Jet Airways promoter Naresh Goyal excused himself saying he had to attend to an ailing relative, according to the people, and ADAG chairman Anil Ambani said “prior commitments” prevented him from appearing on Monday.
A company disclosure to bourses said that the brothers ceased to be on the board from January 31, but did not reveal any reason or if they will play any active role in the company. Shares of the company declined 5% on the BSE on Monday, to Rs 19.85. A company spokesperson declined to comment on the reason behind the exit, stating, “the management has not shared any reason with us.”
Anil Ambani has reached the Enforcement Directorate office in order to answer some tough questions in connection with the YES Bank moratorium. Initially, he tried to evade the ED summons citing various reasons. Times Now's Herman Gomes brings latest details. Listen in!YES Bank Crisis: Anil Ambani reaches ED office for questioning
Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said.
According to officials, Anil Ambani has been asked to depose at ED's office in Mumbai on Monday as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank. Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA.
“It is clear that Ambani is not a titular chairman and is involved in running the company," a UK Court said.
Anil Ambani has seen his fortune dwindle over recent years, losing his billionaire status.
Banks wrote off $39 billion loans in 18 months as they battled the world’s worst bad debt pile.
The bids have offered very little upfront cash or are unworkable in the current form, said bankers.
The lawsuit was filed by Chinese banks which argue that they provided a loan of $925 mn to RCom.
The lawsuit was filed by Chinese banks which argue that they provided a loan of $925 mn to RCom.
At the AGM, a shareholder threatened to file class action suit against the group companies.
The statement further claimed that "the Zee group has never made any transactions with Rana Kapoor (Yes Bank co-founder and the past MD who is now in ED custody) or his family or for that matter any private entities controlled by them and that "all credit facilities availed were fully secured".
Kapoor, the former MD and CEO of Yes Bank, was arrested by the agency on March 8 under provisions of the PMLA (Prevention of Money Laundering Act) as he was allegedly not cooperating in the probe related to the crisis at bank he co- founded after the RBI placed its under a moratorium.
The development follows RCom's consolidated loss of Rs 30,142 crore for the second quarter, released on Friday.
Ambani will get his day in an English court to prove his lack of awareness. The bar is high, though.
Reliance Group along side Subhash Chandra's Essel Group were among the large borrowers that Finance Minister Nirmala Sitharaman had named after Yes Bank's board was superseded by the Reserve Bank of India (RBI) and withdrawal restrictions placed.
ADAG further said its entire exposure to YES Bank is fully secured.
The S&P BSE Sensex Index has declined 15% since setting a record high in January.
“RCom in accordance with the stipulations contained in Regulation 30 of the SEBI ....hereby informs ...that resolution professional of RCom has duly filed the resolution plan as approved by the CoC with the... NCLT, Mumbai Bench on March 6, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016,” said the company.
Both Anmol and Anshul have been actively involved in all operations of RInfra.
RCom's September quarter numbers marked the second highest loss posted by any Indian corporate till date.
Interestingly, in 2008 when Anil was ranked sixth among the world’s richest, Mukesh, with a net worth of $43 billion, was at the fifth position.
It also found that loans it had been probing have all been repaid.
Three banks agreed to loan Ambani’s RCom money in 2012, which he has since defaulted on.
RInfra reported 18% rise in its consolidated net profit to Rs 345.51 for Q3.
Reliance Infra's total expenses increased to Rs 4,888.79 crore, as against Rs 4,772.46 crore a year ago.
The moves come as India is battling $130 bn of bad debt that has sparked bankruptcies at some companies.
In fresh punitive action against the Anil Ambani-promoted Reliance Naval and Engineering Limited (R-Naval) for its failure to deliver five naval offshore patrol vessels (NOPVs) under a Rs 2,500 crore deal, the government has issued a show-cause notice to the debt-ridden company and encashed all its different bank guarantees worth around Rs 980 crore.
Three Chinese lenders had taken RCom chairman to court for allegedly failing to clear $680m dues
Anil Ambani-led Reliance Group's private equity arm had invested $12 million in Square Yards in November 2016.
Reema Jain's son, Armaan, is all set to get hitched to Anissa Malhotra.
The private sector lender said that it had a combined exposure to three debt-laden companies: Zee, DHFL and Anil Ambani led Reliance of about Rs.2100 crore or 1.1 percent of the loan book.
