Friday, 1 July, 2022
HomeIndiaRolls Royce, mansion, yacht, watch – Anil Ambani, Nirav Modi, Mallya are...

Rolls Royce, mansion, yacht, watch – Anil Ambani, Nirav Modi, Mallya are losing them all

There is a rush to collect the assets of Indian tycoons owning bankrupt companies as banks battle mounting bad debt.

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Mumbai: Indian tycoon owners of bankrupt companies are being told their assets aren’t off limits.

Weeks after India’s criminal enforcement bureau announced a second auction of the prized personal possessions of fugitive jeweler Nirav Modi including his favorite watch and his Rolls Royce Ghost, the U.K High Court recently asked Anil Ambani to deposit $100 million of his personal wealth to partially pay back debt due to a trio of Chinese banks.

The rush to collect on the assets includes a swoop on Vijay Mallya’s French island mansion and yacht by Qatar National Bank. The moves come as India is battling $130 billion of bad debt that has sparked bankruptcies at some companies. Some tycoons have held assets through arcane webs of holding companies, which has complicated creditors’ efforts to recover funds.

The three Chinese banks who provided a $925 million loan to now-bankrupt Reliance Communications are a case in point. The Chinese banks argue that they granted the loan in 2012 on the condition that Anil Ambani personally guarantee the debt.

Ambani contends that the collapse of his main businesses, as well as the struggles of his other companies, have left him with no “meaningful assets” and that the brother of Asia’s wealthiest man Mukesh Ambani is “unable to raise any finance from external sources.”

Judge David Waksman, however, ruled that Ambani must pay up $100 million into the court’s account within six weeks of the judgment last week.-Bloomberg


Also read: Vijay Mallya is back in a London court to try and stop his extradition to India


 

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2 COMMENTS

  1. Mukush Sir mujhe nhi karna apki company mai job mara money returned karva doo Sir mane first 2050 Rs. Pay kiye fir 5000 Rs. Pay kiye fir 6550Rs. Pay kiya, Or fir 8500 Rs. Pay kiye abhi tak Sir mujhe joining letter nhi mila or Sir mare pati koi kam nhi karte ESS liye mari vi sari jamma punji aap Ki company mai job lene mai chali GI Sir mai bhot grib hu please Mara money returned kardo Sir mai dil she dua krugi aap Ke liye or aap Ke bacho Ke liye please Mara passa vapis kardo Sir… Aap Ke liye je choti rashi hogi Sir made liye je mari adhi jindgi hai…please help me return my money… Sir

    • naukri naal paise milde ne dene nhi hunde tuc kise fraud de bethe ho lagda report karo jake thane

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