Coastal districts celebrate Ayudha Pooja with pomp and gaiety

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, May 9: Karnataka government in its latest order has allowed restaurants, pubs and bars to sell liquor at retail prices from May 9 till May 17. The third phase of coronavirus lockdown is slated to end on May 17.

"Karnataka government has allowed restaurants, pubs and bars to sell liquor at retail prices from tomorrow till May 17. However, they can be sold only in take away form," read an order issued by the state government.

Earlier, the government had allowed the opening of liquor shops in order to mobilise revenue. However, bars, pubs, restaurants were ordered to remain close amid the COVID-19 lockdown.

As per the latest update by the State Health Department, the total number of coronavirus cases in the state is 753. "Of 753 cases, 346 are active cases. 376 persons were discharged after treatment while 30 people have succumbed to the coronavirus," the Health Department said in a release. 

A 32-year-old Dalit man was allegedly stripped and assaulted by a group of 13 youth in Karnataka's Vijayapura for reportedly touching a motorbike of an upper caste owner, police said on Monday.

"On a complaint by the Dalit victim (Kashinath Talwar), we have booked the 13 accused and investigating the incident, which occurred at Minajgi village near Talikoti on July 18," Vijayapura district Superintendent of Police Anupam Agarwal told reporters here.

"Though Talwar claimed that he touched the bike by mistake and pleaded for mercy, he said the accused severely thrashed him with sticks and footwear and took off his pants while he lay on the road haplessly," Agarwal said, citing from the victim's 2-page complaint in Kannada.

A video clip of the assault went viral on the social media and triggered outrage in the district against the upper caste accused, as the intervention by the victim's parents did not stop them from carrying the assault. Vijayapura is 524km northwest of Bengaluru.

Dalit man stripped, thrashed in Karnataka village just for ‘touching’ bike pic.twitter.com/pMLSnaVcTp

— coastaldigest.com (@coastaldigest) July 20, 2020

Talwar's father Yankappa also alleged that he, his wife and their daughter were also attacked by the accused when they tried to rescue him from being brutally assaulted.

In a related development, two-three women in the village also filed a complaint with the police against Talwar for allegedly eve-teasing and 'flashing' before them.

"We have summoned Talwar to inquire about his conduct as the women alleged that he teased them, touched them inappropriately and exposed his private parts while they were washing clothes outside their houses," Agarwal said.

2/2

Here is the FIR and complaint copy pic.twitter.com/mKmJ2NC5bR

— Kiran Parashar (@KiranParashar21) July 19, 2020