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In a big move, market watchdog <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords">SEBI</keyword> has banned <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> from participating in the securities markets for 5 years, for diverting funds from <keyword id="20367971" type="General" weightage="20" keywordseo="Reliance-Home-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Home Finance" meta.hostid="261" meta.entityid="Reliance Home Finance">Reliance Home Finance</keyword> (RHF). This means that the debt-ridden Ambani scion will not be able to serve as key managerial personnel, or director in any listed company for the next 5 years. Additionally, he will also have to pay Rs 25 crore as a penalty. Along with Ambani, 24 others, which include former employees of RHF, have also been banned from trading in the securities market for a five year period. RHF itself has been barred from the securities market for 6 months, and has also been penalized Rs 6 lakh. <h2>Not the first time</h2>In its order, SEBI found Ambani guilty of fraud and channeling away RHF funds under the guise of loans by lending them to entities connected to him. This was despite the company's board of directors repeatedly advising to stop such practices. Ambani continued to orchestrate the fraud, thanks to his key position as the chairman of ADA Group, and also because of his shareholding in RHFL's holding company. In July this year, SEBI had barred the infamous fugitive Vijay Mallya from trading in Indian markets for three years, when it was found that Mallya illegally routed funds via foreign banks and companies to spruce up the share value of his own companies and profiting from the same, aka stock rigging. While all his assets in India are frozen, he also cannot serve as the director of any Indian listed company for this duration. But this is not the first time SEBI has debarred people from the markets. Last year, SEBI had barred Mohammad Nasiruddin Ansari, popularly known as <keyword id="22893256" type="General" weightage="20" keywordseo="Baap-of-Charts" source="keywords" meta.keywordsubtype="org" meta.entityname="Baap of Charts" meta.hostid="261" meta.entityid="Baap of Charts">Baap of Charts</keyword>, after he was f0und doling out misleading stock-related advise, while pretending to run educative courses. SEBI also asked Ansari to refund Rs 17.2 crore he had collected under the guise of fees. Another popular fin-fluencer, PR Sundar, was barred from options trading for an entire year, when it was found that he was running full fledged investment advisory services i.e. recommending buying and selling stocks, without obtaining the necessary licenses Bollywood actor <keyword id="20003289" type="General" weightage="20" keywordseo="arshad-warsi" source="keywords">Arshad Warsi</keyword>, along with his wife Maria Goretti, were also banned by SEBI last year after he was found uploading videos that lured investors to buy shares of two specific companies, namely Sadhna Broadcast and Sharpline Broadcast, and thus, profiting about Rs 29.43 lakh and Rs 37.56 lakh, respectively. They were not allowed to trade until they deposited all profits made in this manner in an escrow account. However, the duo, along with Warsi's brother Iqbal Warsi later received relief from SAT (Securities Appellate Tribunal), which set aside SEBI's order.

Anil Ambani, Arshad Warsi- Famous names who SEBI has barred from the markets

The Securities and Exchange Board of India (<keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords">SEBI</keyword>) on Friday imposed a <keyword id="19915887" type="General" weightage="20" keywordseo="ban" source="keywords">ban</keyword> on businessman <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, 3 key officials of his company and 23 companies associated with him, from <keyword id="20114014" type="General" weightage="20" keywordseo="trading" source="keywords">trading</keyword> in the stock market for a period of five years. This final order of the market regulator comes after a thorough investigation of allegations, which includes significant irregularities related to loan approvals, fund diversion, and non-compliance with regulations among the entities involved. SEBI's investigation revealed a pattern of <keyword id="20803556" type="General" weightage="20" keywordseo="financial-misconduct" source="keywords">financial misconduct</keyword> orchestrated by Anil Amband his associates. The regulatory body found that funds were being diverted under the pretext of loans to entities linked to Anil Ambani, leading to severe breaches of financial regulations. As part of the sanctions, SEBI has issued a comprehensive order stating, "Noticees are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, for a period of 5 years, from the date of coming into force of this order." SEBI also stated that the ban has been imposed to prevent further <keyword id="20093819" type="General" weightage="20" keywordseo="market-manipulation" source="keywords">market manipulation</keyword> and to uphold <keyword id="20957433" type="General" weightage="20" keywordseo="regulatory-standards" source="keywords">regulatory standards</keyword>. In addition to the trading ban, SEBI also levied a significant penalty of Rs 25 crore on Anil Ambani. SEBI's order elaborates on the nature of the <keyword id="21119934" type="General" weightage="20" keywordseo="fraudulent-scheme" source="keywords">fraudulent scheme</keyword>, stating, "The findings made in this Order have established the existence of a fraudulent scheme, orchestrated by Noticee No. 2 (Anil Ambani) and administered by the KMPs of RHFL (<keyword id="22889177" type="General" weightage="20" keywordseo="Reliance-Housing-Finance-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Housing Finance Limited" meta.hostid="261" meta.entityid="Reliance Housing Finance Limited">Reliance Housing Finance Limited</keyword>)." The charges against Anil Ambani and the key officials of Reliance Housing Finance Limited (RHFL) include the diversion of funds from the company terming as loans to related entities that were never repaid. Despite strong objections from RHFL's board of directors, the company's management, influenced by Anil Ambani and senior officials the management ignored these directives and proceeded with the fraudulent transactions. SEBI investigation highlighted that Anil Ambani's role as the 'chairperson of the ADA group' was pivotal in facilitating the fraudulent activities. The misuse of his position allowed for the orchestration of this scheme, leading to significant financial repercussions. The order by SEBI stated that many of the borrowers failed to repay their loans, which in turn caused RHFL to default on its debt obligations. Additionally, a significant number of these borrowers had close ties to the promoters of RHFL, exacerbating the financial mismanagement. SEBI added that the impact of the conduct by Anil Ambani and entities has been severe, with over 9 lakh shareholders still invested in RHFL facing considerable losses. In February 2022, SEBI issued an interim order restraining RHFL, Anil Ambani, and three other individuals — Amit Bapna, Ravindra Sudhakar, and Pinkesh R Shah from participating in the securities market until further notice. This interim order was a precursor to the more stringent sanctions now imposed in the final order of the market regulator.