The stock is one of the biggest wealth destroyers in the last one year, down 93 per cent.
That’s the longest winning streak since the company’s trading debut in 2009.
Addressing the shareholders at the AGM, chairman Anil Ambani also said the group's defence businesses will also follow an asset- and capital-light model.
Anil Ambani's Reliance Group is planning to pay creditors Rs 150 billion more by March.
Ambani said his NBFC suffered collateral damage due to a combination of factors.
Anil Ambani has resigned as director of Reliance Communications, the debt-ridden company said in a filing on Saturday. According to the filing, Ambani along with Chhaya Virani, Ryna Karani, Manjari Kacker, Suresh Rangachar have resigned as directors of RCom. "Your good office may also note that Shri Manikantan V., has also tendered his resignation as a director and Chief Financial Officer of the Company earlier. The aforementioned resignations shall be put up to the committee of creditors of the Company for their consideration," the filing added.Anil Ambani quits as Reliance Communications director a day after dismal Q2 numbers
Reports have just revealed a coming trial that could be the beleaguered businessman's most bitter harvest yet.
The talks for selling Reliance General Insurance ended after Hero FinCorp struggled to raise funds.
The talks between billionaire Gautam Adani-led group and Anil Ambani-led Reliance Power are at an early stage, the persons cited earlier told ET.
The forensic auditor found “anomalies” in the credit appraisal process of the home financier and noted that more than 80% of disbursals comprised corporate loans to a group of 47 borrowers that shared these common characteristics, according to these people. This included similar registered addresses, common directors and key management personnel.
Lenders of the company had appointed Grant Thornton for the audit, as required under the RBI guidelines.
Any court ruling favouring the banks would deal another blow to the tycoon’s stressed empire.
Anil Ambani said despite no support from the system, his group managed to lessen the debt.
Reliance Infrastructure will use 100 per cent of the proceeds from the sale to pay lenders .
Feeling warm inside the packed court room, Ambani asked why the air conditioning wasn’t on, only to be told he won't have his wish.
Reliance Communications' committee of creditors (CoC) will hold a meeting on Wednesday, the company said in a regulatory filing on Tuesday.
The proceeds will be used to expand capacity and refinance loans taken to fund the acquisitions.
In absolute terms, LIC’s NPAs stood at Rs 24,777 crore on March 31, out of a total debt of Rs 4 lakh crore.
It’s an extraordinary fall for a man listed by Forbes in 2008 as the world’s 6th-wealthiest person.
The company owes Rs 91.78 crore, includes both principal and the interest, to 19,964 retail bondholders but is unable to pay because of a restraint placed by the lenders as it is undergoing is a bank-led resolution process.
HSBC Daisy and others had moved a contempt plea in the appellate tribunal, alleging that Reliance Infratel had not paid up about Rs 230 crore as mandated by the NCLAT.
The AGMs of five of the Reliance Group companies were held back-to-back on Monday.
Says over Rs 60,000 cr receivables are stuck in regulatory and arbitration matters.
Reliance Group chief expects new govt and RBI to provide support in the form of immediate liquidity window.
Ericsson has chalked out options to ensure it gets its settlement amount of Rs 550 crore.
A two-member bench headed by Justice S.J. Mukhopadhaya said that it would hear on February 25 the contempt plea filed by HSBC Daisy Investments (Mauritius) and other minority shareholders over an alleged default in payment against Reliance Infratel and its promoters.
Reliance Infratel, against which also the contempt petition has been filed, is part of RCom.
India Inc is looking to tighten its belt amid the economic slowdown as it gives up on jets.
The 700,000 sq ft Reliance Centre in Santacruz could fetch as much as Rs 1,500-2,000 crore.
Assets up for sale include airwaves in the 850 MHz band in 14 of India’s 22 telecom circles, about 43,000 telecom towers, some fibre and data centres. Bharti Airtel has made the highest bid of Rs 9,000 crore and has offered upfront payment but wants all the assets and not parts of it.
If the payment isn’t resolved by Tuesday, Ambani, 59, risks a three-month jail term.
Ernst & Young has estimated that it would cost $100 billion or so to launch 5G in India.
