Anil Ambani on Wednesday took over as the Chairman of Reliance Communication Ventures Ltd, a day after the Mukesh Ambani Group handed over management control of the demerged companies to the younger sibling.
Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani has taken a huge cut in his total remuneration from his four main companies in 2011-12 at about Rs 5.5 crore (Rs 55 million), lower by nearly two-third from the previous year.
Anil Ambani, chairman of the Reliance ADA Group, on Monday denied that the Securities and Exchange Board of India (Sebi) had banned his two group companies, Reliance Infra and Reliance Natural Resources, or their directors from participation in the capital market for any period.
As the last part of his name ended in 'ni', which is common for Sindhi, everyone thought he was one.
RInfra, which is sitting on a debt of over Rs 6,000 crore, has been working towards monetising its assets to reduce debt.
The group's telecom arm, RCom, saw its shares plunge by 8.11 per cent to a low of Rs 71.35 in morning trade, while Reliance Capital tumbled by 9.91 per cent to a 52-week low of Rs 323.55 on the Bombay Stock Exchange.
The company has defaulted on some of the payments to lenders and it has received time till December for strategic restructuring plan
Modi had last month launched the 'Give-it-Up' campaign.
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 Congress chief reiterated that Rs 30,000 crore was "wrongfully" given to Anil Ambani in the purchase of Rafale fighter planes.
Yes Bank CEO said the private lender is disposing some of the properties in many other cases as well. He, however, declined to elaborate on borrowers against whom such action was underway.
'In my experience of politics, I have seen political grips and political chokes are mostly hidden. The average person cannot see them,' Rahul Gandhi said.
Clearly, he is in the right place, at the right time.
Decision-making has been very poor, Ambani said.
Bharti group's Sunil Mittal retained his fourth position, followed by Wipro's Azim Premji at the fifth slot.
Warship building projects worth at least Rs 630 billion have ground to a standstill. The defence ministry has halted tendering in wait for a government decision on whether to allow, or to exclude, Anil Ambani's shipbuilding firm from those contracts.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
The success of Anil Ambani's ambitious defence plan will depend partly on whether he can persuade government officials and international partners that he can build sophisticated equipment and partly on whether the PM can get India's notoriously slow procurement process to work, say Paritosh Bansal, Sanjeev Miglani and Promit Mukherjee.
"Tendulkar's attorney said the cricket player's investment is legitimate and has been declared to tax authorities. Shakira's attorney said the singer declared her companies, which the attorney said do not provide tax advantages. Schiffer's representatives said the supermodel correctly pays her taxes in the UK, where she lives," it notes.
The debt resolution involves RCom exiting the SDR framework with no conversion of debt into equity and zero write-off by lenders, Anil Ambani said, adding that he expects full closure by March 2018.
The meeting comes in the backdrop of Ambani's call to market regulator Securities and Exchange Board of India to maintain confidentiality of accounts while counter auditing the books of those companies that figure in stock trackers such as BSE sensex and Nifty-50.
In 2010, R Power acquired 100 per cent economic interest in three coal mining concessions in Indonesia
Everybody wants to tie a rakhi on Anil Ambani!
Two and a half hours into voting day and Maharashtra saw its top netas and Bollywood celebrities come out and vote. Among the early voters on Wednesday were...
Gautam Doshi, Surendra Pipara and Hari Nair, senior executives of the Reliance ADA Group who were granted bail on Wednesday by the Supreme Court in the 2G spectrum scam case, will provide major relief to their high-profile boss Anil Ambani.
The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.
The younger Ambani sibling had a two-hour meeting with K V Kamath, chief of ICICI Bank and a friend of the family, who is said to be working out a formula to end the feud at the behest of Kokilaben Ambani.
Close on the heels of Mukesh Ambani's Reliance Industries seeking coal mines to convert coal into oil, younger brother Anil-run Reliance Natural Resources has applied for coal blocks to turn coal into gas. Reliance-Anil Dhirubhai Ambani Group (R-ADAG) president J P Chalasani in a January 14 letter to Coal Secretary H C Gupta sought allocation of "captive coal blocks for the purpose of converting coal to gas."
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.
It is estimated that RCom has been reeling under debt of over Rs 46,000 crore.
As debt piles up, Anil Ambani's ability to see the asset sale plan through will be crucial
Anmol Ambani, the eldest son of industrialist Anil Ambani, has lashed out against a new round of lockdowns being imposed amid the surge in COVID-19 cases, saying such restrictions do not concern health but control and that they destroy the very backbone of the society and economy. The 29-year-old former executive director of Reliance Capital Ltd in a series of tweets lambasted the new semi-lockdown rules hurting small businesses and daily wage earners. "Professional 'actors' can continue shooting their films. Professional 'cricketers' can play their sport late into the night. Professional 'politicians' can continue their rallies with masses of people. But YOUR business or work is not ESSENTIAL. Still don't get it?" he said in a tweet.
Debt-ridden Reliance Capital ready to cede control in home finance - Blackstone, Carlyle, Brookfield, and Piramal group are in talks to buy a large stake in Reliance Home Finance.
The government informed the Rajya Sabha on Thursday that Enforcement Directorate is looking into complaints of Foreign Exchange Management Act violations by Anil Dhirubhai Ambani Group, but no conclusion has been reached.
Is it Rs 300 billion or Rs 66 billion or Rs 33.12 billion?
His daughter Riddhima Kapoor Sahni could not attend the funeral as she is travelling from Delhi.
In a meeting on Thursday evening, the RCom management, led by CEO Punit Garg, requested the bank representatives to release Rs 260 crore it received as I-T refund so that it could repay the dues to Ericsson.
Nine lenders have exposure to the promoter entities and had taken listed operating companies' shares as collateral from the promoter companies.
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