Page 6 - Anil Ambani

Reserve Bank of India clears resolution plan for Reliance Capital

The Reserve Bank on Friday approved the resolution plan for debt-ridden Reliance Capital. The move paves the way for IndusInd International Holdings Ltd (IIHL), the Hinduja Group firm, to acquire the company. This is to inform you that the Administrator of Reliance Capital Limited is in receipt of "No objection" vide letter dated November 17, 2023, from the Reserve Bank of India, the company said in a regulatory filing. IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm. Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated

Insolvency and Bankruptcy Code: Personal guarantors get no SC reprieve

More than 200 petitions, including by Anil Ambani, challenged law on due process

Three bidders in race to acquire RInfra road projects for Rs 6,000 crore

The sale of the entire road portfolio of Reliance Infrastructure is anticipated by the end of this month

Hinduja Group dials lenders to raise $1 bn for Reliance Capital acquisition

The lenders that the Hinduja Group has reached out to include names like Farallon Capital, Oaktree, Ares Asia, and Cerberus

Gautam Adani mulls bidding for Anil Ambani's bankrupt coal plants

Ambani's Reliance Power Ltd. is also considering making an offer for the asset in an attempt to win back control of the firm, said sources

Anil Ambani's wife Tina appears before ED in connection with FEMA case

Tina Ambani, the wife of Reliance ADA Group Chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) here for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the federal agency again later this week for completion of the exercise. The investigation against the couple pertains to the possession of certain alleged undisclosed assets abroad and linked movement of funds, the sources said. Anil Ambani's alleged links to some offshore companies based in Jersey, British Virgin Islands and Cyprus are under the probe scanner of the ED. He had been questioned by the agency in 2020 in a money laundering case against Yes Bank promoter Rana Kapoor and others. In August last year, the income-tax ...

FEMA case: Reliance ADA Group chairman Anil Ambani appears before ED

Reliance ADA Group Chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) here in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in the Ballard Estate area to record his statement in the case, registered under various sections of the Foreign Exchange Management Act (FEMA), they said. Further details of the case in which Ambani was summoned were not immediately known. The industrialist had appeared before the ED in 2020 in a money laundering case against Yes Bank promoter Rana Kapoor and others.

Weekend Bites: Ambani & Ambani, and old white males

In which we munch over the week's platter of news and views

Stay on 'black money' notice to Anil Ambani to continue: High Court

The Bombay High Court on Wednesday continued till further orders an interim stay on show-cause notice and penalty demand issued to industrialist Anil Ambani by the Income Tax department under the Black Money Act. A division bench of Justices Gautam Patel and Neela Gokhale posted Ambani's petition challenging the notice and penalty demand for hearing on April 28, and gave time to the IT department to file its reply. The HC had in September 2022 granted an interim stay to the show-cause notice pending hearing. In March this year, Ambani's lawyer Rafique Dada informed the court that the department later also issued a penalty demand notice to his client. The court then granted interim stay to the demand notice too. On Wednesday, when the petition came up for hearing, advocate Akhileshwar Sharma, appearing for the IT department, sought two weeks to file a "comprehensive affidavit" in response to the amended petition. "The petition has been amended adding some more IT officials as ...

'The Great Indian Taste' is back: Reliance relaunches Campa Cola

Prices iconic beverage of the 70s lower than competition

Reliance group's Tony Jesudasan suffers heart attack, passes away at 71

Tony Jesudasan, a key lieutenant of Anil Ambani's Reliance group and one of the finest corporate communications and corporate affairs professionals, died early on Monday morning. He was 71. Earlier this month, Jesudasan had suffered a heart attack just as he took a flight from Bhopal, sources said. He was rushed to Fortis Hospital on arrival in Delhi, where he underwent angioplasty. He was then shifted to Medanta Hospital in Gurugram. He continued to be in critical care till his passing away at around 5 am on Monday, they said. He is survived by wife Parul Sharma and daughter Preetika. Jesudasan, or TJ as he was referred to by friends, turned 71 while he was at Fortis. He was group president for corporate communications and corporate affairs of R-ADAG. An MBA from FMS, Delhi, he was invited by Dhirubhai Ambani to join the then undivided Reliance in 1990. After the death of Dhirubhai, he chose to join the younger sibling when brothers Mukesh and Anil split. He remained Anil Ambani

Free to negotiate for maximising asset value, RCap lenders tell NCLAT

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm

Hindenburg flames again: Can Adani repeat what Dhirubhai did in the 80s?

