Industrial Anil Ambani on Friday he claimed that he was a “simple man of simple tastes”, living a modest life devoid of any extravagance The times of India reported. The industrialist said in a UK court that he had “nothing significant” and that the exaggerated perceptions of his lavish lifestyle are speculative media stories.
Ambani, who appeared in court in connection with a lawsuit filed by the three Chinese banks for an alleged breach of a personal guarantee on a debt refinancing loan, said that he had sold all of his jewelry to pay his legal fees.
He said he had received 9.9 million rupees for all jewelry between January and June 2020, and now he owns nothing of significance. When asked about his legion of luxury cars, the industrialist said: “These are speculative stories from the media. I have never owned a Rolls-Royce. Currently, I use a car. ”In his private helicopter, Ambani said he does not pay for it unless he uses it personally.
“My expenses are minimal and are in charge of my wife and my family,” Ambani added. “I don’t have a luxurious lifestyle or other income. I covered legal expenses by selling jewelry and, if I have to cover other expenses, [it] will be subject to court approval to dispose of other assets. ”
When Bankim Thanki, representing the banks, asked why there was no evidence of any payment made by him for the personal use of the helicopter, he said: “It has been owned by a corporate entity. I’m a dizzy person so I never used it other than when it arrived. “
On May 22, a UK court ordered Ambani to pay nearly $ 717 million (Rs 5,447 crore) to three Chinese banks, within 21 days. Banks have been trying to recover funds owed to them as part of a loan agreement entered into in 2012. But the amount was not paid within the stipulated time period.
Then, on June 15, Chinese banks, led by Industrial and Commercial Bank of China, requested a disclosure order on their assets. On June 29, the court ordered Ambani to deliver an affidavit establishing all of his assets worldwide in excess of $ 100,000 (approximately Rs 74 lakh), whether or not they are in his own name, wholly or jointly owned. , and if he is interested in them legally, beneficially or not.
Ambani appeared from India via video conference on Friday to be questioned in the case. The industrialist told the court that his bank balance was reduced overnight from Rs 40.2 lakhs on December 31, 2019 to Rs 20.8 lakhs on January 1, 2020.
He further claimed that despite being one of the richest men in India until recently, he owned a “work of art worth $ 110,000.” “What is the Tina and Anil Ambani collection?” Thanki asked at this conjecture. Ambani told him it was his wife’s collection.
He added that he had outstanding loans of Rs 500 crore to his mother and Rs 310 crore to his son, Anmol. Ambani said that he had loaned the Rs 5 billion to Reliance Innoventures and did not “remember” the terms and conditions of both loans. He claimed that his 12 million equity shares in Reliance Innoventures were “worthless” and denied having an interest in any trusts worldwide, including his family’s trust.
During the hearing, Ambani was also questioned about credit card bills showing purchases in London, California, Beijing and elsewhere, most of which he claimed were purchases from his mother.
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