A UK court has directed Reliance Group Chairman Anil Ambani to pay $ 717 million to three Chinese banks within 21 days.
The Mumbai branch of China's Industrial and Commercial Bank of China Limited (ICBC), China Development Bank and Export-Import Bank of China had approached the UK High Court to withdraw money under a loan agreement to repay its loan.
Hearing through video conferencing, the court said that Anil Ambani is bound to give a personal guarantee. Actually, Anil Ambani has already questioned the personal guarantee.
The court said in its order that the defendants owe USD 71 million to the claimant (s). In February, the court passed the order with the conditions that the amount should be deposited in the court until the full hearing of the case. Judge David Waxman had directed the submission of 100 million six-week rafts.
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