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 Anil Ambani will pay $100 million to Chinese banks

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 Anil Ambani will pay $100 million to Chinese banks
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One of Asia’s most wealthy men and a one-time billionaire himself lost an attempt to appeal a U.K. court order that he set aside $100 million in his dispute with three Chinese banks.

Anil Ambani has until 4:00 p.m. Friday in London to make the payment into court or run the risk of automatically losing the lawsuit over $700 million in defaulted loans. Failing to make the payment would mean the banks could seek summary judgment, and allow them to move forward with attempts to seize Ambani’s assets in India or elsewhere.

His last-minute effort to postpone the deadline failed after an appeal court judge ruled Thursday that his application “had no real prospect of success and is total without merit.”

Ambani has contested the personal guarantee ahead of a full trial. A representative declined to immediately comment. His U.K. attorneys didn’t immediately respond to calls and emails seeking comment.

The 60-year-old is the younger brother of Mukesh Ambani, who was until earlier this year the wealthiest man in Asia. Mukesh has bailed his brother out in the past, making a last-minute payment in an Indian case that would have seen Anil imprisoned. But Mukesh has himself seen his fortune nearly halve in the last few weeks after oil prices collapsed. He is still worth $34 billion.

Meanwhile, Anil Ambani has pleaded poverty, saying that his net worth was zero.

He told Judge David Waksman in February. “The value of my investments has collapsed,”  But at that hearing, the judge ruled that Anil Ambani or a member of his family must still put up the cash. He said he didn’t believe that “his family wouldn’t help”.

He said, “What I’m dealing with is an extraordinarily wealthy family who has helped each other in the past,” . Waksman said “he didn’t accept that Ambani’s family “have firmly and irrevocably brought the shutters down.”

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Sensex tops 870 points to 29,300 and Nifty reaches to 200 points to 8,400 in opening session.

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Bombay Stock Exchange (BSE)
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On Tuesday Sensex tops over 800 points in the opening session by gains in index heavyweights Reliance Industries, HDFC twins and Infosys amid a recovery in global equities. After hitting a high of 29,316.80, the 30-share BSE barometer was trading 505.20 points or 1.78 percent higher at 28,945.52.

Similarly, the NSE Nifty rose 199.85 points, or 2.41 percent, to 8,480.95. Tata Steel, HDFC, Axis Bank, M&M, Reliance Industries, ONGC, ITC, HCL Tech, and Titan rallied up to 3 percent. On the other hand, IndusInd Bank plunged up to 15 percent. Bajaj Finance, Bajaj Auto and Maruti were also among the laggards.

According to traders “despite concerns over the rising number of COVID-19 cases in the country and the economic fallout of the nationwide lockdown, investors are value-buying during each dip”.

In the last session, the 30-share BSE barometer ended 1,375.27 points or 4.61 percent lower at 28,440.32, and the broader Nifty fell 379.15 points, or 4.38 percent, to close at 8,281.10. Foreign institutional investors (FIIs) turned net sellers in the capital market, as they offloaded equity shares worth Rs 4,363.61 crore on Monday, according to provisional exchange data.

On the global front, bourses in Shanghai were trading on a positive note after China’s manufacturing sector steadily resumed production after the COVID-19 shutdown, with 98.6 percent of the major industrial firms nationwide having restarted work.

Benchmark exchanges on Wall Street rallied over 3 percent in overnight trade.

Meanwhile, the Indian rupee appreciated 10 paise to 75.48 against the US dollar in the morning trade.

Brent crude futures, the global oil benchmark, rose 2.16 percent to USD 26.99 per barrel. The number of COVID-19 cases in India has surged past 1,200, according to the health ministry log. While there are more than 1,100 active cases, nearly 100 have been cured. Deaths around the world linked to the pandemic crossed have 37,000.

 

 

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NMDC advances Rs 200 cr. to Chhattisgarh Government towards royalty help in the fight against COVID-19

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Hyderabad, March 31, 2020: NMDC Limited, the Navaratna PSE mining company, today declared that they will advance royalty payment of INR 200 cr. to the Government of Chhattisgarh to help in the fight against COVID -19. This announcement was made by Shri N. Baijendra Kumar, IAS, CMD, NMDC, today on micro blogging site Twitter.

