Students from Shiroor-based institution visit Kennedy space centre

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, Jan 30: There are around 3 lakh Bangladeshis across Karnataka and around 3,000 of them left Bengaluru following the recent crackdown, according to Bhaskar Rao, Bengaluru city police commissioner.

It's the first time a high-ranking official has put a number to Bangladeshis in Karnataka following the debate over the new citizenship law.

At a conclave on 'Construction Workers Safety, Health and Welfare' organised by the labour department and IIMB here, he said the estimate was arrived at based on information sourced from Bangladeshis deported recently.

There's been no study to ascertain the Bangladeshi population in the state, Rao said, adding that most illegal Bangladeshis in Bengaluru are victims of human trafficking.

"They come to Bengaluru for employment. Unlike other cities, Bengaluru has a lot of job potential and pays good salaries too. There are a lot of Bangladeshis working in the construction industry," Rao said.

Workers from Bangladesh demand lower wages. While other labourers demand around Rs 500 to Rs 600 per day, Bangladeshi workers don’t complain about being paid around Rs 100-150,” Rao said, adding that this has encouraged human traffickers to increasingly bring in Bangladeshis.

Suresh Hari, chairman, Confederation of Real Estate Developers Association of India, however, said they’re not aware of the nationality of their workers as contractors bring workers registered for tasks. “It’s difficult to say where they are from as there’s also construction work outside Credai’s purview,” Hari said.

New Delhi, Jul 16: India’s Covid-19 tally on Thursday jumped to 968,876 after the country reported highest-ever single-day spike in coronavirus cases registering 32,695 new infections in the last 24 hours. According to the government data, India’s Covid-19 death toll stands at 24,915 after 606 fresh fatalities were reported in the last 24 hours.

The number of recovered patients in India stands at 612,814. On Wednesday, the government said that a record 20,572 patients recuperated from Covid-19 disease in the last 24 hours (between Tuesday and Wednesday), taking the country’s recovery rate to 63.24 percent.

While the Covid-19 tally runs in lakhs in states like Maharashtra, Delhi and Tamil Nadu, other states have been reporting a surge in coronavirus infections. Karnataka has reported over 47,000 coronavirus cases till date but its active cases are more that of Delhi. It has overtaken Gujarat as the fourth worst-hit state in the country. Gujarat’s Covid-19 tally stands at 44,552.

Here’s taking a look at the Covid-19 situation across worst-affected states:

Maharashtra

The state Covid-19 tally jumped to 275,640 on Thursday. As many as 152,613 people have recovered from coronavirus in Maharashtra while 10,928 have died.

Tamil Nadu

With 151,820 coronavirus cases, Tamil Nadu is the state with second-highest coronavirus cases in the country and has witnessed 2,167 coronavirus fatalities. The number of patients who have recovered from coronavirus in the state stands at 102,310.

Delhi

The national capital is the third worst-hit in India with coronavirus cases jumping to 116,993 on Thursday. As many as 95,699 patients have recovered from Covid-19 in the national capital while 3,487 have succumbed to the infection.

Karnataka

The South Indian state has witnessed 47,253 coronavirus cases till date and is now the fourth worst-affected in the country. While 928 have lost their lives to the deadly contagion in the state. Nearly 18,466 patients have recovered from the disease in Karnataka.

Gujarat

Gujarat has seen Covid-19 cases reach 44,552 on Thursday. The state has seen 31,286 people recover from coronavirus while 2,079 people have died.

Uttar Pradesh

The Covid-19 tally in Uttar Pradesh has jumped to 41,383 while the number of recoveries has touched 25,743. The state’s death toll has crossed 1,000.

Telangana

The state’s Covid-19 tally stands at 39,342 coronavirus cases. While 25,999 people have recovered from the disease, the Covid-19 death toll has jumped to 386 in the state.

Andhra Pradesh

The state has reported 35,451 Covid-19 patients till date. While 18,378 people have recovered from the virus across the state, the death toll stands at 452.

West Bengal

As many as 34,427 people have contracted Covid-19 in West Bengal till date. The state has seen 20,680 recover from coronavirus while 1,000 people have been killed.

Rajasthan

The state has reported 26,437 Covid-19 cases till date. Covid-19 death toll in Rajasthan stands at 530 while 19,502 patients have recovered.