Addressing shareholders of Reliance Energy on the firm’s 26th AGM, Anil Ambani tried to strike an optimistic observe by saying that the decision of Reliance Communication and Reliance Infratel’s debt will assist repay excellent loans which have been a ache level for the corporate.
The embattled enterprise tycoon stated that the loan taken from a consortium of three Chinese language Banks- CDB, ICBC and C-EXIM – in addition to the loan from State Bank of India was a company loan and never for private borrowing. The previous, he stated, was taken by Reliance Communication throughout the regular course of enterprise in 2012. The latter was availed once more by Reliance Communications and Reliance Infratel in 2016 to repay the money owed of Chinese language and sure different Indian Banks, he added.
Ambani asserted that there was no private assure concerned within the loan from Chinese language banks and he had solely signed an influence of legal professional restricted to executing a non-binding letter of consolation. This defence, he stated, has been shut out by the UK courts on his incapacity to personally deposit a sum of $100 million.
The case pertains to the consortium comprising of Industrial and Industrial Bank of China, China Improvement Bank and Exim Bank of China dragging Anil Ambani to court docket within the UK to get better the $925 million loan to Reliance Communication.
Ambani put up an analogous defence with respect to the loan taken from SBI, saying that the loan doesn’t relate to any private borrowing.
Nonetheless, he went on to say that upon the decision of Reliance Communication and Reliance Infratel’s debt as per their decision plans filed earlier than NCLT, a major proportion, if not the entire, of the stated debt will stand discharged and the matter shall be satisfactorily resolved.
In the direction of the top of the AGM, Ambani reassured all shareowners that not one of the potential liabilities on different group firms would have any bearing on the operations of the Reliance Energy or Reliance Infrastructure.