SEBI bans industrialist Anil Ambani and 23 entities associated with him for trading in stock markets for 5 years

<ul><li>The share prices of <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s <keyword id="6368073" type="UNKNOWN" weightage="20" keywordseo="Reliance-Communication">Reliance Communication</keyword> and Reliance Naval and Engineering (RNEL) seem to be rebounding as the deadline to bid for its assets nears. </li><li>The shares of Reliance Naval and Engineering (RNEL), which was as low as ₹0.75 — shot up by 10 times at ₹7.70 in a span of 11 weeks. </li><li>While Reliance Communications’ share prices, which closed down at ₹0.57 on November 18, also climbed over 4% on November 26. </li><li>This comes as Airtel and Reliance Jio bids to purchase the assets of the company and its two subsidiaries. </li></ul>The share prices of Anil Ambani’s Reliance Communication and Reliance Naval and Engineering (RNEL) seem to be rebounding — after taking hit for most part of the year. The shares of Reliance Naval and Engineering (RNEL), which was as low as 75 paise— shot up by 10 times at ₹7.7 in 11 weeks. Its market capitalisation stood at ₹565 crore. Last financial year, RNEL recorded a net loss of ₹10,927 crore, while its revenue was at ₹180 crore. RNEL’s subsidiary Reliance Marine — filed bankruptcy<a href="https://www.businessinsider.in/another-anil-ambani-company-reliance-marine-goes-bankrupt/articleshow/70788268.cms"> in August after its debt swelled to ₹1,000 crore.</a> <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[
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 But this is not the only ADA group share that is gaining. The stock of Reliance Communications rose gained by 26% in the last eight days, according to BSE data. The stock has been taking a beating since it went bankrupt in May with massive unpaid dues of around ₹46,000 crore. But as the insolvency process is going on, it received bids from two players — Bharti Airtel and Reliance Jio bids to purchase its assets. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[
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 All of RCom’s assets including spectrum, towers, fibre and data centre and real estate are up for sale. It is reported estimated to be ₹33,000 crore, <a href="https://m.economictimes.com/markets/stocks/earnings/rcom-posts-indias-second-biggest-loss-at-rs-30142-crore/articleshow/72080490.cms">reported</a> Economic Times. But it might fall short of lender claims that came in at around ₹49,000 crore in August. The National Company Law Tribunal is expected to complete the process by 10 January, 2020. RCom in the past had tried to sell assets to various companies, including Reliance Jio, to clear debt but did not crystallise. Its chairman Anil Ambani resigned after the company registered a consolidated loss of ₹30,142 crore for July-September 2019. This was the second highest loss posted by any Indian corporate till date. However, t<a href="https://m.economictimes.com/markets/stocks/earnings/rcom-posts-indias-second-biggest-loss-at-rs-30142-crore/articleshow/72080490.cms">he shareholders rejected his resignation. </a> See also: <a href="http://businessinsider.in/business/news/airtel-ril-3-others-may-submit-bids-for-rcom-assets-on-monday/articleshow/72211930.cms">Airtel, RIL, 3 others may submit bids for RCom assets on Monday</a> <a href="https://www.businessinsider.in/business/news/rcom-lenders-reject-resignation-of-anil-ambani-4-other-directors/articleshow/72207915.cms">RCom lenders reject resignation of Anil Ambani, 4 other directors</a> <a href="https://www.businessinsider.in/business/news/rcom-shares-rally-6-pc-to-hit-upper-circuit-on-asset-sale-buzz/articleshow/72217578.cms">RCom shares rally 6 pc to hit upper circuit on asset sale buzz</a>

Two Anil Ambani Group stocks — which were trading for less than ₹1 — are buzzing again

<keyword id="119515" type="COMPANY" weightage="100" keywordseo="Reliance-ADA-group">Reliance ADA Group</keyword> was actively involved with one of the accused firm in <keyword id="6395301" type="COMPANY" weightage="100" keywordseo="2G">2G</keyword> spectrum case <keyword id="153320" type="COMPANY" weightage="100" keywordseo="Swan-Telecom">Swan Telecom</keyword> Pvt. Ltd. (STPL) by fully funding the latter in an alleged violation of stipulated rules, CBI alleged today. 