Reliance Communications, which is undergoing insolvency proceedings, has put all its assets for sale, which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, tower business worth Rs 7,000 crore, optical fibre network worth Rs 3,000 crore and data centres worth Rs 4,000 crore.
Reliance Naval said it is facing an acute cash-flow crunch after orders dried up amid efforts to restructure debt.
State-owned China Development Bank was the biggest creditor to the indebted telecom firm.
It is a relief to the telco which can go ahead with its asset sale and pay off its lenders and creditors.
Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications.
While Airtel and Jio are expected to bid mainly for RCom's 850 MHz spectrum, I Squared Capital is likely to vie for the telco's data centres and optic fibre assets. RCom's 43,000 towers, housed under Reliance Infratel, are also up for sale.
While the SC had on Jan 7 this year directed Ambani to appear in the contempt case filed by Ericsson, the order that was uploaded on the court’s website stated that he was not required to show up.
We once again strongly deny any suggestion that any member of Mukesh Ambani family had or has any undisclosed foreign income or asset and that they failed to disclose the same: RIL spokesperson.
Last week, Rcom Chairman Anil Ambani along with four directors had resigned from the company. The company posted a consolidated loss of Rs 30,142 crore for September 2019 quarter due to provisioning for liabilities after the Supreme Court ruling on statutory dues. This had marked the second highest loss posted by any Indian corporate till date.
India’s economy and businesses are facing many measurable, well-understood challenges. But an invisible crisis that is just as corrosive and harder to fix is underway: the erosion of trust. This is playing out at multiple levels.
On September 20, CARE Ratings had downgraded the RCAP's entire outstanding debt to default.
Anil Ambani talks about his plans of monetising assets to reduce debt and his focus on capital-light businesses.
Jagran Prakashan-owned Music Broadcast is set to acquire Big FM for close to Rs 1,200 crore.
Bharti group and private equity firm Varde Partners have submitted their bids for assets of RCom. The deadline extension was granted in anticipation of other suitors joining the fray.
Anil Ambani's Reliance Group has decided to withdraw the Rs 5,000-crore civil defamation suits filed in an Ahmedabad court against Congress leaders and National Herald newspaper over their statements and an article on the controversial Rafale fighter jet deal.Rafale deal: Anil Ambani to withdraw defamation suits against Cong, Herald
The defamation suits were filed against the National Herald's editor Zafar Agha, and Vishwadeepak, the author of a news article published by it.
Six of the eight big cases decided in 2019 by the NCLAT have been reversed or modified by the top court, a larger proportion than previous years. This has decided the fate of several companies such as Anil Ambani’s Reliance Communications and big-ticket insolvencies including that of Essar Steel India.
With this, RCom, which owes over Rs 50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt.
The tale of the brothers' diverging fortunes began 16 years ago, when their father died without a will.
RCom's committee of creditors will have to approve a new RP with a 66 percent vote after the NCLT starts the insolvency process.
Zee and Dish TV have their promoter pledging 66.2 percent and 94.6 percent of the ownership pledged.
The rating downgrade on GCX's corporate family rating to Ca from Caa1 follows the payment default on the company's USD 350 million 7 per cent senior secured notes.
High fees, frequent policy flip-flops, and endless tax demands have driven most operators aground.
The company told exchanges on April 27 that it only has short-term debt of Rs 950 crore.
Banks have decided to shortlist a resolution professional from a field of 15 players after NCLAT allowed resumption of insolvency resolution action against RCom.
The deal is to counter the Congress charge that BJP had favoured the conglomerate in the Rafale contract.
The Supreme Court had directed DoT to approve RCom’s pact to sell spectrum to Jio after a Rs 1,400 crore guarantee.
The initial public offering (IPO) was slated for fresh issue of shares worth Rs 200 crore.
The Anil Ambani company has not been servicing its Rs 9,000 cr of debt for several months now.
Swedish telecom company Ericsson rejected the industrialist's plea of fund crunch as an excuse claiming that his group had made enough profit to invest in the Rafale deal.
L&T Finance, Edelweiss refute allegations, say had no option but to sell pledged shares.
"A global settlement was reached between the French tax authorities and Reliance Flag in a tax dispute pertaining to the period 2008-2012," the French embassy said.
Asset sales would help Ambani bolster the financial health of his group’s companies.
SBI has ordered an investigation — it suspects diversion of funds, evergreening of loans, preferential transactions.
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