses were engaged for ferrying the labourers.

The labourers underwent health check-up prior to their departure to their native villages, Deputy Commissioner Sindhu B Rupesh said.

Bengaluru, Jan 24: The JD(S) is looking to leverage anti-Citizen (Amendment) Act (CAA), National Register of Citizens (NRC) and National Population Register (NPR) sentiment sweeping the country to revive itself and will hold protests in Bengaluru and New Delhi.

The Bengaluru protest is scheduled for Friday. At a meeting of party workers in Bengaluru on Thursday, party patriarch HD Deve Gowda and former chief minister HD Kumaraswamy urged the rank and file to participate in the rally to send out a loud and clear message to the BJP.

"The BJP has set out to make Muslims second-grade citizens. India has 40 crore Muslims, can these communal forces eliminate them all?" Gowda said in his address. "We should have the guts to launch a massive protest at Jantar Mantar. We should be prepared to go to jail in the fight against [Prime Minister] Narendra Modi and [Union home minister] Amit Shah."

Gowda said he will lead the rally in Delhi and urged secular parties to unite to take on the BJP. "It is important that regional parties, which share a secular ideology, unite on a common agenda and fight the BJP. Bihar, Kerala and Odisha have said they will not implement CAA. The sentiment is likely to spread to other states," Gowda said.

Kumaraswamy said not only Muslims but many other communities will also bear the brunt of BJP’s "divisive politics". "This pair of Hakka-Bukka [Modi and Shah] is not targeting Muslims alone," he said. "For them, all communities other than upper caste Hindus are inferior Shudras. They will treat even Lingayats, Vokkaligas and Dalits with the same contempt."

The former CM made a special appeal to Lingayats, who generally back the BJP, to stop supporting the saffron party’s caste-oriented politics. "You had appreciated my farm loan waiver scheme and promised support in the elections. But, the results were contrary to that," he said.

The JD(S) passed three resolutions including one to condemn the Centre for enacting CAA. The others were to protest against the Centre’s indifference to the floods in the state and the failed economic policy of the Centre.