A UK court on Friday directed Reliance Group chairman Anil Ambani to deposit $ 100 million within six weeks.
Anil Ambani, once considered among the world’s top rich, has now gone bankrupt. Anil Ambani’s lawyers have made this claim in London court. Actually, an application was filed by the top banks of China in the London court. During the hearing on this application, Anil Ambani’s lawyers have said this.
What Is The Whole Matter?
Industrial and Commercial Bank of China Limited, China Development Bank and Exim Bank of China appealed to the court to issue an order to deposit the money against Ambani. These banks say that Anil Ambani has allegedly not complied with the personal guarantee for a loan of about $ 925 million in February 2012 to repay the old debt. In this case, China’s top banks have demanded recovery of $ 68 million from Anil Ambani.
During the hearing of the case, Judge David Waxman has asked Anil Ambani to deposit $ 100 million in a London court. For this, the court has given a time limit of six weeks to Anil Ambani. With this, he has said that he cannot believe that Anil Ambani’s net worth is almost zero or his family will not help him in the event of a crisis.
What did Anil Ambani’s lawyers say?
At the same time, Anil Ambani’s lawyers said during the court hearing, “Ambani’s net worth has been steadily coming down since 2012. The Indian telecom sector has changed dramatically due to the change in the policy of giving a spectrum of the Government of India. Anil Ambani’s lawyer Robert Howe told the court that in 2012, Ambani’s investment was over seven billion dollars. Today it is reduced to $ 89 million. If their liabilities are added, it will fall to zero.
Anil Ambani’s lifestyle questions
However, the banks ‘lawyers questioned Ambani’s luxury lifestyle, questioning his claim that the banks’ lawyers said that Ambani had 11 or more luxury cars, a private jet, a yacht, and a special Seawind penthouse in South Mumbai is. Judge David Waxman then questioned, “Anil Ambani is insisting that he is personally bankrupt.” Have they filed for bankruptcy in India? “The country’s leading advocate Harish Salve, who is part of the team of Ambani’s lawyers, replied in the negative”.
Meanwhile, Reliance Group indicated to appeal against the court’s decision. A spokesman for Anil Ambani said, “Ambani is reviewing the order of the British court and will seek legal advice regarding the appeal. “