A link to the tweet is given below.

https://twitter.com/baijendra

 

This support offered is unique as only yesterday NMDC contributed Rs 150 Cr. to the PMCARES Fund of the Government of India. To top that contribution with another Rs 200 Cr. as advance royalty puts NMDC as one of the unique corporates who have supported both Central and State governments.

NMDC has already rolled out various preventive measures at the headquarters, plants, and offices to protect the employees and their families against the spread of the CORONA Virus (COVID-19). NMDC which has operations in the remote parts of India has also implemented steps to fight the Corona Virus at the villages and hamlets adjacent to its facilities and townships.

Shri N. Baijendra Kumar, IAS, CMD, NMDC, commented, “NMDC has always stood with people during difficult times and decided to advance the royalty payment of Rs. 200 Cr. to the Government of Chhattisgarh to augment the state’s fight against CORONA Virus. We are always thankful to the state, and central governments and the people and would always lead and fight together with them to counter any such eventuality or natural calamity.”

About NMDC: NMDC Ltd., a Navratna PSE under Ministry of Steel, Govt. of India is the single largest producer of iron ore in India. NMDC owns and operates highly mechanized iron ore mines in CG & Karnataka. NMDC is considered to be one of the top low-cost producers of iron ore in the world. It also operates the only mechanized diamond mine in India at Panna, MP. The company is diversifying into steel making and has undertaken several capital-intensive projects to modernise and increase capacities to retain its domestic leadership and has also forayed overseas successfully.

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FM Nirmala Sitharaman announces Rs 1.7 lakh crore assistance package for poor people

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Finance Minister Sitharaman made easy Business Rules To Fight COVID-19
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Finance minister Nirmala Sitharaman has announced to provide a measures to deal with the economic distress caused due to the coronavirus pandemic and the subsequent lockdown announced to deal with the situation.

The finance minister had already announced some measures on Tuesday that included extension of tax deadlines, easing minimum balance norms for savings account, and increasing threshold of insolvency filing to Rs 1 crore from Rs 1 lakh.

PM Gareeb Kalyan Scheme will entail Rs 1.7 lakh crore.

Finance minister said in announcement that “It will include both cash transfer and food security. Provide insurance cover worth Rs 50 lakh for sanitation workers, ASHA workers, doctors, nurses, paramedics in case they need it as they are on the frontlines of the corona battle. Over and above 5kg of rice/wheat that is already given, another 5 kg per person will be given free to around 80 crore people through PDS. Besides, one kg of preferred and region specific choice of pulse will also be given.

For Farmers first instalment of Rs 2,000 of Pradhan Mantari Kisan will be given in first week of April. 8.69 cr farmers will get immediate benefit out of it.

For MNREGA there will be Increase in wage rate from Rs 182 to Rs 202 amounting to increase of Rs 2000 per worker leading to benefitting 5 crore people.

For Old age and widows an ex-gratia amount of Rs 1,000 for next three months available in two instalments. It will benefit 3 crore widows and senior citizens.

Women Jan Dhan account holders will get Ex gratia of Rs 500 per month for next three months. This will benefit 20 crore women.

Women Ujjawala sheme beneficiaries will get three months, free cylinders. Will benefit 8.3 crore BPL families.

Women Self Help Groups Under the Deen Dayal National Livelihood Mission, collateral free loan will be given up to Rs 20 lakh from Rs 10 lakh earlier. Impact on 7 crore holders through 63 lakh SHGs.

For Organised sector Government of India will pay the EPF contribution both of the employer and the employee put together 24% for next three months. This is for those establishments with up to 100 employees, 90% of them earning less than Rs 15,000.

For organised sector, EPFO regulation will be amended so that workers can draw up to 75% for their contingency expenditure non-refundable advance or three months of wages in advance whichever is less. This will benefit 4.8 cr workers.

Construction workers will get State government have been directed to use the welfare fund for building & construction labourers which has around Rs 31,000 crore to help those who are facing economic disruption because of the lockdown.

Utilise the funds available under the district mineral fund for testing activities, medical screening, providing health attention needed to fight the coronavirus pandemic.

