London, PTI Reliance Group Chairman Anil Ambani has been hit by more than Rs 5,300 crore. A UK court has ordered Ambani to pay about $ 717 million (over Rs 5,300 crore at the rate of Rs 75 per dollar) to three Chinese banks within 21 days under a loan agreement. The Commercial Unit of the High Court of England and Wales in London, in its judgment, said that Ambani had given a personal guarantee on the loan, due to which he is obliged to make this payment. However, Reliance Group has not responded to this decision.
The Mumbai branch of the Industrial and Commercial Bank of China, China Development Bank and Exim Bank of China took the matter to the British High Court. The three banks, led by the Industrial and Commercial Bank of China, said that they had given a loan of about $ 925 million to Ambani in 2012 to repay a loan to him on his personal guarantee. However, Ambani has been denying personal guarantee in this case.
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According to the court order, the amount that Ambani has to pay includes $ 549.8 million of the loan agreement, $ 5.19 million of the outstanding interest item as of May 22 and $ 115.5 million in default interest. However, the court has also said that the final arrears on Ambani will depend on what happens to RCom’s insolvency process. This means that these banks have the option to revise this amount in future. Significantly, the insolvency process is going on against Reliance Communications (RCom) in the National Company Law Tribunal (NCLT) led by State Bank of India.Â
