Mangaluru prone to earthquakes, says survey

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.

Hubli, May 2: Around 1400 migrant workers from neighbouring districts, working at brick manufacturing factories in Hubli were sent to their respective districts on buses, amid coronavirus lockdown on Friday.

Dr Purushottam, Nodal Officer, COVID-19 task force said, "Total 1473 labourers from eight neighbouring districts, working in the brick manufacturing units of our district were sent by 74 buses. 876 labourers are from Kalburgi where we are sending 44 buses, 350 labourers are from Vijaypura where we are sending 27 buses."

He continued saying that 20 persons will be accommodated in a bus while maintaining social distancing.

"Before the labourers boarded, the buses were disinfected. NWKRTC officials took a special interest in doing so. The District Collector has written letters to the concerned DCs regarding shifting of labourers in every bus, one Nodal Officer will handover them to the local officials," Dr Purushottam added.

On Friday, the buses were sent to seven districts and one bus will be sent today.

Mangaluru, Jan 22: Mangaluru Commissioner of Police PS Harsha said that Aditya Rao, who surrendered before Bengaluru Police after planting an improvised explosive device (IED) at the Mangaluru International Airport, is now in their custody.

"Our Investigation team arrested Aditya Rao in Bengaluru in connection with planting of an explosive device at Mangaluru Airport on January 20. We produced the accused before Bengaluru first JMFC court and court issued transit warrant," said Harsha.

"We have brought him to Mangaluru from Bengaluru, now the accused is in our custody, our investigation team will interrogate him. We will investigate all aspects. He will be produced before Mangaluru 6th JMFC Court," he added.

Rao hails from Udupi and has engineering and MBA degrees.

According to the police, the IED was recovered from a bag at Mangaluru airport on January 20. It was later defused in an open field by the personnel of the bomb disposal squad.