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.
Comments
If you read the History of Meelad un Nabie (Sallallaho Alaih-e-Wassalam) The biggest and the most grand Meelad was celebrated by Allah Ta'ala so from where it became bidat to rejoice on the birth day of Our Beloved Prophrt Sallallaho Alaih-e-Wasalam)? Be happy dont cry bidah like the shaitaan.
Kind words/Kind behavior is for non Muslims/Momins not for the Munafiqs who oppose Mouludunnabi and ask for the proof to celebrate the Moulood, for those Munafiqs Allah Subhan wa Ta'ala has used some words in Quran Surah Al Qalam Verse 13
When Allah Almighty has used those words we are following the Quran there is no harm in using those words for a Munafiq.
Mr. Sayed Kaleem, please use kind words on one another....this is what it is lacking in Muslims....they think superior to one another....if you can try to convince others with your comments with nice words.....try to be a good person first....
Surah Al Ma'idah Verse 114
Surah Al Duha Verse 11
Surah Al Fatha Verse 28
Surah Al Saf Verse 6
Surah Touba Verse 128
Surah Aal E Imaran Verse 164
Surah Al Yunus Verse 57/58
Surah Al Anbiya Verse 107
O Blind , when did you read the Quran? Are you Munafiqs? go back to Quran search for the above ayas
There is no aya in Quraan or any hadeeth which says date or celebrate prophet's birthday. People who dont read tafseer of Quraan do this kind of foolish things to show other religions dat we are not united. There is no one such incident where sahabas have celebrated Rasool's birthday.Guys please wake up & read Quraan wit Tasfeer & follow authentic Hadeeth...May Allah give Hidaya to these people who have taken wrong path by themselves
No Comments/Objection for any Muslim sponsoring cricket tournament and spending lacks of rupees with half naked women dancing on the stage, No question/Objection for the Muslim youths wearing uniform and playing cricket spending their time on the ground why you munafiqs have not questioned, No Objection/Comments on those Muslim college students protesting on the street and blocking the roads and damaging the Goverment Properties and blocking the the roads were many people are serious need to go to hospitals.
why only when the celebration is only for the Milad of the Prophet Sallallahu Alaihi Wassallam.
the above question is for all the Munafiqs who object the Celebration of the Mouludunnabi Sallallahu Alaihi Wasallam.
Moulud or Milad is Prophet's (PBAUH) birthday, which is being celebrated every 3rd month 12th day of the Hijra year... but why moulanas asking people to celebrate it throughout the year....I did not get it....like if there is happiness or sadness or grief they ask people to celebrate birthday of prophet (PBAUH)...no clue....
When a cricket tournament is organized by a muslim sponsor in which half naked women dance on the stage those money spent is not questioned from this idiots, they have problem when a Milad rally is organised where people gather and send Salaath on the beloved Rasool of Allah.
This is very much clear that those who oppose the Milad rally are munafiqs.
Warafa'na Laka zikrak. Rahega yunhi unka charcha rahega, padey khaak ho jaye jaljaney waaley.
U people are blocking the road. Where many people who are serious may have to go to hospital.
We all love our beloved prophet. Don't trouble others during that day.
Many countries giving holiday NOT to celebrate on streets.
Giving zakat to poor is the best celebration.
Sure.. Miskeens will be wholeheartedly invited for my milad to enjoy free biryani..
EID Milad un nabi (SAW) Mubarak Ho for all Momin
FOR ALL THOSE PEOPLE WHO INSIST FOR CHARITY TO POOR PEOPLE RATHER THAN SPENDING FOR MILADUNNABI
PLEASE IMPLEMENT A SYSTEM IN YOUR LIFE AND FAMILY THAT ANY MARRIAGE FROM UR FAMILY WILL BE SIMPLE, AVOID MARRIAGE HALL, AVOID DECORATION, AVOID MEHENDI FUNCTION, AND DONT CELEBRATE BIRTHDAY OF UR KIDS, SPOUSE, BROTHER, SISTER ETC, DONT CELEBRATE THE MARRIAGE ANNIVERSSARY.
INSTEAD DO CHARITY.
FIRST OF ALL EVALUATE YOURSELF AND DETACH FROM ALL THESE DEEDS, THEN COMMENT......
Mr. Salman, when is your milad????
Why don't our Muslim community use brain instead of following the Misguided ulema or grand fathers....
Biddath Mubarak to all Laddu's
Mr.Salman Bhai .u r absolutely right....
Mr. A, FYI, our community is supporting all poor people when it's required at any time and it's not limited to our festivals. Let's them enjoy their day, and don't spit venom...
Happy miladunnabi to fellow muslims...
Very unfortunate. ignorant community celebrating our beloved prophet's death day. which is Rabi Alawwal 12. In Lillahi wa inna ilahi raajioon. Ee qoum eppa sudarra?
What a moment... Jab tak hai jaan... Insha Allah jaroor manayenge eid e milad.. Thanks CD for the coverage n waiting for today's evening procession coverage.
Instead of spending huge money for uniforms , why cant you donate cloths to poor children in the remote area during the birthday of prophet mohammed ??? To whom you wants to show road rally?? why all this celeberations?? There is no birthday celeberations in Islam.
If you want to celeberate Milad, celeberate like Eid ul Fitr and Eid ul Adha when charity is the important order from prophet these two days.
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