Page 7 - Anil Ambani

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

Lenders agree to RNTL-Reliance Industries' takeover deal: Report

Two years after the deal was approved by the NCLT, banks led by the State Bank of India (SBI) have agreed to issue a no objection certificate (NOC) to Mukesh Ambani-owned Reliance Industries

Lenders in talks with ARCs to sell Reliance Naval & Engineering loans

Lenders worried over their Rs 14,000-cr exposure in shipyard

Deadline 14 days, but time to decide on admitting insolvency cases goes on

Resolution professional in Anil Ambani insolvency case says that it had been more than a year since a suit for recovery was filed against the businessman

5 years of IBC: Debt-ridden RCom awaits court approval to allow UVARCL bid

While the RBI is now planning to allow ARCs to bid for bankrupt companies, RCom's resolution is now stuck in courts

Reliance Cap lenders to ask bidders to make all cash bids, form consortium

An industry source says the Administrator appointed by RBI was not supporting all cash bids but CoC insisted on all cash offers from bidders

Anil Ambani resigns as director of RPower, RInfra

In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board "in compliance of SEBI interim order"

Piramal Capital drags Anil Ambani companies to NCLT over unpaid dues

Reliance Natural Resources had defaulted on a loan of Rs 526.1 cr from DHFL before it was taken over by Piramal Capital last September for Rs 34,250 cr

Sebi bars Anil Ambani, 3 others from markets for alleged siphoning of funds

Modus operandi involved Reliance Home Finance distributing loans to promoters-linked entities

Sebi bars Reliance Home Finance, Anil Ambani, 3 others from securities mkt

Sebi on Friday restrained Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for alleged fraudulent activities related to the company. The three other individuals are Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah. In a 100-page interim order, the regulator also restrained the individuals from "associating themselves with any intermediary registered with Sebi, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public till further orders.

Sebi bars Reliance Home Finance, Anil Ambani, 3 others from securities mkt

Stock market regulator Securities and Exchange Board of India (SEBI) restrained Reliance Home Finance, it's promotor Anil Ambani and three others from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders.Anil Ambani and others are also restrained from associating themselves with any intermediary registered with SEBI, any listed public company or acting as Directors/promoters of any public company which intends to raise money from the public, till further orders, SEBI said in its interim order issued on Friday late evening.Interim order issued by S K Mohanty, Whole Time Member of SEBI says that the root of the present proceedings can be traced to multiple sources inter alia, a letter of Price Waterhouse & Co. ("PWC") addressed to Reliance Home Finance Limited (RHFL) intimating their resignation as the Statutory Auditor of the Company citing various grounds & reasons.Certain complaints received by Securities ..

Will pay Rs 1,000 cr to Reliance Infra's arm in 48 hrs: DMRC tells HC

DMRC also suggested taking over the Reliance Infrastructure subsidiary's debt to the extent of the award money

NCLT order on initiating insolvency proceedings against RCap this evening

The RBI had moved NCLT last week to initiate insolvency proceedings against the company.

HC to hear RInfra plea on Monday against DMRC to enforce SC order

The Supreme Court has dismissed the review petition filed by state-owned firms against its order upholding an arbitral award to Reliance Infrastructure subsidiary.

Promoter stake in ADA group firms falls as lenders invoke pledged shares

Retail, lenders stuck with dud shares; promoter stake in Reliance Infra fell to 5% this September end from 48.4% in March 2018. Reliance Infra's stake in Reliance Power fell to 25% from 75%

Why RBI move to supersede Reliance Capital board is par for the course

The dire financial condition of RCap is emblematic of the decline of the Anil Ambani group in the last five-six years

Litigations delay asset sale process of debt-ridden Reliance Capital

Reliance Capital had a debt of Rs 26,887 crore on a consolidated level as on fiscal year ended March this year