Statewide awareness jatha of CPI(M) arrives in DK

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, Mar 5: Flipkart co-founder Sachin Bansal's wife Priya Bansal has filed a dowry harassment case against the entrepreneur at Kormangala police station in Bengaluru, sources said.

Priya alleged that ahead of their wedding, her father had spent Rs 50 lakh for the arrangements and given Rs 11 lakh in cash to Sachin instead of a car. Further, she has also alleged that Sachin has been pressurising her to transfer all the properties that were in her name to him. However, after refusing to do so her in-laws started harassing her.

A First Information Report (FIR) has been filed against Sachin and three others at Kormangala police station in Bengaluru.

The police are investigating the matter.

Further details awaited.

Kasaragod, Mar 31: The latest incidents of critically-ill patients dying due to lack of medical attention has been a cause of concern for the people here who had largely been depended on hospitals in Mangalore.

However the lock down has hindered follow-up treatment for these critically ill as the Karnataka authorities has been steadfast in restricting entry into their land.

The people of Kasaragod has been largely depended on the medical facilities in Mangalore for critical illness care. It was the gross inadequacies in critical healthcare in the district besides rather-easy proximity to nearby and bigger town that many residing on the north-east of the district have since long been making it to Mangalore for treatment of critical illness like cancer, dialysis and the alike.