	The agency said that the Group made the funding through a "circuitous route" when STPL had applied for 2G licences in 14 telecom circles across the country. 
 

	"It (transactions) was disguised. It was done to increase the paid up capital of STPL," special public prosecutor Anand Grover told Special CBI Judge O P Saini. 
 

	In its charge sheet, CBI has alleged that Reliance Telecom Ltd (RTL) had used STPL, an ineligible firm, as front company to get the 2G licenses and the costly radio waves. 
 

	All the accused had denied allegations levelled against them by CBI. 
 

	(Image credits: Indiatimes)

New CBI report suggests active involvement of Reliance ADAG in 2G scam

<ul><li>PriceWaterhouseCoopers resigned as Reliance Capital and Reliance Home Finance’s auditor effective on June 11.</li><li>PwC said the company prevented it from exercising independent judgment.</li><li>PwC noted some observations and transactions and did not receive satisfactory response to queries.</li></ul> Top accounting firm PriceWaterhouseCoopers (PwC) resigned as Reliance Capital and Reliance Home Finance’s auditor effective on June 11. In a letter, PwC said that the company prevented it from performing its duties as statutory auditors. The stock of Reliance Capital fell as much as 7% in early trade on Tuesday (June 12) before recovering. As per a letter by PwC which was a part of BSE filing by Reliance Capital, the company prevented it from exercising independent judgment in making a report to the members of the company. “And impaired its independence and hence it is no longer in a position to complete the audit and instead feels compelled to withdraw from the audit engagement and resign,” the letter said. The dispute started when PwC noted some observations and transactions which in its assessment if not resolved satisfactorily might be significant or material to the financial statements. And, that it did not receive satisfactory response to its queries. The Anil Dhirubhai Ambani Group company also did not convene an audit committee meeting within the expected time, PWC said in a letter. Instead, it said that it will initiate legal proceedings against the firm. “PWC’s observations are completely baseless and unjustified. PWC has acted prematurely without even statutory discussions with the Audit Committee. There is no question of ‘diversion’; zero loans and / or liquidity have been provided by any lender in the PWC audit period,” Reliance Capital said in a statement on June 13. “Reliance Capital is by law required to fund only group entities, being a Core Investment Company (CIC). All resources have been utilised purely to support group debt servicing of Rs 35,000 crore in past 14 months,” the statement said. The other auditor Pathak H D A Associates will continue as the sole statutory auditor. This comes after a confidence-building conference call by Anil Ambani, the chairman of the ADA group on June 11. He had claimed to service all the group’s debt obligations and spoke about how he was ‘personally anguished’ by rumour mongering which has hammered his group companies’ stock. SEE ALSO: <a href="https://www.businessinsider.in/business/billionaire-anil-ambani-ready-to-pay-all-debts-of-reliance-goup/articleshow/69738912.cms" data-type="tilCustomLink" target="_blank">High on debt troubled billionaire Anil Ambani blames everyone but himself</a>

The auditor to Anil Ambani firm Reliance Capital says it wasn't allowed to do its job

Mumbai, <keyword id="40530" type="General" weightage="20" keywordseo="tina-ambani" source="Orion">Tina Ambani</keyword>, the wife of Reliance ADA Group Chairman <keyword id="9171" type="General" weightage="20" keywordseo="anil-ambani" source="Orion">Anil Ambani</keyword>, on Tuesday appeared before the Enforcement Directorate (ED) here for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the federal agency again later this week for completion of the exercise. The investigation against the couple pertains to the possession of certain alleged undisclosed assets abroad and linked movement of funds, the sources said. Anil Ambani's alleged links to some offshore companies based in Jersey, British Virgin Islands and Cyprus are under the probe scanner of the ED. He had been questioned by the agency in 2020 in a money laundering case against Yes Bank promoter Rana Kapoor and others. In August last year, the income-tax department issued a notice to Anil Ambani under the anti-black money law for allegedly evading Rs 420 crore in taxes on undisclosed funds of more than Rs 814 crore held in two Swiss bank accounts. The Bombay High Court in March ordered an interim stay on this I-T show-cause notice and penalty demand.