The last time a bear attack was launched on a businessman gaining prominence rapidly was in the early 1980s when a cabal of brokers took on "an over-priced Reliance share", recalls T N Ninan

Tax evasion: HC questions I-T dept's move seeking to prosecute Anil Ambani

The Bombay High Court on Monday questioned the Income Tax department's move seeking to prosecute Reliance ADAG chairman Anil Ambani under the Black Money Act for alleged tax evasion, and asked how Acts criminalising certain action can have a retrospective effect. A division bench of Justices Gautam Patel and S G Dige, while hearing a petition by Ambani challenging a show cause notice issued to him by the I-T department, asked how a person conducting himself or herself in a certain manner will know what the government is going to do in future. The high court posted the matter for hearing on February 20 and extended its September 2022 order directing the I-T department to not take any coercive action against Ambani till then. The I-T department had issued a notice to Ambani on August 8, 2022, for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. As per the department's notice, Ambani was liable to be prosecuted

Mukesh Ambani completes 20 years at helm of Reliance Industries

Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate. Following Dhirubhai's death in 2002, Mukesh and his younger brother Anil assumed joint leadership of Reliance. While the elder brother took over as the chairman and managing director, Anil was named vice chairman and joint managing director. The brothers, however, feuded over control, leading to a split with Mukesh assuming control of the gas, oil, and petrochemicals units as RIL, while Anil got telecommunications, power generation, and financial services units through a demerger. In 20 years that Stanford University-drop out Mukesh, 65, has been at the helm of RIL, the company has re-entered the telecom business, diversified in retail and new energy, and raised a record Rs 2.5 lakh ..

Jio deposits Rs 3,720 cr in SBI escrow account to acquire Reliance Infratel

Reliance Projects and Property Management Services, a subsidiary of telecom major Jio, has deposited Rs 3,720 crore in an SBI escrow account to acquire mobile tower and fibre assets of Reliance Infratel. The National Company Law Tribunal (NCLT) gave approval to Jio for the acquisition of Reliance Infratel (RITL) in November. "Reliance Infratel transaction is complete. Jio has deposited Rs 3,720 crore in a SBI escrow account as directed by NCLT," a source told PTI. Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire the tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications. The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is ..

No coercive action till Nov 17 against Anil Ambani under Black Money Act

The Bombay High Court on Monday directed the Income Tax department not to take any coercive action against Reliance Group Chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities. As per the department's notice, Ambani was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015, that stipulates a maximum punishment of 10 years imprisonment with a fine. Ambani earlier this month approached the HC challenging the notice, claiming that the Black Money Act wa

Reliance Infra had filed arbitration claim of Rs 500 crore: Adani

Reacts to RInfra statement of last week, which said it has filed a claim of Rs 13,400 crore; Adani says it has filed counterclaims

Deepak Parekh, Anil Ambani among corporate leaders to pay tribute to Mistry

Family friend and NCP leader Supriya Sule joins hundreds of SP group employees and others at the funeral Tuesday morning. Reliance Jio chief Akash Ambani among mourners

Income tax dept seeks to prosecute Anil Ambani under the Black Money Act

The income tax department has sought to prosecute Reliance Group Chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani, 63, with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities. A show cause notice in this context was issued to Ambani early this month. The department said he was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015 that stipulates a maximum punishment of 10 years imprisonment with a fine. It has sought his response to the charges by August 31. Ambani's office had not responded to a query sent on the matter till the time of this story being filed. The businessman has been charged with evading tax, by way of holding undisclosed assets ab