(Kajal Singh intern journalist): A spokesperson for Anil Ambani said that there is no possibility of enforcement of the British court’s decision in India in the near future. The spokesman said that Anil Ambani is seeking legal advice.

Anil Ambani
Anil Ambani

A UK court has asked Reliance Group chairman Anil Ambani to pay $ 717 million to three Chinese banks within 21 days. These banks have to recover this amount from Ambani under a loan agreement. Hearing in accordance with the procedures applicable in the wake of the Covid-19 pandemic, Justice Nigel Tierre of the Commercial Clause of the High Court of England and Wales in London arranged that the personal guarantees that Ambani disputed were binding on him.

Justice Tiere said in the order that it is announced that the guarantee is binding on the defense (Ambani). In such a situation, Ambani will have to pay $ 71,69,17,681.51 to the banks as a guarantee.

A spokesperson for Anil Ambani said that the matter relates to the alleged personal guarantee given by Reliance Communications on global debt refinancing in 2012.

The spokesman said, “It is clarified that this is not Mr. Ambani’s personal debt. The Industrial and Commercial Bank of China has made this claim allegedly on the basis of a guarantee that Mr. Ambani had never signed. Also, Ambani has consistently said that he has not authorized anyone to give this guarantee on his behalf. “

The spokesman said that as far as the decision of the British court is concerned, there is no possibility of its enforcement in India in the near future, after which Ambani is seeking legal advice in this matter after which he will take further action.
The case is the Industrial and Commercial Bank of China and China Ltd. The Mumbai branch is linked to China Development Bank and Exim Bank and China. A conditional order was issued in February in support of these banks. Judge David Waxman, while hearing the case on February 7, ordered the payment of $ 100 million in six weeks until the full hearing in 2021.

In this week’s order, canceling the date of hearing on March 18 next year, also ordered the court costs in favor of banks. This has added 7,50,000 pounds to the total outstanding balance.
According to the court order, Ambani has to pay $ 71.7 million. This includes principal of $ 54,98,04,650.16, interest of $ 5,19,23,451.49 outstanding as of May 22 and default interest of $ 11,51,89,579.86 million.

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