Anil Ambani's wife Tina Ambani appears before ED in FEMA case

Reliance Anil Dhirubhai Ambani Group or abbreviated as Reliance ADA Group (ADAG) is headquartered in Mumbai. An Indian Conglomerate of companies, this establishment was formed in 2006 by Anil Ambani after the business of his father Dhirubhai Ambani was divided between him and his brother Mukesh Ambani. Following the split of Reliance Industries in December 2005, Anil Ambani got Reliance Infocomm, Reliance Energy and Reliance Capital. Here is an overview of top <keyword id="559059" type="PERSON" weightage="20" keywordseo="Anil-ambani-companies">Anil Ambani companies</keyword>. Reliance Infrastructure Formerly known as Reliance Energy Limited, Reliance Infrastructure Limited, and Bombay Suburban Electric Supply are Indian Private Sector Enterprises involved in power generation, defense, construction and infrastructure. Reliance Power Earlier, Reliance power limited was called as Reliance Energy Generation Limited. This company was created in order to establish, build, operate and maintain power projects in India and International markets. The company has the largest collection of power projects in the private sector in India that is based on thermal energy and renewable energy. Reliance Communications Reliance Communications is a highly popular network provider in India. In February 2019, this company went bankrupt as it could not sell its assets for the sake of repaying its debt. It was declared that the company has an asset worth of Rs.18,000 crores whereas the outstanding debts were Rs.50,000 crores. Reliance Capital Reliance Capital Limited is an India based financial services holding company with a diversified portfolio. A part of the Reliance Group, Reliance Capital is a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index. Reliance Naval and Engineering Identified as R-Naval, Reliance Naval and Engineering Limited was formerly known as Reliance Defense and Engineering Limited. This company is headquartered in Mumbai and is involved with Indian Ship Building and Heavy Industries. This establishment has one of the largest engineering infrastructures in the country. This is the first company from the private sector to get a contract and license for building warships. Reliance Entertainment Reliance Entertainment Private Limited manages the media and entertainment business of the Reliance Anil Dhirubhai Ambani Group. The services of the firm range over content and distribution platforms. Kokilaben Dhirubhai Ambani Hospital Kokilaben Dhirubhai Ambani Hospital is a high-quality tertiary care medical facility situated in Versova, Mumbai, India. This 750-bed multi-speciality hospital was first initiated by Nitu Mandke as a full-fledged and large-scale heart hospital but faced a troubled existence after his death in 2003. Reliance ADA Group of Anil Ambani completed it and named it after his mother Kokilaben Ambani. In 2016, the hospital made an announcement that it will establish about 18 cancer-care centres in the rural regions of Maharashtra. In 2018, Kokilaben Hospital has conferred an award as the Best Multi-specialty Hospitals during the Navbharat Healthcare Awards Summit. Reliance Health Insurance Limited A part of Reliance Capital, Reliance Health Insurance is one of the leaders in the private health insurance sector of India. It has more than 139 offices across India. Affordable health insurance plans and a wide range of options to choose from are the unique distinguishing features of this company.

