State level cricket tourney in city from April 20

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, Apr 3: The laboratory at District Wenlock Hospital has initiated trial for Covid 19 testing, close on the heels of receiving permission from state government.

Doctors, elected representatives and stakeholders had repeatedly demanded that a laboratory should be set up in the port city. Without the lab, the samples were sent either to Shivamogga or to Bengaluru for testing. When Heath Minister Sriramulu had visited Mangaluru on March 17, he had promised a lab in the city for testing of the samples.

Accordingly, the government gave permission for starting the laboratory at Wenlock Hospital. The process of registering the lab with Indian Council for Medical Research (ICMR) will be completed shortly. The laboratory will be fully operational only after it is registered.

Bengaluru, May 27: Amidst helpless calls for learning to live with coronavirus and make a new beginning, the government of Karnataka is considering to reopen schools in the state from July 1.

Primary Education Minister S Suresh Kumar discussed the issue with the officials from the department at a meeting held on Tuesday. 

The expert committee in its report submitted to the Union Ministry for Human Resource Development recommended reopening of schools on July 1. The state department of primary and secondary education also discussed the issue. 

However, no decision has been taken yet and final decision is expected to out in a day or two. A source said that since the timetable for SSLC examination had been published and the lockdown was expected to be lifted after May 31, it had been planned to reopen the schools on July 1.

Following the recent representation by several academicians and social activists urging to cancel SSLC exams, the primary education minister met chief minister and briefed him about preparations for the safe conduct of exams.

“As of now there will not be any changes in SSLC exam schedule. We have reviewed the situation and preparations are underway for ensuring safety of children,” the source added. 

The report submitted by Nimhans about online education is yet to reach the secretariat.