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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, Mar 25: The Indian Council of Medical Research (ICMR) has so far given nod to three private laboratories in Karnataka for testing COVID-19. The ICMR comes under the Department of Health, Government of India

The three labs are KMC Hospital Manipal, Shankar Research Centre's laboratory, and SRL laboratory on Bowring Hospital Road at Shivajinagar, Bengaluru.

Eight private labs from Maharashtra, two from Haryana, three from Tamil Nadu, four from Delhi, and three each from Karnataka and Gujarat have been given permission. 

These labs have over 15,000 collection centres all over the country. Blood samples and throat swabs of coronavirus suspects can be given at these centres.

Mangalore, Mar 18: The Dakshina Kannada District Home Guards felicitated social activist and Executive Director of Centre for Integrated Learning, Sachitha Nandagopal at the Home Guards district office to mark the International Women's Day recently.

She was recognised for her achievements and contributions to the society in the field of education, culture and mental health.

Sachitha Nandagopal, a former Head of Department of Journalism at Besant Women's College and Principal of CMR Post Graduate Centre for Media Studies, Bangalore, is the Co-Founder of Centre for Integrated Learning, Mangalore which is an NGO working in the field of alternative education, adding value to the present education system. As a Facilitator in Dance Movement Therapy, she has founded Anveshanam - Centre for Mindfulness and Emotional Wellbeing, an organisation dedicated to addressing mental health issues.

She was honoured by District Commandant, Dakshina Kannada Home Guards, Dr. Muralimohan Chunthar. Senior Home Guard Ramesh Bhandary, Diwakar, Mahesh and lady personnel of Home Guards were present on the occasion.