Mangaluru: Youth dies as car hits tree

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.

Mandya, Feb 9: A youth from Arechakanahalli village of Maddur taluk on Saturday allegedly committed suicide in Bengaluru after his lover got engaged to another man.

The body of the deceased, Darshan, was found hanging from the celising of his room in Bengaluru. According to Darshan's relatives, he was in love with a girl for the past few years.

Darshan had wanted to marry her, much to the chagrin of her parents, it is said.

The girl's parents had allegedly warned him of dire consequences if he did not stay clear from their daughter. In the meanwhile, she got engaged to another man.

Feeling left out, Darshan allegedly ended his life. In the suicide note, Darshan has held his lover and some of her relatives responsible for his death. He has also claimed that his family was facing death threat from her family.

There are rumours that Darshan might have been killed after he refused to stop seeing the girl. Though both the families are from the same community, their financial status, sources said, is different.

According to the relative of Darshan, the girl is a close relative to a former minister from Mandya district.

"There are reasons to suspect that Darshan might have been murdered, and a suicide note may have been planted at the crime spot.

A proper investigation should be conducted to unearth the truth," he said.

Bengaluru, Jan 2: Accusing Prime Minister Narendra Modi of "neglecting" Karnataka ahead of his visit on Thursday, the state Congress questioned why he did not give adequate relief and pay a visit to the state, when most of its parts were affected by severe floods last year.

Modi will begin his two-day visit to the state on Thursday afternoon.

The Congress' Karnataka unit in a series of tweets also questioned the Prime Minister about not conferring the "Bharat Ratna" on Shivakumara Swamiji of Siddaganga Math, who passed away last year at the age of 111 years.

"Why you did not visit the state, when it was affected by floods? Despite the damage of over Rs 1 lakh crore why you did not declare it as a national disaster? Why you did not give interim relief? When the state government has given a report that the damage caused was to the tune of Rs 35,300 crore why did you sit quiet by giving just Rs 1,200 crore," the state Congress tweeted.

As many as 103 taluks in 22 districts of Karnataka were affected due to unprecedented floods in August, in which over 80 people were killed.

Around seven lakh people were shifted to safe areas during the deluge and thousands of houses were damaged.

In October, various parts of the state faced a deluge for the second time in two months, killing over 13 people and damaging thousands of houses.

Asking as to why the Centre was not giving the state's share of GST amount adequately, the Congress questioned as to why dues under MNREGA programme were not paid so far, and why Karnataka was being neglected while allocating grants.

Questioning Modi as to why he did not visit Tumakuru when Shivakumara Swamiji of Siddaganga Math passed away, the principal opposition party in the state Assembly, also sought to know why the seer was not conferred with the Bharat Ratna yet.

It also pointed out that former Chief Minister Siddaramaiah had written a letter in this regard in January 2018.

The Congress has also hit out at the BJP-led Central government over imposition of Hindi language by neglecting regional languages and mother tongue.

The Prime Minister will kickstart his visit to the state by paying tributes to the late pontiff's 'Gadduge' (final resting place) at the Math premises near Tumakuru.

Later, he will attend an event organised to give away Krishi Karman awards and to distribute fishing equipment at the government college ground in Tumakuru, before leaving for Bengaluru where he will be attending a DRDO event.

On Friday he will be inaugurating 107th Indian Science Congress here.