Here's a look at all the companies that Anil Ambani owns

<ul class="summary-list"><li><keyword id="6372909" type="LOCATION" weightage="60" keywordseo="turkey">Turkey</keyword> has been investing in its defense industry and expanding production of military gear.</li><li>Ankara wants to bolster its military and counter sanctions imposed by traditional defense partners.</li><li>Disputes have led Turkey to seek to "not be so dependent on outsiders," one expert said.</li></ul>In June, the Turkish navy <a href="https://www.navalnews.com/naval-news/2021/06/sinkex-watch-turkeys-anti-ship-missile-atmaca-sink-a-ship-in-final-test/" target="_top">successfully test-fired</a> the Atmaca, Turkey's first domestically produced long-range anti-ship cruise missile.The missile was fired from the TCG Kınalıada, one of the newest <a href="https://turkishnavy.net/ada-class-milgem/" target="_top">Ada-class</a> corvettes, which are also domestically designed and built. In its final test, the missile sank an old research vessel, and it is now set to replace the US-made Harpoon as the Turkish Navy's standard anti-ship missile.It is the most recent in an impressive string of achievements for Turkey's defense industry, which has historically relied on US and European companies to outfit its military.In recent years, though, Turkish firms have increased their efforts to manufacture high-quality defense equipment - including guns, missiles, tanks, and warships.That increased investment has made Turkey's military more self-reliant and is turning Turkey into a top arms exporter.<h2>Threats and sanctions</h2><div type="image" title="Turkey Kinaliada navy ship fires Atmaca anti-ship missile" height="1335" width="2000" msid="85099773" hostid="261"></div>Turkey has long had a large and relatively capable defense industrial base. For decades it has built a variety of infantry weapons under license from foreign manufacturers, and it is one of only five countries licensed to build F-16s.The recent focus on domestic design and production stems from an increase in potential threats from <keyword id="6358826" type="LOCATION" weightage="60" keywordseo="Russia">Russia</keyword> and various militant groups and from sanctions placed on Turkey's defense industry by its <keyword id="6371298" type="UNKNOWN" weightage="60" keywordseo="NATO">NATO</keyword> allies, which have prevented the sale of critical technology or entire systems to Ankara.Turkey has had a <a href="https://www.crisisgroup.org/content/turkeys-pkk-conflict-visual-explainer" target="_top">long-standing conflict</a> with Kurdish PKK militants in its southwest, which regularly bleeds into <a href="https://www.dailysabah.com/politics/war-on-terror/turkey-launches-large-scale-counterterrorism-operation-in-iraq" target="_top">northern Iraq</a> and was a major factor in <a href="https://www.politico.eu/article/8-questions-about-turkeys-incursion-into-syria-answered/" target="_top">Turkey's military intervention</a> in Syria's civil war.Turkey is also dealing with a stronger Russia, its longtime state rival. Turkey enjoyed a sense of security in the <keyword id="391209" type="PERSON" weightage="60" keywordseo="Black-Sea">Black Sea</keyword> in the decades after the Cold War, when Russia was considerably weaker, but Moscow's recent actions pose a new challenge."The military balance in the Black Sea has shifted rather significantly in Russia's favor after the seizure of Crimea and the further militarization of the peninsula," Stephen Flanagan, a senior political scientist at the Rand Corporation, told Insider.<div type="image" title="Turkey Turkish navy Black Sea NATO" height="933" width="1400" msid="85099776" hostid="261"></div>"The Russians have increased the level of military forces in their Southern Military District, and they are also engaged in a <a href="https://www.navalnews.com/naval-news/2020/05/russias-black-sea-fleet-completes-the-first-stage-of-its-modernization/" target="_top">fairly substantial modernization</a> of the Black Sea Fleet," Flanagan said.Turkey sees Russia's involvement in and influence over Syria <a href="https://www.futuredirections.org.au/publication/russia-and-turkey-in-syria-the-erosion-of-the-friendship/" target="_top">as a threat</a>, as it does Iranian influence in <a href="https://www.atlanticcouncil.org/blogs/menasource/factbox-iranian-influence-and-presence-in-syria/" target="_top">Syria</a> and <a href="https://jamestown.org/program/iranian-backed-iraqi-militias-deter-turkish-intervention-in-sinjar/" target="_top">Iraq</a>.Despite the increase in threats, Turkey can no longer rely on the US and Europe to sell it the equipment it needs.US and European concerns about Turkey's human-rights abuses, its actions against the Kurds in northern Syria, and its purchase of the Russian-made <keyword id="3094666" type="PERSON" weightage="60" keywordseo="S-400">S-400</keyword> surface-to-air missile system have led to sanctions on Turkey's Presidency of Defense Industries, the government institution that oversees its defense industry.The US has <a href="https://www.airforcemag.com/bidens-pentagon-to-keep-turkey-out-of-f-35-program/" target="_top">kicked Turkey out</a> of the F-35 program, in which Ankara was an original contributor and manufacturer, and Germany has <a href="https://www.reuters.com/article/uk-germany-turkey-tanks/germany-freezes-any-decision-on-tanks-upgrade-for-turkey-idUKKBN1FE1PR" target="_top">been reluctant</a> to modernize Turkey's inventory of Leopard 2 tanks."All of that has only reinforced Turkey's need to become more independent in the development of its defense industry and its own defense capabilities," Flanagan said.<h2>Increased domestic output</h2><div type="image" title="Turkey T129 ATAK helicopter" height="1257" width="2000" msid="85099779" hostid="261"></div>Turkey had a similar experience with Western sanctions in the 1970s, when tensions with Greece over Cyprus almost led to war. Those sanctions were lifted, but Turkey prepared for their potential reimposition.Now that preparation is showing returns.Turkey is replacing the G3 with the <a href="https://weaponsystems.net/system/1108-MKEK+MPT-76" target="_top">MPT-76</a>, a domestic design, as its standard-issue rifle. It is replacing its AH-1 attack helicopters with Turkish Aerospace Industries' <a href="https://www.airforce-technology.com/projects/t129multirolecombath/" target="_top">T129 ATAK</a>, and it <a href="https://www.raillynews.com/2021/07/Altay-tank-will-be-delivered-to-tskya-at-the-beginning-of-2023/" target="_top">plan</a><a href="https://www.raillynews.com/2021/07/Altay-tank-will-be-delivered-to-tskya-at-the-beginning-of-2023/" target="_top">s</a> to field its first domestically made <a href="https://www.ssb.gov.tr/WebSite/contentlist.aspx?PageID=366&amp;LangID=2ID=2" target="_top">Altay tanks</a> by the beginning of 2023. It is also <a href="https://www.defenseworld.net/news/29740/Turkey_to_Upgrade_Leopard_2A4_tank_with_Indigenous_Armor_Package#.YQLn3Y5Kg2w" target="_top">upgrading</a> its Leopard 2s without German assistance.In addition to four Ada-class corvettes, Turkey's navy has <a href="https://www.navalnews.com/naval-news/2021/01/turkey-launches-the-lead-ship-of-i-class-frigates-istanbul/" target="_top">launched</a> the first of four planned Istanbul-class frigates and one amphibious assault ship, <a href="https://www.forbes.com/sites/hisutton/2020/05/13/turkeys-new-assault-carrier-will-transform-navy/?sh=28340b99f1d1" target="_top">TCG Anadolu</a>, with a second planned.Based on Spain's <a href="https://www.naval-technology.com/projects/juan-carlos/" target="_top">Juan Carlos I class</a>, Anadolu and its future sister ship, TCG Trakya, are <a href="https://www.navalnews.com/naval-news/2021/04/turkey-plans-to-deploy-indigenous-aircraft-hurjet-on-lhd-anadolu/" target="_top">expected</a> to function as light aircraft carriers, with the capability to launch new Turkish-made aircraft.