For Facebook, Wednesday’s announcement marks its second tryst with an Ambani. It had first tied up with Anil Ambani’s now defunct RCom, which got mired in controversy over the issue of net neutrality after the American social media giant’s Free Basics platform was not allowed by the Telecom Regulatory Authority of India (Trai).
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.
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.