An Enforcement Case Information Report (ECIR), the ED's equivalent for a police FIR, has recently been filed by the federal probe agency, taking cognisance of a CBI complaint registered on August 21, the sources said.
Oil to telecom conglomerate Reliance Industries (RIL) has initiated the process to seek shareholders' approval for the appointment of the third generation of the Ambani family on the company's board. The remote voting through postal ballot will start from September 27 onwards. In a separate note, CreditSights said a trust and hold-co model could be a possibility for the anticipated succession at RIL.
Treat yourself to two of Chef Satish Arora's signature five-star dishes.
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".
Ambani family truce unlocks RIL growth potential.
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
Nivedita Mookerji explains why a timely rollout of 5G may not be easy in India.
'Will you declare MSP for 100 odd crops that the farmers of India grow?'
The Delhi high court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of $717 million against him from a court in United Kingdom, in the proceedings related to recovery of Rs 1200 crore loan granted to two of his companies. The high court also said that the moratorium on recoveries from sale of Ambani's assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now. This direction came on the application moved by the State Bank of India (SBI) seeking a declaration that the moratorium shall continue to be in effect.
People who know Mr Ambani, estimated by Forbes as the world's sixth richest man with a net worth of about $42bn, say the deal is typical of his aggressive style.
Indian billionaire industrialist Anil Ambani has joined up with the family of Amitabh Bachchan, the Bollywood actor, to set up a joint venture to make films.
The Financial Times reported that Ambani hopes to be a major shareholder in RCom and MTN after the firms combine in a reverse takeover. Ambani would pay an extra $4 to $5 billion in cash to bring his stake in MTN to his target level of 34.9 per cent, the ceiling beyond which he would be forced to make a general offer for MTN, the newspaper said in an article published in its online edition.
A possible merger of Reliance Communications of India and South Africa's MTN could see Anil Ambani become the enlarged group's chairman and biggest shareholder with a stake of almost 35 per cent.
The actor took to Twitter to warn the Congress vice president "to not bullshit people on dynasty" and added that one has to earn people's respect through hard work.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
At the heart of one of the biggest transformations in India's corporate history lies a plan to offer super-fast broadband services.
'We will resist it.' 'Farmers will not let that happen.'
Even Subramanian Swamy, who says he is an ardent supporter of the prime minister, has been taking proxy pot shots at him.' 'At the ground level too, there is resentment from workers and local leaders who have perhaps not got whatever they may have wanted,' notes T C A Srinivasa-Raghavan.
'There is no secrecy clause to the price (of the aircraft).' 'There can be secrecy on the capability of the nuclear payload of aircraft and things like that, but the price is hardly a secret.'
If Reliance Jio resets the rules of the game with low voice and data tariffs, most incumbents will find themselves back to square one.
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.
Rahul attacked Modi and BJP, alleging that 'politics of divide and polarisation is radicalising people in India'.
Sunil Bharti Mittal, bottom, left, says he is fond of Bill Gates' famous quote: "Success is a lousy teacher." Back from a long foreign business trip, the founder-chairman of Bharti Enterprises talks to Malini Bhupta and Kiran Rathee about the challenges posed by Reliance Jio and how he is determined to come out on top once again. Mittal says , today, Airtel is as ready as Jio in pure-play 4G operations.
For some, he is a visionary who grew his one-channel firm into a media giant by the sheer dint of his courage; for others, he is a compulsive risk-taker.
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