A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement within 21 days.
At a remotely held hearing, in line with procedures in place for the Covid-19 pandemic, Justice Nigel Teare ruled at the Commercial Division of the High Court of England and Wales in London that a personal guarantee disputed by Ambani is binding on him. “It is declared that the Guarantee is binding on the Defendant (Ambani),” Justice Teare's order ...
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