Three Chinese banks sue Anil Ambani for defaulting on a $680-mn loan
By MYBRANDBOOK
Three Chinese banks are suing Anil Ambani in a London court for failing to pay back $680 million in defaulted loans.
The three banks are the Mumbai branch of Industrial & Commercial Bank of China, China Development Bank and the Export-Import Bank of China, who agreed to loan $925.2 million to Anil Ambani’s Reliance Communications (RCom) in 2012. But he was agreed the loan on the condition that he provides a personal guarantee, ICBC’s lawyer Bankim Thanki told the court.
While some repayments were made, it defaulted on its payment obligations in February 2017. The embattled Indian tycoon says 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”.
According to a court filing, Anil went to Beijing in the winter of 2011 to negotiate the loan with ICBC’s former Chairman Jiang Jianqing directly. The lenders sought a share pledge before granting the loans, but the legal dispute centers on whether Anil or one of his associates went on to provide a personal guarantee as security.
While his brother Mukesh Ambani is worth $56 billion and is the wealthiest man in Asia and 14th richest in the world, Anil, on the other hand, has seen his personal fortune dwindle over recent years, losing his billionaire status. His telecommunications-to-infrastructure empire Reliance Group has continued to struggle under a big debt. As of July, four of its biggest units, excluding the phone company, were reeling under a debt of Rs 93,900 crore ($13.2 billion).
Anil was caught up in a similar case earlier this year, when India’s Supreme Court threatened him with prison after RCom failed to pay to pay 550 crore to Ericsson AB’s Indian unit. The judges gave him a month to find the funds, and his brother, Mukesh, stepped in to make the payment.
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Paytm brings UPI Lite Wallet for low-value transactions
Paytm’s parent company One97 Communications (OCL) is emphasizing upon UP...
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
STERLITE TECHNOLOGIES LTD.
AMARA RAJA POWER SYSTEMS LTD.
SAFE SECURITY SERVICES PVT. LTD.
GLOBUS INFOCOM LTD.
Technology Icons Of India 2023: Sunil Gupta
Sunil Gupta is the Co-founder, Managing Partner & CEO of Yotta Infrast...
Technology Icons Of India 2023: Gautam Adani
Gautam Adani is the Founder and the Chairman of the Adani Group, an In...
Technology Icons Of India 2023: Ajit Balakrishnan
The Company markets specific channels, community features, local langu...
BEL leveraging next generation technologies to keep the country ahead in Defence space
Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry ...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
RAH INFOTECH
RAH Infotech is India’s fastest growing technology value added dist...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...