Heena Sharma Blog

The Enforcement Directorate (ED) has issued summons to a clutch of borrowers of YES Bank , including Essel group Chairman Subhash Chandra, Jet Airways founder Naresh Goyal, Cox & Kings promoter Peter Kerkar, Dewan Housing Finance promoter Kapil Wadhawan, and a few more in connection with the money laundering probe against YES Bank co-founder Rana Kapoor. Besides, the federal agency has issued fresh summons to Reliance Group Chairman Anil Ambani asking him to appear on Thursday. Ambani was summoned on Monday for questioning related to the stressed loans that were sanctioned to ADAG group during Kapoor’s tenure. But he has filed adjournment application with the ED seeking more time. An ED official said it was examining all the big borrowers of YES Bank and that is why each of the borrower had been asked to join the probe this week. Read More

Among Mumbai’s glitziest society events over the past year were two weddings in the family of Mukesh Ambani , the tycoon who in 2018 became Asia’s richest person. In December, his 27-year-old daughter Isha got married in a Bollywood-style extravaganza attended by global power brokers and titans of finance. Beyonce sang at the festivities, Hillary Clinton flew in and KKR & Co.’s Henry Kravis made an appearance. In March, her twin brother Akash wed in a ceremony attended by the likes of Google Chief Executive Officer Sundar Pichai. The lavish events put Ambani’s eldest children in a very public spotlight at a time when they are playing more visible roles at his Reliance Industries Ltd.’s retail and telecommunications businesses. Ambani, 62, has big ambitions in new areas like e-commerce and is enlisting his children to help drive the modernization of his empire. The rise of the twins offers early signs of the efforts the titan is making to groom his heirs. The billionaire ...

The Supreme Court on Wednesday held Reliance Communication chairman Anil Ambani and two directors guilty of contempt of court on three contempt applications filed by Telecom equipment maker Ericsson against him over not clearing dues of Rs 550 crore. The apex court has asked RCom to pay Rs 453 crore to Ericsson within four weeks, failing which, Anil Ambani, Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani would face a three-month jail term. The court also imposed a fine of Rs 1 crore each on them, which has to be deposited within a month. If they fail to furnish the amount, the three will be awarded a month's jail-term. A bench comprising of Justices RF Nariman and Vineet Saran said if the contemnor failed to make the payments within the specified period, they will undergo a jail term of three months. It directed that Rs 118 crore already deposited by Reliance Group in the apex court's registry be disbursed to Ericsson. ...

The Bombay High Court (HC) on Wednesday declined interim relief to the Anil Ambani group’s promoter entities, which had moved a petition asking the court to restrain Edelweiss Financial Services from selling its pledged shares. The court has, however, admitted the petition. Anil Ambani promoter entities — Reliance Wind Turbine Installations Industries and Reliance Project Ventures and Management — sought damages of Rs 2,700 crore from Edelweiss for selling its shares “illegally”. On February 8, 2019, the group said L&T Finance and certain entities of Edelweiss Group, invoked pledge of listed shares of Reliance Group and made open-market sales of the value of approximately Rs 400 crore in early February. The group had said the “illegal, motivated and wholly unjustified action” by the two groups has precipitated a fall of Rs 13,000 crore, an unprecedented 55 per cent, in market capitalisation of the Reliance Group over four days, causing substantial losses to its shareho...

Congress president Rahul Gandhi Tuesday accused Prime Minister Narendra Modi of acting as a middleman of Anil Ambani in the Rafale jet deal , as he cited an e-mail to claim the businessman was aware of the MoU before India and France signed it. Ambani's knowledge of a defence deal under preparation, which even the then defence minister had said he was not aware of, is in violation of the Official Secrets Act, Gandhi alleged at a press conference, and said this "puts Modi in jail". Only Modi could have told Ambani about the deal in advance, he alleged. "This is treason. He (Modi) is doing what spies do," Gandhi said. Ambani had met the French defence minister days before the signing of the deal during Modi's visit to France in 2015, Gandhi said, quoting from an e-mail written by an Airbus executive to a French official. Read More Article Source -> Business Standard

After celebrating the grand pre-wedding functions of Isha Ambani in Udaipur, Bollywood stars returned to Mumbai today. Shah Rukh Khan, Gauri Khan, Aamir Khan, Karan Johar, Sachin Tendulkar, and Ayan Mukherji were snapped at the Udaipur airport earlier this morning. The Ambani and Piramal families hosted their friends and family in the city. The pre-wedding function last night saw performances by SRK, Aishwarya Rai Bachchan, Abhishek Bachchan, Karan Johar and more. Apart from a host of Bollywood celebrities, former United States First Lady Hillary Clinton and singer Beyonce were among the high-profile attendees at the celebrations in Udaipur. Isha, the daughter of business tycoons Mukesh and Nita Ambani, and Anand Piramal, the son of Swati and Ajay Piramal -- founder of Piramal Realty, a leading real estate firm in India, will tie the knot on December 12 in Mumbai. Read More Business Standard

Congress chief Rahul Gandhi Friday alleged that Dassault Aviation paid Rs 2.84 billion to Anil Ambani's Reliance Defence as the "first installment of kickbacks" and claimed Prime Minister Narendra Modi was having "sleepless nights" fearing action if a probe was conducted into the Rafale deal . He also alleged that CBI chief Alok Verma was removed as he wanted to investigate the deal. There was no immediate reaction from the government and Ambani on the fresh charges made by Gandhi. However, they have previously rejected all allegations made over the Rafale deal. Dassault Aviation CEO ric Trappier has said the reason Ambani's firm was given the offset contract and not state-run Hindustan Aeronautics Limited (HAL) was that it had land for the project, he said, alleging the land was purchased by Ambani's company with the money that Dassault gave.       "Dassault gave Rs 2.84 billion to a loss-making company with a valuation of Rs...