Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years.
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.
Reliance was the highest bidder at Rs 63 cr for the 5 airports project.
The company will now focus on value creation for shareholders in the defence and construction businesses.
All India Congress Committee General Secretary Sanjay Nirupam on Saturday threatened to immolate himself if his demand for reduction in power tariff in Mumbai was not accepted.
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
A Delhi court on Saturday issued fresh summons to Reliance ADA Group Chairman Anil Ambani and his wife Tina Ambani to appear as prosecution witnesses before it next month in the 2G spectrum allocation case.
On the telecom sector, he demanded auctioning of more spectrum.
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 Ambani Group firm Reliance Power has chalked out an ambitious plan to invest about Rs 80,000 crore (Rs 800 billion) in the next three years for creating 20,000 MW of thermal power generation capacity.
Shares of Reliance Infrastructure and Reliance Natural Resources Ltd on Tuesday tanked in the range of 4-8 per cent on the bourses after reports surfaced that these two ADA Group firms are involved in fraudulent banking activities overseas.
Commodity exchanges are all restructuring their boards of directors, after the recently issued guidelines of the Forward Markets Commission.
Anil Ambani group's Reliance Money on Tuesday sparked a price war in the highly competitive brokerage space by offering a free trading account to its demat account holders, with an aim to tap up to 30 crore (300 million) potential clients. Reliance Money also announced a partnership with Corporation Bank to offer broking services to 9.5 million account holders of the public sector lender.
With the Mukesh Ambani-promoted Reliance Industries Ltd (RIL) planning to approach the Supreme Court, challenging a High Court order for selling gas at $2.34 per million British thermal unit (mBtu) to Reliance Natural Resources Ltd (RNRL), the chances of an agreement between the Ambani brothers by July 15 appear remote.
Sasan Power Ltd, the special purpose vehicle floated by Power Finance Corporation for the 4,000 MW project, will on Wednesday issue the Letter of Intent to Reliance Power Ltd.
CBI on Monday submitted a list of five witnesses, including Anil Ambani, who are scheduled to be called for recording of their statements before the court.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
It will focus on sourcing 800 Mw for BEST and 477 Mw for its own distribution system from April '10. Sources said TPC on Thursday officially wrote a letter on the issue to R-Infra, informing them that it would support the ADA group company till March next year in the interest of Mumbai's consumers, and help R-Infra find alternative arrangements. While a Tata Power spokesperson declined to comment, an R-Infra spokesperson expressed surprise over the decision.
Budget to match that of smash-hit sci-fi Avatar, the most expensive movie made till date.
Investors of the Ambani brothers group companies grew wealthier by a cumulative Rs 18,000 crore (Rs 180 billion) in a single day, driven by the massive spurt in the stocks of RIL and ADA Group companies following their decision to smoke the peace pipe by terminating all the non-compete agreements effected in January 2006.
An analysis of buy and sell transactions by mutual funds during May shows that the fund houses purchased stocks from sectors like power, software, housing finance and sugar, while offloading shares from banking, refineries and airlines. According to brokerage firm Sharekhan, state-run NTPC, ONGC, TCS, Essar Oil and Reliance Petroleum figure among the favourite picks by the equity funds in the month of May.
Anil Dhirubhai Ambani Group has accumulated stakes worth Rs 1,047.8 crore
The Anil Ambani Group has acquired additional one per cent stake in media house, TV Today Network to increase its holding to nearly 12 per cent in a transaction worth around Rs 7.8 crore (Rs 78 million).
The Anil Ambani Group has increased its stake in media house TV Today Network to nearly 12 per cent by acquiring an additional one per cent stake in a deal that could be estimated at about Rs 8 crore (Rs 80 million).
Striving to expand its investment in media companies, the Anil Ambani Group has increased its stake in TV Today Network to over 10 per cent by acquiring an additional 0.96 per cent stake for an estimated Rs 6.50 crore.
This would be company's second acquisition in the WiMax space. In February, the company had acquired a significant stake in a French WiMax chip manufacturer Sequans Communications. The financial details of the acquisition were not disclosed. Further, RCom will expand its reach across countries in the Saarc region, Mediterranean and other South African nations. RCom intends to provide high-speed broadband services, voice, video and data suite and 4G services.
ADA Group's Reliance Energy and GMR Infrastructure are the two Indian firms that have been shortlisted in the bidding process to acquire Singapore's Tuas Power, one of the three power firms put on block.
The Anil Ambami controlled-ADA Enterprises on Friday announced the appointment of Gautam Doshi, a leading chartered accountant, as group president and key member of the leadership team.
50-odd biz leaders are part of Modi's entourage for the 3-nation tour
CBI prosecutor K K Goel opposed the application saying it was "dragging the trial" and noted that Anil Ambani too had filed a similar plea earlier.
Several high profile companies are burdened with losses, mounting debt and have a huge load of operational costs.
The government and the ruling Bharatiya Janata Party have dismissed the Pegasus Project reports as concocted and evidence-less.
Nearly 150 companies visited the campus this year.
President Pranab Mukherjee presented five Padma Vibhushan, eight Padma Bhushan and forty-three Padma Shri awards at the Rashtrapati Bhavan in New Delhi.
If the deal is successful, it would be the first such acquisition for the ADA Group.
With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.
In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for Anil to pay $100 million to three Chinese banks as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove".
Indian Air Force on Friday raised its first squadron of the home-grown Light Combat Aircraft Tejas with the induction of two aircraft into the force at the Aircraft System Testing Establishment in Bengaluru.
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