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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

&#xa0; 
 <keyword id="6360090" type="CITY" weightage="100" keywordseo="Reliance-Capital">Reliance Capital</keyword> Chairman <keyword id="9171" type="PERSON" weightage="100" keywordseo="Anil-Ambani">Anil Ambani</keyword> on Tuesday introduced his son <keyword id="141180" type="PERSON" weightage="100" keywordseo="Anmol">Anmol</keyword> to the company's shareholders as a newly-inducted director on the board and said he has already brought "tremendous luck" to the financial services firm. 
 
"Anmol has brought tremendous luck. The stock price has risen 40 per cent since his induction to the board. He has added to the value-creation for our shareholders," the chairman said of his 24-year-old eldest son. 
 
"I hope and I'm confident this 'Anmol Effect' will continue, based on the improved performance, growth and teamwork," Anil Ambani said. 
 "I hope Anmol will receive your support and blessings -- along with my father's and my mother's. He is the beneficiary of an extremely loving and value-based upbringing by his mother -- <keyword id="40530" type="PERSON" weightage="20" keywordseo="Tina-Ambani">Tina Ambani</keyword>." 
 
He said his son also represented a young work force in the company with an average age of under 34 years. 
 An alumnus of Warwick <keyword id="107736" type="ORGANIZATION" weightage="20" keywordseo="Business-school">Business School</keyword>, Britain, Anmol has been working in various units within <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Capital since 2014. He was a part of the interactions with <keyword id="149225" type="COUNTRY" weightage="20" keywordseo="Nippon">Nippon</keyword> Life for increasing stake in Reliance <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">Life Insurance</keyword> and Reliance Capital Asset Management in the last two years. 
 
Shifting to the company, Ambani said he expected a record performance by the company during this financial year, and announced that Reliance Capital will now operate on a calendar year basis to be in line with global practices. 
 He said <keyword id="3646337" type="ORGANIZATION" weightage="20" keywordseo="Reliance-Commercial-Finance">Reliance Commercial Finance</keyword> will be a 100 per cent subsidiary By December 1. 
 The transfer of Reliance Commercial <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> into a separate wholly owned subsidiary was approved by 99.99 per cent of the company's shareholders at the court convened meting held here earlier this month. 
 He indicated similar approach towards Reliance Commercial Finance, the general <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> and life insurance businesses of the company. <keyword id="6355311" type="COUNTRY" weightage="20" keywordseo="Japan">Japan</keyword>'s Nippon, which has invested 9,000 crore in insurance businesses is the highest so far by a Japanese company in India, said Ambani. 
 
During the meeting with shareholders, the chairman also announced the re-launch of a commodity exchange, with a daily turnover of over Rs 6,000 crore and diamond as a flagship product. Non-core investments will continue to be monetised to unlock shareholder-value, he added.

Meet Anil Ambani’s son Anmol, new director on Reliance Capital’s board

A <keyword id="2226735" type="UNKNOWN" weightage="80" keywordseo="Delhi-CBI-court">Delhi CBI court</keyword> today recorded the statement of A Raja, former Telecom Minister and key accused in the 2G spectrum allocation scam. 
Special CBI Judge OP Saini started the statement recording and said that it was a "direct conversation" between him and the accused (A Raja). 
 
"Now the statement of the accused will be recorded. It is a direct conversation between the accused and the judge... You (accused) may chose to reply or not reply," the judge said. 
 
Prior to this, the court had supplied a draft questionnaire to the accused. The draft contained 1,718 questions and 824 pages. 
 
The court has postponed the deposition of the promoters of the Essar Group and Loop Telecom till May 19. Essar Group promoters Ravi Ruia and Anshuman Ruia, Loop Telecom promoters Kiran Khaitan, her husband IP Khaitan and Essar Group director (strategy and planning) Vikash Saraf are facing trial in the case along with the three firms – Loop Telecom Ltd, Loop Mobile India Ltd and Essar Tele Holding Ltd. 
 
"I think there will be no time for you today. The matter is adjourned for recording of statement of accused till May 19," the judge said. 
All the accused have denied the charges levelled by the CBI in the case. 
 Earlier, the court had recorded the statements of 153 CBI witnesses, including Reliance ADAG chairman <keyword id="9171" type="PERSON" weightage="40" keywordseo="Anil-Ambani">Anil Ambani</keyword>, his wife <keyword id="40530" type="PERSON" weightage="40" keywordseo="Tina-Ambani">Tina Ambani</keyword>, former corporate lobbyist <keyword id="149786" type="PERSON" weightage="40" keywordseo="Niira-Radia">Niira Radia</keyword> and Attorney General GE Vahanvati. The statement ran into more than 4,400 pages. 
 Apart from Raja and Karunanidhi’s daughter <keyword id="131867" type="PERSON" weightage="40" keywordseo="Kanimozhi">Kanimozhi</keyword>, former telecom secretary Siddharth Behura, Raja's former private secretary RK Chandolia, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Unitech Ltd MD Sanjay Chandra, and Reliance ADAG executives – Gautam Doshi, Surendra Pipara and <keyword id="166256" type="PERSON" weightage="40" keywordseo="Hari-Nair">Hari Nair</keyword> – are also facing trial in the case. 
 
Image: Indiatimes

2G
Case: A Raja’s Statement Recorded

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.

You Searched For "Tina Ambani" and got 4 results

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

PTI

Meet Anil Ambani’s son Anmol, new director on Reliance Capital’s board

BI India Bureau

2G Case: A Raja’s Statement Recorded

BI India Bureau

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

PTI

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