The apex court said Ambani and the others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks. A bench comprising Justices R F Nariman and Vineet Saran said if the 'contemnors' failed to make the payments within the specified period, they will undergo a jail term of three months.
A friend of the Ambani family has described the dispute between the two brothers -- Mukesh and Anil -- as a 'Shakespearean tragedy', which had its roots in tensions between Anil's wife Tina and Mukesh's wife Nita. He said after their father's death, Mukesh and Anil had fallen out over whose wife was next in line to the Reliance empire.
Whether it was the issue of the treasury stock (which came about when Reliance Industries Limited and Reliance Petroleum merged), or the dependent nature of so-called independent directors of RIL, or the opaque structuring of conflict-of-interest deals, Anil Ambani came out with guns blazing, accusing his older brother Mukesh of trying to diddle the shareholders of the company their father had built.
'While renegotiating the deal, it is likely that Anil Ambani could ask for a huge compensation from RIL to satisfy the ADAG firms' shareholders, a broker closer to the Ambanis said.
In hot pursuit of elder brother Mukesh Ambani in the wealth race, Anil Ambani has entered the exclusive trillionaire club with personal riches of over Rs 1,00,000 crore
With the listing of Reliance Power, the market cap of Anil Ambani group aggregated to Rs 307,112 crore (Rs 3,071.12 billion), almost Rs 100,000 crore (Rs 1,000 billion) below expectations of Rs 400,000 crore (Rs 4,000 billion) capitalisation.
In a media statement, RIL said that Anil Ambani is carrying out an orchestrated campaign to prejudge a legal dispute. Refuting Anil's allegations, the RIL statement said that Anil's outburst is an attempt to malign RIL and venerable public institutions.
Security was tightened at the various facilities of Anil Ambani-owned Anil Dhirubhai Ambani Group in Andhra Pradesh after mobs attacked the group's offices in five districts of the state on Thursday.
Half of the nation's 100 richest saw gains rising a collective 14% to $517.5 billion, says Forbes. Forbes released 2020's top 100 richest Indians on Thursday, which included newcomers, Sanjeev Bikhchandani, co-founder of Info Edge (India), who owns popular job and property websites; siblings Nithin and Nikhil Kamath, co-founders of discount stock brokerage Zerodha Broking, and three specialty chemicals producers - Vinod Saraf, founder of Vinati Organics, Arun Bharat Ram, the patriarch of SRF, and brothers Chandrakant and Rajendra Gogri of Aarti Industries. Other newcomers included Delhi-based brothers Ramesh Kumar and Mukand Lal Dua of Relaxo Footwears, which owns affordable footwear brands; dairyman, R G Chandramogan of Hatsun Agro; Premchand Godha, who chairs IPCA Laboratories, manufacturing formulations, bulk drugs and drug intermediates; G Rajendran, founder of jewellery chain, GRT Jewellers.
In its latest issue, the weekly magazine takes a close look at the lifestyle of the two Ambani brothers as part of a survey of the leading business families of Asia.
Total number of billionaires, this year, has increased to a record 1,210 from 1,011 last year. Though America has the 33 per cent of the mega-rich, Asia-Pacific region has surged forward and overtook Europe for the first time.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
Ambani's wife Nita Ambani, a non-executive director on the company's board, earned Rs 600,000 sitting fee.
From a technocrat turned fraudster Ramalinga Raju's confession to the snub-nosed Nano, 2009 offered some forgettable and many memorable moments in business.
Watch out for "3Cs -- chamchas, chelas and cronies," Anil mbani said in a subtle message amid battle for control of Reliance empire with his elder brother Mukesh.
According to one calculation, Reliance Power IPO is likely to gain close to $27 billion for Anil Ambani, which when combined with the existing market capitalisation of his companies will work out to be close to $75 billion!
The Harvard alum has known the Yale alum for ages, but hit it off recently.
The danger of a corporate capture of government isn't imaginary, and corporations represent narrow profit-seeking interests of businessmen whose forte is not Constitutional values, says Praful Bidwai.
The Supreme Court on Friday rejected division of gas under the Ambani family MoU and said that it was government's right to decide the price and utilisation of the fuel, which is a national asset.
Anil Ambani met Cabinet Secretary K M Chandrasekhar, Expenditure Secretary Sanjiv Misra and Fertiliser Secretary J Sreedhara Sarma to drum support against RIL's proposed pricing formula for natural gas from KG-D6 block off the east coast.
The plan is that Mukesh Ambani will get RIL and IPCL, while Anil will get Reliance Infocomm, Reliance Energy and Reliance Capital.
Securities and Exchange Board of India has let off Reliance Industries Ltd and its chairman and managing director Mukesh Ambani and his brother Anil, who is vice-chairman and MD, from charges of insider trading
This year's list includes 40 influential people under 40 years of age in five categories -- finance, technology, healthcare, government and politics, and media and entertainment.
The ADA Group's recent decision to sell a stake in Reliance Communications and merge its telecom tower business with GTL Infra will help it reduce a mounting debt burden.
Claiming that the northern state was a safer zone for industries, which did not discriminate in the name of caste or religion, and had, in fact, registered a growth rate of 9.9 per cent during 2009-10, the state chief minister called for greater participation of private players.
In a no-holds-barred attack, Anil Ambani has accused his elder brother, Mukesh, of trading their father Dhirubhai's vision for 'corporate greed'.
Reliance Industries (RIL), India's largest company by market capitalisation, will begin producing gas from its Krishna- Godavari (KG) field, which is off the country's east coast, "by December" this year, a senior executive said.
Mukesh and Anil Ambani have yet again made it to a list of richest people compiled by Forbes, only this time the recognition has been bestowed on them because of their running feud. "Sometimes fighting has a silver lining, as has been the case for Indian brothers Mukesh and Anil Ambani," the US business magazine wrote about the two siblings in a report on the latest list - 'Billionaire Family Feuds'.
Ambani's $15 bn bet will upend Indian telecom
The Ambani brothers are locked in a bitter battle over the supply and price of the gas from KG basin.
On the eve of the Board meeting of the Reliance group company IPCL, Anil Ambani has stepped up pressure against Anand Jain, a close associate of his elder brother Mukesh, by demanding an 'independent' report on Jain's business dealings with the compa
His daughter Riddhima Kapoor Sahni could not attend the funeral as she is travelling from Delhi.
Billionaire Mukesh Ambani-run Reliance Industries will sell natural gas from its eastern offshore KG-D6 fields to Anil Ambani Group firm's power plant in Andhra Pradesh at government approved rates.
London-based Dar Consultants has said its bid and the one by preferred bidder Anil Dhirubhani Ambani Group's RELINFRA-Hyundai consortium are both 'responsive' or worth considering. Dar Consultants' recommendation puts the responsibility of re-considering the preferred bidder between the warring brothers squarely back with the political executive. The state cabinet's committee on infrastructure will meet Wednesday to decide the fate of the project.
