Judge Nigel Tier said Anil Ambani had been given a personal guarantee for a loan taken by Reliance Communications in 2012. Ambani, who said his net worth was zero, was given 21 days to pay the court. Ambani is also liable for the guarantee given, the court said.
The order states that the defendant’s (banks) owed $ 716,917,681.51 under the guarantee. Anil Ambani has been given a personal guarantee by Reliance Communications Limited for a corporate loan in 2012 to offset global debt, his spokesman said. The spokesman said this was not his personal loan.
“In the wake of the UK court order, there will be no action in India in the near future. Anil Ambani seeks legal advice on legal proceedings The spokesman said.
Anil Ambani owes money to banks such as the Industrial-Commercial Bank of China Limited, Mumbai Branch, China Development Bank and Exim Bank of China.
Content Highlights: UK court orders Anil Ambani to pay $ 717 mn to Chinese banks within 21 days