<div type="image" title="Turkish Bayraktar TB2 drone in Azerbaijan military parade" height="1333" width="2000" msid="85099781" hostid="261"></div>Turkey's efforts to become a leader in unmanned systems is perhaps its most impressive initiative.Turkish-made Bayraktar TB2 unmanned combat aerial vehicles <a href="https://www.businessinsider.com/drones-in-armenia-azerbaijan-war-raises-doubt-about-tanks-future-2020-11" target="_top">were key to Azerbaijan's victory</a> in that country's recent war with Armenia. Other countries looking for an aerial advantage <a href="https://www.dailysabah.com/business/defense/ukraine-to-buy-5-more-turkish-bayraktar-tb2-drones-in-2021" target="_top">are now </a><a href="https://www.dailysabah.com/business/defense/ukraine-to-buy-5-more-turkish-bayraktar-tb2-drones-in-2021" target="_top">seeking</a> TB2s.Turkey has a number of other unmanned systems in development.It has begun mass production of the <a href="https://www.dailysabah.com/business/defense/high-in-the-sky-turkeys-landmark-drone-akinci-sets-altitude-record" target="_top">Akıncı</a>, a larger unmanned combat aircraft with a payload of 1.5 tons, and has started sea trials for the <a href="https://www.navalnews.com/naval-news/2021/02/video-turkeys-armed-usv-ulaq-starts-sea-trials/" target="_top">ULAQ</a>, an unmanned surface vessel armed with six guided missiles. Four kinds of armed unmanned ground vehicles <a href="https://www.defensenews.com/unmanned/2021/07/06/four-robotic-vehicles-compete-for-turkish-military-contract/" target="_top">are competing</a> for a Turkish government contract.Turkey also has plans for a "<a href="https://www.defensenews.com/unmanned/2018/04/16/this-remote-controlled-naval-mine-attaches-to-ships-explodes-on-command/" target="_top">mobile naval mine</a>" that can be used for surveillance and to attack ships, as well as for <a href="https://www.navalnews.com/naval-news/2021/07/turkey-to-deploy-mius-unmanned-combat-aircraft-from-lhd-anadolu/" target="_top">unmanned fighter jets and strike aircraft</a> to be used on its amphibious assault ships, which officials say will be able to carry 30 to 50 drones.<h2>Exports, new partnerships, and self-reliance</h2><div type="image" title="Turkey President Recep Tayyip Erdogan at military factory" height="1293" width="2000" msid="85099782" hostid="261"></div>Increased domestic defense output has also allowed Turkey to become a growing weapons exporter. It now sells its weapons to 28 countries.The Stockholm <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">International</keyword> Peace Research Institute, which tracks the global arms trade, <a href="https://www.sipri.org/sites/default/files/2020-12/sipriinsight2013_emerging_suppliers.pdf" target="_top">recently listed</a> Turkey as one of the three fastest-growing arms exporters, with the volume of its exports increasing 86% in the latter half of the 2010s. Over the same period, it <a href="https://www.sipri.org/sites/default/files/2021-03/fs_2103_at_2020_v2.pdf" target="_top">rose</a> six spots to become the world's 13th-largest arms exporter and went from being the sixth-largest arms importer to the 20th.Turkey is <a href="https://www.sipri.org/sites/default/files/2021-03/fs_2103_at_2020_v2.pdf" target="_top">constructing</a> two modified Ada-class corvettes for Pakistan's navy (with Pakistan building two more itself under license) and <a href="https://www.defensenews.com/naval/2021/07/28/ukrainian-official-reveals-number-of-ada-class-corvettes-on-order-from-turkey/" target="_top">at least one</a> Ada-class corvette for Ukraine. Turkey also <a href="https://www.defensenews.com/air/2021/05/25/turkey-to-export-t129-helos-to-philippines-despite-block-on-pakistani-order/" target="_top">recently received</a> a US export license to send attack helicopters to the Philippines."There's been a heavy emphasis on the idea that Turkey was going to develop its indigenous capabilities so as to be able to both become more effective as a military producer and less dependent on foreign sources but also as a potential for export-driven growth," Flanagan said.<div type="image" title="Turkey amphibious marine exercise in Izmir" height="1333" width="2000" msid="85099783" hostid="261"></div>Turkey's <a href="https://www.rand.org/pubs/research_reports/RR2589.html" target="_top">increasingly nationalistic</a> leaders are determined to grow its domestic arms industry. Feeling spurned by its traditional partners, they are now looking to countries like <a href="https://www.defensenews.com/industry/techwatch/2021/03/08/at-long-last-turkeys-altay-tank-finds-an-engine-from-south-korea/" target="_top">South Korea</a> and <a href="https://www.dailysabah.com/business/defense/hard-times-create-best-allies-turkey-ukraine-strategic-ties" target="_top">Ukraine</a> to fill the country's remaining technological gaps.There is still some Western technology that Turkey needs and can't replicate.It uses US-made engines in the T129 ATAK, German guns for the Altay tank, and German air-independent propulsion systems for its new <a href="https://www.navalnews.com/naval-news/2021/03/turkey-floats-out-its-first-aip-submarine-piri-reis/" target="_top">Reis-class submarines</a>.While Turkey <a href="https://www.dailysabah.com/business/defense/turkish-defense-firms-join-forces-for-5th-gen-combat-aircraft" target="_top">hopes to build</a> its own fifth-generation fighter to replace the F-35, its <a href="https://www.defensenews.com/air/2021/02/02/turkey-launches-f-16-life-extension-program-amid-lack-of-replacement-aircraft/" target="_top">F-16 li</a><a href="https://www.defensenews.com/air/2021/02/02/turkey-launches-f-16-life-extension-program-amid-lack-of-replacement-aircraft/" target="_top">fe-extension</a> program suggests it might not be able to do so.Disputes with neighbors and NATO allies have fueled a sense that Turkey "can find Turkish solutions to some of these problems and then not be so dependent on outsiders," Flanagan said. "They have a strong indigenous capability and also can compete for exports among allies for international customers, along with the major international arms suppliers of the world."

