Udupi: 96-year-old dies in note exchange queue before a bank

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, May 15: Dakshina Kannada saw a record spike in the number of fresh COVID-19 cases today, which triggered panic among the people of the district, which is currently under orange zone.   

According to the mid-day bulletin of the Department of Health and Family Welfare, as many as 16 people from Dakshina Kannada tested positive for the covid-19. 

Among them 15 are the Gulf returnees who were brought by an Air India Express special flight from Dubai to Mangaluru International Airport on May 12. 

As many as 179 repatriates had landed at Mangaluru Airport. Among them 125 are quarantined in Dakshina Kannada, 49 in Udupi and five in Uttara Kannada districts.  

Meanwhile, a 68-year-old woman from Surathkal area in Mangaluru, who is suffering from Severe Acute Respiratory Infection (SARI) was also tested covid-19 positive.

This is the highest number of cases reported in a single day since first case registered in the district on March 22 when Dubai-bound youth from Bhatkal was tested positive. 

With this the total number of covid-19 cases in the district mounted to 50 including five deaths. Many of them have returned home after recovery.

3 members of a family test positive

According to Deputy Commissioner Sindhu B Rupesh, three members of a same family are among 15 gulf returnees who are tested positive.  They are a 45-year-old man, his 33-year-old wife and their 6-year-old child. 

Six among those who tested positive today are above 60 years of age, said the deputy commissioner. 
 

Mangaluru, Jan 3: General Secretary of the All India Sunni Jamiyyatul Ulama, AP Aboobacker Musliyar Kanthapuram, visited the family members of Abdul Jaleel and Nousheen, expressed his condolences.

Jaleel, resident of Bundar Kandak and Nousheen, resident of Kudroli were killed in police firing that took place during the anti-CAA protest in the city on December 19.

Former President of the District Wakf Advisory Committee of Dakshina Kannada SM Rasheed Haji, Corporator Lateef Kandak, Congress leader N S Kareem and Ashraf Kinara, Samsuddin Kudroli were also present. 

DYFI delegation

Meanwhile, a central delegation of the Democratic Youth Federation of India also met the families of the both the victims and expressed solidarity with the kin of the deceased.

The delegation comprised of DYFI national president advocate Mohammad Riyaz, other leaders such as A A Raheem, S Satish, S K Sajeesh, legislator V K Sanoj and DYFI State present Muneer Katipalla.