It is expected that another relief package for the industry will come up soon. The Confederation of Indian Industry (CII) lobby group, had sought a stimulus of about 1% of the GDP or Rs 2 lakh crore, has sought a three-month moratorium on all loans and said all repayment obligations should be suspended for this period.

The Prime Minister had announced an Economic Task Force to be chaired by the finance minister.

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Mahindra Co. ready ventilator prototype in 3 days, planing to price it at Rs 7500

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Mahindra Co. ready ventilator prototype in 3 days, planing to price it at Rs 7500
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The Coronavirus pandemic has crippled the economy of many countries and India too is facing similar issues. The need of the hour are ventilators and in a bid to fight against the deadly coronavirus the teams of Mahindra situated at the company’s Igatpuri and Mumbai plants have responded to the call made by the group chairman, Anand Mahindra, by coming up with the first ventilator prototype within just 48 hours after the group chairman put the message out on twitter.

Mahindra & Mahindra on Thursday said it “hopes to have a prototype of an automated version of bag valve mask ventilator, commonly known as Ambu bag, in three days for approval to assist in combating the coronavirus pandemic. It is also working with two large PSUs along with an existing manufacturer of high spec ventilators to help them simplify design and scale up capacity. At other end we are working on an automated version of the Bag Valve Mask ventilator (commonly known as Ambu bag). We hope to have a Proto ready in 3 days for approval. Once proven this design will be made available to all for manufacturing.”

Along with this, Mahindra & Mahindra Further said that “it expects to come up with a sophisticated ventilator priced at just Rs 7,500, which otherwise costs up to Rs 10 lakh, as it seeks to assist in combating coronavirus pandemic. To this, Mahindra Group Chairman Anand Mahindra applauded the efforts of Kandivali and Igatpuri, manufacturing teams who confined themselves to the factories and produced these prototype designs in 48 hours, without catching sleep”.

On Sunday, Mahindra Group Chairman Anand Mahindra had said to “help in the response to the unprecedented coronavirus threat, Mahindra Group will immediately begin work on how its manufacturing facilities can make ventilators”.

Goenka said, “We at Mahindra are overwhelmed with pouring in of support from individuals and companies for our effort to make available ventilators.” Mahindra had also offered the facilities of the group’s hospitality arm.

 

 

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Ivanka Trump praise OYO for Offering Free Stays to US Doctors Amid Coronavirus

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Ivanka Trump praise OYO for Offering Free Stays to US Doctors Amid Coronavirus
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Ivanka Trump, the senior advisor to President Donald Trump, has praised an initiative by Ritesh Agarwal-founded Indian start-up OYO Hotels to offer free stays to doctors, nurses in the US helping in the fight against the novel coronavirus, describing the gesture as impactful acts of benevolence.

 

As she retweeted a press release by the OYO, which said that “the start-up is “opening the doors to its hotels” and offering free stays to doctors, nurses and other medical first responders who are helping in the fight against Coronavirus (COVID-19).

 

Ivanka tweeted that “OYO Hotels are offering free stays to our amazing medical professionals and first responders fighting this virus on the frontlines. These kinds of impactful acts of benevolence are what help keep this Nation and our world #TogetherApart,” 38-year-old.

The OYO press release said that “beginning of March 24, medical first responders will receive free accommodations at any OYO Hotel in the United States so they can sleep, shower or just get off their feet and recharge”.

 

Ritesh Founder and Group CEO, OYO Hotels & Homes, said in the press release  “All of us at OYO are grateful for the bravery and sacrifices all the medical personnel are making to save lives and stop the spread of COVID-19,” .

 

North Carolina Medical Society CEO Robert Seligson said “OYO’s offer shows what America is all about”.

 

Seligson said “If we come together and help each other, show kindness and determination, there isn’t a challenge we won’t overcome. This is a great idea that will help physicians and other health care providers on the front lines during this unprecedented crisis, and I hope others will join them .

 

OYO said it “will do all it can to make the lives of the brave medical personnel a little better. It is our responsibility to give back. To all the medical personnel fighting this disease on the front lines, we welcome you and we can’t be grateful enough.”

 

Oyo was Founded in 2013, Gurugram-based OYO’s portfolio today includes 43,000 hotels with over one million rooms and 130,000 vacation homes in over 800 cities in 80 countries. OYO entered the US market in February 2019.

 

 

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