My net worth is zero, says Anil Ambani as UK court directs him to pay $100 mn in lawsuit

NEW DELHI: In a lawsuit filed by three Chinese banks seeking recovery of $680 million in defaulted loans, against Indian businessman Anil Ambani, the latter had said that his investments have collapsed and he is not worth much now.

“The current value of my shareholdings is down to approximately $82.4 million 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,” according to the court filing.

The UK court which is presiding over the case has asked Ambani to pay a sum of $100 million within six weeks towards a conditional order granted to the three banks who are seeking recovery of loans.

It is important to note that last year in November the billionaire industrialist resigned as Director of Reliance Communications as the bankrupt telecom operator nears sale of its assets under a liquidation process.

In March 2019, Ambani thanked elder brother Mukesh Ambani for his timely support as the latter paid the pending amount to the Swedish telecom giant Ericsson a day before the Supreme Court deadline.

Mukesh Ambani paid Rs. 458.77 crores to Ericsson, Anil Ambani’s debt-hit Reliance Communications.

Anil Ambani was held guilty by Supreme Court in a case filed by telecom equipment maker Ericsson. The court had ordered him to clear dues within four weeks of the hearing and slapped a fine of Rs. 1 crore on three Reliance Group companies- R Com, Reliance Telecom Ltd and Reliance Infratech Ltd. The Swedish telecom equipment maker had claimed that Reliance Communications had not paid up as ordered by the court earlier.

It was after Dhirubhai Ambani’s death in 2002 that the two brothers were caught in a bitter feud, as their father had not left a will. Although they eventually split his businesses with Anil Ambani taking power and telecom while Mukesh Ambani has taken the oil and petrochemical businesses, the rift continued over a business commitment between the two.

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