UK court orders Anil Ambani to pay $717 mn to 3 Chinese banks within 21 days; seeking legal advice, says firm
A spokesperson for Anil Ambani said the matter pertains to an alleged personal guarantee for a corporate loan availed by Reliance Communications Limited (RCom) in 2012 for global refinancing.
Debt refinancing loan case: UK High Court to set terms in Chinese banks' claim against RCom chief Anil Ambani
According to court documents, RCom had sought the loan from the Chinese banks in order to meet its obligations under certain foreign currency convertible bonds due to mature on 1 March 2012.
UK court dismisses Chinese bank plea for conditional order in $680 mn claim against RCom chief Anil Ambani
The hearing in the matter took place on 7 November and the order was issued on Monday, a spokesperson for Anil Ambani said in a statement.
A steeper-than-expected rise in defence spend wouldn’t be good news for a crippled economy like Pakistan, largely running on Chinese aid.
Chinese banks are offering an opportunity for Indian entrepreneurs but there is a catch: Chinese funding might be cheap but their ability to leverage is not.
The high cost of underground credit and a global slump caused a wave of business failures last year, prompting owners to flee. Now, those who lent their precious savings for high return are asking the government to get their money back.