Anil Ambani-led Reliance Infrastructure has approached the Mumbai Centre for International Arbitration against Adani Transmission. The Reliance owner filed an arbitration claim of Rs 13,500 crore against Adani’s power distribution arm over breach of terms of a December 2017 share purchase deal. Notably, power businesses including generation, transmission and distribution in Mumbai were transferred to the Adani Group for Rs18,800 crore. The… read-more
Courtesy: The Free Press Journal
Industrialist Anil Ambani, Chairman of Anil Dhirubhai Ambani Group (ADAG), resigned as the Director of Reliance Power and Reliance Infrastructure, on March 25. Earlier, the Securities and Exchange Board of India (SEBI) had barred Anil Ambani from joining any listed company in the stock exchanges. Notably, the market regulator had also banned the industrialist and three others from the securities market for withdrawing money, in February 2022… read-more
Courtesy: Zee News
Banks including SBI, IOB, and Union Bank of India have flagged Anil Ambani-owned Reliance Group entities - Reliance Communications, Reliance Infratel, and Reliance Telecom - as fraudulent. Reportedly, the banks are likely to launch an investigation into the transactions from the accounts of the companies. While banks state that Anil's Reliance owes about Rs 86,188 crore, the company's official website sites Rs 49,193 crore as due.
Courtesy: Business Insider
In order to verify SBI's claim that Anil Ambani offered personal guarantees of around $160 million when seeking loans, National Company Law Tribune (NCLT) in Mumbai has appointed a bankruptcy administrator. The former billionaire borrowed loans in 2016 on behalf of Reliance Communications Ltd and Reliance Infratel Ltd, which are now claimed to be insolvent. The court rejected "SBI's request for a restriction on Mr Ambani from dealing or… read-more