Turkey is building new ships, tanks, and missiles to boost its military and send a message to the rest of NATO

A UK court on Friday directed Reliance Group chairman Anil Ambani to pay USD 100 million towards a conditional order granted to three Chinese banks pursuing the recovery of over USD 680 million owed to them as part of a loan agreement. 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 such a payment to be made 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". "In my overall conclusion, Mr Ambani has not satisfied me that he can't make any payment at all," said Judge Waksman, as he expressed particular criticism of a "lack of candour" and "transparency" on the part of Ambani's defence in reference to his financial means. The Reliance Group indicated that it plans to appeal against the ruling, which will involve a process of seeking permission to appeal. "Mr Ambani is reviewing the order of the UK Court and will take legal advice as to further remedies in appeal," a spokesperson for Anil Ambani said. "The order pertains to an alleged personal liability of Mr Ambani and will have no bearing on the operations of the Reliance Infrastructure Limited, Reliance Power Limited and Reliance Capital Limited," the spokesperson said. The banks - Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China - welcomed the order and said they remain confident of their claim succeeding at trial. "This is a straightforward debt claim to recover outstanding loans made to RCom (Reliance Communications) in good faith and secured by a binding personal guarantee given by Mr Ambani, which he has refused to honour," a statement on behalf of the banks said. "We remain very confident in our claim. We hope that Mr Ambani will comply with the court's order and look forward to the swift resolution of the case at trial," the statement said. Another senior Reliance Group official added that based on the legal advice, the RCom chief intends to seek further remedies in appeal and is "confident" that he will have the opportunity to establish that the Chinese claim is "without any merit". Earlier, during a half-day hearing, the court was told that Reliance Group chairman Anil Ambani was a wealthy businessman and now he is not as a result of a "disastrous turn of events" in the telecom market in India. The Chinese banks had sought summary judgment against Ambani over an alleged breach of a personal guarantee on a debt refinancing loan of around USD 925 million in February 2012. Ambani, 60, denies providing authority for any such guarantee, resulting in the High Court action in the UK - the jurisdiction agreed to as part of the terms of the loan agreement. At the hearing at the Commercial Division of the High Court of England and Wales in London to set the terms for the "conditional order" granted to three Chinese banks last year against the Reliance Communications (RCom) boss, his legal team sought to establish that his net worth was zero once his liabilities were taken into account. "The value of Mr Ambani's investments has collapsed since 2012. The Indian telecom sector in particular has been dramatically hit by the Indian government's change of policy in relation to the grant of spectrum," notes his defence. "Whereas Mr Ambani's investments were worth more than USD 7 billion in 2012, they are now worth USD 89 million, and his net worth is zero once his liabilities are taken into account... Quite simply, he was a wealthy businessman, now he is not," said his barrister Robert Howe. The banks' counsel called Ambani's claims into question and repeatedly referred to his "lavish lifestyle". "So, Mr Ambani's assertion is that he is massively personally insolvent, is bankrupt. Has he filed for bankruptcy in India," questioned Justice David Waksman during the course of the half-day hearing. Ambani's legal team, including leading Indian lawyer Harish Salve, responded in the negative, followed by a brief reference in court to India's Insolvency and Bankruptcy Code (IBC) only recently coming into play. "The evidence overall is that Mr Ambani could not come close to paying a sum of USD 700 million into court," said Howe. The banks, represented in court by barrister Bankim Thanki, sought to establish that Ambani had been "at best economical with the truth" in his evidence statements to the court in relation to his financial means. They also pointed to a series of instances where Ambani family members had stepped in to bail him out, even as Ambani's defence sought to establish that their client had no access to the assets and shares under the name of his mother Kokila, wife Tina Ambani and sons Anmol and Anshul in the form of loans. "Are we seriously to believe that his own mother, wife, and sons can't help him in his hour of need for the purpose of complying with a conditional order," said Thanki, who claimed Ambani's evidence was akin to the proverbial "glossy lipstick on the pig" in terms of some "blatant" lies despite the burden of proof lying with him in the case. "ADA's (Anil Dhirajlal Ambani) brother Mukesh is widely regarded as the wealthiest man in Asia and is ranked by Forbes as the 13th richest person in the world and by Bloomberg as the 14th richest person in the world. He has an estimated net worth of USD 55 to 57 billion," notes the banks in court.

