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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.

Marriages will have to shed decadence as the state government, in an advisory, has restricted the number of guests to 50 and barred consumption of liquor at such events. 

The advisory was issued in anticipation that the COVID-19 lockdown will be eased in a phased manner. 

The advisory, issued by the Department of Health & Family Welfare, states that events can be held in a “suitable public place with good natural ventilation (no air condition).”

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All guests must have the Arogya Setu app on their phones and the contact details all marriage attendees should be maintained. 

No person from a containment zone will be allowed to attend the event, and persons aged above 65 years, pregnant women and children below 10 years are not permitted. 

Sanitizers are to be provided at the entry and at “appropriate” places. Thermal screening is a must at the entry point of the venue. The scanner should be held 3-15 cm away from a person’s forehead. “Anyone found having a fever (37.5 degree centigrade or 99.5 farenheit), cold, cough, difficulty in breathing shall not be permitted to attend the event and immediately referred to seek medical advice,” the advisory said. 

Besides prohibition on consumption of alcohol, the advisory said paan, gutka and tobacco will not be allowed. 

Face masks are compulsory and all persons should maintain a physical distance of more than one metre. The venue shall be clean and hygienic, with a prohibition on spitting in public places.

A nodal person should be identified to oversee the arrangements, the advisory said.

Mangaluru/ Bengaluru, May 10: Nearly 11,000 non-resident Kannadigas who are seeking repatriation from various countries across the world should be ready to shell out a huge amount for a two-week private quarantine in Karnataka before reaching their home.

The Kannadigas stranded in Gulf countries including UAE and Saudi Arabia have already expressed shock over the high airfare for repatriation during coronavirus lockdown. Another shocker is heavy quarantine fee once they reach their home state.

Officials in Mangaluru and Bengaluru have confirmed that administration has fixed charges for quarantine facilities starting from Rs 1,200 up to Rs 4,500, including food per day. 14 day quarantine will be mandatory for all healthy and asymptomatic international passengers. Hence, they should be ready to pay Rs 16,800  to Rs 63,000.

The other option is government quarantine centres: hostels run by social welfare, backward classes welfare and minority welfare departments but they are far from satisfactory. This is in stark contrast to the plush government quarantine facilities in Kerala.

In Mangaluru

The first repatriation flight to Mangaluru International Airport is expected to land on Tuesday, May 12 from Dubai.

The quarantine facilities include lodges, hostels and service apartments. Rates are fixed based on four categories: basic, economy, medium and premium. The basic facilities are mainly hostels of educational institutions, and the rest are budget and star hotels, said Rahul Shinde, probationary IAS officer, who is In-charge of the quarantine facilities for those being repatriated.

In Bengaluru

As many as 350 international passengers are set to arrive in Bengaluru at 3 am on Monday, May 11. So far, nobody has opted for government quarantine facilities, according to Lakshman Reddy, Joint Director, Social Welfare Department.

In Bengaluru, there are 55 hostels of the social welfare department, 51 of the backward classes welfare department and 12 of the minority welfare department. “We provide them with three square meals a day,” he added.