UK court refuses Anil Ambani’s plea to appeal

Business tycoon Anil Ambani has had his application to appeal a $100 million (Rs 753 crore) conditional order refused by the UK Court of Appeal. Ambani, the brother of one of Asia’s richest men, had been ordered at a February 7 hearing to pay the court $100 million by 4 pm local time (9.30 pm IST) on March 20 (Friday) in order to avoid having his defence struck out.

My net worth is now zero: Anil Ambani in UK court

Three Chinese banks — Industrial and Commercial Bank of China Ltd (ICBC), China Development Bank and the Export-Import Bank of China — are suing Ambani in the high court here for more than $700 million (over Rs 5,000 crore) , including interest, for defaulting on a loan they gave Reliance Communications (RCom) — now in insolvency proceedings — in February 2012, which RCom defaulted on.