Home Business Business Simple man of simple tastes, leads disciplined not lavish lifestyle: Anil...

Business Simple man of simple tastes, leads disciplined not lavish lifestyle: Anil Ambani

Business

Home >Companies >People >Simple man of simple tastes, leads disciplined not lavish lifestyle: Anil Ambani

Anil Ambani, chairman, Reliance Group, said he believed that upon the resolution of RCom and RITL’s debt, as per resolution plans filed before NCLT, a significant portion, if not the whole, of the said debts will stand discharged.mint

2 min read

. Updated: 26 Sep 2020, 12:41 PM IST

Bloomberg

Former billionaire Anil Ambani rejected a judge’s comment that he lived a ‘lavish lifestyle’ as he faced questions about his assets from lawyers acting for a trio of Chinese banks

Former billionaire Anil Ambani rejected a judge’s comment that he lived a “lavish lifestyle” as he faced questions about his assets from lawyers acting for a trio of Chinese banks.

Ambani was giving evidence via videolink for the first time from Mumbai, in a English lawsuit over a dispute stemming from a defaulted loan. The tycoon, who has previously said his net worth is “zero,” was questioned about his spending and his finances, including more than $100 million in family loans.
Three state-controlled Chinese banks have pursued Ambani for more than $700 million in a London court, arguing that they provided funding to his Reliance Communications Ltd. in 2012 with the condition that he personally guarantee the debt. After winning a ruling requiring Ambani to make the payments, the banks have yet to receive any funds.
“He’s fighting tooth and nail to prevent having to pay us a penny,” the banks’ attorney, Bankim Thanki, said of Ambani.
Ambani, the younger brother of Asia’s wealthiest man, said that a judge was wrong to say he’d lived a lavish lifestyle, insisting that he was a marathon runner who didn’t drink, smoke or gamble.
“I think I must put it respectfully in perspective,” Ambani said. “My needs are not vast and my lifestyle is very disciplined.”
“Any suggestion of a lavish lifestyle past, present and future is completely speculative,” he said.
Ambani was accused of putting his assets out of the reach of his creditors by putting the ownership in corporate entities. The family art collection was owned by his wife, he said. The luxury motor yacht, which was used family members — but not Ambani himself, who said he suffered from seasickness — was also owned by a company, he said.
Ambani had always said he never made a personal guarantee — something he’d dismissed as an “extraordinary potential personal liability.”
On Friday, Ambani was examined over credit-card spending in luxury shops including Harrod’s that he said was done by his mother on his cards. He was also questioned over a $66 million loan provided by his mother, Kokilaben Ambani, and a $41 million loan from his son. He said he couldn’t recall the terms of the loans but insisted they weren’t gifts.
The former billionaire “has always been a simple man of simple tastes, contrary to exaggerated perceptions of his flamboyance and lavish lifestyle,” a spokesman for Ambani said in a statement. “He is also a lifelong vegetarian, teetotaller and non-smoker who would much rather watch a movie at home with his kids than go out on the town.”

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Subscribe to Mint Newsletters

* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePapermint is now on Telegram. Join mint channel in your Telegram and stay updated

Close

×

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

How can I tell the difference between the flu and COVID-19?

Last Updated : Oct 01, 2020 01:54 PM IST | Source: AP Body aches, sore throat, fever, cough, shortness of breath, fatigue and headaches are symptoms shared by the two. How can I tell the difference between the flu and COVID-19?It’s impossible to tell without a test. Influenza and COVID-19 have such similar symptoms, you…

Cardiac arrest common in sick Covid-19 patients

Photo for representational purpose only. iStock New York, October 1 Cardiac arrest is common in critically ill patients with Covid-19 and is associated with poor survival, particularly among patients aged 80 or older, say researchers. The findings, published in the journal The BMJ, could help guide end-of-life care discussions with critically ill patients with Covid-19…

Beware: Vitamin D deficiency can make you obese and lead to stunted growth

Vitamin D, or the ‘Sunshine Vitamin as it is also known as, is one of the essential nutrients that makes your bones and teeth stronger, wards off infections and diseases and keeps you cheerful. This fat-soluble vitamin can also bring down your risk of cancer, autoimmune diseases, heart disease and diabetes. But unfortunately, as many…

COVID-19 cases decline, deaths increase in Chandigarh as September ends

Naina MishraTribune News ServiceChandigarh, October 1 As September comes to an end, the Union Territory has started to witness a decline in the number of positive COVID-19 cases, and daily tests.  However, COVID deaths have increased with every passing week.  September has recorded 100 COVID-19 deaths whereas August reported only 39 deaths.  At least three…

Recent Comments