A British judge won't believe Anil Ambani is 'broke'⁠— or that his family won't bail him out

Indians could think of nothing other than <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> be it watching important government announcements or frantically looking for updates and the latest number of infected and deaths. While few did take time off to see drama over government fall in Madhya Pradesh unfold, or even read a few tidbits on Nirbhaya convicts hanging - these are not the only things that happened last week. We collated a few important updates that would have otherwise made headlines: Anil Ambani asked to pay $100 million to Chinese Banks The head of ADA group Anil Ambani is currently embroiled in a legal battle with three state-controlled Chinese banks over a $925 million loan of to <a href="https://www.businessinsider.in/business/news/the-rise-and-fall-of-anil-ambanis-reliance-communications/articleshow/74596156.cms">Reliance Communications</a> which filed for bankruptcy last year. As per the banks, Ambani provided personal guarantee for the debt, a claim which he contested. A UK court order directed him to pay $100 million to the Chinese banks by Friday. However, he has failed to meet the deadline, and this may result in seizure of his assets. 19-year-old gangraped in Maharashtra Even in times of a pandemic, anti-social elements have been ultra active. A 19-year-old girl was allegedly gangraped by five persons in a forest area in Nagpur, Maharashtra. She had gone to Khairi Village along with her boyfriend and their bike broke down. The accused came to the spot and took the woman to an isolated area and sexually assaulted her. The woman later managed to escape with her boyfriend. She filed a complaint after four days and all five accused have been arrested. Peter Mukerjea released from jail After spending more than four years behind the bars, former media baron Peter Mukerjea was released from the Arthur Road Jail on Friday. He was arrested on November 25, 2015 by the CBI in relation to the murder of his wife Indrani Mukerjea’s daughter, Sheena Bora. The Bombay High Court granted Mukerjea bail in February but stayed the order for six weeks so the Central Bureau of Investigation could file an appeal. The stay ended on Thursday and the CBI did not file an appeal in the Supreme Court. Rana Kapoor sent to judicial custody The founder of the now-troubled Yes Bank Rana Kapoor was sent to judicial custody by the Mumbai High Court in connection with the Dewan Housing Finance Ltd (DHFL) scam, on Friday. The Enforcement Directorate (ED) claims that Yes Bank gave loans of ₹30,000 crore out of which loans worth ₹20,000 crore became bad, during Kapoor’s tenure. The ED accuses that Kapoor and his family received ₹4,300 crore as kickbacks for granting these loans. Kapoor has been sent to judicial custody to Taloja jail in Navi Mumbai, till April 2. The CBI is also in the process of seeking his custody, so he might end up behind the bars for longer. Tamil actor, writer and director Visu passes away Popular Tamil actor and director M.R. Viswanathan, fondly known as Visu, passed away in Chennai on Sunday. The 75-year-old actor had a cardiac arrest, following which he was rushed to a hospital. Visu’s daughter, Lavanya said, “He passed away shortly after. The funeral will be held on Monday.” He was reportedly suffering from kidney-related ailments for the past couple of years. His mortal remains have been brought to his residence in Thoraipakkam. The final rites will take place at Besant Nagar crematorium at 4PM today. See also: <a href="https://www.businessinsider.in/india/news/indian-coronavirus-cases-rise-to-396-after-seven-dead-and-24-cured/articleshow/74767933.cms">Indian Coronavirus cases rise to 415, after seven dead and 23 cured</a> <a href="https://www.businessinsider.in/india/news/coronavirus-lockdown-in-india-list-of-states-and-districts-under-lockdown-in-india/articleshow/74760913.cms">List of states and districts under lockdown in India</a> <a href="https://www.businessinsider.in/business/startups/news/checkout-uber-and-ola-services-status-till-march-31-in-delhi/articleshow/74768034.cms">Coronavirus lockdown: Uber suspends services till March 31 in Delhi — but you can still book an Ola in Delhi</a>

You Searched For "Reliance ADA group" and got 10 results

Anil Ambani, Arshad Warsi- Famous names who SEBI has barred from the markets

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SEBI bans industrialist Anil Ambani and 23 entities associated with him for trading in stock markets for 5 years

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New CBI report suggests active involvement of Reliance ADAG in 2G scam

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The auditor to Anil Ambani firm Reliance Capital says it wasn't allowed to do its job

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Anil Ambani's wife Tina Ambani appears before ED in FEMA case

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Here's a look at all the companies that Anil Ambani owns

BI India Bureau

Turkey is building new ships, tanks, and missiles to boost its military and send a message to the rest of NATO

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A British judge won't believe Anil Ambani is 'broke'⁠— or that his family won't bail him out

PTI

Important news that you may have missed amidst Coronavirus chaos

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