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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.

Bengaluru, May 7: Fear and anxiety gripped migrant workers who lined up at police stations in the city on Wednesday to register for train services without knowing that the state government had cancelled the train facility.

Senior officials in South Western Railway said they were ready to run special trains for migrant workers. On Tuesday evening, the state government decided to withdraw the requests made for 13 such trains to north India after realtors said they need the labourers here.

Migrants continued to stream into the railway station at Majestic, Bangalore International Exhibition Centre and even the bus station hoping for some travel arrangement. Many who were aware of the government web portal, stood in front of the BBMP ward office or police stations for enrolment.

In Varthur, over 100 migrants stood in front of the police station and sought to know what happened to the forms they had submitted four days ago. "We first went to the BBMP office and were shooed away by an official who directed us to go to the police station. We want to go home and demanded that the police help us. There was no response first. Then they came out and beat us," said Pintu Kumar from Mohanpur of Bhagalpur district in Bihar.

Though a video clip accidentally shot by Kumar showed two police personnel charging the cane at them, a police officer from the Varthur station, however, disputed the claim. "The video doesn’t show the cane landing on any person. We were beating the seat and tyre of two-wheelers to send the migrants away," he said.

At Mahadevapura, the workers came in groups and submitted the forms at the police station.

At the railway station in Majestic, a group of labourers from Bihar, Uttar Pradesh and Jharkhand had walked from several areas in south Bengaluru only to be told that there is no train. Mahendra, a labourer from Jharkhand, said they received 5 kg rice and nothing else in the last 45 days. "Now, I don’t want food. I don’t want the job or money. I can't get stuck here. I want to go home,” he said.

'Restore dignity'

Activists and leaders wrote an open letter to Chief Minister B S Yediyurappa questioning the decision to cancel trains without consulting labourers and protesting the violation of their fundamental rights.

The letter had support of 522 organisations and individuals, including Dalit rights organisations and trade unions. It urged the government to restore the dignity of the migrant workers. "We demand recognition of the autonomy and dignity of the migrant workers to decide their travel plans. No one should be forced either to stay back or to return to their home states," it said.

Mangaluru, Jan 23: Bajpe Police on Thursday registered yet another case against the prime accused in Mangaluru International Airport case, Aditya Rao.

According to the police, a complaint was received from the officials of Indigo flight that they had to delay their flight scheduled to take off for Hyderabad at 1615 hrs after receiving a hoax call from Aditya, threatening of bomb.

They also asserted that the passengers were de-boarded from the flight and the luggages were brought back to security check again.